Good News FHA MIP Cost Goes Down

 

The monthly FHA MIP premium will drop 30 bps for loans funded after 3/20/23. 

The monthly MIP cost will drop by $121 for a $500,000 purchase with 3.5% down.

 

This was a long time coming. Former HUD Secretary Julián Castro 

had scheduled the cut to take effect in 2017, as FHA’s capital reserves

 were above the 2% statutory levels needed. 

The change was rescinded by the incoming administration on January 20, 2017.

 

FHA’s capital reserves today are above 11%,

When do you hear prices go down?

Still wishing eggs and gas prices decreased...

 

Good news for FHA buyers!

 

Venture Capital and Private Equity Chart

 

For Lease Luxury 517 Emerald Bay Laguna Beach

For lease $20000 

517 Emerald Bay Laguna Beach 4450 square feet single family house

Guard gated community

private beach

Lavish gardens topiary roses

Entertaining outdoors overlooking the ocean

(949) 784- 9699

How To Hold Title Vesting for Mortgage or Buying a Home

Congratulations your offer is accepted and you received the statement of information from

your escrow officer, settlement agent or real estate attorney. The purchase contract just has your first and last name. There are several choices how to hold title of the property. Your mortgage company or the bank if you are getting a loan will have something to say about how you hold title.

Here are several choices explained

I want to hold title as Queen Mary Smith. This probably will not work unless you have legal identification to prove this.

Really now, the first thing to consider is are you married?

Single means you never were married

Married means you are currently legally married

Unmarried means you were married and may be divorced or widowed.

• Sole ownership: only one person owns the house
• Community property: two or more persons own the real estate Some states are not community property states
• Community property with right of survivorship: real estate bought during marriage or domestic partnership belongs equally to both partners. Each spouse owns 50%. Community property with right of survivorship may only be used by married couples in community property states (like California). Community property with right of survivorship is better from a capital gain tax standpoint in that the entire property (not just the half belonging to the deceased spouse) receives a step up in basis on the first death. This allows for a double step up if the remaining spouse continues to hold the property until his or her death. The problem with community property with right of survivorship is the same problem as joint tenancy–if all property owners die, the property must go through probate.
• Joint tenants with right of survivorship: the spouse who survives (or domestic partner) automatically assumes full ownership of the property upon the death of the other title holder. There is a so-called “right of survivorship,” which means that when one dies, the property automatically transfers to the survivor without the necessity of probating the estate.
• Tenants in common: 2 or more people the owners do not have a right of survivorship. Each owns a fractional share. They can sell their percentage share. Tenancy in common is a way that multiple related or unrelated people choose to take title to property. Ownership interests do not have to be equal and the interest can be specified in the deed. With tenants in common, upon the death of an owner, that owner’s interest is controlled by his or her will, or in the absence of a will through intestate succession, which means the State probate code tells you who gets the property.
• Living Trust: Revocable sets Trustee(s) who have the power to sell or mortgage and beneficiaries who will inherit. This avoids probate which I believe is very important. There are also Irrevocable Trusts which cannot be changed.

Caroline Gerardo

NMLS 324982

American Financial Network, Inc

NMLS company 236341

(949)  784  -9699

This is my personal opinion not legal advice

If you need legal advice about how to hold title for a property you own or

real estate you are buying feel free to call me and I will provide a referral for free