Cost of FHA Loans Dropping in 2015

FHA Loan Costs Falling

Good news for home buyers on the West Bank. The premiums for FHA private mortgage insurance (required on all FHA loans) are dropping from 1.35% of a home’s value down to 0.85%. This will result in about a $900 per year savings on mortgage payments for FHA borrowers and people who […] Read more »

Is Your Credit Score About to Go Up?

New Orleans credit scores

Proposed changes to how credit scores are calculated could mean that a new group of New Orleans area home buyers will soon be eligible for a mortgage loan. According to Bloomberg News, the Fair Isaac Company (FICO) is making the following changes when calculating consumer credit scores: Reducing the impact of medical bills […] Read more »

FHA Loan Limits 2014

Mortgage rates

24% of the homes sold on the West Bank this year have been financed with an FHA mortgage, so it remains a very popular financing option, especially for first time home buyers. The loan limits in the New Orleans metro area are set annually and have been reduced for 2014 […] Read more »