FHA Reduces Mortgage Insurance from .85% to .55%
Wednesday, February 22
Good morning, This morning (2-22-23) the FHA reduced its mortgage insurance from .85% to .55% This will be a relief that future homeowners using FHA financing need. The reduction in rate will also help future homeowners qualify for and pass the FHA’s self-sufficiency rule for 3- and 4-unit prope...
Fannie & Freddie Seasoning Requirements
Wednesday, February 22
Good morning, So, effective March 7th (All loans submitted after this date) Freddie cash out loans will require 12 months seasoning with some exceptions (I will post a link so that you can read up on it) like if you inherit the home or you're buying someone out if you have owned the home jointly ...
Annuity Tax Advantages
Saturday, March 11
Annuities have some strong tax advantages, here are a few of them. 1) Annuities Grow Tax Deferred: Similar to a “401k” annuities grow each year and you don’t have to pay tax on the gains. This is a huge advantage for anyone with non-qualified money. They get the effect of “triple ...
Update2Yrs of Rental history not needed to use future rents right away
Friday, June 13
Hello BP,I wanted to write about conventional loans and 2 years of rental history. Fannie Mae, Freddie Mac and FHA don't care if you have zero experience in order to use future rents.So if you're looking to buy a home and you think that you need 2 years of rental history that isn't the case. Ex...