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Hey guys. Just trying to keep everyone in loop on some positive mortgage news, as its very rare we get any good updates in this industry.
Jan 2015. Fannie Mae, the mortgage back security giants announced today, that they will LOWER the required down payment on ALL Conventional loans from 5% to 3% to help them compete with famous 3.50% FHA program. With this 3% down, at least ONE borrower on the loan MUST BE A FRIST TIME BUYER. This deal will help borrowers keep extra money in the bank as well as lower their payments compared to a FHA loan, as the conventional PMI monthly is close to 1/2% lower compared to FHA.
Jan 2015. Fannie-Mae announces that they will allow a homeowner to refinance their home with as little as 3% equity compared to 5% pre Jan 2015. This will help homeowners with very little equity refinance out of a arm, high rate loan or a FHA loan, which will in turn save borrowers money in their payment each month. In order to qualify for this product, the borrower's current mortgage must be owned by FANNIE MAE. To check and see if your loan is owned by Fannie Mae, please shoot me an email or text and I can find out for you free of charge.
BIGGEST NEWS IN YEARS FROM FHA. Jan 26th 2015. As of this date, FHA will lower the monthly MIP insurance from 1.35% of the loan amount per month to .85% of the loan amount. On a 100,00 loan this will save you close to 50.00 per month, or over $7,850 in saving over a 10 year period. This applies to ALL PRUCHASE AND REFINANCE transactions taken after Jan 26th 2014. I just ran this program for a client, he has a 210,000 FHA loan that he did in 2014, by refinancing into the new FHA with lower PMI, he saved close to 100.00 per month or 10,800 in 10 years.
Feel free to call, text or email me with any questions you may have. As always, I am available 7 days a week.
Steve
Jan 2015. Fannie Mae, the mortgage back security giants announced today, that they will LOWER the required down payment on ALL Conventional loans from 5% to 3% to help them compete with famous 3.50% FHA program. With this 3% down, at least ONE borrower on the loan MUST BE A FRIST TIME BUYER. This deal will help borrowers keep extra money in the bank as well as lower their payments compared to a FHA loan, as the conventional PMI monthly is close to 1/2% lower compared to FHA.
Jan 2015. Fannie-Mae announces that they will allow a homeowner to refinance their home with as little as 3% equity compared to 5% pre Jan 2015. This will help homeowners with very little equity refinance out of a arm, high rate loan or a FHA loan, which will in turn save borrowers money in their payment each month. In order to qualify for this product, the borrower's current mortgage must be owned by FANNIE MAE. To check and see if your loan is owned by Fannie Mae, please shoot me an email or text and I can find out for you free of charge.
BIGGEST NEWS IN YEARS FROM FHA. Jan 26th 2015. As of this date, FHA will lower the monthly MIP insurance from 1.35% of the loan amount per month to .85% of the loan amount. On a 100,00 loan this will save you close to 50.00 per month, or over $7,850 in saving over a 10 year period. This applies to ALL PRUCHASE AND REFINANCE transactions taken after Jan 26th 2014. I just ran this program for a client, he has a 210,000 FHA loan that he did in 2014, by refinancing into the new FHA with lower PMI, he saved close to 100.00 per month or 10,800 in 10 years.
Feel free to call, text or email me with any questions you may have. As always, I am available 7 days a week.
Steve
