New Team Member

I am happy to welcome back Hannah Vigil. Hannah was with Landmark Mortgage and a valued member of my team from 2007-2009 when she left on maternity leave. Hannah’s two boys, Samuel & Isaiah are both going to be in school full time this fall, Hannah has returned part time until then when she will work full time.   I am happy to have Hannah back on my team as my Marketing Sales Specialist. Her creativity, expertise and amazing customer service are a tremendous asset to me and Landmark Professional Mortgage. Welcome Home Hannah!!!

February 18th marks my 20 year anniversary with Landmark Professional Mortgage.  I am blessed to be able to do what I love everyday with such an amazing company.  Helping borrowers realize their homeownership dreams is my passion!



This morning HUD announced a 25 basis point reduction in the annual MIP fee effective for loans with a closing/disbursement date on after January 27, 2017. That takes the fee from 80 to 55 bps for the loan terms of <= $625.5k loan size and <=95% LTV. The new MIP for loans >95% LTV is now 60 bps vs. 85 bps earlier.

This reduction makes FHA even more competitive for first time homebuyers, especially those buyers with lower credit scores.   If you are looking at homebuying this year, this just made it more in reach for many.  Call me today to become pre-approved to buy your first home! 503 581 8100

Please use the following link to view this morning’s HUD notice.

Recap and update

On many fronts, 2015 ended on a high note. The first month of 2016 had its ups and downs.

Build It Up!
In housing news, December Existing Home Sales surged nearly 15 percent from November. New Home Sales were also strong in December, rising 14.5 percent for all of 2015. Also, December marked the ninth straight month that Housing Starts (measured by the start of excavating a home’s foundation) were above 1 million units, the longest stretch since 2007. Overall, Housing Starts were up nearly 11 percent for the year.

Home prices also increased an average of 6 percent—good news for home sellers. For homebuyers looking to get affordable housing options, home loan rates helped temper home prices. In fact, home loan rates ended 2015 near historically low levels.

Everybody’s Working for the Weekend
On the jobs front, the end of 2015 marked the fifth straight year in which employment grew by 2 million, with solid job creation in October, November and December. Wage growth was up, and the Unemployment Rate remained at a seven-year low. All of this means more hard-working people are employed and seeing their household incomes increase.

Glass Half Full or Half Empty?
Despite the good news in the housing and job sectors, plunging oil prices, stagnant manufacturing data, lower-than-expected wholesale inflation and China’s faltering economy were ongoing issues that drove Stock prices down at the beginning of 2016.

When Stocks plunge, however, Mortgage Backed Securities (MBS) and other Bonds usually improve. Because home loan rates are directly tied to MBS, home loan rates can improve in the process.

The fact is, right now home loan rates remain near historic lows, which is good news for homebuyers and homeowners considering a refinance. If you have any questions about home financing, please let me know.

FHA Monthly Mortgage Insurance Premium drops

January 26th is the official date for lower mortgage insurance premiums!!

This drop of .5% will help more homebuyers into their first homes.  FHA offers lower interest rates, 3.5% down payment and now the lower monthly mortgage insurance makes an FHA loan a more competitive option for home buyers.

If you are looking to purchase or even refinance an existing FHA loan, now is the time to call or email me for estimates to make sure this is right for you! or 503 581 8100

FHA to reduce Monthly Mortgage Insurance Premiums

January 8, 2015

Reduction to increase credit affordability and reflects improved economic health of FHA

WASHINGTON – As the nation’s housing market continues to improve, U.S. Housing and Urban Development Secretary Julián Castro today announced the Federal Housing Administration (FHA) will reduce the annual premiums new borrowers will pay by half of a percent. This action is projected to save more than two million FHA homeowners an average of $900 annually and spur 250,000 new homebuyers to purchase their first home over the next three years.

Today’s action also reflects the improved economic health of FHA’s Mutual Mortgage Insurance Fund (MMIF). FHA’s recent annual report to Congress demonstrates the economic condition of the agency’s single-family insurance fund continues to improve, adding $21 billion in value over the past two years.

“This action will make homeownership more affordable for over two million Americans in the next three years,” said U.S. Department of Housing and Urban Development Secretary Julián Castro. “Since 2009, the Obama Administration has taken bold steps to reduce risks in the mortgage market and to protect consumers. These efforts have made it possible to take this prudent measure while also ensuring FHA remains on a positive financial trajectory. By bringing our premiums down, we’re helping folks lift themselves up so they can open new doors of opportunity and strengthen their financial futures.”

In the wake of the nation’s housing crisis, FHA increased its premium prices to stabilize the health of its MMI Fund. In addition, the Obama Administration took dramatic steps to safeguard consumers in the mortgage market to ensure responsible borrowers continued to have access to mortgage capital as many private lending sources tightened their lending standards.

Today’s reduction will significantly expand access to mortgage credit for these families and is expected to lower the cost of housing for the approximately 800,000 households who use FHA annually.

FHA’s new annual premium prices are expected to take effect towards the end of the month. FHA will publish a mortgagee letter detailing its new pricing structure shortly.