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Ok, so we have, including today, 3 days left until 2009. Forget the streamers, the FREE champagne, and the next day hangovers, its time to take advantage of what we have left in 2008. I checked rates today and we are up about 32 bp (basis points) and are still hovering around the 4.75% mark on [...] In an FHA transaction, if there is a family member acting as the Realtor on the subject property, he/she can give their commission to the borrower for funds to close. As a result of the appeals process outlined in Mortgagee Letter 2008-36, single family mortgage limits for 2009 have been updated for 54 counties. Those counties represent five Metropolitan Statistical Areas and one non-metro county. A listing of affected counties, with the final median prices and FHA (forward, non-HECM) loan limits for 2009 is posted [...] Did you know that once you leave your current employer for an extended period of time, we can still use your income when you start to work again? Here are the conditions: 1. You must be back on the job for at least 6 months Ok, so let’s take a look at this VERY CLOSELY: For a 30 year-4.75%. For a 15 year- 4.5%. When I was locking in a rate this morning for a home purchase closing this month, I stuttered and had a “WOW” look on my face. Rates haven’t been this low in years, and several of my past clients [...] Here are some FHA guidelines in regards to calculating income. Its CRUCIAL to be able to calculate income correctly and UP FRONT at the time of application because this can save everyone a lot of money and headaches when done correctly. Individual Tax Returns (IRS Form 1040). The amount shown on the IRS Form 1040 as “adjusted gross [...] I great article I found online- just thought I would share. 2008 Taxes Starting January 1, 2009, all rate and terms will be 100% LTV (Loan-to-Value) including the UFMIP. Streamline Refinances will be at 98.5% and regular FHA refinances will be 98.25%. This is an excellent opportunity for everyone to now start taking advantage of these interest rates. They have not been this low in YEARS, and now is [...] Quick FHA Tip The FHA Up Front Mortage Insurance Premium must be 100% financed into the mortgage or paid up front in cash at closing. It cannot be partially financed. If the seller pays any portion of the Up Front MIP (capped at 6%), then the entire amount must be paid up front in cash. |
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