“Liar Loans” - RIP - October 1, 2009
Liar Loans To Be Prohibited
No income verification and stated income mortgage loans have been available to borrowers for many years. As originally conceived, a no income verification loan was a sound product, offering highly qualified borrowers [...]
Mortgage Refinances Drop 11% As Rates Remain Low
Refinances Decline as Rates Stabilize
The latest weekly survey from the Mortgage Bankers Association showed a decrease of 6.3% in mortgage loan applications. Application volume compared to the previous year increased by 16%.
The interesting aspect of the latest [...]
Elderly Americans Last Refinance - Reverse Mortgages
Reverse Mortgages - More Easy Lending
As originally conceived, reverse mortgages were designed to fulfill a legitimate borrowing need. Reverse mortgages were developed for elderly Americans who had a mortgage free home with substantial equity and wanted to [...]
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 [...]
HUD Imposes Dramatic Restrictions On FHA Cash Out Refinances
FHA Tightens Rules Again
First there was an increase in the required credit scores to be eligible for FHA financing. (See FHA Increases Minimum Credit Score Requirement). Now comes a major tightening of the rules on FHA cash [...]
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 [...]
Banks Restrict Mortgage Lending To A+ Customers Only
Latest Changes Eliminate More Borrowers From Mortgage Market
As written previously, for those without impeccable credit, adequate income and loan to value below 70%, the low advertised rates are not available. See All Time Low Rates For A++ [...]
Fannie and Freddie - The New Subprime Lenders
Fannie and Freddie Impose Huge Fees On Borrowers
Freddie Mac last week announced additional fees for condo owners who refinance, effective April 1, 2009. The fee mirrors a similar charge imposed by Fannie Mae last year. Both Fannie [...]
All Time Low Mortgage Rates For A++ Borrowers Only, Fed’s Efforts Futile
As discussed on December 31, 2008 many homeowners attempting to lower their mortgage rate apply for a refinance, only to discover that they do not qualify for the “low advertised rate” (Few May Benefit From Lower Mortgage [...]
