All Posts Tagged With: "15"
Will HUD Allow FHA Loans With No Money Down?
Has HUD changed its mind?
On Monday, May 11th, HUD posted Mortgagee Letter 2009-15 which explained that “Federal, state, and local governmental agencies and nonprofit instrumentalities of government, FHA-approved nonprofits, and FHA-approved mortgagees may provide short-term or “bridge loans” secured only by the anticipated tax credit due the homebuyer as collateral.”
Immediately the letter was removed from [...]
What are the pros and cons of 15-year mortgages?
A 15-year mortgage will have a somewhat lower interest rate than a 30-year loan and WILL substantially reduce your overall interest cost.
The catch is that monthly payments are higher, and not everyone can qualify. The second catch is that high monthly payments can be a big problem if you lose your job or run into [...]
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