Thursday, December 14, 2017

Market Commentary
A written dialogue discussing the effect the Federal Reserve is having on mortgage rates

Steve Lewis
Mortgage Loan Originator
Sierra Pacific Mortgage
Rancho Bernardo Branch

11770 Bernardo Plaza Court #451
San Diego CA 92128

O: 858.225.5604
C: 619.857.9268
F: 858.225.0404

NMLS# 300313
Branch NMLS# 279118
Company NMLS# 1788

Licensed under the
CA DBO/RMLA #8171148;
Not Licensed in the state of New York.

Equal Housing Lender

FHA Single Family Mortgage Insurance Program
Through this program, HUD’s Federal Housing Administration (FHA) insures mortgages made by qualified lenders to people purchasing or refinancing a primary residence.

FHA Mortgage Insurance Costs
The borrower is able to finance the upfront mortgage insurance premium (MIP) into the mortgage. The borrower will also be responsible for paying an annual premium.

Down Payment Gifts for FHA Loans
FHA allows 100% of the down payment to be a gift from an acceptable donor.

Streamline Refinancing for FHA Mortgages
Streamline refinances are designed to lower the monthly principal and interest payments on a current FHA-insured mortgage and must involve no cash back to the borrower.

FHA Single Family Rehab Mortgage - Section 203(k)
A single family home rehabilitation program that finances the purchase or refinance of a house and that includes the cost of its rehabilitation through a single mortgage.

FHA Single Family Adjustable Rate Mortgage (ARM) – Section 251
This program insures home purchase or refinancing loans with interest rates that may increase or decrease over time, enabling consumers to purchase or refinance their home at a lower initial interest rate.

FHA Property Improvement Loan Insurance - Title I
The Title I program insures loans to finance the light or moderate rehabilitation of properties, as well as the construction of nonresidential buildings on the property.

FHA Energy Efficient Mortgage
A program that provides mortgage insurance for the purchase or refinance of a principal residence that incorporates the cost of energy efficient improvements into the loan.

FHA Reverse Mortgage (HECM)
The HECM loan is a reverse mortgage insured by the federal government. It allows older home owners to tap into their equity to cover living expenses and health care costs while continuing to live in their home without having to make the mortgage payments that are required with a traditional mortgage or equity loan.

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