FHA Increases Minimum Credit Score Requirement
FHA And VA Increase Credit Score Requirement Effective March 6, 2009, a minimum credit score of 620 will be required to be eligible for FHA and VA loans. The credit score requirement had recently been changed less [...]
FHA Increases Loan Limits
FHA Announces Higher Loan Limits As part of the Economic Recovery Act, the FHA loan limits were increased. The new higher loan amounts are effective until December 31, 2009. The higher loan limits will allow many borrowers [...]
Banks Tighten Lending By Restricting FHA Cashout Refi
FHA Loans Become Tougher To Qualify For Effective January 1, 2009 HUD announced that any FHA cash out refinance would require two appraisals when the loan to value exceeds 85% – see FHA Takes A Closer Look [...]
Jumbo Mortgage Rates Reflect Default Risk
Economic Crisis Impacts All Borrowers Jumbo mortgages, typically loan amounts above $417,000, are defaulting at a rapid pace as the economic crisis affects borrowers at all income levels. Bloomberg is reporting that jumbo mortgages, typically associated with [...]
Banks Restrict Mortgage Lending To A+ Customers Only
Latest Changes Eliminate More Borrowers From Mortgage Market As written previously, for those without impeccable credit, adequate income and loan to value below 70%, the low advertised rates are not available. See All Time Low Rates For [...]
No Mortgage Payments For A Year Would Stimulate Spending
Experts Predict Depression Are we in a depression? Jon Markman of MSN Money eloquently explains the world’s financial dilemma. Too Late To Avoid A Depression? – MSN Money Policymakers are quickly running out of time and room [...]
Fannie and Freddie – The New Subprime Lenders
Fannie and Freddie Impose Huge Fees On Borrowers Freddie Mac last week announced additional fees for condo owners who refinance, effective April 1, 2009. The fee mirrors a similar charge imposed by Fannie Mae last year. Both [...]
New Federal Standards For Mortgage Industry Largely Irrelevant
Obama Plans Fast Action to Tighten Financial Rules WASHINGTON — The Obama administration plans to move quickly to tighten the nation’s financial regulatory system. Officials say they will make wide-ranging changes, including stricter federal rules for hedge [...]
Fed Struggles To Lower Mortgage Rates
Fed Determined To Lower Mortgage Rates With Unconventional Methods Mortgage rates started dropping late last year after the Federal Reserve announced that it would be purchasing mortgage backed securities (MBS) in an effort to lower mortgage rates. [...]
