HUD Issues New Mortgage Rules HUD will require, for the first time ever, that lenders and mortgage brokers provide consumers with a standard Good Faith Estimate (GFE) that clearly discloses key loan terms and closing costs. HUD estimates its new regulation will save consumers nearly $700 at the closing table. Last March, HUD proposed reforms […]

Hope Now: What Is It? HOPE NOW is a private sector alliance of mortgage servicers, non-profits, counselors, and investors that have assisted many homeowners avoid foreclosure. They have developed a new program in conjunction with the U.S. Treasury, the Federal Housing Finance Authority, Fannie Mae, Freddie Mac and other mortgage loan servicers for “at-risk” homeowners. […]

Need a Mortgage? There’s Still Hope Credit standards have been getting tighter all year, reducing the number of people who qualify for loans. It’s hard to quantify how many people have been disqualified because of stricter lending standards, but mortgages are still available despite all the hoopla about the credit crunch. Qualified borrowers can find […]

Lenders Don’t Want Your House With the huge number of homeowners facing foreclosure, it is true that your lender does not want your home. In fact, mortgage lenders are also victims in this crisis (believe it or not) as well. Your problem has become their problem! With 8 homes in every 1000 currently in foreclosure […]

Mortgage Costs to Watch Out For   Faced with plunging property values and rising defaults, lenders are charging borrowers higher mortgage rates and adding fees. Not all of these added costs are set in stone, however. If you’re looking for a loan, vigilant shopping and a little haggling can go a long way toward landing […]

Mortgage Rates Dropping, But Can You Get One?   Mortgage rates have plummeted, but that hasn’t made getting a home loan any easier for most borrowers.   As the housing market has imploded, lenders have battened down the hatches on mortgage underwriting, consistently raising the credit scores necessary to qualify for the most favorable terms, […]

2 Million Borrowers Avoid Foreclosure   Hope Now has helped more than 2 million at-risk borrowers stay in their homes during the past 13 months. Despite this progress, foreclosures continue to climb; 91,752 families lost their homes in July. That represents an increase of 14% from June and more than double the number of July […]

How to Come Up With a Down Payment   Not long ago, no-down-payment loans were big for homebuyers. But now that lenders have tightened their standards, borrowers once again are expected to pony up some cash of their own for a down payment.   Many homebuyers have difficulty coming up with a down payment. Here […]

Filing Bankruptcy to Stop Foreclosure?   Some homeowners facing foreclosure are considering filing bankruptcy. Even though this might be an option for some people, there are a lot of other things you should try before filing bankruptcy to stop foreclosure.   The first thing you need to do is contact your mortgage lender. The sooner […]

FHA Secure Helping More Homeowners   Last year, the FHA rolled out FHASecure, a loan program designed to help homeowners with adjusting ARMs (adjustable rate mortgages) get a fixed rate. Last month, FHA re-launched FHA Secure with some fresh new guidelines aimed at helping even more homeowners.   You can even qualify for FHA Secure […]