Friday, February 19, 2010
Monday, February 15, 2010
New FHA rules coming
FHA has faced large losses due to economic conditions and people losing jobs. In order to help with some of the losses they are increasing the upfront mortgage insurance to 2.25% from the current 1.75%. This is not the first time FHA has increased the mortgage insurance. At one point in the 1990's the rate was 3.25%. This increase makes no difference in the amount of cash needed at closing and works out to be on average 4.00 more per month. FHA is a great way to buy a home if you have less than perfect credit scores, and have limited cash.
Friday, February 5, 2010
Tax Transcript
As banks continue to look at losses there are more layers of rules and documentation being required.
Most lenders now require that a tax transcript be pulled from the IRS. If you have a loss from a business that you or your spouse work at part time that will be now subtracted from your income.
Subscribe to:
Posts (Atom)
Posts
