While the Democrats and Republicans continue to bicker on Capitol Hill and point fingers about who wants to manage the budget more effectively, there is a real danger of their inability to reach compromise affecting the loan process. Should the government shutdown for any extended period of time, many of the things the borrowers take for granted in the loan process will come to a grinding halt.
Funding for USDA loans is still continuing although several changes have been proposed for the president’s new budget that would take effect October 1, 2011. Currently the guarantee fee for USDA is 3.5% of the loan size. This 3.5% can be built into your loan at origination. There is no mortgage insurance premium required. The [...]
So, since Nov 3rd when the details of QEII were released, we have seen a very rapid rise in mortgage rates. On a national basis, the Freddie 30 year fixed rate has moved from 4.20% to 5.05% this week. The 10 year Treasury has risen above 3.70% and Inflation seems to be the word of [...]
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.