Posts by admin

Want to put less than 5 or 10% down?  You’re likely going to get an FHA loan.  Due to increased risk of defaults, HUD earlier this year increased its upfront mortgage insurance premium (MIP) from 1.75 to 2.25%.  Now, starting in October, they are increasing the annual premium while decreasing the upfront premium.  This is…

I just read this article that said out of the last 8 weeks, 7 of these weeks showed record lows for mortgage rates.  Granted, these are small drops, but it just goes to show how far rates have fallen.  I’m seeing 30 year fixed rates in the range of 4.25-4.75%.  15 year rates are just below…

Some of our MI providers have now instituted risk-based pricing models.  Now your credit score, debt ratio, property type, and location are analyzed together to determine what your MI rate will be.   After running a few sample tests, I’ve noticed that the most well qualified borrowers are getting nice discounts on current MI rates. …

Interested in buying a property in a floodplain (special hazardous flood area) which requires flood insurance?  Well, you haven’t been able to since the National Flood Insurance Program expired May 31st. So the whole month of June halted all settlements which are in flood-risky areas.  Locally, that means parts of Alexandria as well as other…

Many buyers are curious about what documentation these days is required and why.  The core documents are the ones that prove your income, your assets, and your identity: Last two paystubs/W2s and/or last two years of tax returns Last two months of bank statements and other asset accounts ID   If you receive paystubs, with…