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Archive by author: PMI ExpertReturn

Working for 20 Years to save YOU from unnecessary expense!

Oct 29, 2018
FHA cash-out loans are a very popular way to get access to the equity that has grown in your home. You likely purchased your home with 3.50% down payment. Over time, your “equity position” has grown significantly to 20% (or more). With as low as a 500 credit score, you are eligible for a FHA cash out loan.   If your credit scores are over 620, then a good option to review with a mortgage professional is a conventional cash out loan.
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Oct 15, 2018
Eliminating PMI should always be your first goal when looking to refinance your FHA mortgage.  The reasons is simple, it adds nearly 1.00% to your effective interest rate (the rate you are really paying)!   When factoring the Upfront PMI that you paid at closing, your payment on this loan are very high.  The FHA loan did its job at allowed you to purchase the home at a low down payment.   Now its time to use the new equity and get into a more advantageous loan production.
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Oct 01, 2018
Major credit events affect when you can “get back into the mortgage game”. After a bankruptcy or foreclosure, you can obtain a FHA much faster than a Conventional loan and for that reason are very popular. The actual discharge date or when your name was removed from the title after a foreclosure will start the timeline of when you can “re-enter” the market.
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Sep 17, 2018
The FHA program is setup to make home ownership easier.  Credit scores as low as 500 are eligible for FHA loans.  The reality is that those with "credit issues" and/or lower credit scores often find that FHA loan offers the easiest path to underwriting approval.  Borrowers with perfect credit can also benefit because the FHA program allows 3.5% down payments.  No matter your score, FHA loan may be a good fit for you.
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Sep 03, 2018
If you are currently have a FHA loan, you have many refinance options.   The range of options will be determined by your Credit Score and the amount of Equity you have in the property.   The Better your credit and the Higher the property Value, the better options you will have!
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A FREE real-time "grade" of your mortgage.  Compares current market to your loan.

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Loan

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*Assuming FHA 30 Year Fixed

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B Good.
C Average.
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HUD requires that FHA mortgages after June 2013 to refi in order to drop the PMI.
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