Posts By Lynda Mckenzie
Location
Rhode Island
Phone: 401-524-9796
Posts
Taking out a VA mortgage loan on a new home purchase in Rhode Island is a fantastic way to finance a property with a low interest rate, with little to no required downpayment. It may seem like a daunting task at first glance, but it is actually pretty straightforward. Working with a Rhode Island VA Mortgage [...]
Short sales, foreclosures and new construction homes all have caveats that need to be considered when pursuing financing. If the guidelines and potential pitfalls are not properly understood, you could face delays in closing or potentially even a denied loan. Short Sales & Foreclosures – Short sales and foreclosures are everywhere. They often [...]
Understanding the FHA Mortgage Insurance Premium (MIP) * Disclaimer – all information in this article is accurate as of the date this article was written * The FHA Mortgage Insurance Premium is an important part of every FHA loan. There are actually two types of Mortgage Insurance Premiums associated with FHA loans: 1. Up Front [...]
HUD has once again announced changes to the FHA streamline refinance program in the mortgagee letter 2011-11 dated Feburary 14, 2011. The letter can be viewed @ http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/11-11ml.pdf. The changes go into effect April 15, 2011. The key factors that you need to be aware of are as follows: Borrower must be current on both their mortgage [...]
President Obama’s fiscal year 2012 budget was released on February 14, 2011. FHA Commissioner David H. Stevens announced the same day, a new premium structure for FHA-insured mortgage loans increasing its annual mortgage insurance premium (MIP) by a quarter of a percentage point (.25) on all 30- and 15-year loans. “After careful consideration and analysis, [...]
Back in November of 2009, President Obama signed into law the the Worker, Home Ownership, and Business Assistance Act of 2009. Included in this law was a special provision for qualified service members, members of the Foreign Service of the U.S., or an employee of the intelligence community. Also included are military members on official extended [...]
New FHA Mortgage changes went into effect on October 4, 2010 that will have an impact on Rhode Island home buyers and owners.
Below are a few bullets, as well as a video that highlights the main points of interest for any property that was assigned an individual FHA case number on or after October 4, 2010:
You may have heard that it has gotten more difficulty to refinance from an FHA to FHA mortgage, commonly known as a “streamline refinance”, than in previous years. Well you would be correct. Listed below are the major changes from Mortgagee letter 2009-32 that have occurred. Rhode Islanders will find that the FHA streamline [...]
FHA loan limits in Rhode Island for calendar year 2010 remain the same and have been extended until September of 2011.
Homebuyers and homeowners in Rhode Island and other states, should expect to have their annual mortgage insurance premiums increase on new purchases and refinances on loans guaranteed by FHA. (Federal Housing Authority) On June 10, 2010, The House of Representatives approved by a 406-4 vote the Federal Housing Administration Reform Act, a law designed to put the agency on [...]
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