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 [...]

An informed decision always yields better and more successful results. For a buyer looking into the market for a new house or car, knowing your options and the consequences of certain decisions can help you avoid financial mishap that often happen into the future. Coursing your direction into the right path at the outset can [...]

More than getting a fresh start on your home loan, refinancing mortgage loans can give you extra flexibility on your payment. One of the benefits of Florida refinancing is the tax deductibility feature of the amount that qualifies as home acquisition debt. People may not be aware of how their mortgages work; hence, they fail [...]

People who are in the market for a new home are always met with a gazillion options. Buyers who are in it for the first time may find it too wearisome to go through them all. However, narrowing down your search can effectively shorten the time it takes for you shop to actually moving in [...]

Numerous books have been released on how to get rich and experts have come out selling their secrets on how to succeed in building up assets the sure fire way. Asset building is of great interest, especially to those who are willing to take the risk. But of course as it has been often said, [...]

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 [...]

A Florida mortgage is an instrument of financial leverage. When you take out a mortgage, this is a lot different than taking out a loan. When you “mortgage something” in terms of the verb of the word, what you’re doing is you’re taking an asset, and you’re borrowing against that asset. If you’re going to [...]

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 [...]