Why It's Smart To Go To A 15 Year FHA Loan Right Now...

Good Morning!     If you have a 30 year fixed FHA loan I would recommend you consider refinancing into a 15 year FHA mortgage. There are two reason's I'm recommending this... 1) You can get a 15 year FHA fixed rate as low as 2.75% (face rate). 2) The mortgage insurance rates are lower for 15 yr FHA loans... 15-year loan terms with loan-to-value over 90% : 0.60 percent annual MIP 15-year loan terms with loan-to-value under 90% : 0.35 percent annual MIP As an example: If your current rate is 5% on a 30 year fixed FHA loan - you could lower your rate to a 2.75% 15 yr FHA loan, and your payment would only go up by around $35 to $40 per 100k on the loan. If your rate is higher than 5% then the difference would be even lower. It just makes sense to do this right now.   That's it for today!     Have a good day today!  ...and thanks for reading.    Brett      To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application. To sign up for my weekly mortgage quick tips - CLICK HERE.

Best Way To Get The Seller To Pay Your Closing Costs...

Good Morning!     Do you know the best way to get sellers to help pay your closing costs, prepaid taxes, insurance and reserves when you buy a home? ...You ask them! You make it part of your offer to purchase. Here is a breakdown of the maximum seller help amounts by loan program... Program: Conventional (fannie/freddie), owner occupied... 1) 25% or more down payment = 9% allowed seller contribution. 2) Less than 25% down and up to 10% down payment = 6% allowed seller contribution. 3) Less than 10% down payment = 3% allowed seller contribution. 4) Fannie Mae Homepath: less than 25% down = 6% allowed contributions; 25% down or more = 9% allowed contributions. Program: FHA 1) 6% maximum seller contribution. Program: VA 1) 4% closing cost contribution. Program: USDA 1) No limit to how much sellers can contribute (is limited by actual closing costs/prepaids). When a home appraises higher than the sales price, closing costs can be financed with USDA rural loans up to the difference between the sales price and appraised value.   That's it for today!     Have a good day today!  ...and thanks for reading.    Brett      To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application. To sign up for my weekly mortgage quick tips - CLICK HERE.

Mortgage Insurance Rates Are About To Go Up On This Program...

Good Morning! 

  

Some news and little known facts on the USDA Home Loan program...

The annual MI is going up on USDA loans. ...On October 1, 2012 (the first day of Fiscal Year 2013) the annual fee for new loans, both purchase and refinance, will increase from .3% to .4%.

Things you should know about the USDA streamlined refinance program...

1) No appraisal required.

2) No property inspections.

3) Credit report required for pricing, not eligibility!

4) No ratio requirements.

5) New term of loan must be 30 years.  

That's it for today! 

  

Have a good day today!  ...and thanks for reading.

  

Brett

 

  

To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application.

To sign up for my weekly mortgage quick tips - CLICK HERE.

  

How To Refinance When You Are Upside Down In Your House...

Good Morning! 

  

Did you realize that if you are upside down in your house and your current mortgage is owned by Fannie Mae or Freddie Mac you may still be able to refinance?

It's true!

As long as you would otherwise qualify for a mortgage I can refinance you up to 125% of the value of your home!

If you are unsure if your mortgage is owned by Fannie or Freddie here are some helpful web sites for you...

Check if your mortgage is with Fannie here.

Check if your mortgage is with Freddie here.  

If you are in this situation - give me a call or shoot me an email!  ...I just might be able to help you out!

That's it for today! 

  

Have a good day today!  ...and thanks for reading.

  

Brett

 

  

To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application.

To sign up for my weekly mortgage quick tips - CLICK HERE.

  

  

FHA MORTGAGE INSURANCE RATES COULD BE GOING UP AGAIN SOON…

Good Morning! 

Don’t look now, but FHA mortgage insurance rates could be going up again soon.

The house recently passed the Federal Housing Administration Fiscal Solvency Act of 2012. Now the bill makes it’s way to the Senate.

The bill gives FHA the authority to raise it’s mortgage insurance premiums to as high as 2.05% annually. …That’s almost twice the 1.20% rate FHA charges today.

If this bill becomes law – (and it probably will) it will reduce the pool of borrowers that can qualify for an FHA mortgage. 

This is unfortunate because these likely changes will hurt the very people that need the FHA program to purchase a home.  

That’s it for today! 

Have a good day today!  …and thanks for reading.

Brett

To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application.

To sign up for my weekly mortgage quick tips - CLICK HERE.

Keys To Getting A VA Mortgage With Low Credit Scores...

You may have been told you need a 620 minimum credit score to get a VA loan.

Not true!

That’s a rule for that mortgage company – not the VA.

I don’t have a minimum score to get a VA loan!

Here are the keys to get a VA loan with less than a 620 score…

1) I must get an Approve / Eligible when I run your loan through the automated system.

2) You can’t have any open collections. In other words you can’t have collections with open balances.

If you have been told your score is too low to get a VA approval – I very well might be able to help you. …Apply online now or give me a call!

Special note: Use the search feature in the title bar of this web site to learn about any subject related to mortgages. It’s quite a resource!

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

To see if you qualify for a mortgage right now – CLICK HERE and fill out this simple application.
To sign up for my weekly mortgage quick tips – CLICK HERE.

Why Conventional Rates Are About To Go Up...

Rates on Conventional loans are about to go up.

The Federal Housing Finance Agency (FHFA) announced recently that it has directed Fannie Mae and Freddie Mac to raise guarantee fees (g-fees) on single family mortgages by an average of 10 basis points.

The changes to g-fee pricing represent a step toward encouraging greater participation in the mortgage market by private firms, a goal set forth in FHFA's Strategic Plan for Enterprise Conservatorships.

...So, if you were considering refinancing a Conventional mortgage I would recommend you go ahead and get it done before these changes go into effect.  

That's it for today! 

Have a good day today!  ...and thanks for reading.

Brett

To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application.

To sign up for my weekly mortgage quick tips - CLICK HERE.