Kelly Rydzik
Posted by Kelly Rydzik on August 10th, 2010
FHA announced recently that it will be changing the upfront (UFMIP) and monthly FHA mortgage insurance premiums effective with case numbers assigned on or after September 7, 2010. Today, the date has been pushed back to October 4, 2010 with this statement from Assistant Secretary Vicki Bott. Below is an excerpt of the original announcement from the Desk of David H. Stevens:
Posted by Kelly Rydzik on July 20th, 2010
Important Considerations for FHA loans
With the recent changes in the mortgage world, many people are trying to find a loan to meet their needs. The no money down and interest only options from just a few years ago are quickly drying up. However, the tried and true FHA home loan is still a viable option for many homeowners. Here is a list of things to consider in regards to FHA loans.
Posted by Kelly Rydzik on June 23rd, 2010
Existing VA Home Loans Take Advantage of Lower Rates
Many people are aware that the Veteran’s Administration (VA) offers attractive financing terms for our veterans. However, many veterans do not know that they can take advantage of lower mortgage rates with relative ease.
The VA offers a program called the IRRRL or the Interest Rate Reduction Refinance Loan. Any veteran that currently has a VA mortgage can refinance without meeting the standard refinance guidelines. The credit report used for this process is a mortgage only credit report that shows the mortgage payment history and credit scores.
Posted by Kelly Rydzik on May 5th, 2010
So, What Is the Big Difference Between a Second Home and Investment Property
In today’s troubled economics, one bright star is the historically low interest rates people can find for mortgages. These lower rates have some people itching to get into the real estate game, but there is still an old question hanging around: What is the difference between a second home and an investment property?
If you approach it logically, they are exactly as they sound. A second home is a home you own in addition to your primary residence. For instance, if you are a city dweller that spends most of your time at work and your home is near your job, that home would be a primary residence. If you should decide to purchase another home at the beach or maybe the mountains, the vacation home would be your second home. On the other hand, if you currently own a primary residence and you buy another property with the intent to rent it out for a profit, the second home in this case would be considered investment property.
Posted by Kelly Rydzik on April 16th, 2010
Fannie Mae announced this morning that they are enhancing their DU Refi Plus program (Fannie Mae to Fannie Mae refinance). Starting the weekend of April 17, 2010, new and resubmitted loans will be able to remove an original borrower from the loan and refinance with out them. Here is what Fannie Mae says about it:
Posted by Kelly Rydzik on March 25th, 2010
This is a reminder that effective for FHA loans for which the case number is assigned on or after April 5, 2010, FHA will collect an upfront mortgage insurance premium of 2.25 percent.
This policy change will increase premiums for purchase money and refinance transactions, including FHA-to-FHA credit-qualifying and non-credit qualifying streamlined refinance transactions.
For full details, please visit our updated FHA Mortgage Insurance Premiums page.
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