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!!”
Area Sales Manager
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:
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…