In a HUD Mortgagee Letter dated September 1, 2010, the new FHA Mortgage Insurance changes were rolled out and it seems it is going to change the way FHA mortgage loans are written.  Please find the link to a copy of the Mortgagee Letter below: Mortgagee Letter Essentially, they are lower the Up Front MIP [...]

Beginning with FHA case numbers issued on or after October 4, 2010, the FHA is changing its upfront and annual mortgage insurance premium structures.

HUD, as of August 6th, has announced that effective September 7th of this year, they will no longer allow unlimited CLTV on mortgage refinances.  Basically, what this means is that under the current guidelines, you would be able to borrow upwards of 97% of the value of your home regardless of whether or not you [...]

For a lot of investors, YES!  As a measure of tightening up in the mortgage lending industry, most banks are now requiring a 640 minimum credit score.  This has increased from the most recent mandatory requirement of a 620 median credit score needed to qualify for a home loan.  These are referred to as “layered [...]

They sure are!  Freddie Mac’s weekly survey shows that the average 30 year mortgage rate still remains at a record low. The average 30 year fixed mortgage rate of 4.57% remains unchanged from a week earlier.  Last year this time, the average 30 year fixed rate was 5.14%.   15-year mortgages were lower of course, [...]

It’s official!  The tax credit extension has officially been passed allowing prospective home buyers that are currently in contract until  September 30th, 2010 to close. Originally the $8000 and $6500 tax credits were set to completely expire on June 30th, 2010 but the banks have experienced such an influx of applications both for short sale [...]

According to RealtyTrac, THEY SURE ARE!  They recently reported that foreclosed homes made up 31% of  the residential sales in the first quarter of this year.  Combine that with the fact that the average sales price of these properties was over 26% below the average sales price of properties not in foreclosure and you have [...]

The RH Funding Co. Mortgages for Champions program offers a special NO BANK CLOSING COST mortgage for our American Heroes in the following fields: Law Enforcement – Police, Sheriff, Parole, and Correctional Officers Fire Rescue – Firefighters, EMS, EMT, and Paramedics (volunteer also) Medical – Nurses, Laboratory Technicians, Pharmacists, Therapists, Social Workers, Chiropractors, Medical Administrators, [...]

Have you ever seen a great mortgage interest rate advertised only to call and find out that you don’t meet the standards of an “excellent” borrower?  Here are some tips to get you into the lowest mortgage rates in history! #1 Pay your bills in a timely fashion Approximately 35% of your credit score is [...]

THEY CERTAINLY ARE!  With the lowest mortgage rates in the past 50 years, homeowners are flocking to their banks in droves to take advantage of these historically low rates. On Wednesday, The Mortgage Bankers Association said that mortgage applications are up 9% from just a week ago.  Refinance transactions alone rose 13 percent, the highest [...]