Mortgage Insurance With Mortgage Mark

MI Factors

The costs of Mortgage Insurance (MI) varies from program to program and the government-backed programs (like FHA, USDA, etc.) have predetermined MI factors that only vary based on the Loan to Value (LTV) and the loan term (i.e. 30 year vs. 15 year fixed). Conversely, the costs of MI for conventional loans (i.e. loans that aren’t […]

Student Loan Payments

Student Loan Payment – Conventional Financing Student Loans For all student loans, whether deferred, in forbearance, or in repayment (not deferred), the lender must use the greater of the following to determine the monthly payment to be used as the borrower’s recurring monthly debt obligation: 1% of the outstanding balance (which is down from 2% […]

Mortgage Insurance Overview

Mortgage Insurance, PMI, MIP, MI – it’s all the same (sort of). PMI is mortgage insurance for conventional loans, MIP is for government loans (like FHA and USDA), and Mortgage Insurance, aka “MI” is the generic term for all types of mortgage insurance. Bottom line: Mortgage Insurance protects the lender against losses if a borrower […]

Down Payment with Dallas Top Lender

Mortgage Down Payments

So you’re buying a home and trying to determine how much you should put for a mortgage down payment. Below are the basic down-payment guidelines for various loans programs, AND a few of our opinions about how much you should (or shouldn’t) put down for a down payment. The funds due at closing consists of […]

FHA Mortgage Insurance Home Loans in Dallas

FHA Mortgage Insurance

FHA Mortgage Insurance FHA Home Loans have two types of mortgage insurance: Up Front MIP (UFMIP) and Annual Mortgage Insurance (that is paid monthly). Because the mortgage insurance protects lenders from potential default risks, FHA home loans offer the following advantages over conventional financing: Flexible credit guidelines Lower down payment requirements (3.5%) Potentially lower interest rates The two […]

Seller Concessions for Best Listing Realtor in Dallas

Seller Concessions

Seller Concessions Seller Concessions are essentially a way to “roll-in” Closing Costs on a purchase home loan (see also How To Pay For Closing Costs). Seller Concessions are negotiated between the buyer and seller during the contract negotiations and are recorded in Section 12 of the purchase contract.  (Note: Seller Concessions can be included in a contract amendment […]

About FHA Home Loans Purchase A Home In North Texas

FHA Home Loan Basics

FHA Home Loan Basics An FHA home loan is a residential mortgage that is insured by the Federal Housing Administration (FHA). This means the U.S. Government insures the home loan and protects FHA-approved lenders against potential losses should a borrower default on their FHA mortgage home loan. In other words, the lender gets their money […]