New 3% downpayment programs will become available in December 2014, thanks to Fannie Mae and Freddie Mac. According to a Bloomberg news report, the companies will start offering this low downpayment program beginning December 13th. Currently, Fannie Mae and Freddie Mac make up more than half of new home loans. They have allowed down payments as [...]
Five things lenders want to know about your credit is a post from Motley Fool, and it has very good information for homebuyers. I've adjusted them a little to put my take on them. 1) Tell your lender everything about your finances. Yes. Everything. Your credit report will show it all, or something may show [...]
The Government shutdown is affecting most mortgages, according to an email I received from a lender. Though FHA announced they would continue processing applications during the shutdown, there are many other loan types, and it turns out, all of them may be affected in some way. Why would your conventional mortgage be affected? 1) The IRS [...]
Despite plans to the contrary, the Federal Housing Administration (FHA) today said that FHA loans will continue to be processed during the government shutdown. Originally, FHA said that they would not be able to process loan applications due to the fact that 96% of their employees will be furloughed, according to an article by CNNMoney. [...]
A question I often hear from buyers is, "Why do I need to talk to a lender?" There are a number of reasons, the first being that you can find out how much of a home you truly can afford -- based on monthly payments, not just the price of house. On paper, you may [...]
A question that many buyers have been asking is whether they should buy a house now, or wait until prices drop. Guest blogger, George Kennedy, of Wells Fargo Home Mortgage, offers some thoughts in his post. Should I wait for prices to drop? The question should not be whether or not house prices will fall, [...]
What do I need for loan application? ...And why is this additional information being requested of me? What are the underwriters looking for? Thank you to J. Christopher Kennedy of 1st Mariner Mortgage in Downtown Baltimore for some answers to mysteries of loan application and approval process. Why are you asking this? Too often buyers [...]
This Month in Real Estate August 2010 has been released. As I mentioned in my July 15 post, "Mortgage Rates at Lowest Point in Five Decades," mortgage interest rates have dropped to their lowest level in the past 50 years. On July 29th, that number was 4.54%! Freddie Mac's current average interest rate is at [...]
News came out yesterday in a New York Times report that there were loan denials to people because of the fact that one member of the family was expecting a baby, and now HUD is going to investigate the possible loan denials to pregnant borrowers. Shaun Donovan, of HUD, stated to the New York Times: [...]
Mortgage rates are at the lowest point they have been in five decades. The national average is 4.57% for a 30 year fixed conventional loan. MSNBC reports that: Rates have fallen over the past two months. Investors, concerned with the European debt crisis, have poured money into the safety of Treasury bonds. Treasury yields have [...]