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Although the FHA has changed some of their requirements, it’s important to take note that FHA loans are still assumable. That means buyers looking for a deal can “take over” FHA mortgages from sellers that have them. The Washington Post explains: “The major force behind assumptions is the ability of buyers to get financing at an interest [...] [...more]
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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 the about [...] [...more]
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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]
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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 result in [...] [...more]
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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 the next [...] [...more]
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The FHA 203(k) loan is a rather unique mortgage because it allows homeowners to borrow more than the property is currently worth for home renovations. However, the FHA 203(k) has quite a bit of paperwork and many professionals believe that too many borrowers get fed up before the process is over. Boston Real Estate Now puts it [...] [...more]
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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]
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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]
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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]
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Here’s an interesting new incentive from the California Association of Realtors: if you buy a home through them, they’ll pay your mortgage for up to six months if you get laid off. The San Francisco Chronicle reports: “CAR’s offer is essentially like insurance for people who get laid off. It applies to first-time home buyers who open [...] [...more]
