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Archive for February 2011

FHA To Increase Annual MIP Premiums Effective 4/18/11

The Department of Housing and Urban Development (HUD) announced on February 14, 2011 that it would be raising the Annual Mortgage Insurance Premium effective April 18, 2011. The amount of the increase will be 25 basis points per year. On a $250,000 loan with the minimum 3.50% down payment the monthly MIP will increase from $187.50 per month to $239.58 per month. This is an increase on a $250,000 loan of $52.08 per month. To read the announcement go to HUD Mortgage Letter 2011-10.

As many of you already know Fannie Mae and Freddie Mac have increased the costs of their loan pricing models. The cost of borrowing money to buy or refinance a home is going up.

All of these changes have made the VA Loan even more attractive. If you or someone you know is eligible for a VA loan I will be happy to answer their questions and help them select the loan program that best fits their needs.

Your source for VA loan information.

My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.

Alan Gross

Senior Mortgage Consultant

PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878

Home Office: 240.813.0614
Email: agross@primelending.com
Web: www.mtg-info.net
Web: www.DCMilitaryVALoans.com

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Have You Considered An FHA Mortgage Loan? Here’s 10 Reason Why You Should.

The last several years have seen great changes in the mortgage industry. Many loan programs have been eliminated and others have had the requirements to qualify tightened.

One program that has stayed relatively in tack is the FHA Home Loan. The guidelines have remained relatively unchanged. Over the past few years the FHA share of the market has been increasing.

If you are looking for a loan there are a number of reasons to consider an FHA loan. They include:

  1. Smaller Down Payments - The required down payment is 3.5%. For most conventional loans the minimum down payment is 5%.
  2. Lower Credit Scores Required - Scores required on conventional loans have risen in the past 2 years. FHA score requirements have also risen but the tend to be lower than the scores required on conventional loans.
  3. The Entire Downpayment For An FHA Loan Can Be From A Gift - If you are short on cash the funds for the 3.5% downpayment can come in from gifted funds. There are some restrictions but, in general, the gift can come from a relative. In certain circumstances and non-relative can provide the gift.
  4. Less Of A Need For Established Credit - Although guidelines have tightened up recently, alternative sources of credit can be used. Lenders will want to see a stable history of paying bills for things like rent and utilities.
  5. Non-Occupant Co-Borrowers - If you can't qualify for the FHA loan based on your income, you can have someone who will not be living in the home help you qualify. This allows parents to help their children buy a home or a place to live while attending college.
  6. Seller Contributions - FHA loans allow the seller to contribute up to 6% of the purchasers closing costs. This means the only cash needed to purchase the home will be the required downpayment and that can come from a gift. There has been talk of reducing this to 3% like conventional loans but this has not occurred yet.
  7. Appraisals - Years ago FHA appraisals got a bad reputation because of repair requirements that were attached to many appraisals. This is no longer true. The appraisals, for the most part, are similar to appraisals done for conventional mortgages.
  8. There Are No Debt-To-Income Ratios - The loan approval is determined by a number of factors including loan-to-value, credit scores and reserves.
  9. Loan Limits - FHA loan limits vary in different parts of the country. In high cost areas the loans can currently go as high as $729,750 with a minimum downpayment of 3.5%. This is very helpful in high cost areas. These limits are subject to change and may be lowered in the future.
  10. FHA 203(k) Loans - If you are buying a home that needs some updating or repairs FHA has the 203(k) loan program that allows the cost of the repairs to be included in the loan amount. In effect you can borrow more than you paid for the house to make repairs and upgrades.

    My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.

    Alan Gross

    Senior Mortgage Consultant

    PrimeLending, A PlainsCapital Company
    704 Quince Orchard Rd., Suite 230
    Gaithersburg, MD 20878

    Home Office: 240.813.0614
    Email: agross@primelending.com
    Web: www.mtg-info.net
    Web: www.DCMilitaryVALoans.com

    share save 171 16 Have You Considered An FHA Mortgage Loan? Heres 10 Reason Why You Should.
  11. Can How You Pay Your Rent Effect Your Credit Score?

    Until recently rental payment history was not reported to the major credit bureaus and therefore wasn't included on your credit report. Because it was not included on the report, the payment history was not included in the credit score.

    Experian, one of the 3 majors credit reporting companies, recently announced that it will be the first major credit reporting agency to include these payments in its credit reports.

    To get the data Experian acquired RentBureau in 2010. RentBureau is the largest and most widely used credit bureau for the multifamily industry. A national network of 45 property companies – including large apartment owners and managers – collect data about rental payments and, in turn, automatically report that payment history to RentBureau every 24 hours.

    Will this be good or bad for your credit score? Initially, only positive rental histories will be reported but it is expected that in 2012 they will start reporting negative credit histories. If you make your rental payments on time this should help you credit score and lower your borrowing costs.

    Will the other credit agency's Equifax and TansUnion start using rental data? It's uncertain at this time but if one uses the data I'm sure the other 2 bureaus won't be far behind.

    A number of articles about this change have been written recently. For more information you can see the articles in the Baltimore Sun, Bankrate.com or AOLOriginal.

    Your source for VA loan information.

    My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.

    Alan Gross

    Senior Mortgage Consultant

    PrimeLending, A PlainsCapital Company
    704 Quince Orchard Rd., Suite 230
    Gaithersburg, MD 20878

    Home Office: 240.813.0614
    Email: agross@primelending.com
    Web: www.mtg-info.net
    Web: www.DCMilitaryVALoans.com

    share save 171 16 Can How You Pay Your Rent Effect Your Credit Score?

    13 Tips For Selling Your Home In The Winter

    Although a lot of people don't thinks its true, homes do sell in the winter. In fact with housing prices and interest rates both down, the housing market is starting to show signs of recovery.

    If you've been waiting to sell or need to sell now here are 13 tips to get you started in the right direction.

    To get the tips click on the image below:


    MSN 92810 13 Tips For Selling Your Home In The Winter


    Your source for VA loan information.

    My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.

    Alan Gross

    Senior Mortgage Consultant

    PrimeLending, A PlainsCapital Company
    704 Quince Orchard Rd., Suite 230
    Gaithersburg, MD 20878

    Home Office: 240.813.0614
    Email: agross@primelending.com
    Web: www.mtg-info.net
    Web: www.DCMilitaryVALoans.com

    share save 171 16 13 Tips For Selling Your Home In The Winter

    Capitals Give Back to Our Military Kids through 2010 Courage Caps Campaign

    The Washington Capitals raised over $45,000 for Our Military Kids. To see the complete article click on the image below.

    Our Military Kids 1012 Capitals Give Back to Our Military Kids through 2010 Courage Caps Campaign

    For more information on the Our Military Kids program go to http://www.ourmilitarykids.org/

    Your source for VA loan information.

    My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.

    Alan Gross

    Senior Mortgage Consultant

    PrimeLending, A PlainsCapital Company
    704 Quince Orchard Rd., Suite 230
    Gaithersburg, MD 20878

    Home Office: 240.813.0614
    Email: agross@primelending.com
    Web: www.mtg-info.net
    Web: www.DCMilitaryVALoans.com

    share save 171 16 Capitals Give Back to Our Military Kids through 2010 Courage Caps Campaign

    Are You Being Overcharged On Your Mortgage Loan?

    The Servicemember's Civil Relief Act (SCRA) expanded and improved the former Soldiers' and Sailors' Civil Relief Act (SSCRA). The SCRA provides a wide range of protections for individuals entering, called to active duty in the military, or deployed servicemembers. It is intended to postpone or suspend certain civil obligations to enable service members to devote full attention to duty and relieve stress on the family members of those deployed servicemembers. A few examples of such obligations you may be protected against are:

    * Outstanding credit card debt
    * Mortgage payments
    * Pending trials
    * Taxes
    * Terminations of lease.

    An article on USA Today says JPMorgan Chase (JPM) is issuing checks totaling $2 million to 4,000 service members after discovering overcharges and errors in their mortgages.

    "We made mistakes, we deeply regret them and are working to fix it in the hopes that this does not happen again," JPMorgan Chase spokeswoman Kristin Lemkau said.

    If you need assistance understanding the terms of your mortgage visit your local Housing Services Office or visit MilitaryOneSource.com for assistance, or call them at 800-342-9647.

    Your source for VA loan information.

    My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.

    Alan Gross

    Senior Mortgage Consultant

    PrimeLending, A PlainsCapital Company
    704 Quince Orchard Rd., Suite 230
    Gaithersburg, MD 20878

    Home Office: 240.813.0614
    Email: agross@primelending.com
    Web: www.mtg-info.net
    Web: www.DCMilitaryVALoans.com

    share save 171 16 Are You Being Overcharged On Your Mortgage Loan?

    Making the Most of Online Auctions

    Online auctions can land you bargains and help you find rare items. But as with anything where money is exchanged, they can attract con artists and cheats. This first installment of a two-part series by MilitaryOneSource.com shows you how to identify common Internet auction scams.

    To get view and listen to the presentation click on the image below:

    Military OneSourcecom 9710 Making the Most of Online Auctions

    Your source for VA loan information.

    My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.

    Alan Gross

    Senior Mortgage Consultant

    PrimeLending, A PlainsCapital Company
    704 Quince Orchard Rd., Suite 230
    Gaithersburg, MD 20878

    Home Office: 240.813.0614
    Email: agross@primelending.com
    Web: www.mtg-info.net
    Web: www.DCMilitaryVALoans.com

    share save 171 16 Making the Most of Online Auctions

    Seven Must Have New Year Career Resolutions

    Eat right. Exercise more. Lose weight. Get enough sleep every night. These are admirable resolutions, but while you’re planning your goals for 2011, don’t neglect your career. If you want to progress professionally, your career deserves equal billing in the New Year.

    This year, Military OneSource is going to make the process easier for you. Here are seven must have career resolutions for 2011. You have 12 months to achieve them, so don’t wait another minute! Get to it…

    To see the "Seven Must Have New Year Career Resolutions click on the image below:

    Military OneSourcecom 9710 Seven Must Have New Year Career Resolutions

    Your source for VA loan information.

    My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.

    Alan Gross

    Senior Mortgage Consultant

    PrimeLending, A PlainsCapital Company
    704 Quince Orchard Rd., Suite 230
    Gaithersburg, MD 20878

    Home Office: 240.813.0614
    Email: agross@primelending.com
    Web: www.mtg-info.net
    Web: www.DCMilitaryVALoans.com

    share save 171 16 Seven Must Have New Year Career Resolutions

    Loan Costs Increasing April 1, 2011

    ConformingLoanPricingRisingApril1st Loan Costs Increasing April 1, 2011Starting April 1, 2011, loan-level pricing adjustments are increasing. Most conforming mortgage applicants will face higher loan costs.

    Loan-level pricing adjustments are mandatory closing costs. They’re assigned by Fannie Mae and Freddie Mac, and based on a loan’s specific risk to Wall Street investors.

    First constructed in April 2009, loan-level pricing adjustment are a means to help Fannie Mae and Freddie Mac compensate for “riskier loans” by bolstering their respective balance sheets.

    Since the initial roll-out, Fannie and Freddie have amended adjustments five times. The pending April adjustment will be the 6th revision in two years.

    No class of conforming borrower is exempt from LLPAs. Each loan delivered to Fannie Mae is subject to a quarter-percent “Adverse Market Delivery Charge”. That cost is often absorbed by the lender.

    The remaining adjustments are grouped by category:

    1. Credit Score : Lower FICO scores carry bigger adjustments
    2. Property Type : Multi-unit homes carry bigger adjustments
    3. Occupancy : Investment properties carry bigger adjustments
    4. Structure : Loans with subordinate financing may carry bigger adjustments
    5. Equity : Loans will less than 25% equity carry bigger adjustments

    LLPAs are cumulative. A borrower that triggers 4 different categories of risk must pay the costs associated with all four traits.

    Loan-level pricing adjustments can be expensive — as much as 3 percent of your loan size in dollar terms. As an applicant, you can opt to pay these costs as a one-time cash payment at closing, or you can to pay them over time in the form of a higher mortgage rate.

    The loan-level pricing adjustment schedule is public. You can research your personal scenario at the Fannie Mae website. However, you may find the charts confusing. Especially with respect to which route makes the most sense for you — paying the adjustments as cash, or paying them “in your mortgage rate”.

    share save 171 16 Loan Costs Increasing April 1, 2011

    Tax Refund: Keep the Reward, Avoid Getting Robbed

    Anxious to receive your tax refund? If you stay patient, you can save your cash and make life-changing plans with your money.

    Avoid refund anticipation loans

    Tax-refund anticipation loans are advertised during tax time as a quick way to get cash without waiting the typical 10 to 20 processing days for the IRS to pay it to you directly. It’s best to avoid these loans. If you do take one on, know your rights.

    * The Military Lending Act. Passed in 2006, this act limits the fees and interest rates a lender can charge military members and their families for tax-refund anticipation loans as well as for other traditionally predatory loans. Lenders cannot charge an annual percentage rate (APR) of more than 36 percent. They may not hold a check or a car title, or have access to your bank account. They must also give you a “declaration” to sign stating that you’re a service member or a service member’s dependent.

    * Real costs can be enormous. For example, a tax preparer may offer to loan you the amount of your anticipated refund. The costs are the fees and handling charges. If you pay an $89 fee for a $1,000 tax refund, it would be the same as paying an APR of 250 percent on your loan.

    For more information click on the image below:

    Military OneSourcecom 9710 Tax Refund: Keep the Reward, Avoid Getting Robbed

    Your source for VA loan information.

    My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.

    Alan Gross

    Senior Mortgage Consultant

    PrimeLending, A PlainsCapital Company
    704 Quince Orchard Rd., Suite 230
    Gaithersburg, MD 20878

    Home Office: 240.813.0614
    Email: agross@primelending.com
    Web: www.mtg-info.net
    Web: www.DCMilitaryVALoans.com

    share save 171 16 Tax Refund: Keep the Reward, Avoid Getting Robbed
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