Lenders say it’s easier to get a mortgage (11/30/2016)
Genworth Survey: 50% of industry executives think underwriting standards are still overly restrictive, but that’s down from 61% who said so last year.
Buyers afraid of rising rates? Put it in perspective (11/28/2016)
Higher interest rates could hurt buyers shopping for homes at their budget’s upper limit, but rates are still historically low even after the recent increases.
Conforming mortgage limits go up in 2017 (11/28/2016)
For the first time since 2006, the federal government has increased the maximum amount of a conforming loan by $7,100, boosting it to $424,100 in most regions.
FHA found financial footing – ready for more buyers (11/16/2016)
New 2016 report finds that FHA lending is good to go. It passed mandated backup-funding levels for the second year in a row, and NAR says FHA is ready to help even more borrowers secure a mortgage.
Don’t believe myths about reverse mortgages (11/16/2016)
A reverse mortgage might be a wise financial option for older adults – or not. However, a lot of misinformation can be ignored.
Fla. has 238 downpayment assistance programs (11/14/2016)
Only Calif. has more, though the number of programs varies by area. And while down nationally, more areas are launching programs for community service workers.
1 in 5 mortgage borrowers regret their decision (11/10/2016)
The rate is even higher – 1 in 4 – among first-time buyers. Some regrets stem from poor customer service; others feel they weren’t told about all their options.
What if a possible listing has a reverse mortgage? (11/9/2016)
A reverse mortgage, part of HUD’s HECM program, is insured against loss by the FHA – but various programs could affect a potential home sale in different ways.
New refi mortgage adds student loans to principal (11/8/2016)
The new product from online lender SoFi works like a cash-out refi, but it’s cheaper and allows borrowers to pay a lower interest rate on student loans.
HUD sets FHA requirements for condo financing (10/27/2016)
If a condo buyer wants FHA funding in a low-occupancy complex, the developer must show higher reserves, few dues in arrears and proof of its long-term stability.
Fannie and Freddie plan to streamline underwriting (10/25/2016)
Mortgage loans could be less expensive and underwritten faster under new Fannie Mae and Freddie Mac guidelines. The new rules could affect over half of all mortgages originated in the U.S.
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.
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.
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.
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.