High Cost Loan Limit Drop Could Hinder Borrowers in 2009
As the New Year gets underway, a number of new laws are in effect, including things like bans on texting while driving.
With regard to mortgage, loan limits have also changed, which could mean big, bad surprises for those looking to refinance or purchase a new home in more expensive areas of the country.
As of January 1, the so-called high-cost conforming loan limit fell roughly 14 percent from $729,750 Read more
Payday Loan Lender
Finding yourself in need of immediate cash is all too common these days. There are many reasons for this, including medical bills, unexpected travel, home repairs, car repairs and several other unexpected expenses. A payday loan lender has a solution for your short term financial needs. A payday loan lender can easily be found, both in your local city and also online. Payday loans are a quick and convenient way for one to get a short term loan. Read more
Home Loan Apps Rise Slightly as Mortgage Rates Look to Fall
Mortgage application volume rose a modest 1.5 percent on a seasonally adjusted basis for the week ending November 21, the MBA reported today.
On an unadjusted basis, the home loan application index actually fell one percent compared to the previous week and was down 21.9 percent compared to the same period a year ago.
Refinance applications slipped 2.1 percent, while purchase applications and FHA lending Read more
FHA Loan Production More Than Doubles in Fiscal Year 2008
FHA lending is popular.
During fiscal year 2008, the FHA endorsed over 1.2 million single-family mortgages, up from 532,000 a year earlier, HUD said in its annual report.
That figure includes 111,661 Home Equity Conversion Mortgages (reverse mortgages), with the grand total representing $177 billion in new mortgage endorsements, up from $60 billion in 2007.
HUD credited the recent rise in FHA Read more
Government Announces Loan Modification & Foreclosure Prevention Plan
On Tuesday, the Bush Administration laid out a plan to rescue struggling homeowners and put an end to the crippling housing market.
The plan is based around the mortgages held by now government-run Fannie Mae and Freddie Mac. The details of the plan are as follows:
What homeowners are eligible? This plan, like many others, is only available for mortgages on homes in which the owner lives in. Even further restricting, the homeowner Read more
Mortgage Loan Activity Drops 20.3%
The number of Americans seeking a mortgage to purchase a home or refinance an existing loan fell more than 20% last week, according to a weekly report issued today by the Mortgage Bankers Association (MBA).
Applications for a mortgage to purchase a home fell 13.9% while refinance applications fell 27.8%.
Chief Economist Bob Walters of the nation’s largest online lender, Quicken Loans, says the decrease is reflective Read more
Streamlined Loan Modification Program Unveiled
The FHFA has announced details of a streamlined loan modification program similar to the one in place at Indymac Federal Bank, aimed at helping seriously delinquent borrowers.
The aptly named “Streamlined Modification Program” is a collaboration of the FHFA (Fannie and Freddie’s new regulator), FHA, Treasury, and Hope Now (along with its 27 servicer partners), but does not provide any direct government Read more