USDA Home Loans have PMI?

USDA Home Loans also have a form of default insurance (PMI), and it’s a Guarantee Fee. The actual dollar amount is a rather complicated formula, and it ends up being about 2.05% – but most people use 2.% as a rule of thumb for prequalifying purposes.

First Time Homebuyers – Rates Going Up

We talk to First Time HomeBuyer’s everyday that tell us, “We’re Looking!”  Well – here’s my advice… HURRY UP!!
The Tax Credit is going to “go away” at the end of November… and everybody is telling you NOW is the right time to buy – and that’s a FINE reason… But I think there’s ANOTHER incentive.
I [...]

FHA Streamline FHA Maximum Loan Amount details…

The DEVIL is in the details! 
On an FHA Streamline Refinance (we’re doing a ton of these right now!) we found some new (to us) information:
Note: Headquarter Decision allows Streamline Transactions at the 2008 Economic Stimulus Loan Limits for streamline refinances without an appraisal. FHA will permit loans originated under the 2008 loan limits to be [...]

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 [...]