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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 [...] [...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 [...] [...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 [...] [...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 [...] [...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 [...] [...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 [...] [...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 [...] [...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 [...] [...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 [...] [...more]
