WASHINGTON – Picture this: You're eager to take advantage of today's troubled real estate market and buy a foreclosed house at a fire-sale price. The problem is you don't have much money for a down payment. And your credit files are scuffed up with late payments. But can they really do what they claim? According to a complaint by the FTC filed in U.S. William I. Kenneth R. More
If you put less than 20 percent down on a home mortgage, lenders often require you to have Private Mortgage Insurance (PMI). PMI protects the lender if you default on the loan. The Homeowners Protection Act of 1998 - which became effective in 1999 - establishes rules for automatic termination and borrower cancellation of PMI on home mortgages. For these loans, your PMI may continue. More
First-Time Homebuyer Credit Comparison Chart
Housing and Economic Recovery Act of 2008
American Recovery and Reinvestment Act of 2009
Worker, Homeownership and Business Assistance Act of 2009
Effective for purch More
If you're planning to apply for a refinance or purchase home
loan, it's always a good idea to shop around with at least three different
lenders to make sure you're getting the best deal. Even more important than just
shopping around is that you shop right,
meaning you know the right questions to ask to make sure you’re comparing loan
offers that are truly apples to apples. More
Here is my comments to an article from SeekingAlpha.com. The original can be found at: http://seekingalpha.com/article/156363-end-of-recession-predictions-look-increasingly-flawed
I do not believe the economy will change if the people running it are the same guys that put us into this tailspin. Goldman Sachs had a great quarter with bailout money. Who will take up the slack? More
If you are a mortgage holder who is either struggling with crushing payments, bitter for having overpaid for your home during the bubble, or who has extravagantly refinanced when prices were rising, the government's landmark $700 billion bailout package has an important message for you: stop making your mortgage payments . . . immediately. Here's why. More
By Barbara Hagenbaugh, USA TODAY
WASHINGTON — The Federal Reserve, battling recession and a fearsome credit crunch, cut interest rates by a hefty three-quarters of a percentage point Tuesday and said the economic outlook has deteriorated, suggesting more rate cuts could be on the way. The cut matched the most aggressive move since they began targeting the rate in 1990. More
New mortgage rules the Consumer Financial Protection Bureau announced Thursday will change how lenders decide if borrowers qualify for adjustable-rate mortgages. The "ability to repay" rule, which goes into effect in January 2014, requires lenders to consider more than just the loan's initial interest rate in determining whether someone can afford the loan. Consider a 5/1 ARM. More
You may have seen reports that the federal government is proposing new mortgage-finance rules under which only home purchasers who can afford a minimum 20 percent down payment on a conventional loan would get a shot at the best available interest rates and terms. Freddie Mac, for example, has an overall debt-ratio limit of 45 percent of an applicant's stable monthly income. Tough. More
You might think not, but two new legal actions by federal fair lending regulators suggest the mortgage industry — and even federally run financing giants Fannie Mae and Freddie Mac — may need to address the issue. In one case, a Seattle physician settled a discrimination complaint with Cornerstone Mortgage Co., a national mortgage banking firm based in Houston. . . Kenneth R. More