Olan Carder's Mortgage Website and Blog
FHA is lowering existing loan limits for single family housing in Charlotte MSA from $303,750 to $271,050. This change is set to go into effect on October 1st, 2011. Although I am not happy about the change I seriously doubt it will have any real impact on the local housing market and here’s why… Read more »
FHA charges every borrower a mortgage insurance premium for their endorsement of the loan for the lender. FHA does not lend money directly to the homebuyer, instead the FHA or Federal Housing Administration offers approved lenders coverage against the chance a borrower defaults on their loan. Basically you are paying the Federal Government an insurance [...] Read more »
Are you interested in buying a home in Charlotte, NC? Charlotte Real Estate is available at incredible prices and you don’t need a huge down payment to buy. FHA’s 203(b) program allows you to buy a home in the Charlotte Metro Area for only 3.5% down! FHA also allows the seller to cover your closing [...] Read more »
Did you know that it is not impossible to buy a home while in bankruptcy? I just closed a loan like this last week, and trust me when I say it was a loan most lenders would have denied! The public’s perception of the current mortgage rules is that perfect credit is required to get [...] Read more »
The dreaded FHA changes to the annual MIP rate is here! Effective April 18th, the new FHA annual MIP rate is 1.15%, which brings a $20 per month increase vs the old premium. I think FHA and the consumer would have been better served by increasing the upfront premium and leaving the annual (which actually [...] Read more »
