Posts Tagged ‘home loans’
HUD has issued Mortgagee Letter 2010-28 changing the Upfront and Annual Mortgage Insurance Premiums effective with case numbers assigned on or after October 4, 2010 as follows:
Upfront Premiums
| Loan Type | Upfront Premium Requirement |
| Purchase & Full Credit Qualifying Refinances | 100 BPS |
| Streamline Refinances (all types) | 100 BPS |
Annual Premiums
| LTV | Annual Premiums for Terms >15 Years |
| = or <95% | 85 BPS |
| >95% | 90 BPS |
| LTV | Annual Premiums for Terms =or <15 Years |
| = or <90% | None |
| >90% | 25 BPS |
These premiums are effective with case numbers assigned on or after October 4, 2010.
Community Outreach Leader and Licensed Loan Officer NMLS ID 208452 - office address 2300 Windy Ridge, Atlanta GA, 30339— Ken Cook NMLS ID 208452
For many years the Up Front Mortgage Insurance Premium, established and priced by the Federal Housing Administration, has been at 1.75% of the loan amount on purchases and non-streamlined refinances. Due to increased costs and losses in the Administration a new level for the UFMIP has been established and will go into affect on April 5, 2010.
The UFMIP is not the same as the Monthly Mortgage Insurance Premium but rather is paid in full at the time of consummation of the loan. In other words the date the final loan documents are paid and monies exchange hands. Read the rest of this entry »
— Ken Cook NMLS ID 208452
Every year the United States Department of Agriculture (USDA) ?guarantees thousands of home loans to borrowers who have?an income of up to 115% of the median income for the area. Funding for the program is always uncertain and there is generally a period during which funding for the program is not available and that time usually is late in the year. Read the rest of this entry »
— Ken Cook NMLS ID 208452
Home buyers and home sellers across America have a friend and ally they may not be aware of. For many buyers the “perfect” location may not be the “perfect” home. Due to the recent downturn in the economy, which many agree will level out this year in spite of Congress’s best efforts to destroy it, there are many homes for sale either by private owners or lenders who have taken?possession.
Real estate owned is the common term for bank owned properties which many investors are well familiar with as REOs. The foreclosing lender rarely, if ever, will perform any upgrades or maintenance to the average home before putting it on the market. For buyers with 20% down and plenty of cash to cure the issue this is not a major concern. However with the increasing number of buyers using FHA for their fairly liberal 3.5% down payment this is an issue. Read the rest of this entry »
Community Outreach Leader and Licensed Loan Officer NMLS ID 208452 - office address 2300 Windy Ridge, Atlanta GA, 30339— Ken Cook NMLS ID 208452
Many home loan mortgage programs have different requirements for maximum income levels by borrower and or household. Each state has different areas and often a single MSA or AMI may cover multiple counties. It is always best to consult with your home loan mortgage professional but, only as a guideline, here is the HUD AMI (Area Median Income) list for Georgia as of November 2, 2009. In Georgia call Ken Cook at 678-439-8683
— Ken Cook NMLS ID 208452
While for the last several years I have been blogging as partner and “President” of a busy but small mortgage lender licensed in Georgia, Florida and for a time North Carolina things have changed mightily over the last few weeks. Many of you knew I was considering mothballing my Novation Mortgage and indeed had spoken to some about various opportunities around the industry.
Early on in the change process I decided if I were to continue with my experience in the mortgage industry it would be at Regional Director or above or good old Loan Officer. Several people contacted me through Active Rain or as a result of Active Rain I should say and others with whom I interviewed rapidly found my 3 plus years of blogging here as well as proliferated around the Internet. Some liked the idea and others did not – understandably – as keeper of the keys to my own company I was often more outspoken than I will be henceforth. Read the rest of this entry »
— admin