Big changes are on the horizon for FHA mortgages.
FHA mortgage insurance premiums are increasing. Again.
All FHA loans require mortgage insurance. FHA mortgage insurance is similar to private mortgage insurance except that it’s provided by FHA instead of a private insurance company.
According to...
Consumers have many choices when shopping for a mortgage loan. Which bank or mortgage company provides the largest variety of mortgage programs and the lowest interest rates? To decide which option is best, it helps to first understand the differences between mortgage banks and mortgage brokers.
A mortgage bank is a retail lender that sells and/or services mortgage loans. The mortgage bank provides the loan directly to the...
This is the last post in a series of discussions about private mortgage insurance. If you'd like to peruse the previous posts, see The Ins and Outs of Mortgage Insurance, Mortgage Insurance Options and Costs, and...
This is the third post in a series of discussions about private mortgage insurance. If you'd like to catch up on what you missed, see The Ins and Outs of Mortgage Insurance and Mortgage Insurance Options and Costs. Today's post is primarily for loan officers, mortgage...
This is a continuation of a discussion about private mortgage insurance. If you missed yesterday's installment, check out The Ins and Outs of Mortgage Insurance. Today, we'll explore the cost of mortgage insurance and four different private mortgage insurance products.
And in keeping with tradition, here's something to keep your eyes from crossing while...
I've recently received a ton of questions about mortgage insurance from borrowers and loan officers. What is it? How much does it cost? When do I need it? Over the next few days, I'll explore the basics of private mortgage insurance, available products, and guidelines for qualifying.
Now, I realize this topic is a little dry for most folks. So here's a little something to make you smile while you read.
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Are you working with an applicant with a prior bankruptcy, foreclosure, or mortgage late appearing on his credit report? Then the Derogatory Credit chart below is just what you've been looking for! The chart analyzes derogatory credit guidelines for FNMA, FHA, VA, and USDA GRH mortgage programs.
Huge Mack Daddy Disclaimer: These guidelines were compiled from FNMA Guidelines...
This is the final post discussing the costs of obtaining a low down payment mortgage. You can also read the entire post here.
Clearly, for those borrowers who qualify, the USDA GRH and VA programs offer the least expensive financing. However, many borrowers must choose FHA or Conventional financing for the simple fact that they are not purchasing...
This is the fourth of five posts discussing the costs of obtaining a low down payment mortgage. You can also read the entire post here.
In addition to government insured programs, many lenders also offer conventional mortgage programs with low down payments.
Qualifying for these programs can be tricky. Lenders are...
This is the third of five posts discussing the costs of obtaining a low down payment mortgage. You can also read the entire post here.
The FHA mortgage is an excellent option for most borrowers. There are no restrictions on income, status as a veteran, or property location. Qualifying guidelines are also generally more lenient than...
