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December 23, 2011
HUD has just annouced that FHA maximum loan amounts reduced October 1, 2011 have been increased. Maximum loan amounts are county specific. Most of Arizona including Maricopa County now enjoys a maximum loan amount of $346,250. California maximum loan amounts are significantly higher topping out at $729,000. These higher loan amounts offer huge opportunity for both purchase and refinance loans.
In an effort to allow more underwater borrowers to refinance, FHFA has announced what is known as HARP 2. The original HARP program allowed for refinancing of existing loans closed prior to June 1, 2009 up to 125% loan to value. Harp 2 will have no loan to value limitations and qualifying is expected to be more streamlined. Harp 2 will assist a great number of homeowners who could not refinance previously due to their equity situation. This program requires that the existing loan be owned by either Fannie Mae or Freddie Mac. This program becomes available in March, 2012. CFS Mortgage Corporation will provide additional details in future newsletters. Stay tuned!
All of us at CFS Mortgage Corporation would like to take this opportunity to wish all of you a very Merry Christmas and Happy New Year! We thank you for your business in 2011 and look forward to working with you in 2012. For additional information on these announcements and any other financing assistance, please contact your CFS Mortgage Corporation loan officer.
September 1, 2011
Since October, 2008, as a result of the Economic Stimulus Act, FHA has permitted higher loan amounts especially in many high cost metropolitan areas. FHA has announced that maximum loan amounts are being reduced effective October 1, 2011. New loan amounts are county specific. As an example, the maximum loan amount in Maricopa County will be reduced from $346,250 to $271,050. Most counties in California are affected as well. Loans originated under current guidelines must be funded by mid September, 2011.
Fannie Mae and Freddie Mac have also reduced maximum conventional loan amounts created in high cost areas of the country. This change affects only Coconino County in Arizona, but has greater impact in California. The maximum high cost loan amount isn now $625,500 reduced from $729,000. This change also becomes effective October 1, 2011. For further details including county specific information, contact your CFS Mortgage Corporation loan officer
August 11, 2011
| CFS Mortgage Corporation is pleased to announce the formation of its Construction Finance Solutions platform. In partnership with RenovationReady™ we have created an exclusive opportunity for realtors and homebuyers, becoming the consumer’s choice for renovation financing. Click on the videos below for an introduction and contact your CFS Mortgage Corporation loan officer today for more information. |
February 23, 2011
HUD has just announced that FHA will increase the Mortgage Insurance Premium known as MIP. MIP is the monthly insurance premium charged on all FHA loans. The increase is effective for all new applications beginning April 18, 2011. HUD recently increased the MIP factor in October, 2010 from .55 to .90. The new increase of .25 will bring the monthly MIP to 1.15. To calculate MIP the loan amount is multiplied by the MIP factor and divided by 12. Using a $200,000 loan amount here is an example of the impact:
Current:
$200,000 X .0090 = $1800 / 12 = $150/month
New:
$200,000 X .0115 = $2300 / 12 = $191.67/month
In this example, the new MIP increases the monthly payment by $41.67/month. This amount is equal to a .375% increase in interest rate!! In some cases this increase will limit the amount for which a buyer can qualify. If you are considering purchasing a home and will utilize FHA financing, why wait and pay more?! Contact your realtor to begin your search and contact your CFS Mortgage Loan Officer today for a free consultation and prequalification.
January 28, 2011
| ANNOUNCING THE 10 DAY CLOSE GUARANTEE! |
| CFS Mortgage is pleased to announce a 10 Business Day Close Guarantee. CFS is a full service mortgage bank with delegated authority for all conforming conventional and FHA loan programs. We originate, process, underwrite and close. We control the decision and the timing on every transaction.
If CFS does not provide loan documents to the title company within 10 business days of receiving a completed purchase loan application, the buyer will be credited $100 per day up to $1000 for every day that loan documents are not delivered.
At CFS, our goal is to ensure your transaction is smooth, seamless and without interruption. Take the stress out of your new home purchase. Contact your CFS Mortgage Corporation loan officer today. |
November 18, 2010
Arizona is having a real estate sale. Great values exist throughout the state. Opportunities to acquire a primary residence, vacation home or investment property have never been better. Coupled with the lowest interest rates in 50 years, the monthly cost to own real estate is incredibly low. Call today and your CFS loan officer will refer you to a local Real Estate Agent to assist you in your new home search.
At CFS Mortgage Corporation, we’re not just meeting, but exceeding our clients home loan needs and have continued to do so during one of the most volatile real estate markets. As a correspondent mortgage banker, we have greater flexibility than a mortgage broker and more programs and superior service than any bank. While many brokers and bankers have exited the mortgage business, CFS is actually growing, adding internal staff and personnel to handle the increase in volume both now and going forward. Call your CFS loan officer today. Let us provide you with a payment analysis showing you just how affordable real estate can be.
October 10, 2010
Rates are at all time lows. Choose between low fixed rate programs and even lower long term ARM loans. Even if you have no equity, it is still possible that you can refinance! Conventional loans that require no equity are available and mortgage insurance is not required. If your current mortgage is an FHA loan, an FHA Streamline refinance is available without an appraisal!
Call your CFS Mortgage Corporation loan officer today for a free home valuation! Let us help you start saving today!
September 7, 2010
Effective for FHA loan applications made on or after October 4, 2010 Mortgage Insurance Premiums will increase. Currently FHA charges an up front premium of 2.25% of the loan amount which is added to the loan and a monthly premium of .55%. New loans will be charged an upfront premium of 1.0% and a monthly premium of .90%
Current Example:
$100,000 plus 2.25% up front premium=$102,250 loan amount.
30 year fixed rate at 4.5%=$518.09/month plus monthly premium of $46.86.
Total payment: $564.95
Future Example:
$100,000 plus 1.0% up front premium=$101,000 loan amount.
30 year fixed rate payment at 4.5%=$511.75 plus monthly premium of $75.75
Total payment: $587.50
This difference is the equivalent of a rate increase of .375%!!
Higher payments obviously mean higher debt/income ratios affecting a borrower’s ability to qualify.
Borrowers considering the popular FHA streamline refinance may not qualify based on FHA’s requirement that payment reduction be greater than 5%.
Take advantage of the current mortgage insurance premiums before they increase! Call a realtor today and begin looking for a home. You need only to find a home and apply before October 4, 2010! And if you been waiting for rates to drop before applying for a streamline refinance, be sure to apply now. Contact your CFS Mortgage Corporation loan officer today!
August 10, 2010
Clearly there has never been a more opportune time to purchase a home. FHA financing offers an array of benefits.
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*Minimum down payment only 3.5% |
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*No income restrictions |
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*$346,250 available loan amount in Maricopa County |
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*Down payment may be gifted |
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*No reserve requirements |
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*30 year fixed rates available in the mid 4% range |
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*Moderate credit score requirements |
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*Reasonable qualifying ratios allowed |
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*Family member may co-sign to assist in qualifying |
If you are currently renting, it is likely your payment may be more expensive than owning a home. Wondering about a payment? Simply click on the “Calculators and Tools” tab above. Select amortization schedule and calculator and enter a loan amount and rate to determine a principal and interest payment on a 30 year fixed rate loan! Then, call your CFS Mortgage Corporation Loan Officer for a free consultation. Buying a home is easier and likely more affordable than you think!
If you already own a home and have an FHA loan, you are eligible for an FHA Streamline Refinance! This program offers market rate without an appraisal! Call today for more information! |
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July 20, 2010
Recently interest rates have declined to their lowest levels since the initial drop in January, 2009. This latest reduction creates a refinance opportunity for homeowners whose current mortgage rate is in the mid 5% range or higher! If you previously considered refinancing but determined your monthly savings would not be sufficient to offset the cost, it is definitely time to take another look. It is likely that your savings will be significant. This latest reduction coupled with outstanding home pricing is also the perfect combination for that new home purchase you have been contemplating. Interest rates are volitile. Don’t miss out on this incredible opportunity. Contact your CFS Mortgage Corporation loan officer today!
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