Lender Paid versus Borrower Paid Mortgage Insurance

Structure the Best Deal 
With New PMI Options


When evaluating a LPMI program you should consider which option makes more sense.

For more information, contact me:
info@aundreabeach.com 

The Beach-Greco Team
Mortgage Advisor, CMP, CMPS
info@aundreabeach.com
(702) 326-7866
** Aundrea has been lending for over 16 years and still going strong **

New American Funding | 8379 W. Sunset, Suite 100 | Las Vegas, NV  89113 | NAF NMLS 6606
Office Direct (702) 331-8364 | efax (888) 738-5188

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Moving Up? Do It Now!!

Moving Up? Do It Now!!

New reports are revealing that the number of existing home owners purchasing a house is beginning to increase. Some are moving up, some are downsizing and others are making a lateral move. Another study shows that over 75% of these buyers will, in fact, be in that first category: a move-up buyer. We want to address this group of buyers in today’s blog post.

There is no way for us to predict the future but we can look at what happened over the last year. Let’s look at buyers that considered moving up last year but decided to wait instead.

Assume they had a home worth $300,000 and were looking at a home for $400,000 (putting 10% down they would get a mortgage of $360,000). By waiting, their house appreciated by 12% over the last year (national average based on the Case Shiller Pricing Index). Their home would now be worth $336,000. But, the $400,000 home would now be worth $448,000 (requiring a mortgage of $403,200).

Here is a table showing what additional monthly cost would be incurred by waiting:

If your family sees yourself in this situation, it may make sense to move now than later. Prices are definitely appreciating and interest rates are beginning to rise.

You don't have to wait 3 years to buy a home

Hello All
We have had some pretty exciting news recently from HUD. The new mortgagee letter allows for 12 month seasoning for a foreclosure, Bankruptcy CH 7, CH 13 or a short sale on a new FHA purchase loan.  (Not the usual waiting period of 3 years)

Effective case numbers assigned on or after August 15,2013 through Sept 30, 2016---Borrowers must meet all other applicable FHA eligibility and policy criteria.

Borrower Eligibility:

Borrowers that may be otherwise ineligible for an FHA-insured mortgage due to FHA's waiting period for bankruptcies, foreclosures, deeds-in-lieu, and short sales, as well as delinquencies and/or indication of derogatory credit, including collections and judgments, may be eligible for an FHA-insured mortgage if the borrower:Economic Event- any occurrence beyond the borrower's control that results in Loss of Employment, Loss of Income, or a combination of both, which causes a reduction in the borrower's Household Income of twenty (20) percent of more of a period of at least six (6) months.Onset of an Economic Event- the month of Loss of Employment/Income.  Recovery from an Economic Event- the re-establishment of Satisfactory Credit for a minimum of twelve (12) monthsAttend Housing Counseling

NOTE: Foreclosures, deeds-in-lieu, Short Sales and Bankruptcies require that 12 months have elapsed since the date of the derogatory item (i.e. date of sale for a short sale, discharge date for a bankruptcy. etc).

Housing Counseling:

To qualify under the guidelines of the Mortgage Letter, borrowers, co-borrowers and Non-Occupant borrowers must:- Receive homeownership counseling or a combination of homeownership education and counseling provided that each participant receives, as a minimum , one hour of one-on-one counseling from HUD-Approved housing counseling agencies- The counseling must address the cause of the economic even and the actions taken to overcome the economic event and reduce the likelihood of reoccurrence. The housing education may be provided by HUD-approved housing counseling agencies, state housing finance agencies, approved intermediaries or their sub-grantees, or through an on line course.

Note: Counseling must be completed a minimum of thirty (30) days but no more than six (6) months prior to application. Housing counseling may be conducted in person, via telephone, via internet, or other methods approved by HUD.Housing counseling may be conducted in person, via telephone, via internet, or other methods approved by HUD. 

A list of agencies can be obtained online at www.hud.gov/counselingservices

Your fico score will still determine if Standard FHA guidelines or FHA Portfolio guidelines will be followed. Any questions please let us know.

Aundrea Beach-Greco

The Beach-Greco Team

NMLS 333739
(702) 326-7866
info@aundreabeach.com