Lynda Mckenzie is a Senior Loan Officer with Guranteed Rate, which is one of the 10 largest home loan companies in the U.S. with approximately 170 offices and nearly 2,700 employees. Lynda has been in the mortgage and real estate industry since 1985, and her primary service areas are Rhode Island and Massachusetts.
NMLS ID # 137627 | RI#137627 | MA#MLO137627
On December 6, 2013, the Department of Housing and Urban Development (HUD) announced that it will implement new FHA single-family loan limits on January 1, 2014 for Rhode Island.
Rhode Island homebuyers will soon be faced with changes to FHA mortgages insurance premiums for FHA case numbers issued on or after April 1, 2013. The changes are listed below. 1. An increase in annual mortgage insurance premiums (MIP). 2. FHA will reverse its existing policy of cancelling MIP on loans when the outstanding principal […]
The Department of Veterans Affairs (VA) annouced the 2013 Rhode Island VA loan limits for qualified veterans who would like to use the program. Rhode Island’s high cost limit has been reduced to $417,000 in all counties. Bristol County $417,000 Kent County $417,000 Newport County $417,000 Providence County $417,000 Washington County $417,000 The VA progam allows […]
FHA Lending Changes Coming April 1, 2013 The Federal Housing Authority provides mortgage insurance for loans made by approved lenders and, having insured more than 34 million mortgages since its inception in 1934, it is the largest mortgage insurer in the world. FHA financing is an attractive option for many borrowers as they require very […]
FHA UFMIP And Monthly Insurance Premium Increase Effective April 9, 2012 For Rhode Island Home Buyers/Owners.
On April 9, 2012, FHA loans just got more expensive for Rhode Island Home buyers. The Upfront mortgage insurance premium (UFMIP) will be increased from 1 percent to 1.75 percent of the base loan amount for case numbers assigned on or after April 9, 2012. This increase applies regardless of the amortization term or LTV […]
Is your Rhode Island home worth less than your current mortgage? The HARP 2.0 refinance program may be your answer. Starting March 19, 2012, if you have an upside down mortgage on your home located in Rhode Island, you could possibly refinance under the HARP 2.0 program. There are several factors if you can qualify […]
For all loans between January 1, 2012 through December 31, 2012, “The FHA Floor and Ceiling loan limits will remain the same as those that were in effect from January 1, 2011 through September 30, 2011, as announced in FHA Mortgagee Letter 10-40.” COUNTY ONE FAMILY TWO FAMILY THREE FAMILY FOUR FAMILY PROVIDENCE $475,000 […]
Beginning June 12, 2012, Rhode Island home owners who currently have an FHA mortgage will be able to do a streamline refinance with reduced mortgage insurance premiums. In a recent mortgagee letter, the FHA is lowering its up-front mortgage insurance premium (UFMIP) to 0.01% from their current 1% rate. Also the new annual MIPs under the program […]
On February 1, 2012, the Obama Administration Announces Pilot Program to Help Rural Borrowers Refinance their USDA Mortgages to Get Lower Interest Rates in 19 states, including Rhode Island. To be eligible under this pilot program: Borrowers must have made their mortgage payments on time for 12 consecutive months. Refinanced loans must be at rates 1% […]
Rhode Island homeowners who are looking to refinance, FHA is still a great option. In today’s real estate market when property values are decreasing in most areas, FHA mortgages remain a viable option for many Rhode Island homeowners. MAXIMUM CLTVs FOR FHA REFINANCE TRANSACTIONS Rate and Term (or No Cash Out) Refinances 97.75% Refinances […]