It's time to Refinance!

FHA Premium Update

Well just after we posted the FHA premium update the effective date was changed. Listen to the new requirements.

Tom and Chris Gresham

Tom and Chris Gresham just closed their loan with Cornerstone Mortgage. Listen to what they have to say about their experience.

FHA REFORM

This week a big step forward was taken with FHA Reform to help preserve the FHA Mutual Mortgage Insurance Fund. Congress passed H.R. 5981 which will allow the FHA to adjust its upfront mortgage insurance premium down 1.00%. The annual mortgage premium will increase to .85%-.90% on amortization terms greater than 15 years. This is to preserve financial integrity of the insurance fund while at the same time strike a better balance between conventional and government lending. "With this authority, FHA is in a better position to address the increased demands of the marketplace and return the MMI fund to congressionally mandated levels without distruption to the housing market."
This new law will be effective as of September 7, 2010.

Check out the link below for more coverage of this issue.

H.R. 5981 FHA Reform

Congratulations to Jerry and Beth Minor!