Why Look At FHA Versus Conventional Loan

If you are refinancing from a Conventional loan (with a first and second) FHA will often allow you the MOST flexability!

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 [...]

FHA Cashout Refinance Changes

You have 2 weeks to make application if you want to take cash out of your home using a FHA refinance.
The technical explination of “cash out refinance” is when more than the balance of the mortgage and closing costs are included in the new loan amount. This could be in the form of cash [...]

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 [...]

FHA Started Because of The Great Depression…

Housing is the most important part of getting the Economy back in shape – (according to many of the guys that met for The Global Economic Summit in Davos).   Keeping that in mind, it’s important to remember how FHA and the Government Backed “Mortgage” Programs might be able to help with our housing issues, and [...]

Cash Out of Home with FHA Refinance

Have you heard the joke about the way you see your house, and the way the tax guy sees it and the way your appraiser sees it?
Well, it’s pretty funny… because everyone has a difference perspective!
If you believe you have some equity in your home, and you would like to take cash out, FHA might [...]

Found Money Refinancing from Subprime to FHA

In the South we have a “saying” that I love.
FOUND MONEY!
Do you know what that means?  It refers to that $20 you “found” in your bluejeans that you had forgotten about!  It’s about the extra money you make when you do the laundry, or the refund check for $17.81 that we recently got back from [...]

Subprime Refinances

FHA has some new guidelines that help those that are in your situation. If you find yourself here – please call us and see if we can refinance you into an FHA mortgage. The maximum loan amount in Wake County is $295,000.

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.

Time To Refinance Your VA Loan??

A veteran does not have to re-qualify for a VA streamline and in most cases an appraisal in not required. Most importantly, there are rarely any out of pocket costs for the veteran. So… you’re just lowering your monthly payment! How cool is that?