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.