The REALPRO for Windows program will allow up to 5 side-by-side financing, prequalification or refinance comparisons. This can be used to demonstrate to your client that options they have when making … [Read more...]
MCC | Mortgage Credit Certificate
Mortgage Credit Certificate A Mortgage Credit Certificate (MCC) entitles qualified home buyers to reduce the amount of their federal income tax liability by an amount equal to a portion of the … [Read more...]
FHA Maximum Loan Amounts have decreased
The FHA Maximum Loan Amounts changed for 2014. Keep this in mind when you are working with your clients. If your county is not on this list click here to find your specific … [Read more...]
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FHA to change Annual Mortgage Insurance (Annual MIP) Cancellation Policy on June 3, 2013
Reminder of the June 3, 2013 Effective Date for Mortgagee Letter (ML) 2013-04 – Revision of Period for Assessing Annual Mortgage Insurance Premium (MIP); Changes to Annual MIP for Mortgages with Terms … [Read more...]
FHA Monthly MI increases on April 1, 2013
The FHA Annual Mortgage Insurance increased on April 1, 2013. This applies to the Annual MI, not the UFMIP (Upfront Mortgage Insurance Premium) typically financed into the loan. I have included a … [Read more...]
House Passes FHA’s Fiscal Solvency Act
The Federal Housing Administration (FHA) Fiscal Solvency Act of 2012 has been passed by the full House of Representatives by a vote of 402-7. The Fiscal Solvency Act includes provisions to strengthen … [Read more...]
What is Annual Percentage Rate or A.P.R.?
Also known as A.P.R. the Annual Percentage Rate is the cost of your credit expressed in terms of an annual rate. The A.P.R. takes into account "points" or "closing costs" that may be included in your … [Read more...]
Changes: VA Maximum Guaranty for Loans Closed August 6 2012 to December 31 2012 was revised
Some loan amounts have gone up and some have been reduced. The chart below shows California and Colorado. If your county is not on the list then the maximum guaranty is $417,000. Maximum Guaranty … [Read more...]
FHA Streamline Refi Annual MI and Upfront MIP effective June11, 2012
Mortgagee Letter 12-4 For all SF Forward Streamline Refinance transaction that are refinancing FHA loans endorsed on or before May 31, 2009, the Annual MI will be 55 bps, regardless of the base loan … [Read more...]
FHA increased the Annual Mortgage Insurance Premium
On June 11, 2012, FHA increased the Annual Mortgage Insurance Premium on Mortgages with a High Outstanding Base Loan Amount. This will affect areas with the higher Maximum Loan Amounts on FHA. The … [Read more...]