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Recently Published: FHA Has New Rules If you didnt have a 20% down then the FHA was likely on your short list of lenders. FHA as well as Freddie Mac and Fannie Mae had an unspoken political mandate to make home ownership affordable to those with less than perfect credit or resources. For the first time in 75 years FHA will tighten up its lending structure...Read More Reverse Mortages Can Help You Buy A New Home Congress passed new rules to help seniors who have been severely hurt by the economy. Pension plans and lower home values have caused many to have difficulty moving into assisted living or closer to family. The new reverse mortgage purchase mortgage brings help now. Congress Creates a New Liquid Market You can purchase a principal residence without a mortgage payment using a Federally Insured Purchase Reverse Mortgage. For those individuals with cash who want to move closer to family or buy into a senior housing community, its an option. For Realtors, its a market. Mortgage Bankers Weekly Update : Mortgage Applications Decrease Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey. The survey keeps a pulse on the housing markets, the cost and availability of real estate loans and offers economic forecasts. read more... Loan Modification: A Primer A Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford. How they work.... FHA Losses: What it Means Its capital reserves have fallen below the threshold mandated by Congress. The FHA has no recourse but to find ways to reduce their portfolio risk. Generally, when an investment portfolio needs to lower its risk profile, it means that requirements will tighten..read more FHA and Fannie Mae Propose Rule Change Because of ongoing weakness in the real estate sector, the institutions that have filled the vacuum left by lenders, have run into trouble... they need to change the rules. read more.. Fannie and Freddie Mae Get a Blank Check For Christmas The Obama Administration changed the rules on Christmas Eve, and gave Fannie Mae and Freddie Mac a blank check through 2012. It indicates more bad news than many had thought..read more.... FHA Financing Now Available For REO Properties Buyers of REO property will now have access to FHA mortgage insurance. HUD will allow FHA financing for buyers of REO property. This is a temporary waiver of policy, good for one year...read more Freddie Mac Weekly Mortgage Update: Mortgage Rates Stable and Low Freddie Mac today released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage averaged 5.01 percent with an average 0.7 point for the week ending February 4, 2010, up from last week when it averaged 4.98 percent. Last year at this time, the 30-year FRM averaged 5.25 percent. Read more... Mortgage Glossary Legalese getting you down?....Here is a large glossary of mortgage terms to help you sort it out. Shopping for the Best Mortgage Shopping around for a home loan or mortgage will help you to get the best deal. A mortgage is a product, just like a car, so the price and terms are negotiable. Learn how to get the best deal you can. Mortgage Shoppers' Rights This may be the largest and most important loan you get during your lifetime. You should be aware of your rights before you enter into any loan agreement. You have the RIGHT to shop for the best loan for you and compare the rates and fees of different mortgage brokers. Home Equity Credit Line A home equity credit line of credit is a common way to use the equity in your home. But there are other options too. Read this article and the one below to understand second mortgages and lines of credit as well and decide which is best for you. Check our rate quotes and comparison shop it for savings. Lines Of Credit Vs. Traditional Second Mortgage Loans Lines of credit vs. traditional second mortgage loans. Whats the difference? Here is a good discussion of how to compare and make the right choice for you. Mortgage Lock-Ins - What are they Mortgage Lock-Ins - What are they? If you use them they can hold a lower rate but you must know what lenders expect of you. Read here to give yourself an edge... Mortgage Fees - What are they? Closing costs, settlement fees, application fees and more. Know the difference between legitimate fees and so called "junk fees". Reverse Mortgages: Get the Facts In a conventional mortgage, you make monthly payments to the lender. But in a “reverse” mortgage, you receive money from the lender and generally don’t have to pay it back for as long as you live in your home. Good tips on getting a the right deal. EEM Energy Efficient Mortgages and Energy Improvement Mortgage. Did You know that you can finance new appliances or solar programs and more with your mortgage or refi? Also, tips on where to find money for all your energy saving upgrades! Reverse Mortgages Reverse Mortgages are a good way to pull equity out of your house in the later years. But be careful, there are things you need to know. A good discussion on how it works and the consequences of using this tool. Its a must read if you are considering a reverse mortgage
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