March 24, 2011 in FHA Home Buying
To lower costs, newspaper editors are replacing beat writers with “article syndication”. Syndication can be a good strategy, but it requires care. The syndicated article highlighted here is 11 months — and 2 FHA guideline changes — behind-the-times. It’s patently incorrect.
December 10, 2010 in Conforming Mortgages
In Winter 2011, Fannie Mae changed its mortgage guidelines to favor personal income over personal assets. Check the “Cheat Sheet” to see how you’ll be affected.
November 30, 2010 in Conforming Mortgages
In 2011 — for the 6th consecutive year — the single-family conforming mortgage loan limit will be $417,000. The “high-cost” area program is extended, too.
October 12, 2010 in Mortgage Strategy
As compared to the day *after* the expiration of the $8,000 home buyer tax credit, today’s cost of carrying a 30-year fixed rate mortgage to term is lower by $51,000. Mortgage rates are on a 6-month rally.
September 17, 2010 in FHA Home Buying
For the second time in 4 months, the FHA is changing the way it charges mortgage insurance.
September 29, 2009 in Conforming Mortgages
For the second time in 10 weeks, Fannie Mae is toughening its mortgage guidelines again. Again. According to an internal Fannie Mae document, a review of the group’s current “risk appetite, eligibility requirements, mortgage insurance options, and pricing” spawned changes spanning credit scoring, income requirements, loan-level pricing adjustments.
August 17, 2009 in Mortgage Products
It doesn’t take an elephant’s memory to remember that Prime Rate was 8 percent-plus just 2 years ago. A few years before that, Prime Rate neared 10 percent. These are the facts that the banks aren’t selling. Instead, banks and credit unions are dangling low “start rates” as bait and looking for homeowners to bite.