The mortgage lending landscape changes a lot.  Rates and guidelines are in constant flux, and it creates preparedness challenges for buyers that aren’t paying in cash. The loan you get today won’t always be the loan you get tomorrow. Because of how frequently bank rules are changing, it...

FHA home loans are federal assistance mortgages made by lenders, and backed by the government. The FHA doesn’t make loans to homeowners — it insures loans made to homeowners by federally-qualified lenders. By all accounts, FHA home loans are surging in popularity. 2006, FHA insured 3.3%...

Consider this a last call for FHA Streamline Refinances.  Starting next Tuesday, the popular rate-lowering program gets strict on borrowers. There’s 5 days left. Under the current streamline refi guidelines, FHA homeowners have minimal program eligibility requirements. FICO scores must be 620...

According to the government, home values edged lower last month. The Federal Housing Finance Agency’s Home Price Index report shows values down by 0.3 percent from the month prior – the index’s first down month since April. The Home Price Index is based on the value of homes financed...

Beginning November 17, 2009, the FHA will make it harder to qualify for its popular Streamline Refinance program. Available exclusively to homeowners with existing FHA home loans, the streamline program is meant to help homeowners reduce mortgage payments as simply as possible. As such, the program carries...

This update contains the pertinent changes to FHA Streamline Refinance guides as outlined in Mortgage Letter 2009-32 and are effective on November 17th, 2009.. Here are the 11 things you need to know about these changes: 1. Current loan must have 6 months payment history. 2. Current loans with 6...

If you plan to use the First-Time Home Buyer Tax Credit program, time is running out.  The program expires November 30, 2009 and closing on a home can take up to 60 days. That leaves you 6 weeks from today to find a home and go under contract. The First-Time Homebuyer Tax Credit program was passed as...

Statistics show the National average of Owning vs. Renting will only cost consumers an additional $70 a month.

I am sure you have heard all the Hype about the new ability about Using the $8,000 First Time Homebuyers Tax Credit as a Down Payment.  Not so FAST! As a lender on the Broker side I am all over this; I have queried multiple lenders and have included there response. In short not one lender has implemented...

Hopefully rates do not follow the trend of Monday.  Mortgage Backed Securities shed roughly 31bp which translates into an increase in consumer Mortgage rates. This week, there isn’t much data to watch and, because of Memorial Day, trading will be very light towards Thursday and Friday. It’s...