3% Down Conventional Mortgages are Back

December 15, 2014 Pennsylvania Conventional Mortgage News

Fannie Mae has recently announced that they are re-instating their 3% down payment program for qualified home buyers.   The main difference between this new version and the previous 3% down Conventional mortgage is that this new version requires that at least one borrower be a first time homebuyer.   Like all Conventional mortgages with less […]

Read the full article →

USDA Mortgages now allow In-Grounds Swimming Pools with no restrictions

November 17, 2014 Pennsylvania USDA Mortgage News

The USDA Mortgage program has eliminated their restrictions for properties with in-ground swimming pools.   The USDA has announced that effective 12/01/2014, the rules regarding in-ground swimming pools will be changing.  USDA Mortgages in Pennsylvania allow for 100% financing, however, with the previous rule regarding in-ground swimming pools, this wasn’t always the case.   Previously […]

Read the full article →

Mortgages and Bank Statements: What is Considered a “Large” Deposit?

October 3, 2014 General Mortgage News

One of the mortgage underwriting conditions that homebuyers tend to find most annoying is the request to source a large deposit that appears in their bank statement.  Payroll deposits and transfers from other verified accounts will not be questioned, however, miscellaneous deposits that appear in bank statements may draw the attention of the mortgage underwriter.  […]

Read the full article →

Annual Fee for USDA Mortgages set to increase October 1, 2014

September 15, 2014 Pennsylvania USDA Mortgage News

Recently the USDA has annouced that there will be an increase to their Annual Fee.  This marks the second increase in the three year history of this fee.  Currently the annual fee stands at .40% of the mortgage balance.  Effective October 1st 2014, the annual fee will increase to .50% of the mortgage balance.   What […]

Read the full article →

Conventional Mortgage Purchase with No Down Payment From the Buyer

September 5, 2014 Buying a House

Recently a program has become available that allows home buyers to purchase a home with a Conventional Mortgage with the entire down payment coming in the form of a Gift. This program enables borrowers to buy a home with no or little money out of pocket. What is considered a Gift when it comes to […]

Read the full article →

Buying a Foreclosure with a USDA Mortgage

March 3, 2014 Buying a House

I had a buyer ask me the other day… Can I buy a foreclosure using a USDA Mortgage in Pennsylvania? Yes, you can. The USDA does allow home buyers to use the USDA Mortgage Program to purchase foreclosed properties but there are some issues that should be noted. The USDA will require that the property […]

Read the full article →

FHA Mortgages and Gift Funds

February 28, 2014 Buying a House

FHA Mortgages allow borrowers to use Gift Funds to meet the 3.5% down payment requirement. When using Gift Funds to purchase a home it is important that Gift Funds be documented properly to avoid any issues with the FHA underwriting process. The primary intention of these rules is too make sure that the FHA borrower […]

Read the full article →

HARP Refinance with Mortgage Insurance

February 10, 2014 Pennsylvania Conventional Mortgage News

If you have Mortgage Insurance you CAN Refinance with the HARP program If you currently have mortgage insurance and would like to refinance with the HARP program make sure you contact a lender that is able to handle this request. Some potential HARP applicants have been running into roadblocks because they have been told that […]

Read the full article →

Maximum FHA Loan Limits Have Been Lowered

January 8, 2014 Pennsylvania FHA Mortgage News

Maximum loan amounts for Pennsylvania FHA Mortgages have changed. These amounts have been lowered to in most counties in PA. Why have they been lowered? The Housing and Economic Recovery Act of 2008, also known as HERA, limited FHA insurable loan amounts to 115 percent of a county’s median home price. In an attempt to […]

Read the full article →

Are You Pre-Approved or Just Pre-Qualified?

December 18, 2013 Buying a House

When shopping for a home it always a good idea to check in with your mortgage lender and make sure that obtaining a mortgage for a property will be possible.  Making sure there are no mistakes on your credit report and that income, debts and assets are in line is a crucial step to purchasing a […]

Read the full article →

VA Cashout Refinances in Pennsylvania

October 17, 2013 Cash Out Refinance

VA Cashout Refinances in Pennsylvania and the rest of the nation allow Veterans to tap into the equity in their home to consolidate bills, payoff higher rate mortgages or just to obtain cash. The Department of Veterans Affairs has a broader classification of what constitutes a cashout refinance than other types of mortgage financing.  The […]

Read the full article →

FHA 203k Mortgages – Help you avoid renovation headaches

July 27, 2013 FHA 203K

  FHA 203k Mortgages – Help you avoid renovation headaches The majority of mortgage programs only provide permanent financing. This means that there is no mortgage closing until the condition and value of the home provides adequate loan security. When a home needs rehabilitation, this means that a bank will require the improvements to be finished […]

Read the full article →

I am paying off a Second Mortgage…Is My Refinance considered a “Cash Out”?

February 7, 2013 Cash Out Refinance

If you have a second mortgage on your home you need to be aware of the rules of when a refinance is considered “cash out”. When an application is considered a cash out refinance, the maximum Loan to Value will be limited to 80% for Conventional financing and 85% for FHA financing. The presence of […]

Read the full article →

VA Mortgages: What are Seller Concessions and how are they different than Seller Paid Closing Costs?

October 3, 2012 Buying a House

Buying a home with a VA Mortgage in Pennsylania and the rest of the nation allows military veterans certain advantages that are not always available with other types of mortgage financing.  Some of these advantages include no down payment requirement, no mortgage insurance and the fact that the seller can pay all of the buyer’s […]

Read the full article →

Pennsylvania USDA Mortgages : How the Annual Fee Increase Affects You

September 9, 2012 Buying a House

Another change has occurred to Pennsylvania USDA Mortgages… Last fall the USDA began including an annual fee with their mortgages.  This fee is included with the monthly payment and is intended to help keep the USDA Mortgage Program financially solvent. USDA has now announced that there will be an increase in this annual fee for […]

Read the full article →

FHA Streamline Refinance just got much, much cheaper (for some)

June 8, 2012 Pennsylvania FHA Mortgage News

HUD has announced a change to the FHA Streamline program that will make refinancing an FHA Mortgage in Pennsylvania and the rest of the country much cheaper for many homeowners. Essentially, HUD is drastically reducing the amount of Mortgage Insurance required for qualified FHA Streamline Refinances. FHA has always had two types of mortgage insurance […]

Read the full article →

Pennsylvania Mortgage Rates

March 10, 2012 Buying a House

Mortgage rates are still at very low levels in Pennsylvania.  Low Mortgage Rates increase your Home Purchase power and bring more homes into your price range.  Now is the time to see if you can take advantage of these low rates to purchase a home.    Call today for a free consultation to see what you qualify […]

Read the full article →

Get Pre – Approved Before Shopping for your Next Home

March 10, 2012 Buying a House

When shopping for a home it always a good idea to check in with your mortgage lender and make sure that obtaining a mortgage for a property will be possible. Making sure there are no mistakes on your credit report and that income, debts and assets are in line is a crucial step to purchasing […]

Read the full article →

HARP 2.0 : HARP Refinance Options in Pennsylvania

February 6, 2012 HARP

The Home Affordable Refinance Program, known as HARP, has been revised and expanded to hopefully help more homeowners How is the new HARP 2.0 different from the previous HARP? Under the new HARP refinance program, the big change is that IT DOES NOT MATTER HOW MUCH A HOME HAS DECREASED IN VALUE. HARP has eliminated […]

Read the full article →

HARP Refinance Program in Pennsylvania : Help for Underwater Homeowners

January 26, 2012 Pennsylvania Conventional Mortgage News

The Home Affordable Refinance Program, known as HARP, has been revised and expanded to hopefully help more homeowners. How is the new HARP different from the previous HARP? Under the new HARP refinance program, the big change is that IT DOES NOT MATTER HOW MUCH A HOME HAS DECREASED IN VALUE. HARP has eliminated the […]

Read the full article →