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Archive for the ‘FHA’ Category

Access – The 1/2% Downpayment Program

Thursday, April 19th, 2012

Access Downpayment Assistance Program

The Access downpayment assistance program allows low-to-moderate income homebuyers the ability to finance most of the associated downpayment through a second loan. This means buyers can purchase a home with only a 1/2% out-of-pocket funds. Best of all, you don’t have to be a first-time homebuyer to utilize the program!

Access First Time Homebuyer

Access Benefits:

  • Up to 3% of the sales price in downpayment assistance as a 2nd loan
  • NO first-time homebuyer requirements
  • FHA 30-year fixed 1st loan
  • May own other properties (Access program must be used on owner-occupied primary residences only)
  • Seller can contribute up to 6% of sales price
  • Gift funds allowed
  • Proceeds may be used for downpayment and/or closing costs

Access Guidelines:

  • Income limits apply
  • 15-year fixed rate fully amortizing 2nd loan (Monthly payment required)
  • FHA 30-year fixed 1st loan
VITEK Mortgage Group
Local: (916) 486-6900
Toll Free: (800) 570-5300
clientservicesdivision@teamvitek.com


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Posted in Downpayment Assistance, FHA, First Time Homebuyer, Uncategorized, VITEK Mortgage Group | 1 Comment »

FHA Increasing MIP April 9th – Act Now!

Thursday, March 8th, 2012

FHA Increasing MIP April 1st

In today’s real estate market, many buyers are opting to use FHA financing. FHA loans allow for a minimum down payment of 3.5% – making this Government insured loan especially attractiveSacramento First-time Homebuyer to first-time homebuyers and those re-entering the housing market. Last year, the Mortgage Insurance Premiums (MIP) were increased and many homebuyers were priced out of the market as a result.

Effective April 9, 2012, FHA has increased their Mortgage Insurance Premiums again. This change shouldn’t price people out of the market, but there is an impact to their monthly payment.

After April 9, 2012, the Upfront MIP will go up 0.75% to 1.75% of the loan size and the Monthly MIP will go up 0.10% and be calculated at 1.25% of the loan size. What does this mean?

  • At $150,000 – With an Interest rate of 3.875%* (4.796% APR), the mortgage payment will increase approximately $18.
  • At $200,000 – With an Interest rate of 3.875%* (4.767% APR), the mortgage payment will increase approximately $24.
  • At $250,000 – With an Interest rate of 3.875%* (4.746% APR), the mortgage payment will increase approximately $31.

After April 9, 2012, you won’t have any choice but to accept these terms if you are obtaining an FHA mortgage. However, prior to that date, you may have a choice. As long as you are in contract prior to the effective date and your FHA Case Number has been assigned – you will be subject to the current, lower MIP calculations. You do not have to close escrow prior to April 9th. That means, if you’re thinking of buying a house in the next couple of months, and you’re using FHA financing, now is the time to act. Let’s get going! Get off the fence and keep some extra money in your pocket instead of waiting until after this important deadline!

VITEK Mortgage Group
Local: (916) 486-6900
Toll Free: (800) 570-5300
clientservicesdivision@teamvitek.com
*Certain restrictions apply based on loan amount and loan to value. Interest rates is for example purposes only and do not necessarily reflect current interest rates. MIP increases based on FHA 30-year fixed rate loan at 3.875% and loan amounts of $146,197, $194,930 and $243,662. Rates valid as of 3-8-12. This is not a commitment to lend. Not all borrowers will qualify.

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Posted in Downpayment Assistance, FHA, First Time Homebuyer, Uncategorized, VITEK Mortgage Group | 1 Comment »

New FHA 203(k) Renovation Loan!

Thursday, March 1st, 2012

FHA 203(k) Renovation Loan

If you’re looking to purchase or refinance a home that needs major structural repairs and/or renovations, the full FHA 203(k) loan is an ideal loan program to consider. Best of all, with the 230(k) loan program, you can buy a home, make the repairs or renovations you want to, and everything will be financed into one FHA home loan!

Typical Repair/Renovation Items:

  • Roof Replacements
  • Kitchen Remodel
  • Bathroom Remodel
  • Room Additions
  • Foundation Repairs
  • Electrical Systems
  • Heating and Air Conditioning Systems
  • Window or Door replacement
  • Plumbing
  • Insulation Applications
  • And Much More!

Things to Know about an FHA 203(k):

  • Owner Occupied Properties Only
  • Purchase or Refinance
  • 620 Minimum Credit Score*
  • Can be combined with an EEM (Energy Efficient Mortgage)

Great for fixer uppers and bank-owned properties!

*Restrictions Apply. For more information on the FHA 203(k) renovation loan, contact us today!

VITEK Mortgage Group
Local: (916) 486-6900
Toll Free: (800) 570-5300
clientservicesdivision@teamvitek.com


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Posted in Energy Efficient Mortgage, FHA, First Time Homebuyer, Streamline(k), Uncategorized, VITEK Mortgage Group | Comments Off

USDA Loans Soon To Have Monthly Mortgage Insurance

Friday, September 2nd, 2011

October 1, 2011 means more changes in the mortgage industry. Conventional and FHA High balance loan limits are going to drop, resulting in more expensive Jumbo loan pricing for many buyers. The popular USDA loans will be adding monthly mortgage insurance to the monthly payments, so qualifying will be a bit tighter for USDA buyers.
Homeowner Getting Their New Home's Keys
This is all because Fed’s have changed the structure of the guarantee fee for USDA guaranteed loans. The up-front mortgage insurance premium will drop from 3.5% down to 2% but there is now going to be Monthly Mortgage Insurance for all USDA Loans.

What does this mean to your cost, as a buyer of a home using the USDA Loan Program? Your down payment and closing costs remain the same. Your loan amount will be lower by having a lower up-front financed Mortgage Insurance premium but your monthly payment will be slightly higher, due to the monthly mortgage insurance premium of .3% added to the payment.

Below is a comparison of the USDA loan showing the previous costs vs the new guidelines. I have also shown how this compares to the current FHA loan program for those same costs.

Example: $300,000 Purchase Price*

USDA Loan Comparison

Even with the new changes, the USDA loan is hard to beat. Although the monthly payment is a bit higher than before and the ability to qualify is reduced by the amount of the mortgage insurance, it’s still a GREAT LOAN!

Look at the positive features of this program!

  • Maximum financing up to 100% of the appraised LTV + 2% for UFMIP
  • Maximum 6% seller contribution allowed
  • Eligible for Primary Residences (1 Unit) only
  • Maximum loan amount = $417,000
  • No cash reserves required
  • Eligible with fixed rate loan programs only (30 year terms)

To see if a property is eligible for the USDA Home Loan Program, visit the USDA website. Go to the property eligibility section on the left side and type in the property address to see if it is eligible. There are income limits as well and that information is available on the same website.

If you are interested in more information on the USDA or other loan programs, please contact me today!

Photo of Doug Bullwinkel

Doug Bullwinkel
(800) 636-8910
dbullwinkel@teamvitek.com
Licensed – NMLS # 281609


*Rates are for example purposes only, and may not represent current rates. Rates subject to change without notice. Restrictions apply. Not all borrowers will qualify. This is not a commitment to lend. Program guidelines may change without notice.

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Posted in FHA, First Time Homebuyer, Uncategorized, USDA, VITEK Mortgage Group | Comments Off

New FHA High Balance Conforming Loan Limits

Monday, August 29th, 2011

As of October 1, 2011 the FHA High Balance Conforming Loan Limits will be dropping. The below loan limits reflect the new surrounding area’s loan limits. These new loan limits will be in effect from October 1, 2011 to December 31, 2011.

NEW FHA High Balance County Conforming Limits

Sacramento County $474,950
El Dorado County $474,950
Placer County $474,950
Solano County $400,200
Stanislaus County $276,000
Yolo County $474,950

Do you have another county you would like to know the new loan limits for, or have questions on how these new limits will effect you? Contact me and I would love to answer your questions!

Photo of John Easterbrook

John Easterbrook
(916) 486-6969
jeasterbrook@teamvitek.com
Licensed – NMLS # 226555


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Posted in FHA, Uncategorized, VITEK Mortgage Group | Comments Off

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