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Mortgage Insurance covers the risk a lender takes on, in a case a borrower defaults on their loan.  On a conventional loan, a home buyer pays private mortgage insurance (PMI). There are six mortgage insurance companies nationally and they set pricing for MI based upon risk, and the most important factors are credit score and…

I am thrilled to share that for the second year in a row, I provided the most DC Open Doors loans to home buyers in Washington DC.  More info on DC Open Doors is found here.   0% down financing for Washington DC buyers thanks to a 3-3.5% down payment assistance loan which is forgiven after…

I am pleased to share that we have expanded our guidelines on condominium approvals for conforming loans.  Until now, buyers using Fannie Mae financing were required to put down 20% if they were attempting to purchase a condo with high delinquencies. Now, using Freddie Mac financing, we can perform a limited review with as little as…

Great news! HUD just announced that the mortgage insurance rates on FHA loans will be reduced with new registrations of 1/26/15 or later. The new mortgage insurance rate will be .85% for loans with less than five percent down, or .8% for loans with five percent down or more. On a $400,000 loan this is a savings of $166/mo!…

DC Tax abatement is an incredible program, which allows for: 1. The buyer does not pay for the recordation tax, which is .725%-1.45% of the sales price. Also, instead of the seller paying the transfer tax (1.1%-1.45%), that transfer tax is credited to the buyer. The net change is a reduction in cost to the…