Are You The “Perfect” Mortgage Borrower?
Low Rates But Large Fees
Only the perfect borrower gets the lowest advertised mortgage rate in today’s market. Many mortgage borrowers are now subject to various fees based on credit score, loan to value, property type and loan [...]
Banks Offering 3.875% Fixed Rate Mortgages
TARP Dollars Deployed
Two Washington State banks are now offering 30 year fixed rate mortgages at 3.875%.
SPOKANE, Wash. – Spokane-based Sterling Savings Bank and Walla Walla-based Banner Bank are offering mortgages at interest rates below 4 percent to [...]
Feds Say FHA May Need Taxpayer Bailout
FHA Bailout Appears Likely
Government officials said that a taxpayer bailout of the FHA appears likely based on increased mortgage defaults. The FHA has traditionally had higher default levels than Fannie Mae or Freddie Mac due to more [...]
Would Mortgage Rates At 3.625% Stimulate Home Purchases?
The Limitation of Low Rates
The Fed has done everything under its power to bring down mortgage rates and the best customer today can get a 30 year fixed rate mortgage at around 4.75%. Despite the all time [...]
FHA - Ready To Join Fannie And Freddie
Multiple Reasons For High FHA Default Rates
Massive default rates in the FHA loan program are starting to raise a few eyebrows. Without major reform of fundamentally poor lending policies, the FHA could soon join the failed ranks [...]
30 Year Fixed Rate Of 3.5% Likely As Mortgage Rates Plunge
Fed Goes All In
The Federal Reserve announced that it intends to purchase massive amounts of mortgaged backed securities and long term treasury debt. Yields on the 10 year treasury, from which mortgage rates are based, saw [...]
Does The FHA Owe You A Refund?
FHA MIP
Any one who has paid off an FHA mortgage loan may be entitled to a refund of a portion of the mortgage insurance premium (MIP) that was paid by the borrower upfront when the loan [...]
Major Lenders Publish FHA Loan Limit Increases
CitiMortgage, along with other major lenders published their FHA loan limit increases. The higher temporary FHA loan limits were authorized as part of the Economic Stimulus Act of 2008. CitiMortgage will begin accepting FHA loan registrations as [...]
FHA Increases Minimum Credit Score Requirement
FHA And VA Increase Credit Score Requirement
Effective March 6, 2009, a minimum credit score of 620 will be required to be eligible for FHA and VA loans.
The credit score requirement had recently been changed less than a [...]
