Obama is pumping money into states hit the hardest by the mortgage crisis. The Los Angeles Times reports: “Under the new policy, $1.5 billion that had been reserved for the bank bailout will be rerouted to five states that have seen housing prices drop more than 20% since 2006: Nevada, California, Michigan, Florida and Arizona. [...] [...more]
The Federal Housing Administration (FHA) recently set tough new requirements for they mortgages they back. According to the Edmond Sun the changes include the following: Beginning in the spring, borrowers will be charged an upfront fee of 2.25 percent for mortgage insurance, instead of 1.75 percent. The FHA will ask Congress for permission to raise [...] [...more]
If you have a low income and are willing to move to a rural area, you may be able to get a rather amazing deal on a loan. The federal government offers a program called Rural Housing Direct Loans, giving borrowers the opportunity to receive up to 100% financing with mortgage payments determined by their [...] [...more]
Recently, Canada announced tough new standards for anyone seeking a mortgage backed by Canada Mortgage and Housing Corp. The Calgary Herald reports: “All borrowers will have to demonstrate that they could make the payments on a five-year, fixed-rate mortgage — even if they end up choosing a mortgage such as a variable-rate mortgage, that would [...] [...more]
Many borrowers are considering peer-to-peer lending after having frustrating experiences with overly-cautious banks. My Bank Tracker explains: “Because banks are now taking a more cautious position, peer-to-peer (P2P) lending networks have been making headway for both borrowers and lenders. For many prospective borrowers who cannot obtain a loan through traditional methods, P2P loans may be [...] [...more]
