FHA Insurance Increases

I’ve been reading and hearing a lot about the upcoming mortgage insurance premium increases today…and wasn’t really sure how it would affect me or my clients…ta-da, an email from a local lender showed up in my inbox: HUD just announced that they are increasing the up-front mortgage...

Fannie Mae to Require Credit Check Prior to Closing

Effective June 1, 2010, Fannie Mae will begin requiring a final credit check just before closing and funding on a new mortgage.   If new loans exist that are sizable enough to affect the debt-to-income ratio calculations used in the original mortgage approval, the whole deal could fall...

What’s your score?

Your credit score: did you know that you have to have a credit score of 700-plus to qualify for a low-rate mortgage? First, your credit score is a number assigned to your creditworthiness. Your credit score indicates how well or how poorly you’ll repay a debt. The higher the number, the more likely...