January 28, 2015
Homebuyers often ask, “When can I get rid of the Private Mortgage Insurance on my home loan?” The answer is: “It Depends”. Here’s what I mean by that: If you have an FHA Loan, the Mortgage Insurance is there to stay . . .for the term of the loan. Not fun at all. If you have a Conventional Loan (backed……
November 8, 2014
These days with Underwriting guidelines having become as tight as many of us can remember for years. . . finding those programs and products with even the slightest advantages can mean the difference between qualifying for a home or not. And if not that extreme, then at least it can mean the difference between qualifying for the home of your……
September 20, 2014
When you put down less than 20% of the purchase price, Conventional loans (those backed by Fannie Mae or Freddie Mac) require Private Mortgage Insurance (PMI). Before we look at ways to manage the PMI imposed on you, it’s important to know that (Conventional) PMI is a different animal to the Mortgage Insurance that comes with FHA loans. And……
February 10, 2013
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CONVENTIONAL Loans / FHA, VA & Conventional Related / General / Latest News & Updates
Private Mortgage Insurance (PMI) is a necessary evil when you borrow more than 80% on a Conventional loan. But in 2007 the Govt. passed the Mortgage Forgiveness Debt Relief Act which allowed PMI to be tax deductible if you fit certain income criteria. Unfortunately that Rule expired in 2011 which meant in 2012 homeowners couldn’t write off PMI as a……
January 7, 2011
Appraisal cut on Fannie mae conventional deal
