Although cheaper prices and record-low mortgage rates have made homebuying increasingly attractive, tight lending standards continue to keep consumers on the sidelines. And while a beefed-up FICO score and documentation requirements may have slowed the process, it’s the pile of cash needed to secure financing that prevents many would-be buyers from becoming homeowners. Here are […]
Reverse Mortgages May Become More Affordable
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 […]
FHA Mortgage Changes Now in Effect
FHA Mortgage Changes Now in Effect If you are looking to get an FHA home loan there are some changes you need to know about that just went into effect on April 5th. The changes are not all bad, fortunately, but the expensive one for borrowers is the cost of upfront mortgage insurance premium. The […]
7.2 Million U.S. Homes Now Behind on Payments
7.2 Million U.S. Homes Now Behind on Payments According to the latest January 2010 Mortgage Monitor Report by Lender Processing Services, home loan delinquency rates in the U.S. have now surpassed 10 percent. Factoring in foreclosures in process, the total non-current rate sits at 13.3 %. When extrapolated to reflect the entire mortgage industry, this […]
FHA Loans: Waiting Will Cost You Big Time
FHA Loans: Waiting Will Cost You Big Time The FHA is making proposals to change mortgage insurance premiums, FICO (credit score) and down payment combinations and seller concessions. The changes will be posted in the Federal Register next month and after a comment period would become effective early summer. With these rule changes, an FHA […]