Category: PMI

Many dream of buying a second home. Whether the goal is to get away to relax or play, it is more possible than ever. Along with the combination of great interest rates and loan programs, more are able to make it happen. Another key 2nd home strategy includes using vacation rental income to make your […]

You know those furniture store signs “Out for your business”?  Well, Fannie Mae is out for your business!  This year there has been a consistent flow of updates coming from Fannie Mae.  Plus there are more coming!  Most of these include loosening of income, asset, and credit guidelines.  So this means more buyers should qualify […]

Buying a home is the American dream, but sometimes there are hurdles making ownership a struggle to many.  Down payment, higher debt ratios, and credit requirements make buying a home difficult at times.  Many are familiar with the benefits of an FHA, VA, or USDA loan in these cases.  But there is a conventional loan providing a […]

FHA PMI or MIP has been in the news in big ways over the last 3 years.  There have been enhancements which helps buyers achieve home ownership easier.  Plus the payments are more affordable. Recent Changes in FHA Costs The Federal Housing Administration decided in January 2013 to make FHA PMI for most borrowers continue […]

We continue to hear threats of axing the mortgage interest and PMI tax deductions.  So what is the latest? Low to Middle level taxpayers take their tax deductions seriously and want everything possible that will lower their tax burden or better yet, increase their REFUND.  The National Association of Home Builders estimates that deducting MI premiums […]

Lender Paid PMI or LPMI is a great way to potentially lower a home loan monthly payment. Let’s face it, everyone wants as low of a mortgage payment as possible!  No one says give me the biggest payment you can, right?  Well, one solution for receiving a lower mortgage payment is to use a product / […]

Low down payment options for today’s buyers is a popular concern among other areas.  In this series, we are providing tips to avoid the Most Common Roadblocks to Home Ownership.  So far in previous weeks, we have discussed how to solve Limited or bad credit No down payment Not having a budget Documenting rent history […]

Just in our office we see so many different mortgage scenarios and we have always taken pride in knowing a large array of mortgage products.  We don’t just take the cookie cutter loans.  We tackle the difficult situations for the good of our client and we make sure that the product our borrowers choose is […]

Many buyers, especially first time buyers, do not have 20% down payment.  Luckily there are a lot of mortgage loans offered with less than 20% down required.  Besides VA, USDA, and FHA, there are conventional loans.  For these Fannie Mae and Freddie Mac loans, private mortgage insurance (PMI) is required with less than 20% down.  Most […]

When does PMI stop on FHA, USDA, and Conventional Loans? How Can I Get Rid of PMI? Does PMI stop on my loan once I am under 80%?  Not on all loans! So when does PMI stop on my loan?  We hear quite often the misunderstandings of PMI or annual fees from borrowers, loan officers, realtors, […]