A good infographic on the history of interest rates.
Wow! This was quite the week for Home Lending in California First the good news: CalHFA (the California Housing Finance Agency) announced today that they are eliminating their requirement that borrowers need a 1% cash investment into the transaction – and the requirement that it be from the borrower’s own funds. What this means is [...]
THE NEW SYSTEM WILL DRAMATICALY DECREASE DEPOSITS INTO THE MIP INSURANCE FUND! No, really, it's true.
There is nothing worse than loosing out on a home because you could not provide a strong pre-approval letter. Listing agents are starting to demand not only strong pre-approval letters that specifically mention what steps the lender has taken, but proof of funds and even Fannie Mae approval printouts!
The seller credit is reduced from 6% to 3% & The MIP is going up to 2.25%.