Most FHA loans have monthly mortgage insurance required that must stay in force until the unpaid balance is reduced to 78% of the original sales price. It would take about 10.5 to 12.7 years of normal amortization for loans with rates of 5% to 7% to reach that …
Since 2004, the maximum VA loan is the same as the maximum FNMA mortgage which is currently $417,000. Occasionally, a Veteran wants a loan in excess of that amount. If the Veteran will put a 25% down payment on the excess amount, a lender will loan the other 75%.
…If you haven't heard by now, FHA is increasing the annual Mortgage Insurance Premium again by .25% on April 18, 2011. Payments will be higher even if the interest rates remain the same.
Buyers who are ready to take action can still lock in the lower MIP. If …
In many cases, the seller and the buyer are actually represented by their real estate agent. In those situations, there is a fiduciary relationship created that requires the agent put the client's interests above their own.
There is generally no such relationship between buyers and lenders. Some of …
Home prices have come down 20, 30, 40% or more in the last three years and mortgage rates are lower than they've been in 50 years and you still haven't bought a home. Really?
Housing affordability is over 180, an all-time high when 100 is considered good and …
An annual physical is an important proactive approach to personal health and an annual homeowner advisory can be just as beneficial for you and your finances.
Regardless of whether you're moving, knowing the values of homes similar to yours that have sold recently allows you to keep your …
It's one thing to have the down payment and not qualify because of credit scores but in today's tough financial environment, it may be even more frustrating to have good credit, income and job stability without the down payment.
The 2010 NAR National Housing Pulse Survey states that …
A man was selling a property which was currently rented but had previously been his home for over two years. After discovering it had been rented for the last 2.5 years, it was asked if he had planned on taking the principal residences capital gain exclusion. He said …
Equity is simply the difference in an owner's unpaid balance and the value of their home. Amortization and appreciation contribute to the equity over time. The equity is usually realized when the home is sold but it can also be accessed by a home equity loan or a cash …