Federal Housing Administration (FHA) announced some lending changes. If you or someone you know is considering an FHA loan, some of these changes may affect you. Here’s a brief review of the major changes. Increased mortgage insurance – The mortgage insurance premium (referred to as private mortgage...

The Federal Housing Finance Agency has extended the government’s Home Affordable Refinance Program by 12 months. HARP’s new end date is June 30, 2011. Originally known as Making Home Affordable, HARP aims to help homeowners refinance their mortgage who may otherwise be ineligible because...

The economy’s improving but lending standards are not. Nationally, banks are making mortgage approvals harder to come by. Underwriting guidelines are tightening. The data comes from the Federal Reserve’s quarterly survey to its member banks.  The Fed asks senior bank loan officers around...

A “Short Sale” is when a home seller sells his home for a lesser amount than what is owed on his mortgage, and the mortgage lender agrees to accept the lesser amount in lieu of a full payoff. By way of example, a Short Sale may be appropriate for a home seller whose mortgage balance is...

Data was sparse through 2010’s first trading week last week, setting the stage for a week of momentum trading. In up-and-down trading, mortgage pricing improved overall but the best rates of the week didn’t last long. Rates improved Monday and Tuesday as an oversold market corrected itself...

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%...

Fannie Mae raised the bar for mortgage applicants this past weekend.  Getting approved for a home loan just got harder. In its official announcement, Fannie Mae says the updates minimize long-term lending risks.  If that’s the case, this won’t be the last guideline change Fannie Mae...

Despite the economy’s improvement and prodding from Congress, banks don’t seem ready to open their purse strings just yet. Nationally, mortgage approval standards are tightening. The data comes from a quarterly survey the Federal Reserve sends to its member banks.  The Fed asks senior...

Mortgage markets were volatile last week, making it very difficult to shop for mortgage rates. On most days, lenders issued multiple rate sheets with the trend putting rates higher in the morning, and lower in the afternoon. Overall, mortgage rates were unchanged on the week. It broke a three-week streak...

The new Good Faith Estimate makes its debut January 1, 2010. Expanded from 1page to 3, the legislators responsible for the new Good Faith Estimate want it to be simpler for homeowners and home buyers to understand than the former version. By most accounts, Congress will meet this goal. The new Good...