On April 14, Fannie Mae announced a new incentive program for first-time homebuyers called HomePath Ready Buyer program. If first-time buyers in Virginia Beach, Norfolk, and Chesapeake, take an online course about home ownership and become certified, they could save a lot on the purchase of their home. From the article on realtor.com: “For instance, on Read more about Closing Cost Assistance for First-Time Homebuyers[…]
Condos have their own set of regulations because lenders view them as a higher risk. Why? As an owner, you rely on other unit owners to maintain their places and pay condo association fees.If you plan to finance a condo and need a loan in Hampton Roads (like Virginia Beach or Norfolk) you need to know Read more about What You Need to Know About Condos[…]
Over the past couple of years, the MIP (mortgage insurance premium) rates on FHA loans have increased, which raised monthly mortgage payments. The increase kept some homebuyers out of the market. On January 26, FHA will reduce its MIP rate and allow borrowers to save on average $900 a year. The highlights: Annual premium reduced from Read more about FHA Reduces Mortgage Insurance Rates[…]