What Exactly Are Closing Cost?
October 25, 2009 by Eleanor
Filed under FHA Mortgage Loans, VA Mortgage Loans
The Federal Reserve Board refers to them as “Settlement Fees.” They are, in fact the fees you pay to the various agencies and service providers who work to get the title of the home transferred into your name.
VA Loans – Cheaper if you make a Downpayment
August 25, 2009 by Eleanor
Filed under VA Mortgage Loans
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.
Government Guidelines Are Getting Tighter
January 13, 2009 by Eleanor
Filed under FHA Mortgage Loans, USDA Home Loans, VA Mortgage Loans
A major bank announced last week that they are going to begin charging a higher fee to folks seeking Government Financing (the most popular loans right now) that have credit scores less than 620. For more information about this change… click here. 8o(( This does NOT mean that you can not get a loan if [...]