Yes it’s been awhile since I’ve written- there’s been so many changes in the mortgage / real estate industry. Where do I begin? with some positive news.
We can now do 5% downpayment with a one time PMI instead of monthly PMI- a big savings on monthly payment for borrowers purchasing an owner occupied single family property!
The conventional 3% downpayment purchase option is becoming more popular with borrowers with good credit as FHA has raised the Upfront Mortage Insurace Premium and the monthly mortgage insurance premium- and by the way the monthly Mortgage insurance is in your payment for as long as you have your FHA loan!!
Construction loans are still be done with as little as 5% down for borrowers with good credit.
Watch for more information coming on the Northcoast Building Industry Association’s 2013 Parade of homes!! www.ncbia.com
Rates rose quite a bit in JUne but have been leveling off and even dropping ever so slightly after the Fed’s comments about the housing industry.
That’s all for now!
I hope to be blogging more regularly from now on!!