My New Blog

June 17, 2011 - If you are in the Real Estate business or mortgage business and have been actively involved in Condo transactions then you more than likely lost a good amount of business when MI companies stopped insuring condos. Well, the table has once again turned and MI is once again available.

I took a pretty heavy hit when MI companies stopped insuring condos, most complexes were not HUD approved so FHA was not an option as a result most buyers were eliminated because they did not have the 20% to put down and lenders did not want to risk doing seconds on condos”.

I have teamed up with Genworth MI via one of our investors to not only offer MI on condos but to also include Employment insurance in the same policy, should my client lose his/her job their mortgage will still be paid. It just makes sense, when an investor has to foreclose on a property it costs around $30K to $50K so why not offer employment insurance as part of the policy, it ends up saving investors a lot of money and helps keep the client in the home while allowing us to cut cost. We are actually saving money by offering the policy; as a result we can offer a reduced rate for MI due to reduced risk and lower costs.

If you want more information on updated MI please contact me directly.

Samuel Morales

Mobile - (210) 286-7267

NMLS#295626

Samuel@yourloanofficer4life.com

www.yourloanofficer4life.com

www.mortgageratenotifier.com

www.streamlinefha.net

###