Author: Joey Narciso
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MIP Reduction for FHA Loans
On February 22, 2023, the U.S. Department of Housing and Urban Development (HUD) announced a 30 basis points (bps) reduction to the FHA Annual Mortgage Insurance Premium (MIP) rates charged to homebuyers who obtain an FHA Loan. What does it have to do with Homeowners? It means savings for FHA loan borrowers! Hooray! The Annual Mortgage Insurance Read more
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VA Funding Fee Charge Update
On February 14, 2023, the U.S. Department of Veterans Affairs (VA) announced a scheduled change to VA Funding Fee Rates for loans closed on or after April 7, 2023. VA Loan is a type of government loan that is insured or backed up by the US Federal government. This program is available exclusively to eligible Read more
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Who Are First-Time Homebuyers?
When you are purchasing a home and you are a first-time home buyer, you might be eligible to several loan programs that are designed to assist you with your down payment and closing costs. These programs may include Down Payment Assistance (DPA), Closing Assistance, Government-Backed Loans, etc. However, how to we know if you are Read more
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How Much Down Payment Do You Need?
As a Loan Officer, one of the things that really surprises me hearing from my Clients is their belief that they need to put up 20% down payment in purchasing a home. Believe me, this is a thing in the past. Prior to 1956, as the story goes, banks usually require 20% down payment to Read more