Archive for the 'Down Payment' Category
FHA Down Payment May Rise Soon
More cash and better credit — that’s what it may take secure an FHA mortgage in the coming months, according to changes announced that week by the U.S. agency of Housing and Urban Development.
With the FHA’s reserves now below government-mandated levels, the agency is considering ways to mini…
Getting Rid of Mortgage Insurance
Many society want to know what the best way to “get rid” of mortgage insurance — either Private Mortgage Insurance (often referred to as PMI) or FHA Mortgage Insurance (acts just like PMI, but payments are made to HUD, not a private mortgage insurance company).
If you want to avoid…
HUD Approves “Monetizing” The 8000 Tax Credit
Good news for anyone who is a first duration home buyer and can qualify for the new home buyer tax credit — HUD has now issued official guidance that will allow public to “monetize” the tax credit to use for closing costs or a down payment once the 3.5% has been paid.
Many public w…
