DaveMully.com Mortgage Blog

FHA Max Loan Update from HUD as of Feb 25, 2009:

In Metro Detroit area the Max FHA loan amount has adjusted to $297,500 up from $271,050

Contact me for the most current rates available for FHA & VA rates

Going with an FHA mortgage has many benefits. It is the only mortgage program besides VA that allows a down payment of only 3 1/2%. Coneventional mortgages now require a minimum of 10% down payment. The interest rates are low for FHA & VA (contact me for latest rates). FHA also allows for you to qualify for a higher mortgage amount & have a lower FICO score (620) than conventional mortgages. One other benefit is you can negotiate up to 6% seller concessions which could lower your total cost to get into a home.

Dave Mully

Senior Loan Officer

Cell: 248.767.1950

info@davemully.com

www.davemully.com

Below is the latest info. on the new refinance program. If your home value is not where you need it to be contact me right away & I can walk you through this to find out if you qualify at no cost to you:

Dave Mully

Senior Loan Officer

Cell: 248.767.1950

info@davemully.com

www.davemully.com

If you are a homeowner who is current on your mortgage payments but unable to refinance to a lower interest rate because your home value has decreased, you may be able to refinance.

Do I qualify for a Making Home Affordable refinance? Answer these questions:

1. Is your home your primary residence?
2. Do you have a Fannie Mae or Freddie Mac loan? If you don’t know contact:
   • Fannie Mae,
     • 1-800-7FANNIE (8am to 8pm EST).
     • www.fanniemae.com/homeaffordable
   • Freddie Mac 
     • 1-800-FREDDIE (8am to 8pm EST)
     • www.freddiemac.com/avoidforeclosure/
3. Are you current on your mortgage payments?
   
   • “Current” means that you haven’t been more than 30-days late on your mortgage payment in the last 12 months.
4. Do you believe that the amount you owe on your first mortgage is about the same or less than the current value of your house?

This is the Government site on the new Refinance & Loan Modification programs: www.financialstability.gov

The new $8000 tax credit for home buyers is a great incentive for any 1st time home buyer. This Goverment website has the details: www.federalhousingtaxcredit.com

This is a win win for anyone who qualifies!

If you are not clear on what it all means to you or would like some assistance in how you can use it to to buy your 1st home, please contact me:

Dave Mully

Senior Loan Officer

Cell: 248.767.1950

info@davemully.com

www.davemully.com