FHA-backed loans make sense; it’s Congress’ whims that are nonsensical
Does your credit score fall below the 640 to 650 range? If so, good luck getting a home mortgage or refinance through traditional lending channels. Since the housing market crashed in 2008, lenders have tightened their belts and turned away borrowers who have less-than-perfect credit scores or low downpayments. Luckily for you, if you’re looking to buy or refi, the local bank isn’t your last resort for a home loan.
Read More →Fannie Mae and Freddie Mac: a look at mortgage lending without them
Originally published on April 25, 2011
Some legislators say we don’t need mortgage giants Fannie Mae and Freddie Mac. What would happen if lawmakers got their way?
Read More →Fannie Mae is offering up to 3.5 % incentive for buyers who purchase and close on a Fannie-Mae owned home by December 31st, 2010. The 3.5% seller contribution can be used towards closing costs, including a home warranty, if desired and available. Check out this article to see if you are eligible.
Read More →As of October 4, 2010, there was yet another change made that affects FHA loans. The minimum credit score was raised from 620 to 640. This will affect potential buyers that had marginal scores before these changes took place. Now it is definitely important to review your credit report and obtain pre-approval before getting too deep into your home search.
Read More →New FHA loan changes
REALTOR® Associate
Contact: (334) 714-7673 or priscilla@c21keyrealty.com
The monthly insurance premium (PMI) on FHA loans will be increased by over 63% . At the same time the upfront premium will be reduced to 1% from 2.25%. Find out how these changes will affect you.
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