• Wappingers Office
    (845) 297 4700
    (845) 297 8178
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    (845) 485 2700
    (845) 485 2703
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  • Commercial Real Estate Division
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Home Mortgage Financing

More Home Buyers Financing With Non-Bank Lenders

According to the Federal Reserve, an increasing number of home loans are being done by non-bank lenders . . . independent mortgage companies, such as Quicken Loans, Loan Depot, and other large and small nondepository lenders. 

Independent mortgage lenders tout their ability to complete transactions online, and in some cases the borrower may not even need to speak to a loan officer.  They also claim to offer more flexibility in the types of loans they offer.

Banking institutions, on the other hand, may be able to offer better rates and closing costs than independent mortgage companies based on the length of account history and amount of holdings.

Have Your Eye on a Fannie Mae HomePath Property?

Would you spend 4-1/2 hours and $75 for a homebuyer education course if doing so would save you 3% on closing costs?  This equates to $4,500 on a $150,000 house.

Fannie Mae has a new program to help buyers save money at closing when they purchase a Fannie Mae HomePath listing, which is a foreclosed home owned by Fannie Mae.  Under the program, qualifying first-time homebuyers can receive up to 3% of the purchase price of the subject property in closing cost assistance and reimbursement of the $75 cost of the homebuyer education course at the time of closing.

The homeownership education course, which contains nine, thirty-minute sessions, is entirely online and covers both the complexities of home buying and the responsibilities of owning a home.  To be eligible for the closing cost assistance and the reimbursement of the training cost:

FHA Lowering Mortgage Insurance Premium by .5%

It has just been announced that the FHA will lower its mortgage insurance premiums from 1.35 percent to 0.85 percent. This reduction could save a borrower $1,000 a year on a $200,000 loan.  That $84 per month can make a significant difference for first-time homebuyers who will be able to qualify for more home for their money.

It appears the FHA made this decision to increase its share of the mortgage market.   Since Fannie Mae and Freddie Mac are now offering a 3% down payment loan program, many buyers looking to buy with the least amount of money down will be attracted to this new financing option.

This is all good news for borrowers and for home ownership, and we expect to get more good news in the near future.  

FHA Lowers Its Harangued Mortgage Costs -

Responding to recent calls from industry leaders and associations, the Federal Housing Administration announced it will lower its insurance... [NAR Daily News Magazine]