VA Loans – Cheaper if you make a Downpayment

If a Veteran can put a down payment on the home, the funding fee is reduced. For regular military, the funding fee on a 95% loan is only 1.5% and 1.25% on a 90% loan. Reserve members pay 1.75% & 1.5%, respectively.

There’s no MONTHLY fee – which is why it is cheaper than FHA or often times, Conventional PMI.

Applications for FHA / VA/ USDA Mortgages Up!

According to the Mortgage Banker’s Association in Washington, DC, the applications for “Government” backed loans is MUCH higher than for any other segmant in the market.  Traditionally, if you were interested in purchasing a $300,000 house – you would consider a Conventional Mortgage Loan.  We would often do those loans as 80-15-5 with the borrower [...]

2% Mortgage Rate on Refinance?

The Obama Administration outlined today their efforts to help borrowers who need to refinance – and for various reasons can not.
If you’ve made your payments on time, here’s the current plan being floated… REMEMBER! This must be approved by Congress!
A Home Affordable Refinance Program to Provide Access to Low-Cost Refinancing for Responsible Homeowners Suffering From [...]

Johnston County Qualifies for USDA Home Loans

In many NC Counties, you have to check the USDA website to make certain that the property you want to purchase is located within the USDA “footprint.”  But if you are buying in Johnston County – you’re safe!  The WHOLE COUNTY qualifies for USDA 100% Home Loans.
Now all you have to check is your income [...]

Mortgage Insurance vs Default Insurance

Mortgage Insurance and Default Insurance are virtually the same thing. They are called by different acronyms, dependant upon the mortgage loan program you are using to finance your home. It was put into place in the early 1970s to protect lenders against giganitc losses created by large numbers of foreclosure (like the economic conditions we find ourselves in today!) Mark Flanders, of Spokane wrote a great article on potential ways to AVOID paying PMI – although these options are quickly going away.