Three of the nation's largest banks are falling short of new standards for dealing with mortgage customers that were agreed to as part of a $25 billion settlement over improper foreclosures, according to a report released by the Office of Mortgage Settlement Oversight.
In the first half of the year, Bank of America failed three of the 29 metrics designed to test compliance with 304 new mort...
National foreclosure pre-sale inventory is at its lowest point since 2008, Lender Processing Services reports.
The inventory—which reflects the number of loans that are in some stage of foreclosure—represents 2.54 percent of all mortgaged homes in LPS' October data. That marks a 3.23 percent drop month-over-month, and a nearly 30 percent year-over-year drop. LPS’ data reflects about 70 perc...
The Office of Inspector General is recommending more oversight of Fannie Mae’s short-sale approvals after discovering flaws in the mortgage giant's process.
OIG says in a report that after a review of 41 Fannie Mae short-sale transactions, it found that five servicers were failing to collect all of the required documents before determining if an applicant was eligible for a short sale. In turn, t...
In order to purchase a home, most buyers need to secure loan financing. This helpful video
explains the difference between being pre-qualified and pre-approved
for a home loan. The bottom line? Getting pre-approved for a loan amount
carries a lot more weight than being pre-qualified alone, because
pre-approval means a lender has issued you a conditional commitment in
writing for an exact...
This homebuyer assistance program has been designed to provide
financial assistance to low income homebuyers in the incorporated area of the
Some Requirements Are:
The applicant must demonstrate the ability to obtain a mortgage loan
(financial, credit worthiness, etc.)
family’s combined income must be at or below 80% of the area median
Housing costs are taking a bigger bite out of households’ incomes: More than a third of home owners with a mortgage and more than half of renters paid 30 percent or more of their household income toward housing costs last year, Census data shows. National median household incomes have dropped the past year, causing more households to devote more of their income to household costs.
With fixed mortgage-interest rates still low, it might seem as if real estate offices should have house hunters lining up, ready to sign on the dotted line. But banks are extra-careful these days about whom they lend money, with the result that many looking to buy houses aren't able to qualify for the lowest interest rates — or for mortgages, period.Real estate agents and mortgage brokers say...
Equity is the difference in what your home is worth and what you owe. Ideally, as the value goes up and the unpaid balance goes down with each amortized payment made, the equity grows from two directions.
This dynamic leads to increasing a person’s net worth much faster than many other investments.
A homeowner has minimal control over value. It is necessary to maintain the property to avo...
House Hunting-Know What You Want
quick search on realtor.com will bring up thousands of homes for sale.
Educating yourself on your local market and working with an experienced
Realtor can help you narrow your priorities and make an informed
decision about which home to choose.
With Your Budget
you begin your house search you should have a preapproval l...
Energy Tax Credits Extended for 2013-- Take Advantage!Article and photo couretesy of HouseLogic.com. Article by Donna FuscaldoThe feds have resurrected, through 2013, $500 tax credits for energy-efficient home improvements. If you upgraded one or more of the following systems, you may be eligible to take a tax credit on your return.
Heating, ventilation, air conditionin...
Owner financing can help sell a property even in this challenging mortgage market.Banks generally are willing to accept rent credits for an option to buy as an acceptable down payment, but both buyers and sellers must follow these guidelines for Fannie Mae and Freddie Mac to sanction the transaction.The rental amount must be determined by a property appraisal with the credit for the down payment c...
Home buyers who make cash deposits to their checking accounts that don't come from payroll checks or income tax refunds during the processing of a mortgage likely will face delays in closing, lending experts warn. That's because lenders are required to investigate possible suspicious activity for deposits that are not documented or cannot be explained, slowing down the process.
Scott Sheldon, a s...
Conventional Loan Amounts $300k plus are 4.25% today on a 30 day lock.
30 yr Conventional 4.375%
15 yr Conventional 3.375%
20 yr Conventional 4.125%
10 yr Conventional 3.125%
30 yr FHA 3.75%
15 yr FHA 3.25%
30 yr USDA 4.25%
30 yr VA 3.75%
15 yr VA 3.375% If you would like more details on Refinance as well, please contact me and I will give you inf...
Be Prepared for Mortgage Rules Changes in 2014
world of mortgage lending has changed significantly since the housing bubble
burst. Mortgage lenders have returned to traditional loan standards that
require extensive documentation of income and assets for a loan approval.Government
regulatory agencies also continue to react to the housing crisis, with more
adjustments to mortgage r...
Most people are familiar with the various reasons a homeowner refinances their home which generally result in two major benefits: saving interest and building equity.
There is however another reason to refinance which may not be as common which is to remove a person from the loan. In the case of a divorce, when one party wants to keep the home and the other party wants their equity out of th...