Congratulations On Your New Home!!

Brian Adair and Andrea Young just purchased a new home. Listen to their comments on their experience with Cornerstone Mortgage.

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!

Fannie Mae Increases Penalties for Borrowers Who Walk Away

Working with your servicer is always a good option. Fannie Mae has recently announced that borrowers will not be allowed to just default on their loans without completing a workout alternative in good faith. If a borrower does not put in a good faith effort they will not be eligible for a Fannie Mae backed mortgage loan for a period of seven years from the date of foreclosure. However extenuating circumstances are always reviewed on a case by case basis. So simply walking away from your loan is not an option. Work with your servicer and supply them with all relevant information and they can provide you options that go beyond foreclosure. By working with your servicer on your options you will allow yourself the option for a new mortgage loan in as little as three years.

Check out the full article below.

Fannie Mae Increases Penalties for Borrowers Who Walk Away