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 [...]

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, [...]

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 [...]

Miami, Fl — Builders are reporting a sharp drop in the number of buyers looking for new homes now that the federal tax credits have expired.  The National Association of Home Builders said its confidence index sank to 14, its lowest level since March 2009. Readings below (50) indicate that homebuilders have a negative view [...]

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 [...]