FHA Introduces New Minimum 580 Credit Score Requirement
The FHA is introducing new guidelines on loan to value ratios and the minimum credit score required for FHA borrowers. As detailed in a Mortgagee Letter from the Department of Housing and Urban Development (HUD), the following [...]
Can The Unemployed Afford A Mortgage Payment?
Government Determined To Keep Unwilling Homeowners In Homes The FDIC announced a new initiative to reduce foreclosures on home mortgage loans held by failed banks that were acquired by another institution. This new FDIC program goes far [...]
Artificial Mortgage Rates Drop To 4.75%
Fed Manipulation Of Mortgage Rates Continues Mortgage rates continue their downward trend with the perfect borrower now able to obtain a rate of 4.75% with a two point buy-down on a 30 year fixed rate mortgage. As [...]
Long Overdue Mortgage Regulations To Curb Lending Abuses
Feds React To Mortgage Lending Fiasco In a move that can only be described as better late than never, various new Federal laws that restrict certain lending practices become effective on or after October 1, 2009. Other [...]
“Liar Loans” – RIP – October 1, 2009
Liar Loans To Be Prohibited No income verification and stated income mortgage loans have been available to borrowers for many years. As originally conceived, a no income verification loan was a sound product, offering highly qualified [...]
Mortgage Refinances Drop 11% As Rates Remain Low
Refinances Decline as Rates Stabilize The latest weekly survey from the Mortgage Bankers Association showed a decrease of 6.3% in mortgage loan applications. Application volume compared to the previous year increased by 16%. The interesting aspect of [...]
Will Mortgage Rates Soar As Fed Programs Wind Down?
Fed Support No Longer Unlimited There seems to be near unanimous agreement at all levels of government that a recovery in housing prices is essential for economic stabilization and future growth. The Federal Reserve has supported this [...]
Wells Fargo’s New Zero Down Payment Mortgage Program
Risk Of No Down Payment Mortgages There is longstanding and overwhelming statistical proof that zero down payment home buyers default on mortgages at a far higher rate compared to home buyers who make a down payment. This [...]
Profile Of A “Making Home Affordable” Homeowner – Everyone Should Do It
Overburdened Homeowner Subsidized Loan modification programs have been seen as the answer to preventing foreclosures and allowing the housing market to stabilize. The programs have become progressively more aggressive as foreclosures continue to mount and housing prices [...]
