Image via Wikipedia Thursday morning April 2, homeowners in different parts of the country awoke to find similar-sounding newspaper headlines: Rates on 30-year mortgages sink to 4.78%, a new low (LA Times) Mortgage rates at record low for 2nd week (Miami Herald) Mortgages hit another record low...

If you’re in need of a cash out refinance, the most liberal cash-out program in town is about to make qualification more difficult. Effective April 1, 2009, the FHA is reducing the maximum loan-to-value on cash-out refinances by 10 percent, dropping the loan size limit from 95% of the home’s...

The basis of most mortgage lending is credit scoring.  In general, the higher a person’s credit score, the lower his offered mortgage interest rate. Despite the many credit scoring models in use today, however, just 3 are relevant to American homeowners: The Equifax BEACON® score The Experian...

When the White House first introduced the Making Home Affordable program in February, it was positioned as a mortgage program with two goals: To help financially-needy homeowners get mortgage relief To help homeowners who’ve lose equity qualify for today’s low rates Wednesday, in a much-anticipated...

Mortgage Rates started the week in a positive manner improving as MBS posted a 31pb gain.  See Monday March 2, 2009 Mortgage Rates.  The DOW on the other hand started the month like a lamb, to date the DOW is down 22.9% . Wednesday, the White House is expected to release the details of the Homeowner...

As part of the stimulus package passed last week, Congress authorized a temporary increase to conforming loan limits in certain high-cost parts of the country. “High cost” is defined by a regions’ median sales price. With the temporary increase, a greater share of Americans can now...

As far as financial awareness is concerned there are multiple factors to take into consideration when weighing the benefits of purchasing a home.  Yes there are tax breaks and credits and we are looking at the possibility of massive inflation.  “Is Now A Good Time To Buy A Home?”  As discussed...

Conforming mortgages are limited by loan size, based on “typical” housing costs around the country.  The current conforming limit on a single-unit property is $417,000. In 2008, as part of the Economic Stimulus Act of 2008, Congress authorized conforming loan limits increases in “high-cost”...

Tax Credit for Homebuyers First-time homebuyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit.  Remember a tax credit is very different than a tax deduction – a tax credit is equivalent...

Fannie Mae rolled-back one of its least popular mortgage guidelines updates of the last 12 months. Effective March 1, 2009, real estate investors can once again own and finance up to 10 individual properties. The restriction reversal does come with new minimum requirements, however. Homeowners buying...