This is the last post in a series of discussions about private mortgage insurance. If you'd like to peruse the previous posts, see The Ins and Outs of Mortgage Insurance, Mortgage Insurance Options and Costs, and...
My Office
Fri Apr, 16th 2010
This is the third post in a series of discussions about private mortgage insurance. If you'd like to catch up on what you missed, see The Ins and Outs of Mortgage Insurance and Mortgage Insurance Options and Costs. Today's post is primarily for loan officers, mortgage...
Thu Mar, 25th 2010
This is a continuation of a discussion about private mortgage insurance. If you missed yesterday's installment, check out The Ins and Outs of Mortgage Insurance. Today, we'll explore the cost of mortgage insurance and four different private mortgage insurance products.
And in keeping with tradition, here's something to keep your eyes from crossing while...
Thu Mar, 25th 2010
I've recently received a ton of questions about mortgage insurance from borrowers and loan officers. What is it? How much does it cost? When do I need it? Over the next few days, I'll explore the basics of private mortgage insurance, available products, and guidelines for qualifying.
Now, I realize this topic is a little dry for most folks. So here's a little something to make you smile while you read.
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Thu Mar, 11th 2010
Are you working with an applicant with a prior bankruptcy, foreclosure, or mortgage late appearing on his credit report? Then the Derogatory Credit chart below is just what you've been looking for! The chart analyzes derogatory credit guidelines for FNMA, FHA, VA, and USDA GRH mortgage programs.
Huge Mack Daddy Disclaimer: These guidelines were compiled from FNMA Guidelines...
Fri Feb, 26th 2010
This is the final post discussing the costs of obtaining a low down payment mortgage. You can also read the entire post here.
Comparing All Options
Clearly, for those borrowers who qualify, the USDA GRH and VA programs offer the least expensive financing. However, many borrowers must choose FHA or Conventional financing for the simple fact that they are not purchasing...
Thu Feb, 25th 2010
This is the fourth of five posts discussing the costs of obtaining a low down payment mortgage. You can also read the entire post here.
Option 4: Conventional Financing
In addition to government insured programs, many lenders also offer conventional mortgage programs with low down payments.
Qualifying for these programs can be tricky. Lenders are...
Wed Feb, 24th 2010
This is the third of five posts discussing the costs of obtaining a low down payment mortgage. You can also read the entire post here.
Option 3: FHA Mortgage
The FHA mortgage is an excellent option for most borrowers. There are no restrictions on income, status as a veteran, or property location. Qualifying guidelines are also generally more lenient than...
Tue Feb, 23rd 2010
This is the second of five posts discussing the costs of obtaining a low down payment mortgage. You can also read the entire post here.
Option 2: VA Loans
Mortgage loans insured by the VA are also an excellent option for those who qualify. Generally, a Borrower must be a current or honorably discharged member of the armed forces or the unmarried, surviving...
Mon Feb, 22nd 2010
Several years ago, there were many options available to consumers who wanted to purchase a home with little or no down payment. While fewer choices remain today, there are still several mortgage programs that allow Borrowers to own a home with little or no up-front cost. FHA, VA, USDA and Conventional financing programs all allow for low down payments (or no down payment at all).
Over the next few days, I will discuss the costs associated with obtaining a low down...
