The return of the ZERO Down (low income) mortgage loan…. ….Rural Development Direct 502 Loans require no down payment and no private mortgage insurance. Loan amounts can be up to 100 percent of the appraised value. Terms are typically 33 years with interest rates as low as 1 percent (interest rate varies according to income). Rural Development’s 502 Direct Loan program provides a “one of a kind” opportunity for income eligible, creditworthy, rural individuals and families by making home ownership an affordable dream. There are Income limits vary depending on the property location and the family size. The total household [...] Click Here To View More
FHA Mortgage Insurance Premium to Rise
Starting April 18th, 2011 FHA is raising the FHA Mortgage Insurance Premiums for FHA loans. What to expect as a result of the changes. Click Here To View More
Required Mortgage Down Payments Increasing | FHA Loan Limits Dropping?
Fellow REALTORS, its happening. The required down payments for all mortgages are increasing…and at the worst possible time for the housing market. Now that the new QRM (Qualified Residential Mortgage) rules are in effect…to be in full force April 2012…the debate over down payments has heated up. On one side are those who think that the required down payments for all mortgages should increase. The Republican proposal would require most FHA borrowers to put down at least 5 percent. Those who support the idea say that forcing borrowers to have more equity in their homes would better protect homeowners against [...] Click Here To View More
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