You Will Pay More For This On USDA Loans…

A quick note for you today on some USDA changes coming up…

The department of Rural Development (administers USDA loans) has announced an increase to the annual fee (paid monthly) for both purchase and refinance transactions that will take effect on October 1, 2014.

The annual fee for both purchase and refinance transactions will be increasing from 0.40 percent to 0.50 percent. The new annual fee will be effective for all RD Conditional Commitments issued on or after October 1, 2014.

Increases like this are never good, but this is still way better than FHA’s 1.35%.

In a side note: If you haven’t done so already make some plans to spend time with people you love this up coming three day weekend! …Labor day weekend is a good weekend to spend with family.

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

Brett

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What Happens If You Change Jobs During The Loan Process…

Here’s what you can expect if you are changing jobs while your getting a mortgage…

The underwriter will want to see your first pay check at the new job at a minimum, and often they will want to see your first 30 days of paychecks.

The underwriter isn’t trying to make your life difficult by asking for your new paychecks. …This is a common guideline in the mortgage industry.

There is one circumstance where you can change jobs and not have to supply your new pay check prior to approval…  

If you continue to work for the same company, but you are just changing jobs within that company then you won’t have to produce a new paycheck.

If you have more questions on this – don’t hesitate to give me a call or shoot me an email!  

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

Brett

Get Pre Approved For A Loan Here.

Get A Rate Quote Here.

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New Proposed Federal Regulations Could Cost You…

The governments many agencies that police the mortgage industry continue to do what they do best…

…which is pass new regulations with the intention of “protecting the public” that ends up costing the public big time.

Case in point: Private mortgage insurers could be forced to raise their prices if Federal Housing Finance Agency’s PMI eligibility requirements go into effect as proposed.

The proposal would require all PMI’s to hold more assets (and eventually more capital) on their books to comply with the new regulations.

The result of these new regulations would be that all conventional mortgages with mortgage insurance would be more expensive for the consumer.

I will continue to watch this and let you know if these regulations actually go into effect.

That’s it for today!

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

Brett

Get Pre Approved For A Loan Here.

Get A Rate Quote Here.

Need A Mortgage Calculator?

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