by Richard Ryan | Dec 30, 2022 | Uncategorized
This video explains how to remove mortgage insurance from your conventional Fannie Mae or Freddie Mac mortgage. It includes notes on lender paid and borrower paid mortgage insurance. You can read The Homeowners Protection Act of 1998 in its...
by Richard Ryan | Dec 30, 2022 | Uncategorized
In 2005 we had a joke in the mortgage industry that the only qualification a borrower needed was the ability to fog a mirror. It was basically true. As true as that was 8 years ago, the opposite is true today. No matter how qualified you think you are, our...
by Richard Ryan | Dec 30, 2022 | Uncategorized
This dates back to the summer of 2010, but it looks like the wheels are in motion to implement a change. The bad news is that there will be a new lower cap on seller concessions (seller contributions). The good news is that it will not be a hard reduction in seller...
by Richard Ryan | Dec 30, 2022 | Uncategorized
FHA just released a new mortgagee letter 12-03 which has 3 important changes: Self Employed: Highlight: P&L and balance sheet required if it has been more than 3 months since the end of the last tax year that we have returns for. Translated: nearly...
by Richard Ryan | Dec 30, 2022 | Uncategorized
If you are considering purchasing a home using an FHA loan, you best move quickly. For FHA case numbers assigned on or after April 1st, 2012 there will be two increases in MIP. The first increase is due to our friendly politicians in Washington applying a payroll tax...
