All Posts Tagged With: "private mortgage insurance"
Why FHA Premiums Should Not Be Raised
Will the FHA loan program raise its insurance premium for new borrowers? At first it might seem as though higher premiums are in order given that the FHA reserve fund — the Mutual Mortgage Insurance Fund or MMI — is well below the 2 percent required reserve. While that may be true, one must also [...]
5Dec2011 | Peter G. Miller | 0 comments | Continued
Will “safe” QRM mortgages raise loan rates?
In an important step forward, the Consumer Financial Protection Bureau finally has a website — and a big issue to confront. The question is fairly straight-forward: What’s a safe mortgage? There must soon be an official definition to comply with Wall Street reform measures passed last summer. The Wall Street Reform Act tells us that [...]
8Feb2011 | Peter G. Miller | 0 comments | Continued
Are demands for higher FHA mortgage loan credit scores discriminatory?
Can lenders demand a higher credit score than FHA guidelines require? Are demands for such higher scores evidence of discrimination? “This decision is arbitrary,” says John Taylor, president & CEO of the National Community Reinvestment Coalition, “because the loans are 100% guaranteed, whether the borrower’s credit score is 580 or 780. That means the loans [...]
20Dec2010 | Peter G. Miller | 0 comments | Continued
How Can We Slash Mortgage Insurance Costs?
Private mortgage insurance companies are the private-sector equivalent of the VA and FHA. Such insurance allows individuals to borrow with little down — but only if they pay a premium for such coverage. How It Works Some important points about private mortgage insurance (MI) include: MI companies are state regulated, not federally regulated. State regulation [...]
26Apr2010 | Peter G. Miller | 0 comments | Continued
Conventional Mortgage Basics
Finding out how much you can borrow with a conventional mortgage to buy or refinance a home is both science and art. The answer will vary according to the lender you chose, underwriting standards, your financial history, the type of loan you seek, the business climate at the time you apply, and the exceptions that [...]
7Dec2009 | Peter G. Miller | 0 comments | Continued
VA Mortgage Basics
Since the end of World War II the US has had an extensive benefits program in place for those with military service. The benefits include healthcare, help with college tuition and home loans. The VA mortgage program is the single best form of real estate financing available because qualified individuals can purchase with nothing down [...]
3Dec2009 | Peter G. Miller | 0 comments | Continued
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