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 […]
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 […]
Beginning with FHA case numbers issued on or after October 4, 2010, the FHA is changing its upfront and annual mortgage insurance premium structures.