One of the biggest challenges most Virginia first-time home buyers face is coming up with their down payment.
An FHA loan exists in Virginia that can help stretch your home buying and down payment dollars. It allows for a $0 down payment and ony 1% of the sales price is needed in total participation for qualified Virginia first-time home buyers.
FHA is one of the few remaining loan programs that allows for a relatively small down payment…as little as 3.5% down compared to conventional... Read Full Story
There are several major benefits for choosing an FHA Mortgage Loan if you’re a First-Time Home Buyer in Chicago.
There have been several changes by HUD to the FHA Mortgage approval process over my 18 years experience as a mortgage professional.
However, the main benefits that FHA provides borrowers have remained consistent:
Max LTV 96.50% based on purchase price – not including financed MIP (Mortgage Insurance Premium)
Low monthly mortgage insurance, with no adjustments due to... Read Full Story
100% home mortgage refinance frees up your money for other purchases, like a second home, renovations, or debt consolidation. To get the best deal on your cash out refi, look online for your next lender. By evaluating loan quotes that you can get in minutes, you can save thousands with just a couple hours of research.
Better Mortgage Lenders Online
If you like low rates and fees, then you will find your best lenders online. Technology and competition has pushed down ref...
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Refinancing a pioneer and second mortgage requires some extra considerations. Depending on your evenness, you may boast that combining the two mortgages contact ropes a higher activity percentage. You may also bargain that you retain to take PMI shield the refinanced mortgage. Will Refinancing Perk You? Refinancing two mortgages allows you to consolidate your loans into one payment, ofttimes lowering your swindle sheet bill. You may and acquisition lower rates underneath the deserved event... Read Full Story
The hassle of making two monthly mortgage payments has prompted many homeowners to consider refinancing their 1st and 2nd mortgages into one loan. While combining both loans into one mortgage is convenient, and may save you money, homeowners should carefully weigh the risks and advantages before choosing to refinance their mortgages.
Benefits Associated with Combining 1st and 2nd Mortgages
Aside from consolidating your mortgages and making one monthly payment, a mortgag...
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A conforming mortgage is one that, quite literally, conforms to the mortgage guidelines set forth by Fannie Mae or Freddie Mac.
Each year, the government sets the maximum allowable loan size for a conforming mortgage, based on “typical” housing costs nationwide.
Loans in excess of this amount are typically called “jumbo”.
While home prices increased from 1980 to 2006, so did conforming loan limits. Since then, however, as home prices have dipped, the conforming loan limit has held... Read Full Story
FHA loans are less expensive on the whole than loans not secured by the FHA. They offer other benefits as well, such as fixed rates and lower down payments Read Full Story
30-Year Fixed Rate Mortgages
30 year fixed rate mortgage
Market factors appear to be easing the 30 year fixed rates mortgage and are back down to 4.5 %. These new figures are due to rates ultimately moving upward, after a month-long run of sliding performance. This comes after reports from leading economic experts the recession is over. It is time to do some homework, get out your mortgage package and take notes. The programs you want to check out are the Fannie Mae Refinance plus and... Read Full Story
FHA is very close to running out of money and, as we discussed earlier this week, looking at a variety of was to improve performance including tighter restrictions, larger downpayments, higher PMI costs etc. and the FDIC Read Full Story
If you are looking to buy your first home, there are some basic things that you should know about mortgages. Mortgages are basically the holding of the interest in a property in exchange for a loan. In the US, mortgages can be held by a bank or more commonly the mortgage is sold to Fannie Mae or Freddie Mac for the purpose of ensuring that mortgages are available equally across the nation. There are two basic types of mortgages that you can choose from when you are looking at... Read Full Story
