Posts By Lynda Mckenzie
Location
Rhode Island
Phone: 401-524-9796
Posts
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 [...]
In today’s real estate market, you need every advantage in selling your property. Most homebuyers are faced with a lack of available cash to purchase a home and to do the necessary repairs that might be needed. Why not attract more buyers by making sure your house is up to HUD/FHA standards? First let us [...]
On July 1st, the 2011 new maximum USDA income guidelines for Rhode Island have been released, and most areas received increases. The good news is that more people will be eligible for 100% financing on their homes, in the rural areas of the state of Rhode Island. Providence-Fall River, RI-MA HUD Metro FMR Area 1-4 PERSON [...]
In the majority of cases, VA loans do not allow for money back at closing to cover home repairs. If you are purchasing your new home in Rhode Island and if the appraisal calls for repairs to be made, either the seller or buyer will have to pay for these repairs. The one exception to [...]
Unemployed FHA borrowers in Rhode Island just got a break. Effective August 1, 2011, and continuing for two years, loan servicers collecting payments on FHA-insured mortgage loans will be required to allow qualified borrowers who lose their jobs to miss up to 12 months of mortgage payments before initiating foreclosure proceedings against them. Under the old [...]
What If I Can’t Find My DD 214 Form When Applying For A VA Loan ? DD 214 forms are a vital part of getting a VA loan for those applicants who are no longer in the military. They are required by the federal government in order to prove your qualification and are often [...]
Divorce can impact many areas of your life, including your VA mortgage! It is critically important that after the divorce a complete copy of the divorce decree and any payments to the ex-spouse are documented. Let’s go ahead and start off with the basics. First, let’s look at a scenario where the VA loan [...]
On May 26, 2011, FHA announced a potential change to loan limits, barring any congressional action, for loans insured by FHA on or after October 1, 2011. More information can be found on http://portal.hud.gov/hudportal/documents/huddoc?id=FHA_Loan_Limits_HERA.pdf. It is estimated that 669 out of the 3,334 counties will be effected, including Rhode Island. Below is a chart showing the [...]
How many VA loans can I have? There is no limit on the amount of times eligible veterans are allowed to use their VA loan benefits! This answer often surprises veteran borrowers who have used the program before. It’s important to understand that you may not hold more than one VA loan at a time. [...]
What Is The VA Funding Fee? The VA Funding Fee is a fee that is required in order to receive a VA loan. The VA funding fee is what the Veterans Adminstration charges to guarantee the loan. It is not a fee that has to be paid at closing. This fee is added to your base [...]
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