First Priority Financial Inc.

Mortgage insurance is tax deductable...

On December 19, 2014, legislation was passed once again allowing for the tax deductibility of mortgage insurance (MI) premiums for qualified borrowers. The deductibility is effective for purchase and refinance transactions closed after December 31, 2013. MI premiums paid or accrued after December ...
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FHA lowers MIP..refinancing makes more sense

FHA will allow you to cancel a current case number in order to have the new, lower MI. The fine print is buried deep in HUD, but here is a summary of the rules/procedures: New Lower MI is effective with case #s assigned on or after January 26, 2015 Case Cancellation for active case numbers will ...
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Lending gets a little easier..

Getting A Home Loan About To Get Easier Getting a home loan is about to get easier. That's because Fannie Mae and Freddie Mac, the two government-backed residential finance giants that backstop a majority of all home loans, have put new lending guidelines in place that should make it easier for borrowers to secure loans. Not only are the two age ...
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Federal Housing Administration (FHA) Announces 2015 Maximum Loan Limits

On 12/5/2014, FHA's Office of Single Family Housing published Mortgagee Letter 2014-25, which provides FHA's single family housing loan limits for Title II Forward Mortgages and Home Equity Conversion Mortgages (HECMs), and provides loan limit instru ...
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Huge miss on numbers..mbs takes a .31 hit.

The morning started out with Non Farm Payrolls hit 321K vs est of 230K and Unemployment 5.8% vs est of 5.8% Immediately mortgage backed securities went into a free fall losing .31%(bad for rates). Later, October Factory Orders hit -0.7% vs est of 0.1% September was revised slightly higher. R ...
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FHFA raising loan limits in 4 California counties

The Government is trying to increase lending in 2015! FHFA told us they’re not lowering any more county limits (phew!) and they’re raising some others: Existing FHA Borrowers in these 4 counties (below) are now eligible to refinance into conventional financing. What does this mean? They’re ...
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