Yale Roth M.A., M.Ed

Posts Tagged ‘mortgage consultant’

Guys…FHA has announced it’s making some guideline changes.

Here’s a summary:

The upfront Mortgage Insurance Premium is increasing from 1.75% to 2.25%.

Seller credits to be applied to buyers costs are decreasing from 6% to 3%.

This seller credit change is an attempt to reduce the pressure to inflate the appraised value to cover the seller credit.

Yale

Yale Roth is a Senior Mortgage Consultant and specializes in FHA Mortgages.  Contact Yale at 561-350-7684 with any mortgage-related questions.

Related Posts:

• Mortgage Video FAQ #1 – Which is a Better Loan Type – Adjustable Rate Mortgage vs. Fixed Rate Mortgage?
• Mortgage FAQ #4 – “Can My Interest Rate Drop Once It’s Locked In”?
• Mortgage FAQ #3 – How Best to Shop for a Mortgage
• Mortgage Video FAQ #2 – What’s The Differrence Between A Mortgage Banker And Mortgage Broker?
• Can You Get A Mortgage Loan After You’ve Had A Bankruptcy?

AND…

New Tax Credit for Existing Homeowners

The first-time homebuyer’s tax credit has been extended to include home purchases made through April 2010. In addition to the tax credit, which provides up to $8000 to new homebuyers, the new legislation also offers a tax credit for existing qualified home owners!

Highlights of the new bill:

1. Deadline extended to April 30, 2010 (closing must take place by June 30, 2010)

2. Higher Income Limits: Buyers who earn up to $125,000 (single) and $225,000 (married) qualify, making more buyers eligible

3. First-time Homebuyers Eligibilty: Up to $8000 tax credit on home purchase (may not have owned a home for the last 3 years prior to purchase)

4. Existing Home owner Tax Credit And Eligibility: Up to $6,500 tax credit on home purchase (must live in the current primary residence for 5 or more consecutive years to qualify)

5. Types of Homes that Qualify: Homes with a purchase price of less than $800,000 qualify, including newly constructed or resale, and SF detached, townhomes or condos, provided the home will be used as a primary residence.

6. The New Bill Is Effective Nov. 6, 2009

Yale

Yale Roth is a Senior Mortgage Consultant and specializes in FHA Mortgages.  Contact Yale at 561-350-7684 with any mortgage-related questions.

Related Posts:

• Mortgage FAQ #4 – “Can My Interest Rate Drop Once It’s Locked In”?
• Mortgage FAQ #3 – How Best to Shop for a Mortgage
• Mortgage Video FAQ #2 – What’s The Differrence Between A Mortgage Banker And Mortgage Broker?
• Mortgage Video FAQ #1 – Which is a Better Loan Type – Adjustable Rate Mortgage vs. Fixed Rate Mortgage?
• Mortgage Video FAQ – “What Makes Up The Borrower’s Closing Costs When Buying Or Refinancing”?

Mortgage -backed securities opened lower this morning.  We’ll see pricing on rates a bit worse when rates come out.

Check the AmeriSave pricing engine for details or give me a call at 561-350-7684.

If you haven’t refinanced and are able, you really ought to take advantage while you can.

Yale Roth is a Senior Mortgage Consultant and specializes in FHA Mortgages.  Contact Yale at 561-350-7684 with any mortgage-related questions.

Related Posts:

• What Are Mortgage Rates Doing? Tuesday, January 12, 2010
• Mortgage FAQ #4 – “Can My Interest Rate Drop Once It’s Locked In”?
• Mortgage FAQ #3 – How Best to Shop for a Mortgage
• Mortgage Video FAQ #2 – What’s The Differrence Between A Mortgage Banker And Mortgage Broker?
• Mortgage Video FAQ #1 – Which is a Better Loan Type – Adjustable Rate Mortgage vs. Fixed Rate Mortgage?

Today is a federal holiday (Martin Luther King Day) so no locks will be available.  The lock desk will be available to lock tomorrow.

Yale Roth is a Senior Mortgage Consultant and specializes in FHA Mortgages.  Contact Yale at 561-350-7684 with any mortgage-related questions.

Related Posts:

• Mortgage FAQ #4 – “Can My Interest Rate Drop Once It’s Locked In”?
• Mortgage FAQ #3 – How Best to Shop for a Mortgage
• Mortgage Video FAQ #2 – What’s The Differrence Between A Mortgage Banker And Mortgage Broker?
• Mortgage Video FAQ #1 – Which is a Better Loan Type – Adjustable Rate Mortgage vs. Fixed Rate Mortgage?
• Mortgage Services Money Talks – Do All Mortgage Companies Provide The Same Type Of Mortgage Services?

Watch this video:

In this video post, Yale Roth answers the FAQ “Can My Interest Rate Drop Once It’s Locked”?  This video is about 1 minute and is very informative.

Yale Roth is a Senior Mortgage Consultantand specializes in FHA Mortgages.  Contact Yale at 561-350-7684 with any mortgage-related questions.

Related Posts:

• Mortgage FAQ #3 – How Best to Shop for a Mortgage
• Mortgage Video FAQ #2 – What’s The Differrence Between A Mortgage Banker And Mortgage Broker?
• Mortgage Video FAQ #1 – Which is a Better Loan Type – Adjustable Rate Mortgage vs. Fixed Rate Mortgage?
• Can I Use The $8000 Tax Credit For My Down Payment?
• FHA Tightens Guidelines – January 21, 2010

Mortgages rates ticked down today after rising slightly over the last week or so.

Rates on 30 yr fixed mortgages are starting at around 5% while rates on the 15 fixed mortgages are starting around 4.625% range.

Discount points will drop the rates more.  Rates on 5/1 ARMs are available in the 3.75% area!  Amazing…also, rates on jumbo loans are also available in the 3.875% to 4.875% range.

Mortgage rates do vary according to loan amount, the type of transaction, the amount of equity in the home (i.e. loan to value ratio), representitive credit score, type of property (i.e. primary residence vs. investment)  and the state the property is located in.

Yale Roth is a Senior Mortgage Consultant and specializes in FHA Mortgages.  Contact Yale at 561-350-7684 with any mortgage-related questions.

Related Posts:

• Mortgage Rate Update. Tuesday, January 19, 2010
• Mortgage Video FAQ #1 – Which is a Better Loan Type – Adjustable Rate Mortgage vs. Fixed Rate Mortgage?
• Mortgage Services ALERT. Mortgage Rates Drop. August 26, 2011
• Mortgage FAQ #4 – “Can My Interest Rate Drop Once It’s Locked In”?
• Mortgage FAQ #3 – How Best to Shop for a Mortgage

Watch this video:

In this video, Yale Roth gives a short outline on how best to shop for a mortgage.

Yale Roth is a Senior Mortgage Consultant and specializes in FHA Mortgages.  Contact Yale at 561-350-7684 with any mortgage-related questions.

Related Posts:

• Mortgage FAQ #4 – “Can My Interest Rate Drop Once It’s Locked In”?
• Mortgage Video FAQ #2 – What’s The Differrence Between A Mortgage Banker And Mortgage Broker?
• Mortgage Video FAQ #1 – Which is a Better Loan Type – Adjustable Rate Mortgage vs. Fixed Rate Mortgage?
• Can I Use The $8000 Tax Credit For My Down Payment?
• FHA Tightens Guidelines – January 21, 2010

Watch this video:

In this 2 minute video, Yale Roth talks about the difference between a Mortgage Banker and a Mortgage Broker.   The video is very informative.

Yale Roth is a Senior Mortgage Consultant and specializes in FHA Mortgages.  Contact Yale at 561-350-7684 with any mortgage-related questions.

Related Posts:

• Mortgage Video FAQ #1 – Which is a Better Loan Type – Adjustable Rate Mortgage vs. Fixed Rate Mortgage?
• Mortgage FAQ #4 – “Can My Interest Rate Drop Once It’s Locked In”?
• Mortgage FAQ #3 – How Best to Shop for a Mortgage
• Can I Use The $8000 Tax Credit For My Down Payment?
• FHA Tightens Guidelines – January 21, 2010

Watch this video:

In this FAQ, Yale Roth explains the difference between an adjustable rate mortgage (ARM) and fixed rate mortgage and which loan type may be better.  This video is very informative and lasts about 1.5 minutes.

Yale Roth is a Senior Mortgage Consultantand specializes in FHA Mortgages.  Contact Yale at 561-350-7684 with any mortgage-related questions.

Related Posts:

• Mortgage Video FAQ #2 – What’s The Differrence Between A Mortgage Banker And Mortgage Broker?
• Mortgage Questions – Should You Take Out An Adjustable Rate Mortgage?
• FHA Tightens Guidelines – January 21, 2010
• Mortgage FAQ #4 – “Can My Interest Rate Drop Once It’s Locked In”?
• What Are Mortgage Rates Doing? Tuesday, January 12, 2010

The answer is yes and no.  You’re not able to apply the $8000 (or 10% of your purchase price) as your exclusive  DP.

For an FHA loan…you need 3.5% of your own money down.  You can apply the 8k or any portion of the credit over and above your own 3.5% down.

In a nutshell…you (the buyer) need some “skin in the game.”

Hope this helps!

Yale Roth is a Senior Mortgage Consultant and specializes in FHA Mortgages.  Contact Yale at 561-350-7684 with any mortgage-related questions.

Related Posts:

• The $8000 Tax Credit – Explained
• Mortgage FAQ #4 – “Can My Interest Rate Drop Once It’s Locked In”?
• Mortgage FAQ #3 – How Best to Shop for a Mortgage
• Mortgage Video FAQ #2 – What’s The Differrence Between A Mortgage Banker And Mortgage Broker?
• Mortgage Video FAQ #1 – Which is a Better Loan Type – Adjustable Rate Mortgage vs. Fixed Rate Mortgage?