If you could pay for a home with cash without getting mortgage financing, would you? Should you? That decision is both an emotional one and a financial one. Let’s look at a recent example…
We received a call from a potential customer, referred to us by a real estate agent we work with, who was looking [...]
Tags: down payment, Mortgage Insurance, Strategies
Lots of changes coming down from the Department of Housing and Urban Development (HUD) on FHA Mortgage Loans. Here is a quick snapshot of what is changing in 2010:
90 Day Flipping Rule Waiver (Feb 1)
Up-front Mortgage Insurance Premium Increase from 1.75% to 2.25% (Apr 5)
10% Down Payment Required for Credit Scores < 580 (Summer)
Max Seller [...]
Tags: Closing Costs, FHA, Mortgage Insurance
Nobody wants mortgage insurance. The only reason people get mortgage insurance is to provide the opportunity to buy a home without a 20% down payment. People went as far as doing 80/20 (80% 1st mortgage and a 20% second mortgage) financing to avoid paying mortgage insurance, even if the payment ended up a little higher. [...]
Tags: Mortgage Insurance
