FHA is making it harder to qualify for financing if you have lower credit scores. Starting April 1st, 2013 with Mortgagee Letter 2013-05 FHA has revised its guidelines for manually underwritten loans. Here are three things you need to know about this update from FHA… 1) Manual underwriting is required for loans with a credit…
Would you like to refinance your home, but you owe more than your home is worth? If your home loan is held by Fannie Mae then there is hope for you to refinance your home. You may have heard about the HARP program. HARP allows you to refinance your mortgage at loan to value ratios…
FHA has confirmed it’s changing it’s MIP. …again. Starting April 1st of 2013 there are two big changes that will go into effect. 1) The annual FHA is going up. (Can be as high as 1.55%) …This is up from the max rate of 1.25% now. 2) If you are putting down less than 10%…
A common question I get is what minimum credit scores are needed for various loan programs. I going to give you a quick guide for minimum credit scores on each program. The mortgage industry is a very dynamic industry. …the rules change almost daily. …so please check in with me when you get serious about…
I get this question a few times a month. I’ve addressed it before in my blog, but I thought I should touch on it again. Question: If I bought a house on a contract for deed or land contract can I refinance out of this type of agreement? Yes you can! …The Contract For Deed doesn’t even…
I get asked gift fund questions on FHA loans more than you would think. Questions like… …”Who can give a gift on an FHA loan?” …”Who can’t give a gift on an FHA loan?” Here are the guidelines on FHA gift giving directly from the FHA underwriting manual. Acceptable gift donors for FHA loans… 1)…
Many borrowers are unaware of this but there are several ways to purchase Mortgage Insurance on conventional loans. (Even many loan officers are unaware of this!..) The different types of MI are… 1) Standard borrower paid monthly. 2) Lender paid MI. 3) Split MI. 4) Financed MI. For the purposes of this blog I’m going…
Here’s another loan that I can make that most other lenders just can’t do… Have you ever thought about buying a house out the in country? …away from it all? …on a lot of land? Then, this program may work very well for you. Here are some highlights… 1) Only 3% down payment. 2) Up…
Today’s Quick Tip… . I get this question alot: “If you pull my credit will it hurt my credit score?” . The answer is not really. . When you get an inquiry on your credit it’s usually due to you applying for one of these 4 types of credit… . 1) A credit check for…
There is a possibility FHA’s up front mortgage insurance may be going down for first time home buyers. The current up front MI for FHA is 1.75% of the loan amount. Representative Karen Bass from California has introduced a bill (H.R. 5884). This bill is meant to help make FHA mortgages more affordable for first…