Posts Tagged ‘The Kunselman Team’

Fannie Mae HomePath® Program

June 28th, 2011

The Kunselman Team would like to introduce you to the Fannie Mae HomePath® Program and HomePath® Financing. As one of the largest owners of mortgages, Fannie Mae currently has a lot of foreclosures on their books. If you go to www.HomePath.com you can actually look up Fannie Mae Foreclosures in your area. On the right side of the listings it explains says whether or not the property is eligible for Fannie Mae HomePath® Financing. This new mortgage program has many advantages for anyone looking to buy a new property whether they are looking to buy a primary residence, 2nd home or and Investment property. Below is list of the unique benefits that the Fannie Mae HomePath® Financing offers to home buyers.

Benefits of HomePath® Financing
1. No appraisal required. This can save you hundreds of dollars.
2. Down payment as low as 3% on Primary Residences.
3. Down payment as low as 10% on Investment Properties.
4. No Monthly or upfront mortgage insurance required for any occupancies and/or Loan to Values.
5. Condo Projects do not have to be reapproved. (This is great if the owner occupancy is less than 50%.)

HomePath® Buyer Incentive: June 14 – October 31
Fannie Mae is currently offering buyers up to 3.5% in closing cost assistance through October 31, 2011. These funds can be used to pay closing costs and escrow as well as helping you to buy down your interest rate. No part of these funds can be used as part of your down payment.

Contact The Kunselman Team TODAY to get
pre-approved or for any additional information!

Judge Rules in Favor of Federal Reserve on Loan Officer Compensation Part 2

March 31st, 2011

The Judge reviewing the lawsuit(s) filed by NAMB and NAIHP has ruled in favor of the Federal Reserve. Based on our review of the ruling it would appear that the judge never intended to rule in favor of the associations. So the Fed Rule is going forward and the consumer is going to pay the price. Now along with common sense competition has been tossed out the window. Get all your real estate news and mortgage news with Frank Garay & Brian Stevens at www.TBWSDailyShow.com and here on www.RealEstateMarbles.com with the TBWS B-Side.

Federal Reserve Study Flawed. 13% of All U.S. Homes Vacant

March 29th, 2011

The Federal Reserve conducted a study where they essentially pretended to be a mortgage broker, and acted how they thought a mortgage broker would act in order to fabricate the results they were looking for. 13% of all U.S. homes lie vacant. Get all of your real estate news and mortgage news with Frank Garay & Brian Stevens here at the TBWS Daily Show.

FHA Annual Mortgage Insurance Premium to Increase

March 28th, 2011

On April 18th, the annual mortgage insurance premium is set to increase on all new FHA Mortgages to help HUD meet it’s reserve requirements set by congress.  Below is a list of the current annual mortgage insurance premiums (MIP) required by HUD/FHA.

Current Market
Mortgages with a term Greater than 15 Years

Loan-to-Value (LTV)                 Annual MIP Rate
= or < 95%                                           .85%
> 95%                                                   .90%

Mortgage with a term equal to or less than 15 Years

Loan-to-Value (LTV)                 Annual MIP Rate
= or < 90%                                           .00%
> 90%                                                   .25%

After the changes on April 18th, the premiums for all the above scenarios are going up by .25%.

 

 

After April 18th
Mortgages with a term Greater than 15 Years

Loan-to-Value (LTV)                 Annual MIP Rate
= or < 95%                                           1.10%
> 95%                                                   1.15%

Mortgage with a term equal to or less than 15 Years

Loan-to-Value (LTV)                 Annual MIP Rate
= or < 90%                                           .25%
> 90%                                                   .50%

The good news is that you still have time to get a new FHA loan before the deadline.  If you are buying a home, you just have to get an accepted contract and an FHA case number and if refinancing, you just need the FHA case number assigned before the April 18th date.  You do not have to close the new mortgage before the deadline.

Below is a comparison of a mortgage payment on a 30 year fixed FHA mortgage of $200K with an LTV great than 95% at 4.75%.

Currently
Total Payment (Principle, Interest & MIP)
$1,187.28

After April 18th
Total Payment (Principle, Interest & MIP)
$1,228.94

So for those of you still sitting on the fence about whether or not to move for with a new FHA mortgage, now would be the time to save money. Give The Kunselman Team a call today to start saving money!

 

Federal Reserve Board Schedules LO Compensation Webinar

March 11th, 2011

Federal Reserve Board Schedules LO Compensation Webinar

3/11/2011 On March 17, 2011 at 11:00 am PST the Federal Reserve Board is holding a webinar on Loan Officer compensation. You can click the banner to register for it. We’re not sure how many can get in so good luck! Big Shots at the SEC got busted for watching naughty stuff on their office computers. Frank and Brian eat crow over getting beat up on the Bank of America, and Lennar stories aired early this week. Have a great weekend and thanks for watching the TBWS Daily Show!