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Reverse Mortgages May Become More Affordable

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The Federal Housing Administration (FHA) announced recently that it intends to make modifications to its Home Equity Conversion Mortgage (HECM), a reverse mortgage loan insured by the federal government, to make it more attractive and cost effective for older home owners looking to tap their home equity. A HECM is a reverse mortgage that is […]

Fed Unveils Slew of Mortgage Rules

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The Federal Reserve recently unveiled a slew of rules aimed at protecting consumers from abusive lending practices blamed for luring millions into unaffordable home loans. The rules include a ban on yield-spread premiums, controversial payments that mortgage brokers have historically received in exchange for guiding consumers toward higher-interest rate mortgages. “This will prevent loan originators […]

Housing Construction Rises in July

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A weak housing market received a tiny boost from apartment construction last month. But the overall outlook remained dim as applications for building permits fell to the lowest level in 14 months. Construction of new homes and apartments rose 1.7 percent last month, according to the Commerce Department. Driving the increase was a 32.6 percent […]

Buying a Home is More Affordable Now

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Families that have steered cleared of the housing market may want to reconsider their decision to rent instead of own. A new report from the federal government indicates that U.S. homes are the most affordable they have been in 10 years. The Obama administration’s Housing Scorecard found that a combination of record low interest rates […]

More Borrowers Are Paying Down Their Mortgages

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Even with record-low mortgage rates, many refinancing borrowers are choosing to pay down their loan balances rather than borrow more money. According to a recent report by Freddie Mac, “cash-in” borrowers – those who reduced their principal balance by paying in additional money at the closing table – represented 22 percent of all borrowers who […]

New Home Sales Jump in June

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New Home Sales Jump in June Sales of new homes jumped in June, but it was the second-weakest month on record. New home sales rose nearly 24 percent in June from a month earlier to a seasonally adjusted annual sales pace of 330,000. May’s number was revised downward to a rate of 267,000, the slowest […]

Mortgages Safer But Harder to Get

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Mortgages Safer But Harder to Get Now that Senate and House negotiators have reached a compromise on new financial regulations, we know what will happen to the mortgage industry if the bill passes and how it will impact your ability to buy a house. Those freewheeling days of no-money-down, liar loans are dead. Instead you’ll […]

Foreclosures Fall 5%

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Foreclosures Fall 5% The foreclosure plague seems to have reached its peak and started to fade, but the recovery is still fragile. The number of foreclosure filings of all types — including notices of delinquency, auction notices and repossessions — fell during the first six months of 2010, according to RealtyTrac, the online marketer of […]