According to the latest survey by Fannie Mae, poor credit is the number one stumbling block keeping potential borrowers from owning a home. Recent economic hardships have caused millions of Americans to fall behind on their bills. Since lenders are now insisting on higher credit scores than in years before, what can you do to be aware of and/or improve your credit?
First, know if your credit history is ACCURATE by checking out your credit report from the three credit bureaus (Equifax, Experian and TransUnion). You can get a FREE copy (once every 12 months) of your credit reports at www.annualcreditreport.com. There is no reduction to your credit scores since you are pulling your own credit report. Paying to get your credit score is not necessary. Your credit scores will usually be different at the time the lender obtains a credit report for you. Your credit history is scored differently depending on the type of credit you are applying for.
Next, before you do anything to update your credit report or pay off any debts, contact us for an appointment to prequalify you for a home loan. This is a free service to you with no obligation to obtain a home loan at that time. We can go over your specifics and provide you with information on how to best position yourself for a home loan approval.
You may be surprised to find out that you are ready to buy a home now!
Tuesday, March 1, 2011
Monday, February 21, 2011
FHA Mortage Premium Changing 04-18-11
If you haven't heard, FHA announced on 02-14-11 that is is raising its annual mortgage insurance premium. This "Monthly Mortgage Insurance" change is for primary (owner-occupied), 1 - 4 unit residential properties. "Monthly Mortgage Insurance" or, MMI, is included in your TOTAL house payment.
The Mortgage Insurance Rate for a 30-year fixed rate loan is currently (until 04-17-11) 0.90%for loans greater than 95% of the sales price and will be (as of 04-18-11) 1.15%. Loans at 95% of sales price or less will change from .85% to 1.10%.
This means for every $100,000 that is borrowed, an additional $22.50 per month will be paid. That's an additonal $270 per year.
Do you want to know more? Please contact your loan officer at Equity Loans, LLC or visit us at www.equityloansoregon.com to contact us.
The Mortgage Insurance Rate for a 30-year fixed rate loan is currently (until 04-17-11) 0.90%for loans greater than 95% of the sales price and will be (as of 04-18-11) 1.15%. Loans at 95% of sales price or less will change from .85% to 1.10%.
This means for every $100,000 that is borrowed, an additional $22.50 per month will be paid. That's an additonal $270 per year.
Do you want to know more? Please contact your loan officer at Equity Loans, LLC or visit us at www.equityloansoregon.com to contact us.
Thursday, February 17, 2011
Interest Rates as of 02/17/2011
Conventional, 30-yr Fixed: 5.125%/APR 5.219%
FHA or Federal VA, 30-yr Fixed: 4.875%/APR 5.522%
USDA, 30-yr Fixed: 5.00%/APR 5.318%
Interest rates quoted are for informational purposes only. Interest rates and loan programs can change without notice. All borrowers are subject to credit qualifying, and therefore, your interest rate may differ.
Please contact your Loan Officer or visit us at www.equityloansoregon.com for further information.
FHA or Federal VA, 30-yr Fixed: 4.875%/APR 5.522%
USDA, 30-yr Fixed: 5.00%/APR 5.318%
Interest rates quoted are for informational purposes only. Interest rates and loan programs can change without notice. All borrowers are subject to credit qualifying, and therefore, your interest rate may differ.
Please contact your Loan Officer or visit us at www.equityloansoregon.com for further information.
Experian Including Rent Data in Credit File
For the first time, mortgage lenders and other creditors will have access to a consumer's rental payment history, thanks to Experian. Experian acquired RentBureau last year and is now able to take the data from that bureau and put it into consumers' credit files.
RentBureau has created technolgy that interfaces with property management software and allows this data to be extracted.
Currently, one-third of the American population are renters, a number that is growing. Many of these people are not being scored fully because of their thin credit files.
RentBureau has created technolgy that interfaces with property management software and allows this data to be extracted.
Currently, one-third of the American population are renters, a number that is growing. Many of these people are not being scored fully because of their thin credit files.
Tuesday, September 14, 2010
Rural Guaranteed Housing Loans are Back
On September 8th, USDA (US Department of Agriculture) began to fund the backlog of approximately $1.6 billion in commitments made when funds were not available. After these commitments have been processed, Rural Development will begin processing new loans. Enough money will be available for all requests during the remainder of the fiscal year (October 2010 to October 2011).
Effective October 1st, the up-front, financed funding fee will be 3.5% of the loan amount. This funding fee is added to the 100% loan. The principal and interest payment is determined based on the total amount of the 100% loan plus the funding fee.
All other terms of the USDA Rural Guaranteed Housing Program remain the same: 100% financing for "rural" homes as determined by USDA. All closing costs can be negotiated to be paid for by the seller. Site built and NEW manufactured home set-ups are allowed for financing.
USDA is very firm on the total debt load that the homebuyer can carry. The total of the proposed monthly house payment, plus other monthly minimum consumer (credit cards, auto and student loans, etc.) debts, should not exceed 41% of the homebuyer's gross monthly income.
Please visit us at http://www.equityloansoregon.com/ for further information.
Effective October 1st, the up-front, financed funding fee will be 3.5% of the loan amount. This funding fee is added to the 100% loan. The principal and interest payment is determined based on the total amount of the 100% loan plus the funding fee.
All other terms of the USDA Rural Guaranteed Housing Program remain the same: 100% financing for "rural" homes as determined by USDA. All closing costs can be negotiated to be paid for by the seller. Site built and NEW manufactured home set-ups are allowed for financing.
USDA is very firm on the total debt load that the homebuyer can carry. The total of the proposed monthly house payment, plus other monthly minimum consumer (credit cards, auto and student loans, etc.) debts, should not exceed 41% of the homebuyer's gross monthly income.
Please visit us at http://www.equityloansoregon.com/ for further information.
Interest Rates as of 09/14/2010
Conventional, 30-yr Fixed Rate: 4.25%/APR 4.399%
FHA or Federal VA, 30-yr Fixed Rate: 4.375%/APR 5.091%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com for further loan information.
FHA or Federal VA, 30-yr Fixed Rate: 4.375%/APR 5.091%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com for further loan information.
Thursday, September 2, 2010
Interest Rates as of 09/02/2010
Conventionsl, 30-yr Fixed Rate: 4.25%/APR 4.399
FHA or Federal VA, 30 yr Fixed Rate:4.375/APR 5.091
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
FHA or Federal VA, 30 yr Fixed Rate:4.375/APR 5.091
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
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