All Posts Tagged With: "reserves"
Why Home Insurance Rates Should Not Soar After Hurricane Irene
The good news regarding Hurricane Irene is that it did less damage than many forecasters initially suspected. The bad news is that it did a lot of damage, an estimated $12 billion to $13 billion. Given such huge losses should the money you pay for homeowner’s insurance go up? A firm “no” comes from Joanne [...]
1Sep2011 | Peter G. Miller | 0 comments | Continued
Higher FHA mortgage premiums unneeded and unjustified
Moving with great speed, the FHA has decided to raise the annual mortgage insurance premium (MIP) fee by .25 percent. This will increase monthly FHA costs by some $30, an additional financing expense of around $360 a year for new FHA borrowers, individuals who typically are not among the rich or famous. And who will [...]
20Feb2011 | Peter G. Miller | 0 comments | Continued
FHA “Short Refinance” — Is This The Way To Reduce Foreclosures?
Imagine that you have a mortgage and want to refinance to get a lower rate but the debt is greater than the value of the home. Imagine also that if you can refinance you can avoid foreclosure. The government is now trying to address this scenario, something which is common across the country, especially for [...]
9Aug2010 | Peter G. Miller | 2 comments | Continued
Fannie Mae & Freddie Mac: Promised Interest Savings Disappear
It was just a few weeks ago when Fannie Mae and Freddie Mac were seized by the Federal government. To this day it is not clear why such a seizure was necessary given that the two companies had lost roughly $5 billion in the first half of the year — but had $95 billion in [...]
20Oct2008 | Peter G. Miller | 0 comments | Continued
Can A National Guard Volunteer Get A VA Loan?
According to the DVA, you need to review your call-up orders. If activated under Title 10 you may qualify for a VA loan if you are on an active-duty status for 90 days or the full period called (this could be less than 90 days). If you were called up under Title 32 you may [...]
30Aug2008 | Peter G. Miller | 0 comments | Continued
What Are Mortgage “Reserves?”
When you apply for a mortgage lenders are interested in your credit, debts, and income. They are also interested in the amount of cash you have on hand. Many loan programs require that borrowers have one or two months of cash on hand in addition to the cash required for a down payment and closing [...]
28Aug2008 | Peter G. Miller | 0 comments | Continued
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