The cost to complete an FHA home purchase will be increasing very soon. FHA will also be limiting the amount of cost the seller can pay for the buyer very soon. FHA loans are a very popular loan option right now because of the low costs and the fact the seller can pay for most, if not all, of the buyers closing cost.
Effective for FHA loans for which the case number is assigned on or after April 5, 2010, FHA will collect an upfront mortgage insurance premium of 2.25 percent. This is an increase from 1.75 percent. This policy change will increase premiums for purchase money and refinance transactions, including FHA-to-FHA credit-qualifying and non-credit qualifying streamlined refinance transactions.
Later this spring, the amount of money that a seller can return to the buyer from their sale proceeds will be reduced from 6% to 3%. The reduction in these "seller concessions" can increase the amount of cash a buyer will be required to pay at closing by $6,000 for a home purchase of $200,000.
Also, if you are aiming to get the $8,000 first time homebuyer tax credit time is running out!! Call us today!!!
Gateway Mortgage Group
405-751-3800
Reverse Mortgages are for homeowners 62 or older who are looking for money to finance a home improvement, pay off a current mortgage, supplement their retirement income, or pay for healthcare expenses.
Advantage 1 - Stay Where You Are : Reverse mortgages allow you to stay in your home, and to retain home ownership.
Advantage 2 - No More Payments: No monthly mortgage payments are required on a reverse mortgage. You need not pay back the reverse mortgage loan, nor make any monthly mortgage payments until or unless you permanently move out of the home.
Advantage 3 - Reduced Taxes: Reverse mortgage payments to you are tax-free money. Because the money you receive from a reverse mortgage is not considered income, it is tax free* and will not affect your Social Security or Medicare benefits.
Advantage 4 - Cash Flow: Getting reverse mortgage payments can bring increased freedom and flexibility. The money you get from a reverse mortgage is yours to use in any way you choose.
Keep in mind that a reverse mortgage may not be for everyone, but your mortgage broker should be happy to help you make sense of the options. Look for a mortgage provider that will come to you, if getting around town is a bother. We do that, so if you're looking for that kind of service, feel free to give us a call.
The Section 184 Native American Home Loan was established to increase home ownership opportunities for Native Americans. It's a nationwide program on trust land, allotted trust, or fee simple land within Native American operating area (all of Oklahoma qualifies). Here are the highlights:
Make sure you get a mortgage provider that specializes in Native American Home Loans. You want to be sure the paperwork is right, and have an experienced guide who knows the lending terrain for this type of loan. It's not hard, but you don't want it to be their first rodeo. We can answer any questions you have, if you'd like to give us a call, or drop us an e-mail.
Little Known Fact: the qualification process for an FHA home loan is actually much more flexible than the process for a conventional loan. The FHA home loan is often like low hanging fruit - quite easily attainable.
Why do people think they won't qualify? Usually it's because FHA home loans can require a little more documentation than a conventional loan. FHA also requires the home that is being purchased or refinanced meet certain minimum requirements - chances are, the house you're wanting to buy meets those requirements anyway. But let's say you want to buy a house that needs minor repairs - you can still qualify for up to $35,000 on top of your purchase price, through the 203K FHA rehab loan.
Rule of thumb: FHA's can be extremely advantagaeous - don't rule out an FHA Home Loan so easily. Your mortgage broker should be able to easily present you different opportunities. If you're just hearing 'it's too hard' or getting the one size fits all - keep shopping. And if you want to ask us about FHA loans, just drop us a note or call. You really owe it to yourself not to miss the FHA opportunity, if it's a right fit for you.
A common concern clients express is about the mortgage terms changing if the loan is sold - that can feel like someone is throwing you a curve ball. What you want to look at with a mortgage loan company is what percentage of the loans it originates are still serviced by that company. Ask that up front, and get the statistics. Often, you can skip the sales talk if you just ask for the facts.
Gateway is currently servicing 95% or so of the loans we originate. This is an incredibly positive sign in your favor, and a stellar record. But that said, even if you were to be in one of the 5% of the loans that we sell, none of the terms of your loan can change. The only thing that can change is who you make your payment too.
We'll post more tips like this for finding reliable and stellar mortgage providers. Or feel free to drop us a quick line, or e-mail us and ask us for a list of questions to ask any mortgage provider. We're always happy to give that advice away free. We're confident you'll find we compare favorably.
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