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Starting October 1 2011 the USDA guarantee fee will drop to 2% of the total loan amount down from the current 3.5%. The USDA has decided to transition into an annual fee model similar to the FHA (Federal Housing Administration). An annual fee of .3% of the loan amount will be charged on a monthly… Read more »
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FHA loan limits reduced on October 1 2011
The FHA loan limit will revert back to previous loan limits of 2008 for all loans insured by FHA on or after October 1, 2011. The Federal Housing Administration (FHA) temporarily increased the FHA loan limits under the Housing and Economic Recovery Act (HERA) to help speed the recovery and stabilization of the United State… Read more »
Refinancing Your FHA Mortgage | Part 2
As a follow up to an earlier article I wrote on FHA Loans, I wanted to continue to explain the advantages FHA mortgage holders have when they refinance their current mortgage. As discussed previously, the government provides a loan called the “Streamline Refinance” dedicated to those borrowers whom have a FHA loan. This loan provides… Read more »
Buying Land in Michigan
Now is an excellent time to purchase land in Michigan. There has not been a period in our lifetimes better to purchase hunting land or to buy farm land. Property values have dropped significantly over the past few years and land loan rates are also very attractive. While there are few land loan lenders in… Read more »
What Mortgage Can I Afford
When the time is right for you to start shopping for a mortgage the best question to ask yourself is “What Mortgage Can I Afford?” While there is no easy answer to this question there are a few steps you can take to make sure you are getting a mortgage with affordable mortgage payments for… Read more »
Land Loans in Michigan
Michigan is well known for its amazing summers and beautiful winters. Whether you are a sport enthusiast interested in buying recreational land, a farmer looking for a farm land loan or a plan to build a new home and want to buy your home site land while property is cheap, you will need to know what… Read more »
Grand Rapids Cheap Homes for Sale
Grand Rapids, MI makes another top 10 list on Cnn.com for the top 10 dirt-cheap housing markets. Grand Rapids is no stranger to Cnn.com’s top ten lists for bargain housing purchases however the new list released by Cnn.com showcases Grand Rapids’ cheap homes for sale. Out of the 25,375 United States Cities (according to the… Read more »
Refinancing Your FHA Mortgage- Part 1
One of the main home financing options available right now is a FHA loan. In fact, in 2009 34.5% of all loans were FHA loans, in 2010 27.7% were FHA loans, and 33% in 2011 so far. With so many FHA loans administered by the Government the last few years FHA mortgage holders need to be aware of the advantages they may have when contemplating a refinance. One option… Read more »