Wolsky’s August Update

David — Sat, 14 Aug 2010 20:07:28 +0000

Wow, the weeks have blown by since my last post. Lots of things have been happening in our industry and for me personally. My family and I spent the first half of July in South America and had an amazing time. We were there on a personal trip to visit our son Adam who has been living in Uruguay since January. We spent time in Buenos Aires, Iguazu Falls (Click here to check out my youtube video!) and Montevideo. It was a great trip and we had the opportunity to meet several cousins from my father’s side of the family for the first time! My Great Uncle Isidor had immigrated to Argentina in the early part of the 20th century and we spent time with his daughter and grandchildren. (Uncle Isidor pased away in 1981.)

Back in Tucson, my mortgage license was approved. All originators (except for the originators in those big banks like Wells Fargo, Chase and Bank of America) needed to be fully licensed in Arizona on July 1st to continue taking loan applications. National licensing is also required for originators including a background check. Several thousand loan originators have left the business because of the licensing requirement and thousands have been forced to the sidelines while going through the licensing process.

FHA announced some good news and some bad news. The upfront mortgage insurance premium has been reduced from 2.25% to 1%! The bad news it the monthly premium has rise to .9% from .55% for most transactions. Please get off the fence if you are thinking about purchasing a home with a FHA loan! You will save about $40 per month for a $200,000 loan. The implementation date is scheduled to be September 7th, but I have heard that it may get postponed until October 4th.

In other mortgage news, interest rates have been continuing to drop to record low levels in Freddie Mac’s weekly surveys. Freddie Mac has been reporting the weekly average of mortgage rates for over forty years. The phones have been busy with refinance and purchase applications. Unfortunately, not every applicant will qualify these days. The most common reasons for denials include credit issues, lack of down payments or lack of equity for refinances, inability to verify income or assets and insufficient work history. Don’t despair! We are getting our qualified borrowers approved! I welcome your inquires and referrals.

For further information, contact David Wolsky at david@davidwolsky.com or call 520-275-2536. I have over 16 years of experience!

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FHA Updates

David — Wed, 20 Jan 2010 22:34:01 +0000

Like the banking sector, FHA must maintain capital ratios and with the increased popularity of FHA in the absence of other alternative products, they now insure about 30% of all new loans. FHA is nearing the limits of loans they can make based on their capital ratio. In an effort to fix this problem, FHA will be raising their upfront mortgage insurance premium to 2.25% from 1.75%. Additionally, they have requested approval for an increase in the monthly fee as well. They are maintaining the 3.5% down payment requirement unless the credit score is under 580 in which case a 10% or greater down payment is required.

To get a free pre-approval for a FHA, VA or conventional loan, call David Wolsky at 520-275-2536 or email me at david@davidwolsky.com.

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Living In Tucson Blog » FHA

Wolsky’s August Update

FHA Updates