Make Your Next Home a Richmond II

Easier Short Sales for Military Homeowners

A new policy is now in effect for military members with PCS orders to help sell a home as a short sale. Short sales generally require homeowner’s to be in default on their mortgage. With the new policy, military members who purchased their home on or before June 30, 2012 can sell for less than the balance on their mortgage even when they are current on their payments. The mortgage must be backed by Fannie Mae or Freddie Mac – this information can be found on their websites.

For the full article on this new policy visit:: www.DSNews.com

Call today for more details!
Danielle Hifko
New American Mortgage
910-581-6398

Loan Program Down Payments

What are the down payment requirements on different loans?

FHA – minimum of 3.5% down

USDA – 100% financing, no down payment required!

VA – 100% financing, no down payment required!

Conventional – minimum of 5% down

What are the loan program fees associated with each loan?

FHA – up front mortgage insurance premium of 1.75%, monthly mortgage insurance premium until 20% equity and five years of having loan

USDA – up front funding fee of 2.00%, small monthly insurance premium for life of the loan

VA – 2.15% up front funding fee for first time VA use, 3.3% up front funding fee for subsequent uses. No monthly mortgage insurance

Conventional – No up front charges, Private mortgage insurance charges until 20% equity is obtained.  If there is at least a 20% down payment there will be no mortgage insurance charged at all.

A reminder for VA loans: If there is a down payment between 5%-10%, the funding fee will be reduced to 1.50%.  If there is a down payment of 10% or more, the funding fee will be reduced to 1.25%.  This is applicable on loans of first time VA use or any subsequent use.

All up front funding fees and mortgage insurance premiums may be financed into the loan amount.

Call today for more information!

Danielle Hifko

New American Mortgage

910-581-6398