Christian's Blog

FHA Revised Downpayment and Maximum Mortgage Requirements Effective Date:  the revised downpayment requirements as described throughout this mortgagee letter takes effect with all new FHA case number assignments on or after January 1, 2009.   Effective Date: The revised downpayment requirement as...

On November 26, 2008, as part of the ongoing stimulus package, the Federal Reserve announced that they will buy up mortgage backed securities issued by Fannie Mae, Freddie Mac, Ginnie Mae and Federal Home Loan Banks. Mortgage backed securities are investment vehicles with mortgages as the underly...

As of August 1, 2008, Georgia consumers will have the ability to freeze their credit file with all three major credit bureaus. The cost of the freeze will be $3.00 per bureau with a total cost of $9.00 to place a freeze with all three bureaus, Equifax, Transunion, and Experian. There will be no c...

FHA has just published new guidelines regarding their upfront MIP (Mortgage Insurance Premium) and annual premiums. The information directly from FHA is as follows;   Directions to FHA-Approved Mortgagees on Premium Pricing during Moratorium. The upfront and annual premiums on mortgages for which...

For those of you having trouble with the link, below is the FAQ regarding the First-Time Home Buyer Tax Credit as presented by the NAHB: Frequently Asked QuestionsAbout the First-Time Home Buyer Tax Credit The Housing and Economic Recovery Act of 2008 authorizes a $7,500 tax credit for qualified ...

HR 3221, the Housing and Economic Recovery Act of 2008, will make several changes to the FHA insured loan program. FHA loan program is a government insured loan program designed to assist low to moderate income (not so much any more) borrowers obtain home ownership. So let's start with the good c...

In the Housing and Economic Recovery Act of 2008, a new tax credit provision authorizes a $7,500 tax credit for qualified first-time home buyers. The "tax credit" is more like an interest free loan since the $7,500 has to be paid back over a 15 year period or when the home is sold. The credit is ...

The new housing bill also known as H.R. 3221, the "Housing and Economic Recovery Act of 2008" has been signed into law. Many have been asking, what does this do for the current housing market and for current and future homeowners? In the next coming days and weeks, the bill will be deciphered ove...

Citinet Mortgage is an Approved FHA Lending Institution