First Time Home Buyers
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"FHA Mortgages"
FHA mortgage insurance premiums are changing for the third time in the past year.
Effective for all case numbers assigned on or after April 18th, an FHA loan will be more expensive.
Continue Reading →Effective for all FHA case numbers assigned on, or after, April 18, 2011, annual mortgage insurance premiums (MIP) will increase 25 basis points.
Continue Reading →Beginning with FHA case numbers issued on or after October 4, 2010, the FHA is changing its upfront and annual mortgage insurance premium structures.
Continue Reading →In a statement issued Wednesday, the Federal Housing Authority outlined policy changes to its mortgage assistance program. The shift is meant to both reduce the government group’s portfolio risk while strengthening its overall financials. For consumers, the changes mean higher costs.
Continue Reading →There was a great article in the Chicago Tribune about five or six years ago. It spoke of the incredible values of the Roscoe Village 2-flat and how it had been a tried and true starter home for generations in Chicago. The rent would subsidize the mortgage and appreciation would compound on a larger home value.
Continue Reading →When must Home Start loans close by?
These must close on or before November 30th. There are no guarantees that the tax credit will be extended on a federal level nor are there any guarantees that IHDA would continue the program if the federal tax credit is extended.
What is the minimum down payment?
The [...]
Continue Reading →Results from Conforming and FHA Mortgage Calculators
Continue Reading →The federal goverment suspended the third-largest issuer of FHA loans – Taylor, Bean, & Whitaker (TBW). They funded $17 billion in the first half of the year and estimates put 20,000-30,000 loan applications in limbo.
Here’s a quick attempt on the FAQ’s:
Q: Did you use Taylor, Bean & Whitaker?
No. Zero loans with us [...]
Continue Reading →The mortgage rates for FHA and conforming loans have moved closer recently.
When we look at someone with perfect credit, single-family home and a 10% down payment, these loans are currently offering essentially the same rates in the low 5′s.
Continue Reading →As FHA has become the defacto source for lower downpayment loans, we’re having condo questions that didn’t used to come up.
For FHA loans on condominiums, the condo association must have reserves that are equal to or greater than 10% of the current budgeted expenses for the year.
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