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HUD recently announced in Mortgagee Letter 2013-04 that any FHA case number issued on or after April 1, 2013 will be subject to an increased annual mortgage insurance premium (MIP) along with a new cancellation policy. Streamlined refinances where the case number was endorsed on or before May 31, 2009 would be an exception to this rule. What this basically means is that now would be the time to act if you are considering an FHA purchase or refinance!
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While there are several biased sources that can make arguments for or against owning a home, we’ve found that most home buyers base their ultimate decision on emotion.
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In case you haven’t caught the news, home loan rates have done it again, dropping to their lowest level…ever. Not only has the 30 Year Fixed rate returned to its lowest all time level, rates across the board are at their lowest levels.
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Buying a home vs. renting in Texas is a big decision that takes careful consideration, as most mortgage consultants will agree. But the rewards of home ownership are great. For many years, purchasing real estate has been considered an extremely profitable investment. It is an achievement that offers a sense of pride, financial stability and potential tax advantages.
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It is certain, more now than ever, that the FHA program is the foremost program sought after by Texas residents looking to purchase or refinance.
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