ryan morrow lancaster ca: More FHA Changes headed our way
- 01/20/10 10:26 AM
Changes to FHA loans are headed our way this summer. The up front mortgage insurance premium (Financed back into the loan) will be changing from the current 1.75% to 2.25%. There is also a change to the seller credit for FHA loans, currently we are sitting at 6% in allowable seller credit toward recurring and non recurring closing cost, the new guidelines will limit seller participation to 3%. There are also rumors of the monthly mortgage insurance increasing as well, this is part of the homebuyers total payment, so this change would make the monthly payment increase for thoose seeking FHA … (0 comments)
ryan morrow lancaster ca: First Time Buyer Tax Credit Extended. Read below with Q&A
- 11/06/09 05:02 AM
Homebuyer Tax Credit Update! On November 6, 2009, President Obama signed a bill to extend the tax credit for first-time homebuyers (FTHBs) through June 30, 2010. The bill also opens up opportunities for others who are not buying a home for the first time.
TAX CREDIT OVERVIEW Who Gets What? First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000 Single taxpayers and married … (0 comments)
WASHINGTON - Senators agreed Wednesday to extend a popular tax credit for first-time homebuyers and to offer a reduced credit to some repeat buyers. The tax credit provides up to $8,000 to first-time homebuyers but is set to expire at the end of November. The Commerce Department said Wednesday that new home sales fell 3.6 percent in September, and some industry representatives blamed uncertainty about the tax credit. Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of … (1 comments)
ryan morrow lancaster ca: Congratulations to Mr. Rugira
- 10/22/09 07:51 AM
Congratulations to Mr. Rugira on your new home... after 1yr of looking for the right place to move your family into.... numerous offers... you now have a home of your own. Congratulations to you and your family. It was a pleasure serving you.
Ryan Morrow Loan Officer Frost Mortgage Ryan_Morrow@FrostMortgage.com (661) 992-2216 WWW.MORROWMORTGAGE.COM
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ryan morrow lancaster ca: New AUS Approval Changes coming soon. DU 8.0
- 10/06/09 12:12 PM
DU 8.0 changes are headed our way. One of the major changes will be to the DTI limits allowed on AUS desicion loans. 45% will be the standard with DU allowing up to 50% with strong compensating factors. If you are looking to buy this year you need to get with your loan officer very soon to make sure you are properly structured. Remember if you own a home already and want to buy a new primary you must qualify with both mortgage payments unless you currently have 25% + equity in your current home. With the new rules you will … (0 comments)
ryan morrow lancaster ca: Seems not everyone is excited about the First time buyer tax credit
- 09/25/09 06:17 AM
Check out this article written from one renters perspective on the first time buyer tax credit.. seems not everyone is excited about the homebuyer credits. See this link for the full article http://www.minyanville.com/articles/economists-home-buyer-homeowner-american-dream-rent-renters-bailout-bubble/index/a/24654/p/1
ryan morrow lancaster ca: FHA Moving away from Brokers?
- 09/18/09 09:48 AM
Starting Jan. 1, FHA will increase the net-worth requirements of mortgage companies offering FHA loans from $250,000 to $1,000,000. FHA lenders will have to submit audited financial statements to the FHA. Mortgage brokers will no longer be able to in...dependently originate FHA-insured loans; they will need to do so through an approved FHA lender Another reason to make sure you are working with a Direct Lender! … (1 comments)
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Ryan Morrow
Ryan Morrow Branch Manager Sierra Pacific Mortgage
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