Recently I had an opportunity to interview again on Bay News 9 with Erica Riggins. Here’s the video and transcript of the interview. Al Ruechel: In today’s in depth – our Erica Riggins sits down with a local broker associate, to discuss what effect impending rising interest rates could have. Erica Riggins: Joining us now […]
FHA Reduces the Mortgage Interest Premium
A few weeks ago it was announced that President Obama was taking major new step with his Administration is taking to make mortgages more affordable and accessible for creditworthy families. The Federal Housing Administration (FHA) has reduced the annual mortgage insurance premiums by 0.5 percentage point from 1.35 percent to 0.85 percent. For the typical first-time homebuyer, this […]
Your Credit Score May Be About to Get a Boost thanks to FICO!
Big changes are coming to FICO, a broadly used credit score, that may mean higher credit scores for some consumers. A higher score could get you better terms on home loans such as mortgages. WHAT ARE THE CHANGES? Fair Isaac Corp., the company behind FICO, says there are three significant changes to its metric, used in […]
FHA Trims Waiting Period to Buy to 1 Year after Foreclosure
FHA mortgages are very attractive to many first-time homebuyers, as well as buyers who wish to put down a lower down payment. Only 3.5% of the total purchase price is required as a down payment with an FHA mortgage. Until recently, the Federal Housing Administration (FHA) wasn’t allowing borrowers who went through a bankruptcy, foreclosure, deed-in-lieu, or […]
Buying with an FHA Loan? Mortgage Insurance is about to Go Up – Forever!
Buying with an FHA loan? Ask your mortgage lender to get an FHA case number assigned to your file prior to April 1, 2013. Federal Housing Administration Commissioner Carol Galante announced a series of changes to be issued this week that will allow the agency to better manage risk and further strengthen the health of […]
10 Buyer Commandments When Applying for a Mortgage
Recently I’ve had a few clients declined for mortgages over silly things – one missed a $25 bill, and his credit score dropped over 50 points, putting him out of lender guidelines for approval. Another made a large purchase with cash which caused his debt to income ratio to become unfavorable in the eyes of […]
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