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DC Open Doors announces .25% rate reduction
DC Open Doors http://www.dchfa.org is now offering a .25% rate reduction on its loans with down payment assistance. This is terrific for some buyers who are interested in the program but some restrictions apply. This loan program is called the Mortgage Revenue Bond program, because it is funded by the sale of tax-free bonds. …
Read MoreRent versus Own Data in Washington, DC
Zillow compiled an incredible amount of data from every zip code in the United States to calculate how long you should plan to stay in your home so that owning makes more financial sense than renting. Here is their data for Washington, DC. Zillow’s calculations are typically based on 20% down financing using a 30…
Read MoreDC Open Doors
Zero down payment purchase financing in Washington DC that most people qualify for. And it’s easy! New income cap for 2017: $132,360 (based on borrower income, not household income). Maximum loan amount for 2018 is $679,650 for 3% down financing or $453,100 for 0% down financing. Watch the video for more information! The DC Open…
Read MoreNew head of FHFA, Mel Watts, delays/reconsiders increasing rates
Per a news release today from the Federal Housing Finance Administration, the FHFA will delay the guarantee fee increase that was scheduled to take effect this Winter. This would have resulted in an across-the-board .25% increase for every conforming loan. New director, Mel Watts, wants to reconsider the effect on the consumer. Good news…
Read MoreSelf-Employed Borrowers
Listing agents may be wary of accepting contracts from self-employed borrowers for a few reasons, so I thought I’d share these challenges and how we overcome them. Problem: Many loan officers simply don’t know how to calculate self-employed income The number one reason why self-employed borrowers get a bad reputation for approvability is that many…
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