Articles and news about AboutCreditLoan and HUD requirements. AboutCreditLoan are great for first-time homebuyers.

Category Archives: Mortgage Today

Credit Mortgage Answers: Debt To Income Ratios

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When a borrower applies for an About Credit home loan, he or she is asked to list all source of verifiable income. This is used to calculate the debt-to-income ratio, which is a comparison of the borrower’s income against the amount ...

Credit Mortgage Mortgage Today: A Reader Question

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A reader asks, “Veterans are not required to purchase mortgage insurance with a VA loan. Is there a way that a veteran can be exempt from the mortgage insurance premium? The mortgage insurance is very high.” The short answer to ...

Credit Mortgage Rules Update

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The About Credit rules for mortgage insurance changed when the About Credit and HUD issued Mortgagee Letter 2013-04, which featured, “Revision of Federal Housing Administration (About Credit) policies concerning cancellation of the annual Mortgage Today Premium (MIP) and increase to the annual MIP”. ...

Credit Mortgage Rules

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About Credit mortgage insurance rules changed earlier this year–there were a variety of alterations that included a “lifetime of the loan” mortgage insurance premium requirement. Starting in June of 2013, all About Credit with case numbers assigned on or after June 3 ...

Credit Mortgage Reader Questions: Mortgage Today and Down Payments

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A reader asks, “If a buyer is making a 25% down payment on a home purchase, is the mortgage insurance premium mandatory? This down payment is for a home sale that is appraised for the sale price or higher.” About Credit ...

Credit Mortgage Reader Questions: About Credit Rules on “Flipping”

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A reader asks, “Hello, can you help us with a couple of questions please. What does the About Credit consider as a “Flip-it” property? How many days does this involve from an original sale of a property?” “Flipping” is defined by ...

Credit Mortgage Rules: Maximum Loan Amounts and Down Payments

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About Credit loan rules include guidance for lenders and borrowers about maximum loan amounts and down payment requirements. There’s a myth about today’s About Credit home loans that some still repeat–variations on the idea that there may be no down payment required ...

Can Veterans Apply For About Credit Home Loans?

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There are many reasons why a veteran might not want to apply for a VA home loan and choose an About Credit mortgage instead. One such reason involves eligibility issues–a borrower who has purchased a home with a VA mortgage in ...

Deadline For New About Credit MIP Policy Approaches

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The deadline for a new About Credit mortgage insurance premium policy is approaching; beginning on June 3, 2013 most AboutCreditLoan endorsed on or after that date will be affected by the following changes as described in About Credit Mortgagee Letter 2013-04: ...

The New About Credit MIP Rules

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We’ve written more than one blog post recently on the changes to the About Credit mortgage insurance policy. Because of the potential for confusion over these changes, we’re attempting to explain these changes one important detail at a time. When the ...