Owners may qualify for mortgage principal reduction (10/19/2016)
Fla. is home to 1 in 5 homeowners who are eligible for a mortgage reduction offered by the federal government – about 6,260 Fla. homeowners would qualify.
A buyer’s bank may not offer the best mortgage rates (10/14/2016)
Some loan experts say that many banks don’t give borrowers the lowest rate they deserve due to internal factors beyond a borrower’s control, such as investor demands or a fear that rates will rise soon.
Faster approval for rural housing loans? Not yet (10/12/2016)
The new law that boosts condo financing also contained a provision to speed up Sec. 502 rural home loan processing – but it could take years for the agency to get plans approved and update its computer system.
Cash may no longer be king for condos (10/4/2016)
Orlando condo owners and real estate agents are studying federal reforms they hope will boost what has become one of the U.S.’s slowest recovering condo markets.
Challenge remains for FHA condo financing (9/28/2016)
HUD released rules on condo financing that could open up more Fla. units to first-time buyers, but NAR says a still-high owner-occupancy threshold needs work.
Average time to close? 46 days (9/28/2016)
A year ago, new mortgage disclosures threatened to delay closings, but lenders have found their feet: The average contract-to-close time is settling at 46 days.
Mortgage exec reflects on housing market challenges (9/26/2016)
Why are mortgage rates so low? Will the homeownership rate increase from roughly 63%? AP interviewed Rohit Gupta, CEO of Genworth Mortgage Insurance.
CoreLogic: 548,000 U.S. homeowners regained equity in 2Q 2016 (9/15/2016)
Nationwide, the percentage of homes with positive equity rose to 92.9% of all mortgaged properties. At 14%, Fla. ranked 2nd among states for the highest percentage of mortgaged properties in negative equity.
Why aren’t mortgage applications higher? (9/7/2016)
Some housing analysts point out that slowing job growth, a short supply of homes for sale and higher prices are having an impact, while many homeowners have already taken advantage of refinancing.
Homeowners using Airbnb face refi snags (8/31/2016)
While some owners consider short-term rentals a bonus and include that extra income on a mortgage refi, many lenders say the home is now investment property.
Attention, jumbo-mortgage shoppers: Deals ahead (8/26/2016)
More lenders are now offering jumbo loans. The high-end loans made up 20.3% of all first mortgages originated in the first quarter 2016, up from 18.9% a year ago.
Fannie and Freddie redesign mortgage applications (8/23/2016)
The Uniform Residential Loan Application gets a new look on Jan. 1, 2018, that includes simpler terminology and new data fields – its first upgrade in 20 years.
Appraisers, 10 associations oppose PACE loan changes (8/17/2016)
Along with NAR, the Appraisal Institute objects to the energy-efficient program’s costs taking precedence over the mortgage debt on FHA- and VA-backed loans.
Average 30-year mortgage rate declines to 3.43% (8/5/2016)
Mortgage rates dropped this week after rising for three straight weeks, perhaps due in part to sluggish economic signs. The 15-year FRM dipped to 2.74%.
CFPB to update mortgage disclosure rules (7/29/2016)
The Consumer Financial Protection Bureau proposed updates to its “Know Before You Owe” rule to “provide greater clarity and certainty.” One proposal: Include a way for agents to get a copy of the buyer’s mortgage disclosure.
HUD to investigate downpayment aid programs (7/25/2016)
HUD switched direction. It now says it will look for cases where lenders failed to fully inform FHA buyers on loan terms, charged improper fees or used coercion.
Green energy boost: FHA to back some PACE mortgages (7/20/2016)
FHA says it will now approve purchase and refinance mortgage applications in states that treat clean-energy program (PACE) funding as a special assessment that homeowners pay like property taxes.
NAR-backed condo legislation passes Senate (7/15/2016)
Success: Many Realtors responded to a recent Call for Action, and Congress approved a plan to help FHA buyers secure a condo. It now only needs Obama’s signature.
‘Jumbo’ mortgages now cheaper than smaller loans (7/1/2016)
When it comes to mortgage rates, it’s cheaper loan-wise to buy a big home. Higher-priced loans once required a higher interest rate, but the average rates have currently dropped below those for conventional loans.
Quicken quietly offers 1% downpayment loans (6/29/2016)
Quicken uses Freddie’s Home Possible mortgage program that requires 3% down, but it “grants” qualified buyers 2%, making the out-of-pocket downpayment only 1%.
Downpayment assistance programs keep on giving (6/9/2016)
With downpayment assistance, it’s not just about dollar value. By lowering the total mortgage amount, some Fla. owners can save $50K over the life of the loan.
FHA wants to strengthen reverse mortgages (6/7/2016)
If a proposed rule is approved, lenders who offer reverse mortgages must cap ARM rates, prove that counseling took place and help at-risk owners exit gracefully.
Banks rush to offer 3% downpayment loans (5/31/2016)
If one major bank starts to offer 3% downpayment loans, others often follow. So far, Wells Fargo, Chase and BofA are offering non-FHA, low-downpayment products.
Does your buyer qualify for special financing? (5/31/2016)
Financial help is out there through programs offered by private firms or federal, state and local governments. Overall, a Fla. buyer could potentially find up to 230 special assistance programs available.
Problems related to new TRID rules seem to be over (5/23/2016)
For the second consecutive month, the average time to close all loans was 44 days, suggesting that lenders worked out kinks in the new truth-in-lending laws.
FHA may be reopening doors to condo financing (5/23/2016)
At one time, FHA offered “spot” condo loans even if a complex wasn’t certified, and while those may or may not be coming back, some changes are in the works.
‘Finding a good Realtor’ a transaction high point (5/10/2016)
TD Bank survey: When it comes to mortgages, buyers want access to information online, better training for frontline staff and more seminars or workshops.
Downpayment insurance helps recession-leery buyers (5/4/2016)
For the first time, buyers can purchase insurance that protects their downpayment if real estate values fall. One Fla. bank offers it now but more should follow.
CFPB focuses on mortgage complaints (4/27/2016)
The national consumer advocate says people still complain about mortgage servicers with “dead ends and obstacles resolving issues.” Top one: late payment issues.