FHA Cancels Mortgage Insurance Cut

As of 01/20/2017 FHA has put a hold on the update below.  We will update this if/when the situation changes. Learn more about FHA Home Loans FHA is lowering monthly mortgage insurance costs by 29%.  In layman unfriendly terms, the mortgage insurance factors used to calculate monthly mortgage insurance on an FHA are decreasing by 25 basis points on the 3.5% down/30 year fixed FHA loan program (other programs and high cost loans have different change schedules).   The change is effective … [Read more...]

Mortgage Insurance Companies Competing More

Recently, 3 different mortgage insurance company sales reps nearly bumped shoulders as they our office.  The 2nd and 3rd one snooped over the flyer the previous MI rep had dropped off on my desk in between me blinking my eyes during our conversation.  I had not had time to file it away.  The pioneer flyer lay open as if to say "nana booboo I got here first" to the runner up Mortgage Insurance reps. Im not a fan of the unannounced vendor pop by.  But, when I see the pace pick up like it has - … [Read more...]

Removing Mortgage Insurance Conv

When do your monthly mortgage insurance payments go away?  The answer may not be what you think.  Many believe Conventional mortgage insurance payments end when they reach the 20% equity mark.  While that is true in some cases, it is not in every case.  There are two methods to eliminate mortgage insurance payments (without having to refinance): Through your mortgage servicer OR By the HomeOwners Protection Act (HPA) Learn more about eliminating FHA Mortgage Insurance 2 Ways to End … [Read more...]

Mortgage Insurance – Why You Should Love It

Mortgage insurance is  the most unappreciated benefit in home ownership.  What, have you not thought of Mortgage Insurance as a benefit? Shouldn't homeowners appreciate something that can unlock over $90,000 in wealth building in just 5 years?   There's a saying that says "we don't know what we have until it's gone."  While reserved for sentimental matters the saying applies to the often hated rarely appreciated - mortgage insurance.  Why?  What if homeowners begrudgingly paying mortgage … [Read more...]

Tight Debt to Income Ratio Solutions

Every so often a home buyer falls just ever so slightly on the high side of maximum allowable debt to income ratios for a Conventional loan.  Whether they are 1% or 5% over, being over is being over.  Standard Conventional home loans cap debt to income at 45% to 50%.   Can you really be that close yet have zero options? Apply for a Home Loan Team@JeremyHouse.com 602.435.2149 High Home Loan Debt to Income Solutions Borrower's finding they are out of scope may have several ways to lower … [Read more...]