FHA Toughens Down Payment Rules
The Federal Housing Administration will raise the minimum down payment for its least credit-worthy borrowers, the agency announced Tuesday. The change is among a number of major changes the FHA is making to ensure its long-term financial soundness. Borrowers with credit-rating scores below 580 will be required to put down at least 10 percent. Those [...]
39% of Recent Buyers Used FHA Loans
According to the most recent REALTORS® Confidence Index, 39 percent of recent buyers purchased a home with a Federal Housing Administration-insured loan. REALTORS® who took part in the November survey also reported that the number of first-time home buyers continued to climb to 51 percent. “FHA helps provide affordable mortgage financing to home owners, particularly [...]
Mortgage Delinquencies to Improve by Year-End 2010
National mortgage loan delinquencies — borrowers with loans that are 60 days or more past due — will drop by nearly 3 percent by the end of 2010, according to the annual credit forecast by TransUnion. The projected decrease would reverse a trend in which mortgage delinquencies posted year-over-year increases of 54 percent between 2006 [...]
One-Fourth of Borrowers are Underwater
According to a recent report by research firm First American CoreLogic, more than 23 percent of U.S. homeowners with mortgages owe more on their properties than they are worth. Another 2.3 million homeowners are within 5 percent of being underwater. About 5.3 million U.S. households have mortgages that are at least 20 percent higher than [...]
Bank of America now top lender
Wells Fargo relinquished its title as the top mortgage lender in America during the third quarter of this year. Bank of America jumped into the top slot and Wells Fargo slipped to number two as its loan origination volume dropped 25 percent from the second quarter. JP Morgan Chase secured the third spot, despite a [...]
House Committee Weighs Revamp of HVCC
We all remember last May when the new appraisal system imposed by Fannie Mae and Freddie Mac sent shock waves through the real estate market. Well, the Washington Post recently reported that the new “Home Valuation Code of Conduct” could already be on its way out. The code could be terminated by the proposed Consumer [...]
Important: Extended Tax Credit Not Yet Approved
In response to current media reports, please note no formal vote has been taken on the floor of the U.S. Senate regarding extension of the U.S. home-buyer tax credit. Thus far, only U.S. Senate leaders of both parties, key Senate Finance Committee members, and tax credit sponsors Dodd-Lieberman-Isakson have agreed on extending and expanding the [...]
Federal Home Loan Bank of Boston cutting 5% of Expense Budget
The Federal Home Loan of Boston has just announced that they have reviewed their budget and will be cutting back 5% of their budget expenses, a savings of $3 Million annually. They will reach this goal with a combination of salary cuts, other expense reductions and also an elimination of 18 employees. It seems like [...]
First-Time Buyer Tax Credit Extention Possible
Bills to extend the maximum $8,000 tax credit for first-time home buyers are pending in both the U.S. House and the Senate. The current credit is due to expire on Nov. 30. Sen. Christopher J. Dodd, a Connecticut Democrat and chairman of the Senate Banking, Housing, and Urban Affairs Committee, is co-sponsor of a bill [...]
Mortgage Trends with Brian Cavanaugh
Are mortgage rates going up? Are mortgage rates going down? I am a regular participant in the Bankrate.com Mortgage Rate Trend survey and this week’s survey may point you in the right direction. The Bankrate.com survey is for conforming mortgages only. It is not specific to Cincinnati, nor does not apply to FHA mortgages, VA [...]
