Lending

How To Qualify For A Mortgage In Today’s Market

qualify for a California loan

As tempting as the real estate market is for most potential buyers, lending guidelines are scaring some away. As a Member of the Top 5 in Real Estate Network®, I’ve learned that it definitely boils down to four principal elements that can impact a lender’s decision to lend:

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Home Path Incentive To End May 1st

The Home Path incentive ends on May 1st.  Only homes that close escrow before May 1st are eligible for the closing cost assistance and appliance incentive for Fannie Mae homes.  Let this serve as your reminder that if you are looking to purchase a bank owned Home Path home you need to rush. More importantly you need to make sure to contact a Home Path approved lender.  This really is a great opportunity that I hope many of you took advantage of.

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Alert: Upfront Mortgage Insurance Premiums To Increase April 5th!

fha shield

FHA buyers should take note that as of April 5, 2010 upfront mortgage insurance premiums will increase. Insurance premiums are set to go to 2.25% from their current levels of 1.75%. This is significant change when you consider that the new rate will be 28.5 higher than the current upfront mortgage insurance premium on FHA loans.

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90 Day FHA Flip Rule Lifted!

If you haven’t heard, the 90 day flipping rule for FHA loans has been lifted.  This is amazing news to all real estate investors and positive news for the market overall.  In short, this overdue policy change will bring added liquidity to the market.  The change is set to take place on February 1, 2010. In the past home owners that had not been on title to their property for at least 90 days or longer were precluded from selling to an FHA buyer.   Now please explain to me why the government would have put up an obstacle like Continue Reading →

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