Renovation mortgages a good fit for some buyers (2/9/2016)
Mortgages such as FHA’s 203K and Fannie Mae’s HomeStyle allow buyers to land a good deal on a fixer-upper and remodel it to fit their personal taste.
Bill to expand homeownership passes House (2/3/2016)
The NAR-supported H.R. 3700 bill eases some rules, including FHA condo loan restrictions, to help more buyers qualify for housing. It now goes to the Senate.
Subprime loans are back – but with changes (2/3/2016)
Credit firm Equifax says the number of subprime loans – borrowers have a 620 or below credit score – is rising. But lenders today focus more on ability to repay.
Home affordability still high – but for how long? (2/3/2016)
Housing is still affordable in most U.S. cities, but a report claims that could change within two years if home values keep rising at the current rate.
1 extra week for new mortgage disclosure closings (1/20/2016)
What was the impact of Oct. 3 mortgage disclosure changes? New home closings take about an extra week, according to Ellie Mae’s monthly report.
Fannie, Freddie 3% loans not very popular (12/17/2015)
Not many buyers take advantage of the low downpayment loans Fannie Mae and Freddie Mac debuted about a year ago – most still prefer FHA programs.
FHA: Loan limits won’t change in 2016 (12/10/2015)
The conforming loan range for buyers seeking a Federal Housing Administration (FHA) loan remains the same in 2016, but selected metros will see an increase.
Most mortgage loan limits stay the same in 2016 (12/2/2015)
The ceiling for conventional loans will remain at $417K next year for most U.S. metros, though a few that already have higher limits (none in Fla.) will see an increase.
New mortgage rules: A ‘Y2K’ panic that didn’t happen (12/1/2015)
Mortgage lenders and real estate agents worried that new Oct. 3 TRID rules would prolong closings and delay home sales. But overall, that hasn’t happened.
Quicken rolls out DIY mortgage applications (12/1/2015)
Quicken Loans announced a new move for the mortgage business: The self-service mortgage application. Some reports say it’s “as easy as ordering a pizza.”
FHA didn’t ease all condo financing rules (11/30/2015)
While recently announced FHA condo changes will help more buyers, challenges remain, such as the loss of spot loans and some still-rigid FHA regulations.
Is saving for a home downpayment a priority? (11/23/2015)
Freddie Mac survey: Only 39% of U.S. renters think so, while 59% prioritize saving money for an emergency, and 51% save for retirement.
Avg. downpayments rise with tighter inventory (11/19/2015)
LendingTree: Downpayments for conventional 30-year FRMs rose slightly in 3Q to 17.63%, up from 17.34% quarter to quarter and 16.29% year-to-year.
FHA loans back on solid ground (11/17/2015)
The fed-backed mortgage program hasn’t had enough capital to meet congressional mandates since 2008 – but that officially changed yesterday.
Market moving OK under new mortgage disclosure rules (11/16/2015)
A panel discussing the new RESPA-TILA mortgage disclosure rules that went into effect on Oct. 3 said they’ve seen few “closing delays and other harmful effects” so far.
HUD eases FHA condo financing rules (11/13/2015)
The change, effective immediately, should qualify more condo complexes under FHA. That, in turn, will give more buyers access to FHA low-downpayment loans.
More homebuyers bypass banks for loans (11/9/2015)
Banks are losing some of their mortgage traction: In 2014, almost half (47%) of all mortgage loans were originated by non-banks, compared to 43% in 2013.
Too many potential buyers think they won’t qualify (11/4/2015)
Most people don’t know that they can buy a home with only 3% down, Freddie says. It hopes faith-based groups and nonprofits will help spread that message.
Market keeps getting better for homebuyers (11/3/2015)
Banks continue to loan mortgage money to buyers with less-than-perfect credit. In Sept., the average approved credit score was 723 – its lowest level since 2011.
Fannie and Freddie fund mortgages. Why change them? (11/3/2015)
Pro: The mortgage giants pump trillions of dollars into housing. Con: They’re too big to fail – and taxpayers could be on the hook if the economy stumbles again.
Downpayments: Dip into stocks or ask Mom and Dad? (11/2/2015)
It’s tough to save enough money for a first home, and many buyers wonder if pulling money out of stocks is smart – or asking for a loan from their parents.
56 House members protest FHA condo finance rules (10/29/2015)
The lawmakers disagree with the FHA’s “significant restrictions” imposed on condo mortgage financing that make most of them ineligible for FHA loans.
More buyers qualify for subprime loans (10/22/2015)
A “subprime loan” today simply means borrowers have a credit score below 620. But with 4.6% of loans now subprime, it suggests more lenders are willing to take a chance.
Homebuyers dealing with longer timelines, costs (10/19/2015)
Buyers are starting to see higher mortgage fees as lenders try to recoup their development costs behind the new mortgage disclosure rules.
Study: Most buyers fail to shop for a mortgage (10/14/2015)
LendingTree survey: While most Americans seek bargains for little purchases, up to 80% don’t comparison shop for a mortgage or other major acquisition.
New rules to help lower- and moderate-income applicants qualify for mortgages (10/14/2015)
A new Fannie Mae mortgage rule makes it easier for multi-generation families to buy a home because it also considers the salaries of the non-buying relatives.
Bad credit? You still might get a mortgage (10/7/2015)
Buyers with a credit score below 620 may still qualify for a mortgage, but it takes preparation, a reasonable debt-to-income ratio and an FHA loan.
Study: Tighter mortgage rules haven’t hurt (9/24/2015)
In Jan. 2014, U.S. law made it harder to get approved for a mortgage. But a Fed study finds that the change had little overall impact on the real estate market.
Banking giant grows more cautious about FHA Loans (9/23/2015)
JPMorgan Chase says it will originate fewer FHA loans because they require only a 520 FICO score and 3.5% downpayment, and “that’s subprime lending.”
Low credit scores no longer a deal killer (9/23/2015)
Equifax, a credit-score company, says a gradually increasing number of mortgages are being approved for buyers with subprime credit scores.
U.S. consumer bureau lists mortgage complaints (9/22/2015)
The consumer watchdog says mortgage complaints continue to top its list. They include problems with foreclosures, transferred loans and specific lender issues.
What should homebuyers know about Oct. 3 changes? (9/18/2015)
The closing process changes in 2 weeks, and buyers will face updated disclosures and new rules. A just-released CFPB toolkit can help get them up to speed.
FHA tighter lending rules may hit first-time buyers (9/17/2015)
The go-to lender for many buyers now includes deferred student loan payments in approval calculations, and looks closer at downpayment gifts and job changes.
Wells Fargo mortgage goal: $125B to Hispanic buyers (9/15/2015)
Hispanic real estate pros say access to credit is the biggest ownership barrier, and Wells Fargo’s commitment could help 500,000 become homeowners.
Mortgage Bankers explain Oct. 3 TRID changes (9/11/2015)
What do lenders want you and clients to know about the Truth in Lending (TRID) rules that kick off in three weeks? MBA created informational brochures.
NAR survey: Realtors plan to extend closing dates (9/2/2015)
The pace of a real estate transactions changes on Oct. 3 when new mortgage disclosures go into effect, and many Realtors plan to extend contract closing dates.
Lenders: FHA has an edge in the quest for new buyers (9/2/2015)
Reduced FHA fees get credit for boosting the number of loans, and some experts think they’ll also boost the number of first-time and low-credit-score buyers.
Credit unions gaining ground with buyers (8/24/2015)
A TransUnion study found that more and more buyers are turning their backs on traditional banks and opting to get a mortgage from their credit union.
Fewer options for home equity loans (8/17/2015)
TILA-RESPA changes coming Oct. 3 could lessen home equity loans that must also comply with new rules. BofA and Wells Fargo discontinued some already.
Survey: Which lenders are best for buyers? (8/17/2015)
LendingTree, which represents more than 350 lenders, asked buyers about rates, fees, closing costs, customer service and more. It then created a top 10 list.