Welcome!

(updated 02/01/2010)

What is new for 2010!

Mortgage regulations and program guidelines continue to change at a dizzying speed. The following are a few "heads up" for the start of 2010.

1. Any FHA loan with a case number assigned on or after April 5 will have an increased upfront mortgage insurance premium of 2.25% (vs. 1.75%). This increase will make VA loans even more appealing as they allow 100% financing, no mortgage insurance, and their funding fee averages 2.15%.

2. All HUD statements must be viewed and approved by the borrower a minimum of 48 hours prior to signing.

3. The new Good Faith Estimate (GFE) consolidates all lender/broker fees to single line item (I can breakdown fees on a separate form to help you better understand all fees/costs).

4. First Time Home Buyer tax credit was extended into 2010. Borrower must have a signed/binding purchase agreement by April 30, 2010 and complete the purchase transaction by June 30, 2010.

5. A tax credit up to $6,500 is available for buyers who have owned a home for 5 consecutive years (out of last 8) and have a signed, binding sales contract by April 30, 2010 and completed home purchase by June 30, 2010.

6. Rates continue to stay at record lows for purchases and refinances, but higher credit scores are required in most cases. See my "HOW" link to learn more about getting and maintain a great credit score.

Give me a call today at 208-514-3170 (I forward that to my cell when I'm not in the office) and let's get you pre-approved for a new home loan.

Happy 2010 and welcome to a new decade in lending!

Sincerely,

Cindy L. Krieg
Cell: 208-571-2051
Direct: 208-514-3170
5583 N. Glenwood, Garden City, ID 83714