Refinance | Fairway Independant Mortgage Corporation

			 
			My experience working with David Haley Mortgage was amazing. David and his team are true professionals and consistently were on top their game every step... [read more]My experience working with David Haley Mortgage was amazing. David and his team are true professionals and consistently were on top their game every step of the way. read less		
A. L.

			David Haley and Jan are absolutely the best they went above and beyond to get us into our first home. They are very responsive and... [read more]David Haley and Jan are absolutely the best they went above and beyond to get us into our first home. They are very responsive and work so hard to help you. We were first time home buyers and they helped us every step of the way. If you are looking into buying a home i would 100 percent recommend David and his team at fairway mortgage :) ! read less		
A. C.

			Nothing beats the smooth, fast, and engaging experience of working with the David Haley Team. David and Jan went out of their way to teach... [read more]Nothing beats the smooth, fast, and engaging experience of working with the David Haley Team. David and Jan went out of their way to teach us, answer our questions and work with us through this process. This team should be your first and last stop in the search for a mortgage broker. 10/10 in every category! read less		
C. J.

			 
			David Haley is the mortgage guru. He and his assistant Jan Solo formed the Dream Team who walked alongside us every step of the way,... [read more]David Haley is the mortgage guru. He and his assistant Jan Solo formed the Dream Team who walked alongside us every step of the way, navigating our VA loan process and spending much time educating us with the software programs he uses and making certain every move was crystal clear and expected. We appreciated stellar communication and were either able to reach David immediately or received a call back within minutes even on Christmas Eve! All documents received were clearly communicated to be expected and securely sent and best of all, he helped us to close early and with money back at closing! From A to Z, we had a platinum experience☆☆☆☆☆ read less		
J. K.

			Working with David and team was actually a meaningful experience for me. They took the time to educate me on the process every step of... [read more]Working with David and team was actually a meaningful experience for me. They took the time to educate me on the process every step of the way, and even help to form strategy for current and future property purchases. David went above and beyond by answering my (sometimes) late phone calls and being extremely responsive. You won't get that type of service from a large bank. I highly recommend David Haley and team. read less		
J. E.

			Working with Dave Haley was a real treat. I am a first time home buyer and he was beyond amazing at walking me through and... [read more]Working with Dave Haley was a real treat. I am a first time home buyer and he was beyond amazing at walking me through and making me feel like I had all of the information. This is hands down some of the best service I have ever received and I have years of sales and customer service management myself! read less		
J. V.

FHA – Increase in Mortgage Insurance – No April Fools Joke!

Blog, Down Payment, FHA, Home Buyer, Home Seller, Loan, Mortgage, Real Estate, Refinance Lynnwood Mortgage Loan Officer February 28th, 2012 David Haley Mortgage Loan Officer

April 1st of 2012 will not be a good April Fool’s joke – once again FHA has been looking at their overall solvency concerns and has deteremined they need to pass along the added costs to the new borrowers.

The UFMIP will be increased from 1 percent to 1.75 percent of the base loan amount. This increase applies regardless of the amortization term or LTV ratio. FHA will continue to permit financing of this charge into the mortgage. This change is effective for case numbers assigned on or after April 1, 2012. Example: Loan Amount = 100,000.00 new Upfront Mortgage Insurance Premium is 1.75% = 1,750.00 being financed into new loan.

The Temporary Payroll Tax Cut Continuation Act of 2011 requires FHA to increase the annual MIP it collects by 0.10 percent. This change is effective for case numbers assigned on or after April 1, 2012. FHA is also exercising its statutory authority to add an additional 0.25 percent to mortgages exceeding $625,500. This change is effective for case numbers assigned on or after June 1, 2012. UPDATE: Here is the HUD LINK

So for quick examples and here is the easiest equation. Take your loan amount 100,000.00 time new Monthly Mortgage Insurance Cost of 1.25% = 1,250.00 then divide this number by 12 to give you the Monthly Mtg Ins Premium Cost = 104.17 per month vs. the old MI factor of 1.15% = 1,150.00 / 12 = 95.83 per month.

Now these are all numbers based on if you are only putting the 3.5% minimum investment down for this type of loan.

Taken together, these premium changes will enable FHA to increase revenues at a time that is critical to the ongoing stability of its Mutual Mortgage Insurance (MMI) Fund, contributing more than $1 billion to the Fund, based on current volume projections through Fiscal Year 2013.

Should you have any questions please give contact me.

Mortgage Insurance, Not a Tax Deduction?

Blog, Down Payment, Fannie Mae, FHA, Freddie Mac, Home Buyer, Mortgage, Real Estate, Refinance, VA Loan, Zero Down Loan Lynnwood Mortgage Loan Officer December 30th, 2011 David Haley Mortgage Loan Officer

Mortgage-Insurance

Going forward Mortgage Insurance will no longer be able to be a line item deduction after 12/31/2011. As a Mortgage Insurance Company has reminded us: United Guaranty MI company. “MI tax deductibility is scheduled to lapse at midnight, December 31, 2011, now’s the time to expedite them to retain this benefit for your borrowers who qualify! MI tax deductibility will also lapse for FHA and VA loans, which were extended under the same law as private MI.”

As we found out last week, g-fees for new agency loans will be going up to pay for the two-month payroll tax cut.Under the “unintended consequences” banner analysts were quick to point out that, given the increase is scheduled for ten years, Fannie Mae and Freddie Mac are not going away any time soon unless the government comes up with the money elsewhere. F&F will not absorb this increase, nor will lenders; it will, of course, be passed on to borrowers. (The bill also will raise the annual insurance premium borrowers pay on FHA loans by one-tenth of a percent.) The increased g-fee, which makes it difficult for Congress to work on efforts to shut down Fannie and Freddie, based on current rates and a $200,000 loan, will cost the agency borrower about $11 per month. “These institutions, which have been so costly to Americans and are so necessary to the housing recovery, should not be the piggy bank for future arbitrary tax policy,” Dave Stevens (MBA) said. Due to their government ownership, investors still view their (and FHA/VA) MBS’s as safer investments than those offered by private firms. The law allows FHFA to phase in the fee over two years.
So, if you were lucky enough to close your home loan before 12/30/2011 Congratulations!

*As always seek a qualified CPA who can further assist you.* This is not to be construed as tax advice, informational purposes only!

We are hoping that the House of Representatives will continue to extend this tax credit to home buyers, as this is a benefit when you purchase a home and have less than 20% down payment. Make sure you contact your local Representative, Congressman, Senator, or local delgate. We need to extend this tax credit / deduction! As this will only help our real estate markets

Should you have any questions please contact me.