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Brian Mayer's Blog

USDA loan monthly mortgage insurance is coming!
Updated Oct. 24, 2014
Get ready for some upcoming changes to USDA mortgages. They are for the first time incorporating monthly mortgage insurance and its going to have an effect on how much you can borrow. The bad news is that your payment will increase however its not all bad.. USDA mortgage insurance details:. The USDA monthly mortgage...
USDA Refinance Mortgage Insurance Changes
Updated Oct. 9, 2013
USDA Refinance Mortgage InsuranceAs of December 7, 2011 USDA is now charging 1.5% up front and .3% annually as monthly mortgage insurance for all USDA Refinances.. Frankly this is not great news for anyone considering refinancing their USDA loan. With interest rates as low as they are today it means many can still...
USDA Loan After Bankruptcy
Updated Oct. 24, 2014
USDA Rural Development Loan After BankruptcyUSDA Loan After Chapter 13 Bankruptcy1 Year assuming you are making all your payments on time. A Chapter 13 BK is where the individual must pay back all or a portion of the debt in a structured arrangement as ordered by the court system.. USDA Loan After a Chapter 7...
USDA Loan After A Short Sale
Updated Oct. 24, 2014
USDA Loans and VA Loans are the only two covered loans that currently allow you to almost immediately obtain a new mortgage after a short sale. This article is about USDA Loans and what the current guidelines are for purchasing with a Guaranteed USDA Loan after a short sale.. USDA Loan After A Short SaleUSDA does not...
New FHA Mortgage Insurance April 2012
Updated Oct. 9, 2013
New FHA Mortgage Insurance PremiumFHA Raising Mortgage Insurance MIP Again... FHA is releasing new FHA mortgage insurance premiums starting in April 9, 2012 and its not looking pretty. Both the up-front and annual / monthly mortgage insurance will increase significantly. This is the 5th increase in as many years...
6 Ways To Pay NO Closing Costs On A USDA Loan
Updated Oct. 24, 2014
Closing Costs For USDA LoansThere are at least 6 ways to purchase a house with a USDA Loan and not pay any closing costs. Some of these are little known and others are more common. Often it comes down to the buyers goals when determining if and how closing costs are paid for.. Only in new construction is it commonplace to...
Common Myths About USDA Loans
Updated Oct. 24, 2014
I was talking to a Realtor the other<img class="alignright size-full wp-image-691" title="usda loan myths" src="" alt="usda loan myths" width="225" height="300" vspace="6" hspace="6" align="right" /> day who was arguing with me...
Buy A House With $500 Cash! What???
Updated Oct. 9, 2013
. Can You Really Buy A House With $500 Cash?Yes and it happens all the time. (I have one settling on 7/26 with NO MONEY!) Using a USDA loan you can buy a house with no down payment. The seller can contribute up to 6% towards closing and you can even roll closing into the appraised value above the sales price.All this means...
USDA Loans Frequently Asked Questions
Updated Oct. 9, 2013
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New Monthly Mortgage Insurance For USDA Loans October 1, 2012
Updated Oct. 9, 2013
<h1 style="color: #333333; font-family: Georgia, 'Times New Roman', 'Bitstream Charter', Times, serif; line-height: 19px;">New USDA Mortgage Insurance</h1><p style="color: #333333; font-family: Georgia, 'Times New Roman', 'Bitstream...
How To Calculate Income For A USDA Loan
Updated Oct. 24, 2014
How To Calculate Income For A USDA Loan. When calculating income for a USDA loan lenders will look at income in two ways. The first is the income as it relates to the income limits for the county to make sure the borrower's household does not make too much money for the program in the area.. Calculating Income. Next...
Improve Credit For A Mortgage
Updated Oct. 24, 2014
If you need to improve your credit there are lots of other blogs, videos and websites. Be wary of anyone with a financial interest tied to their advice.. Typically people start by paying collections. Because of the way credit reports are calculated there is a strong chance paying collections will take your score...

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