Mortgage rates have been slowly increasing, recently rising for the second week in a row. The Los Angeles Times reports: ” The average rate for a 30-year fixed mortgage was 4.86% this week, up from 4.84% last week, mortgage company Freddie Mac said. A 15-year fixed-rate mortgage averaged 4.52%, up just slightly from 4.51% last week.” Average rates are [...] [...more]
Applications for conventional home loans increased last week, likely a result of record low rates. Bloomberg reports: “The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan increased 4.7 percent to 1,250.6 in the week ended April 3, a fifth straight gain, from 1.194.4 the prior week. The group’s refinancingpurchase measure jumped [...] [...more]
New legislation may make it more difficult for anyone to take out a loan, particularly those in unconventional circumstances. Congressman Barney Frank is currently pushing legislation that would require banks to hold on to at least a portion of each mortgage they create, instead of selling the entire loan to investment groups. A recent Reuters article reports: “He [...] [...more]
During the past year, it’s been difficult to take out a “jumbo mortgage” – i.e. a home loan that exceeds the limits set by Fannie Mae and Freddie Mac. Many buyers looking at higher-end properties have struggled to find lending solutions, even when they could afford the payments. But, it looks like the tide may be [...] [...more]
Due to the housing crisis, a lot of creative financing options have become unavailable. Right now, it’s pretty much impossible to take out a zero-down traditional loan or NINA (no-income-no-asset) mortgage. However, some homeowners who don’t have the documented income to qualify for a 30-year loan have found a solution: the 4o-year mortgage. By adding an [...] [...more]
If you cannot meet conforming lending guidelines (such as a down payment and a high credit score), you may still be able to take out a non-conforming mortgage from a traditional lender. Taking out a non-conforming mortgage is almost always more expensive than taking out a traditional loan. However, it can be much cheaper than [...] [...more]
If you are self-employed or cannot easily prove your income through traditional means, you may be able to take out a Wells Fargo Alternative Documentation Loan. Instead of submitting past tax returns or paystubs, you can demonstrate income through the past 6-12 months of bank statements. Wells Fargo Alternative Documentation Qualifications Borrowers must meet traditional lending [...] [...more]
The Countrywide Fast and Easy Loan helps extremely qualified borrowers with excellent credit skip some of the traditional paperwork and verifications required for loans. Borrowers can purchase a primary residence with as little as 5% down or a secondary / investment residence for as little as 10% down. Countrywide Fast and Easy Loan Qualifications Fast and Easy [...] [...more]
The Countrywide House America Loan can be used to help borrowers in non-traditional financial situation such as: not having an established credit history, having an irregular source of income, or lacking the cash for a down payment. Countrywide House America Loan Qualifications Countrywide House America customers must be able to meet traditional loan qualification standards with these [...] [...more]
