When one hears the term “reverse mortgage”, you might simply scratch your head. We are all familiar with what mortgage is. However, a reverse mortgage may not ring a bell. A reverse mortgage program is a type of loan that is designed specifically to target seniors. This loan product allows eligible senior homeowners to tap into their home equity by converting it into … [Read more...] about The Hidden Perks of Taking a Reverse Mortgage Loan
FHA
Things to Consider When Using Gifts for Down Payment
The average American home costs around $200,000. That means if you are getting a mortgage under the umbrella of Fannie Mae and Freddie Mac, you must put down around 5 to 20 percent of the property’s sale price. That is about $10,000 to $40,000 in down payment that you need to pull out from your savings or your liquid assets. But not everybody has the money to cover that … [Read more...] about Things to Consider When Using Gifts for Down Payment
FHA Gives Updates on MMI Fund, Mortgages and More
The Federal Housing Administration (FHA) talked mainly about the growth of its mortgage insurance fund and gains in its forward mortgage portfolio for the fiscal year 2016, in its annual report to the U.S. Congress on November 15, 2016. In its report, the agency characterized the current U.S. purchase mortgage market as similar to its size back in the fiscal year 2008, with … [Read more...] about FHA Gives Updates on MMI Fund, Mortgages and More
Mortgage Insurance Premium Rates
Mortgage Insurance Premium Rates FHA Mortgage Insurance Premium (MIP) rates have changed drastically for the year 2015. This is in large part due to the fact that the insurance reserves are reaching its highest expected total this year, enabling the FHA to pass the savings onto homebuyers, making home ownership a higher likelihood for many people. The high reserves are due … [Read more...] about Mortgage Insurance Premium Rates
FHA Mortgage Program vs HomeReady™ Mortgage Program
FHA Mortgage Program vs HomeReady™ Mortgage Program Overview The FHA program is a mortgage program backed by the government and is available through various lenders. The FHA program caters mostly to borrowers with low incomes and offers low down payment rates of only 3%. The HomeReady™ program is a mortgage program offered by Fannie Mae and is available through various … [Read more...] about FHA Mortgage Program vs HomeReady™ Mortgage Program