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 [...]
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:
*This is not an offer to lend. 
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