FHA MIP Release

Posted Posted in Annapolis, MD real estate, Anne Arundel County real estate, Chesapeake Bay area real estate, FHA Mortgages, Maryland real estate, Maryland's Eastern Shore real estate, mortgages, Queen Anne's County real estate, real estate, Talbot County real estate

FHA loans require mortgage insurance premium to cover a possible loss to the lender if the property has to be foreclosed and sold. The premium is substantial and eliminating the MIP would reduce the payment considerably. The MIP must remain in effect for five years but after that, when the balance is 78% of the […]

Assumption Opportunity

Posted Posted in Annapolis, MD real estate, Anne Arundel County real estate, Chesapeake Bay area real estate, FHA Mortgages, homebuyers, Homes for Sale, Maryland real estate, Maryland's Eastern Shore real estate, mortgages, Queen Anne's County real estate, real estate, Talbot County real estate

The low interest rates secured by borrowers recently on FHA mortgages may become valuable in a different way in the future. FHA and VA mortgage are assumable at the existing interest rates subject to buyer qualification. Buyers wanting to assume an existing FHA mortgage must be owner-occupants and meet the current FHA guidelines. Applicants should […]