Don’t count out FHA as expensive

Written by Michael A. Foote, CMB on . Posted in Uncategorized

Just becuase FHA has an upfront mortgage insurance premium don’t assume FHA is too expensive. Often times, FHA loans provide the ONLY option available to a consumer due to higher debt ratios, lower credit scores, or higher loan to value ratios. So UFMIP isn’t really expensive since there are no other products to compare to. Expensive is a relative term, relatively speaking 😉

FHA Spot Condo Process

Written by Michael A. Foote, CMB on . Posted in Uncategorized

FHA is doing away with the spot condo process…I am sure to allow for much more “streamlined” process, yeah right. Eitherway the good news is we can still consider unapproved condo projects for FHA financing.

In other news. Rates continue to trend down nicely – sparking a small increase in the amount of mortgage applications. Get yours in to make sure you are ready to lock when rates hit your mark.

In even more news. The 125% program announced by the Obama administration can only be originated/facilitated by the current servicer of your loan.

Got a short pay refinance???We can now offer these – certain restrictions apply.


Written by Michael A. Foote, CMB on . Posted in Uncategorized

Update on the 125% program – we expect to be able to deliver or fund these loans in September. To make sure you are ready to fund your loan – you must apply and receive your approval from your direct lender. This is free with most lenders, including mine, so the KEY is to be READY to pull the trigger. Consult your mortgage professional for the best advice and most timely market commentary.

Interest Rates

Written by Michael A. Foote, CMB on . Posted in Uncategorized

Over the last week interest rates have settleed down a little although they have not settled to lows seen earlier in the year.

The trick to getting the best mortgage rate, is… Well there is not secret you just have to pay attention to what your lender tells you. First choose a lender, a direct lender, that has the ability to lock their own loans. Also make sure that lender is willing to give you a lock confirmation in writing. Once you’ve applied with a company you may be able to lock your loan – you should be watching or following rates before, during, and after you lock your loan.

You must remember to lock a loan you need to apply. Some lenders have different requirements and allowances for locking your loan. It is important to get this information in writing – always.

Apply + Monitor + Direct Lender = Happy Mortgage Borrower.