Recent changes to FHA loans
Not exactly certain when these changes will take place but it’s supposed to be “soon.” If you have less than 20% down on a house you are required to get Private Mortgage Insurance and if you’re seeking an FHA loan you’ll have to pay an up front premium of 2.25% now instead of the previous 1.75%. If you have a FICO score of 580 or below you’ll be required to...
Read MoreFirst time home buyer tip #14
I am frequently asked these days “what kind of home can I get?” Many first time home buyers are still assuming the only thing they can afford is a condo. (As a side note, the FHA rules regarding loans and condos will change on December 7, but more about that in a later post.) Yes there was a time when it took at least $150,000 to buy a condo or townhome but now you can get a decent...
Read MoreFirst time home buyer tip #13
Know how your credit score is determined. I think pretty much everyone knows that the better your credit score, the easier it is to get a mortgage and the better the interest rate you’ll get. What not everyone knows is how that credit score is actually determined. For instance, I once had a woman call me who wanted to buy a home, and had saved $2,000 for a down payment, however, she had...
Read MoreEven cats love the ice cream man
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