Do you remember when mortgage rates were above ten percent?… According to Kelly Deforge, our in house lender with Union Bank, rates are averaging in the mid four percent range but, the question is for how long? As you can see by the graph that Kelly provided below, rates have been gradually inching upward over the […]
Thanks to Kelly Deforge our in house lender with Shelter Mortgage for explaining Mortgage Credit Certificates: Mortgage Credit Certificates (MCCs) create an income tax credit equal to 20% of the annual interest paid on a mortgage. VHFA offers Mortgage Credit Certificates combined with a VHFA first mortgage through our MOVE MCC Program. Mortgage Credit Certificates […]
Kelly Deforge, our in-house mortgage lender with Union Bank, recently sent us “Kelly’s top 10 things you should not do between pre approval and closing on your Mortgage!!!!!!!” I have seen just about all of these happen during the mortgage process and trust me when I say any of these things alone can have huge […]
The following information was provided by Mark Chafffee at Mortgage Financial Inc.: New Monthly Mortgage Insurance Premium Schedule The MIP schedule for FHA loans with terms greater than 15 years (e.g. 30 year fixed FHA) is as follows : For loans with LTV greater than 95 percent: 1.250% percent annually ($200,000 loan amount would have […]
The following was written by Matt Polsky from the VA Mortgage Center: For veterans and active duty service members who enjoy the outdoors, Colchester, Vermont and the surrounding area is a great location to call home. Aside from beautiful scenery and renowned ski runs, Vermont also provides residents with excellent communities, festivals, and school districts […]
Beginning with FHA case numbers issued on or after October 4, 2010, the FHA is changing its upfront and annual mortgage insurance premium structures.
If your adjustable rate mortgage is due to adjust this year, don’t go rushing to replace it just yet. Your soon-to-adjust mortgage rate may actually go lower this year.
Key Features of the New Housing Rescue Plan The government’s newest housing rescue effort, which was announced Friday, includes these key tenets: As much as $14 billion of the Troubled Asset Relief Program (TARP) will be made available to pay for writing down second liens for loans whose borrowers refinance through the Federal Housing Administration. […]
Mortgage rules and guidelines continue to change almost daily. The following FHA announcement was just emailed to me by mortgage broker Rose Marie Ryea at Mortgage Financial Services. New Lending Policies Announced by FHA If you were listening to the housing news last week, you probably heard a number of reports about lending changes that […]