Archive for the ‘Mortgage Guidelines’ Category
Planning to use an FHA-backed mortgage for your next home loan? You might want to get your application in gear today.
Tags: fha, MIP, UFMIP
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Beginning mid-June 2012, certain current, FHA-backed homeowners will be able to refinance their existing FHA mortgage into a new one, without having to pay the government-backed group’s new, costly mortgage insurance premium schedule.
Tags: fha, MIP, UFMIP
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Beginning April 1, 2012, the FHA is once again raising its mortgage insurance premiums.
Tags: fha, MIP, UFMIP
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The FHA is insuring a greater percentage of loans than during any time in recent history. In 2006, it insured roughly 5 percent of the purchase mortgage market. Today, it insures one-quarter. “Going FHA” is more common than ever before — but is it better?
Tags: Conforming, fha, Mortgage Insurance
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If you live in a high-cost area, keep an eye on your calendar. Effective October 1, 2011, temporary conforming loan limits will be lowered nationwide. Perhaps by as much as 14 percent.
Tags: Fannie Mae, High-Cost Area, Loan Limits
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The Federal Reserve’s quarterly survey of senior loan officers revealed that an overwhelmingly majority of U.S. banks have stopped tightening mortgage requirements for prime borrowers.
Tags: Federal Reserve, Loan Officer Survey
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If you have an adjustable-rate mortgage that’s due to reset this season, don’t rush to refinance. For at least one more year, you can benefit from low rates and low payments. As for the next adjustment, though, that’s anyone’s guess.
Tags: ARM, ARM Reset, LIBOR
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Beginning April 1, 2011, Fannie Mae is increasing its loan-level pricing adjustments. Conforming mortgage applicants should plan for higher loan costs in the months ahead.
Tags: LLPA, Mortgage Rates
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Mortgage rates remain low but qualification standards do not. Last quarter’s banking survey shows that guidelines may be loosening, though. It’s another good sign for housing.
Tags: Federal Reserve, Mortgage Approvals
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Fannie Mae rolls out new mortgage guidelines Monday. Therefore, if you’re in the process of applying for a conforming home loan, consider giving your complete application by the close of business Friday.
Tags: Fannie Mae, Gift Funds, Mortgage Guidelines
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According to the Federal Reserve’s quarterly survey of senior bank loan officers, roughly 1 in 10 lenders added mortgage qualification hurdles between April and June. It’s a huge departure from just 2 years ago when the mortgage industry was facing its first wave of challenges.
Tags: Federal Reserve, Mortgage Guidelines
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The New York Times ran an important story this week concerning pregnancy and mortgage approvals. Titled “Need a Mortgage? Don’t Get Pregnant”, the article discussed the difficulties that expecting and recently-expanded families are having with their mortgage financing.
Tags: New York Times, Pregnancy, The Today Show
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If you plan to finance your home with a conforming interest only mortgage, get your loan application submitted no later than this Friday, June 18. Starting next week, Fannie Mae is clamping down on the popular loan product.
Tags: Fannie Mae, Interest Only Mortgage
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A new loan quality initiative from Fannie Mae is making it harder for home buyers and refinancing homeowners everywhere to close on a mortgage.
Tags: Credit Repull, Fannie Mae, LQI
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As lenders tighten mortgage guidelines, minimum downpayment requirements are increasing. It’s leading to an increase in the number of buyers accepting cash gifts from family. There’s a right and wrong way to accept a gift.
Tags: Cash Gifts, Gift Letter
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A mortgage approval is never final until it’s funded. A host of things can “go wrong” while your home loan is underway. Some are in your control, many more are not. And just being aware of some potential pitfalls could help save your loan down the road, and your peace of mind today.
Tags: Mortgage Guidelines, MSN Money
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The Federal Reserve says that financial markets “remain supportive of economic growth”. Residential mortgage guidelines, however, continue to tighten. If you’ve applied for a home loan recently, you probably felt it; extra scrutiny on income, assets and credit scores, among other things. The hard proof of the changes, however, can be found in the Federal Reserve’s quarterly survey of its member banks.
Tags: Fannie Mae, Federal Reserve, Senior Loan Officer Survey
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For the first time this year, Fannie Mae announced significant updates to its mortgage underwriting guidelines. The changes include newer, harsher ARM qualification standards, the elimination of a once-popular loan product, and tighter rules for interest only mortgages.
Tags: Fannie Mae, Interest Only, Mortgage Guidelines
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If your pre-qualification and/or pre-approval letter is more than 8 weeks old, it would be prudent to have your lender “re-pre-approve” you. Mortgage guidelines have been in flux and your original lender letter may now be invalid.
Tags: Pre-Approval, tax credit
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