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When applying for a mortgage, a borrower’s “Occupancy Type” is a major factor in determining maximum loan-to-value (equity), loan program available and mortgage interest rate. An Owner Occupied property will have better terms (less down payment, better rates) than a Non-Owner Occupied property. Three Types of Occupancy: Owner Occupied / Primary Residence -According to HUD, [...] The U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury released their May Housing Scorecard, which collects key market data and tracks the administration’s recovery efforts. According to the May scorecard, recent market data contains a number of promising indicators and increasing signs of stability. In April, sales of existing homes increased in every region of the country and the number of new homes rose for the first time since 2007. [...] And then it happens. The underwriter runs a new credit report just before closing and it turns out the prospective borrower had run up a credit card balance, buys new furniture/appliances etc. and now the new debt kills the loan. [...] Mortgage rates have been rising nonstop since the end of last week. If you are considering a refinance or taking the plunge and buying a new home, you’d better get moving. I just had a prospect shop rates and terms for his new home over the last couple of weeks and just called back; he finally decided on a lender and wanted an updated rate quote to lock his loan. Needless to say, he was terribly disappointed…the rates we originally spoke about on a 30 year fixed rate a couple of weeks ago was in the high 3’s, my quote yesterday was 4.25% (4.45% APR ). [...] The home-buying process can be a little intimidating for not only first-time home-buyers but also repeat home-buyers. Here is a basic outline of the home-buying process as well as recommendations of how to approach each task which I hope will help you with this process: Get pre-qualified for a loan: talk with your mortgage banker. [...] Applying for a mortgage loan can be a nerve-wracking experience,” says Ruth E. Battle, Senior Vice President of Paramount Mortgage Co. “Even after completing all the paperwork and complying with document requests; the lender rejects the loan. Why does this happen?” Consumers should know their “no.” Battle says some of the “basic reasons loans [...] In the past 18 months, massive legislative changes have affected the mortgage landscape. What does that mean for consumers? It means people seeking a mortgage can expect to do more paperwork when planning to purchase or refinance a home. Listed below is pertinent information regarding the new law changes. [...] First-time home buyers receive a forgivable 3% cash assistance loan for down payment and closing costs. Missouri Housing Development Commission (MHDC) provides a competitive interest rate on a safe 30-year fixed rate 1st mortgage. Your 3% advance loan is treated as a 2nd mortgage completely forgivable after five years of continuous occupancy. New, Constant [...] Thinking of purchasing a home or refinancing a mortgage? Here are some tips to help make the process smooth: Know your current situation. Be aware of your credit history; your credit report may contain out of date, or inaccurate items. Carefully review your credit report and make a note of items that should be fixed. It takes time, [...] Should you talk to you mortgage professional before house hunting? Absolutely! Even if you haven’t so much as selected a Realtor®, it’s important to talk with your mortgage professional first. Why? [...] Loan-level price adjustments and how they affect home-buyers; St Louis Mortgage Interest Rate Update“Ballparking” mortgage rates just is not the same anymore. Home buyers who obtain online quotes from popular websites are receiving nothing more than a starting point for what their final mortgage rate will be. This is due to a government-led pricing scheme called loan-level pricing adjustments or LLPAs.” [...] What a great time to be a First Time Home buyer! Historically low interest rates and great home prices! However, the home buying “process” can be a difficult if the borrower is not prepared and have not done their homework. Before making offers and writing contracts, talk to your mortgage lender and get Pre-Qualified [...] Most mortgage financing plans provide only permanent financing. That is, the lender will not usually close the loan and release the mortgage proceeds unless the condition of value of the property provides adequate loan security, When rehabilitation is involved , this means the lender requires improvements to be finished before a long-term mortgage is concerned. [...] First-time home buyers receive a forgivable 3% cash assistance loan for down payment and closing costs. Missouri Housing Development Commission (MHDC) provides a competitive interest rate on a safe 30-year fixed rate 1st mortgage. Your 3% advance loan is treated as a 2nd mortgage completely forgivable after five years of continuous occupancy. New, [...] The VA loan program was designed to make home ownership more obtainable for eligible veterans. Home purchases with VA loans must be the veteran’s primary residence. There is no down payment required; no mortgage insurance requirement and VA loans do not incur a pre-payment penalty. [...] For those fence sitters who are thinking about buying or refinancing a home, be advised that FHA will be raising the annual mortgage insurance premium (MIP) by a quarter of a percentage point (.25) on all 30- and 15-year loans. [...] In this tighter credit environment, FHA remains to be a great alternative for buyers with limited resources for a down payment and closing costs or past credit problems. Underwriting guidelines are more lenient than conventional guidelines. [...] WHAT IS A CREDIT SCORE? Simply stated, credit scores are a statistically-based tool to assess the future performance of a borrower. Scores are derived from the history of a borrower as it is reported to the credit repositories from any creditor. Credit scores are a proven indicator of the likelihood to repay a [...] Why rent when you can own? Over the past couple of years there has been much talk about home ownership losing it’s luster and asking the question if it is better to rent than own a home at this point. Today, I want to share with you 11 reasons to own a home: [...] There have been many changes in the mortgage banking industry in the last couple of years. New regulations and laws now stipulate exact procedures, timetables and specific lending requirements to obtain a home mortgage. Mortgage bankers must obtain a federal license and state licenses for every state in which they originate loans. These [...] Seller concessions can be any negotiation where the seller, builder, developer or any interested party gives something up to the buyer…The concession can help lower or eliminate the amount a borrower is required to bring to the closing table. In some cases, a seller-paid concession can mean the difference between closing a home sale [...] New regulations signed into law by the President allow HUD to increase the amount of premiums charged for FHA single family housing mortgage insurance programs. Assistant Secretary of Housing & Federal Housing Commissioner, David H. Stevens, has authorized an increase to help build back FHA’s capital reserves to their statutory level. There will be [...] St. Louis MORTGAGE RATES for February 16, 2011: Conventional 30-Year Fixed 5.125% Conventional 15-Year Fixed 4.25% Conventional 5/1 ARM 3.750% FHA/VA 30 Year Fixed 5.00% Jumbo 5/1 ARM 3.875% Jumbo 15 yr Fixed 4.625% Jumbo 30 yr Fixed 5.750% [...] Missouri Housing Development Commission offers first-time home buyers a forgivable 3% Cash Assistance Loan (CAL) for down payment and closing costs. Terms of this program include: [...] St. Louis MORTGAGE RATES for February 2, 2011: Conventional 30-Year Fixed 4.875% Conventional 15-Year Fixed 4.250% Conventional 5/1 ARM 3.250% FHA/VA 30 Year Fixed 4.750% Jumbo 5/1 ARM 3.500% Jumbo 15 yr Fixed 4.250% Jumbo 30 yr Fixed 5.375% [...] Even though over the past few years, ARM’s (adjustable rate mortgages) have received somewhat of a “bad name”, there are truly benefits to them including: ARM rates are now more attractive than ever before. Rates have fallen to 3.50% for a 5/1 ARM. ARMs are predictable. Rates are capped so there are no surprises for [...]
Private Mortgage Insurance, also known as PMI, is a supplemental insurance policy you may be required to obtain in order to get a mortgage loan. PMI is provided by private (non-government) companies and is usually required when your loan-to-value ratio — the amount of your mortgage loan divided by the value of [...] The FHA 203K rehab program is intended to promote and facilitate the restoration and preservation of existing homes. It enables borrowers to finance the acquisition and rehab of a property in one step; the loan value is based on the projected value of the home at the completion of the rehab. [...] The President has signed the bill extending Mortgage Insurance tax deductibility through December 31, 2011. Borrowers can use Mortgage Insurance (MI) to buy a home sooner and enjoy predictable payments, while benefiting by deducting the premiums from their income taxes. And MI can be canceled once the home buyer builds enough equity. MI [...] As your kids grow up, you support them through their bumps and bruises, pay for their braces, school and much, much more. Over the past few years, I have run into the issue of young adults not being able to qualify for a mortgage without a parent’s help. So, the big question [...] |
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