Yearly Archives: 2010
30 SepFHA UFMIP Change October 4, 2010
On August 5, 2010 we told you about the possible change to FHA mortgage insurance. We then updated you on August 11 that the effective date would be October 4 (that’s Monday!). The Changes FHA up-front mortgage insurance (UFMIP) will drop from 2.25% to 1%. FHA monthly mortgage insurance will increase from .55% to .9%. [...]
Read More ...23 SepWhat is Better than the $8,000 Tax Credit??
We received an email from one of the LendingAHand.com readers and real estate agents we work with sharing a recent Denver Post article that he thought might interest other agents and potential home buyers. The recent data shows that since the $8,000 tax credit expired the number of mortgage applications has dropped fairly significantly. In [...]
Read More ...31 AugNext Round of Home Buyer Tax Credit is a Bad Idea
Coming from a mortgage lender you might expect that we would be hopeful, even anxious, about a new home buyer tax credit, right? Well, not us and here is why… Each time the government has announced a home buyer tax credit business increases temporarily. After the expiration of the tax credit the buyers seem to [...]
Read More ...29 AugValue of REAL Pre-Approval
INTERESTING STATISTIC – One of my colleagues shared with me an amazing statistic: Almost 30% of real estate transaction in the US are falling through AFTER GOING UNDER CONTRACT. I don’t know about you – but I want to do what I can to prevent things from falling apart that I have responsibility for, especially [...]
Read More ...26 AugHow Affordable is Housing in Colorado?
How do you determine whether you can afford something? Typically this is an individual or family decision based on your personal budget, funds available and your goals. When I think of whether I can afford something I am normally thinking about a smaller purchase or subscription like a TV, internet or a vacation. What about [...]
Read More ...18 AugCHFA Waives $500 Fee for Mortgage Credit Certificate
Colorado Housing and Finance Authority (CHFA) who offers the Mortgage Credit Certificate (MCC) in the state of Colorado is waiving their $500 administration fee for qualified programs and target areas. Effective with all CHFA MCC reservations made on or after August 16, 2010 CHFA is waiving the $500 MCC administration fee for all MCCs issued [...]
Read More ...13 AugMortgage Company Changed…Now What?
Did you recently receive a notice informing you that your mortgage company will be changing? Maybe you haven’t yet, but it is likely that during the term of your mortgage you will receive a notice like this. This notice is called a Transfer of Servicing and you should understand what it means to you. What [...]
Read More ...13 AugWe’ve Made Some Changes
We’ve made some changes to LendingAHand.com to provide more focused updates that are valuable to you. What We Changed We have created three categories of posts we write on LendingAHand.com: Real Estate Agents First Time Buyers Current Home Owners These categories will allow us to focus our information to those that we feel can benefit. [...]
Read More ...12 AugWhen is Mortgage Insurance Required?
jscreationzs/freedigitialphotos.net When is Mortgage Insurance Required? The three main mortgage types include Conventional, FHA and VA. Each have their own types of mortgage insurance each with a different name but all do the same thing – protect the lender for a portion of the mortgage in the case you default (foreclose). Conventional Conventional loans normally [...]
Read More ...05 AugFHA Mortgage Insurance May Go Up
Just one more step before HUD will have the ability to increase monthly mortgage insurance premiums as high as 1.55%. Last night, August 4, 2010, the Senate approved with unanimous support to approve HR 5981. The last step in the process to approve this bill is to obtain the president’s signature. The Change With the [...]
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