If you are paying PMI (Private Mortgage insurance) you know that it can add anywhere from $50 to hundreds of dollars. PMI is required on all conventional loans with less than 20% down payments. By law, on conventional loans, the PMI is removed once the loan to value reaches 78%. This insurance is a benefit… Read More Paying PMI? You Should Read This
HomeReady Mortgage Program Are you trying to get out of the ever-increasing rental market but find that loan programs don’t fit your family income requirements because they can’t count the income of extended family that live in the same house? Or what about outside the house family support such as from parents? HomeReady, the new… Read More New Fannie Mae Mortgage Program for Low-Moderate Income Families
A recent Bloomberg report listed 15 small lending firms that are offering slightly riskier mortgages. They may come with higher interest rates and larger down payment requirements and they may not be backed by the government. As the larger banks tighten their credit standards over the last few years, smaller banks and local community based… Read More What Type of Mortgage is Best for Me?