Homepath financing- 3% down-no mortgage insurance- no appraisal. Yes it is true!
First Priority Financial, a Raleigh mortgage lender is a direct lender for Homepath Loans. Watch this short video explaining the benefits of a Homepath loan such as a small down payment, no mortgage insurance among other benefits. Please forward the link to this video to anyone who could benefit from this info about Homepath loans and mortgages or subscribe to our YouTube Channel. Feel free to contact us with any questions.
Raleigh mortgage – Raleigh mortgage Broker – Homepath direct lender
FPF NMLS#3257
April 11, 2012 by Nevin Williams · Leave a Comment
Raleigh mortgage brokers share tips to avoid a home loan denial
If you have ever suffered through the embarrassment and frustration of having your home loan denied you are not alone. Having excellent credit and a good job aren’t enough anymore. Watch this short informative video about how to avoid some of the most common pitfalls we experience as North Carolina mortgage pros every day. If you know anyone who would benefit from this video please be sure to forward them a link to the video. Thank you!
April 7, 2012 by Nevin Williams · Leave a Comment
How to calculate FHA mortgage insurance
How we calculate mortgage insurance (MI) on FHA loans to figure out a monthly MI payment.
View video for more info.
What you will need:
A standard calculator
A piece of paper/pen
A little patience
An understanding of MI factor
An understanding of UFMIP
Here is the formula -
Loan amount multiplied by to monthly MI factor divided by 12 equals your monthly MI payment.
MI factor is the number used to calculate the sum. FHA rules change frequently (FHA mortgage insurance increases April 9 2012) but as of March 2012 these are the guidelines.
If you have a down payment less than 5% then your monthly MI factor is 1.15 (This will increase April 9th). If you have 5% or greater down payment your monthly MI factor is 1.10
UFMIP is a one time payment to FHA. It stands for Up Front Mortgage Insurance Premium. Easy way to think of it is similar to buying or leasing a car. You put a down payment and then have monthly payments. Currently UFMIP is equal to 1% of the loan amount. April 9th it will increase to 1.75%.
Hypothetical scenario:
Purchase price $300,000 – 3.5% down payment ($10,500) = $289,500 loan amount
Base loan amount – $289,500 X 1.15 = 3,329.25. Divide by 12 = $277.44
The monthly FHA MI payment in this scenario would be $277.44 per month.
If the down payment is 5% or greater then use 1.10 instead of 1.15 (April 9th this will increase by .10 for both scenarios).
Your loan amount wil be different. This is because in addition to the monthly MI payment FHA also charges a one time Up Front Mortgage Insurance Premium of 1%. (Increases to 1.75% on April 9th 2012)
Apply UFMIP – Loan amount $289,500 X 1% (2,895) = $292,395. This is your new total loan amount.
Feel free to contact us with any mortgage related questions.
March 28, 2012 by Nevin Williams · Leave a Comment
Why your home isn’t worth as much as you think it is
If you have found yourself upside down on your home don’t despair. We might have a solution for you. Understand how and why your property value may not be what you think it is in this quick informative video. Contact us for more information. Please subscribe or forward this on to anyone you know who might benefit from this type of information. Thanks!
How to Shop Mortgage Rates
View this in 1080 HD by clicking next to “CC” at bottom
March 27, 2012 by Nevin Williams · Leave a Comment
How long do I have to wait if I had a short sale or bankruptcy before I can get another home loan? Raleigh mortgage brokers answer this question!
How long do I have to wait if I had a short sale or bankruptcy before I can get another home loan? We get this question all of the time. For many who have had to go through a bankruptcy, foreclosure or short sale this is one of the first questions they ask. The answer depends on the type of loan one is pursuing. Watch more in this short video. If you like the information provided please subscribe or share the link to this blog with someone you know who could benefit from it.
March 15, 2012 by Nevin Williams · Leave a Comment
Renting your home and plan on buying a new one? Don’t do this!
Renting your home and plan on buying a new one? Expecting to use the rent received to qualify for your new home loan? Don’t so this…
March 8, 2012 by Nevin Williams · Leave a Comment
No income no asset loans for Veterans?!
Believe it! There is a no income and no asset loan program for Veterans. Watch the video to learn more.
Raleigh home loans – Raleigh mortgage broker
February 29, 2012 by Nevin Williams · Leave a Comment
How is life after a bankruptcy?
For those who may be considering bankruptcy or have filed bankruptcy must wonder what life will be like after bankruptcy. Bankruptcy attorney Dennis Sargent shares answers to some of the common questions. Some loans only require two years out of a bankruptcy in order to qualify.
Contact us for more information.
February 24, 2012 by Nevin Williams · Leave a Comment
