Blog Articles from Allegiant Mortgage, LLC

Posted by Rose Tignor on February 12th, 2018 6:06 PM

     Unless you're getting a 100% loan such as USDA Rural Development, VA Loan, or other local grant type programs, a down payment is going to be required to purchase a new home.  There are down payments as low as 1% on special Conventional Loan Options or 3.5% for FHA loans, and if you haven't stashed away the necessary cash over time then using your tax refund is a perfectly acceptable source of funds for your down payment.  Unacceptable sources for a down payment are gifts that have to be repaid, loans or payday loans, unverified cash deposits into your bank account, and several others.  Closing costs are calculated on purchase price and loan amount so you are not penalized or charged more for not having a full 20% down payment.
     The average 2016 Tax Refund is estimated to be around $3,120 with one-third of filers already having filed and awaiting their refunds.  Don't allow this opportunity to have a down payment pass you by!  If you're not ready to buy immediately, set up a savings account or separate bank account in which your refund can remain separate from your regular funds. This will reduce the likelihood that you will be tempted to use the funds.  
     We have FHA loan options available for credit scores down to 580 and VA loan options available with credit scores down to 560.  Apply Here and put that tax refund to work!
Posted by Rose Tignor on March 2nd, 2017 11:08 AM

MIP Reduction Suspended
Immediately following the inauguration of Donald Trump, the Department of Housing and Urban Development (HUD) announced that the recent reduction of Mortgage Insurance Premiums(MIP) has been suspended.

The announcement by HUD was made 1 hour after President Trump was sworn in on Friday, January 20, 2017.

According to Housing Wire, 
The letter stated that the FHA will issue a subsequent Mortgagee Letter at a later date should this policy change.
"FHA is committed to ensuring its mortgage insurance programs remains viable and effective in the long term for all parties involved, especially our taxpayers," the letter stated. "As such, more analysis and research are deemed necessary to assess future adjustments while also considering potential market conditions in an ever-changing global economy that could impact our efforts."
When Ben Carson, Trump's choice to lead the Department of Housing and Urban Affairs, appeared last week before the Senate Committee on Banking, Housing, and Urban Affairs, one of the topics of discussion was the outgoing administration's recent decision to cut Federal Housing Administration mortgage insurance premiums on its way out the door.
At the time, Carson said that the Trump administration plans to "really examine" the Obama administration's decision to cut FHA premiums before determining a course of action.

Posted in:FHA Loans and tagged: FHA reduced MIP
Posted by Rose Tignor on January 23rd, 2017 1:39 PM


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