Veterans get a Tax Credit Extension, what about the rest of us??

On October 11, 2009 the Congress agreed to extend the $8000 Tax Credit for First Time Homebuyers for any Veteran who served at least 3 months of “Qualified Overseas Duty” in 2009 for another 12 months!

Could FHA Force Green Homeownership?

HUD is required to report back to the White House it’s Greenhouse Gas Emmission reduction suggestions by January. Since there is pressure to show large increases in energy efficiency and corresponding decreases in pollution and greenhouse gas emissions… could this move HUD toward imposing “green” standards on federally-assisted programs like FHA?

FHA Downpayment Going to 5% ??

US Congressman Scott Garrett (R-NJ) introduced the “FHA Taxpayer Protection Act of 2009. In his bill, borrowers would be required to make a 5% downpayment on FHA loans, as opposed to the 3.5% downpayment in the current guidelines.

USDA Rural Development Loans and Liquid Assets

There’s just one little catch – you can not have more than 20% of the home’s purchase price left over after closing in liquid assets. This means that if you purchased a $100,000 house, you can not have more than $20,000 left over after closing.

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.

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 [...]

FHA Qualifying Requirements

Many of the folks we are talking with right now want to purchase a home using the FHA Mortgage Loan program – and then taking the $8000 Tax Credit (you can get that back NOW, like in 12 weeks, by amending THIS YEAR’s TAX RETURN!) to “pay yourself back” for the downpayment!
Here are qualifying requirements for [...]

FHA – June is Biggest Month Ever! WOW!

FHA announced that in June, of 2009 they had a RECORD month!
Nearly 89,000 of insured mortgages in June were for new purchases. In addition, approximately 97,000 were for refinanced mortgages. The remaining more than 8,600 endorsements were for reverse mortgages.
If you are considering a purchase in NC, click here to learn more about getting a FHA [...]

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