There never seems to be enough time in the day to write lately given that rates are so low and I have been extremely busy trying to help my clients. In this vein, I would like to thank Gary Nagle (781)-235-0502 of Corcoran and Havelin Insurance in Wellesley, MA for sending me the following Hurricane [...]
As Congress lets the temporary increase in conforming loan limits expire October 1st, we have received word that some investors will require that all loans affected by these limits close on or before September 30, 2011. FHA Loan limit reductions will hit Massachusetts very hard. See charts for impact.
FHA loan limit reductions, effective 10/1/2011, will have a major impact on loan availability and will further depress home values if congress does not extend the loan limits.
First Time Home Buyer’s Mortgage Primer
Given that rates are at all time lows, many buyer’s have asked me whether first time home buyer’s can qualify for these rates. So today I want to help buyer’s understand the various programs that are available, what rates might be offered, what down payments they may need and whether mortgage insurnace would be required.