11 Jan 2017

FHA Cuts Mortgage Insurance Premiums Again

FHA Cuts Mortgage Insurance Premiums Again

According to the FHA, it will cut the annual mortgage insurance premiums most borrowers will pay by one-quarter of a percentage point, or 25 basis points.

The FHA said that it projects that its new premium rates will save new FHA-insured homeowners an average of $500 in 2017 alone.

According to the FHA, the cut applies to new mortgages with a closing or disbursement date on or after Jan. 27, 2017… Click Here to read the entire article from Housing Wire.

Please reach out to me if you need any help or have any questions.

Have a great day!

 

02 Jan 2017

What Year Tax Returns and W-2’s Does My Borrower Need to Provide?

What Year Tax Returns and W-2’s Does My Borrower Need to Provide?

We are now in 2017 and some of our borrowers are confused on which W-2 and tax returns we need.

As long as the loan application date is before 1/31/17 AND the loan closes prior to 4/17/2017 we will need the following:

  • 2014 and 2015 W-2 and tax returns

Application date between 2/1/17 – 4/17/17 & the loan closes prior to 4/17/2017 we need the following:

  • 2016 return filed- 2015 & 2016 W-2 & tax returns
  • 2016 NOT filed – 2014 & 2015 tax returns along with 2014,2015 & 2016 W-2

After 4/17/2017 we will need 2016 and 2015 tax information OR the proof of extension filed.

As always, please call me with any questions or concerns. This is just some information to help your business.