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FHA lowers mortgage insurance

Awesome news from a mortgage lender I use a lot about FHA costs…

“YAHOO, great news! Most people who are currently in an FHA loan have not been able to take advantage of the low rates because FHA had a such a high monthly mortgage insurance premium that it took the value away. FHA finally got it together and is lowering the upfront mortgage insurance AND the monthly mortgage insurance! If I you’ve been told you that it just didn’t make sense before, well it probably does now. To get the process rolling quickly you can apply online to www.firstcal.net/eusea. The new amounts will start AFTER April 9th, but let’s get it ready!!”

Catherine Eusea
Area Sales Manager
ceusea@firstcal.net

Office: 970-372-6939
Cell:
 720.300.6777
Fax: 855.502.6873
NMLS#: 237244

Before You Look at Your First House

Before You Look at Your First House

Experienced home buyers know that one of the first-steps in beginning a successful search for a new house is taking a hard, objective look at finances. Determining how much money you can dedicate to the purchase of your new house affects almost every aspect of buying a new home – including how we write the offer, which mortgage programsyou will qualify for, shopping for the best mortgage loan and which homes are truly in your price range.

Here are the questions that each home buyer should ask:

  • How much cash is available for a down payment?The amount you have available for a down payment will affect what types of loans for which you can qualify. Learn more.
  • Am I ready to write a check for the earnest money? Earnest money is a cash deposit made to a home seller to secure an offer to buy the property. This amount can be forfeited if the buyer decides to withdraw his offer.
  • How much additional cash will be available to pay for closing costs? There are certain standard costs associated with closing the sale of a house. Some fees are split between the buyer and the seller, as spelled out in the sales contract. Learn more.
  • What is the maximum monthly mortgage payment that I can afford? Most lenders will use the 28/36 rule to determine the maximum mortgage payment you can afford.

The 28/36 Rule
No more than 28% of your gross income can be applied to your mortgage, real estate taxes and insurance. And no more than 36% of your gross income can be applied to your mortgage expenses plus your regular debt expenses (car payments, credit cards, other loans, etc.).

Any Questions? I am always available to talk…

Garry Callis 

303-257-4725