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Recent Posts Tagged With 'mortgage lending'
Putting Mortgage Rates Into Perspective
I’ve heard some folks saying, “Uh oh…mortgage rates are up!” and “Mortgage rates went up a lot (1/4 point) since last week and I’m going to wait for them to go back down.” Yes, mortgage rates may have gone u...
If My Iraq War Veteran Home Buyers Just Got a 3.875% Interest Rate, Why Can’t You?
My Iraq War Veteran first-time home buyers (that’s them in the photo) and I thought we were hearing things when the lender said, “You qualify for a VA loan at an interest rate of 3.875 percent.” But we heard correctly! Qualified Vet...
Good News For Home Buyers Using FHA Financing!
Good news for home buyers using FHA financing! The Federal Housing Administration (FHA) has no plans to implement the Home Valuation Code of Conduct (HVCC), which has been the cause of a wide array of problems for home buyers, sellers and lenders. ...
3rd Largest FHA Lender, Taylor Bean and Whitaker Shut Down
If the Federal Housing Administration is trying to send a message, it just did - using an elephant gun. The country’s 3rd largest FHA lender, Taylor, Bean and Whitaker Mortgage Corp., ceased lending and closed its doors yesterday after being ba...
NAR Survey Shows Negative Impact of New HVCC Appraisal Guidelines
The National Association of REALTORS® just did a survey of members and appraisers regarding the new Home Valuation Code of Conduct (HVCC) appraisal guidelines. The results confirmed what I and others have been saying since May - the HVCC has made th...
Clarification, Some Change Coming to New HVCC Appraisal Rules
As some of you know, the new Home Valuation Code of Conduct (HVCC) was supposed to be a good thing for consumers and the mortgage and real estate industries. But it had quite the opposite and negative effect. But that may be (slowly) changing. The Na...
Buyers Lose Offers, Pay More Thanks to New HVCC Appraisal Rules
The new Home Valuation Code of Conduct (HVCC) rules that went into effect May 1, 2009 were supposed to protect consumers purchasing and refinancing homes by eliminating fraud and inflated appraisals. But the new appraisal rules are having a completel...
Say “Goodbye” to sub-5 percent Mortgage Rates?
Mortgage rates are ridiculously low right now. Words such as “historically” and “unbelievably” are being put in front of “low rate of…” by lenders, the media and consumers alike. But that may changing. And qu...
HUD Approves First Time Homebuyers, Lenders Using Tax Credit as Down Payment
Looks like I spoke too soon… HUD has approved first time home buyers and lenders (mortgagees) using the up-to-$8000 first time home buyer tax credit as a down payment, to pay closing costs and/or buy down the interest rate. The official HUD let...
What’s Up With the $8K Homebuyer Tax Credit Being “Monetized”?
On May13, HUD Secretary Shaun Donovan said that the Federal Housing Administration (FHA) is going to permit its lenders to allow first time home buyers to use the $8000 tax credit as a down payment (aka “monetize” the tax credit). The nex...
How New Appraisal Guidelines Will Affect You
The way appraisals are done and handled is changing dramatically thanks to the new Home Valuation Code of Conduct (HVCC). Rhonda Porter wrote a good post explaining the changes over at Rain City Guide. Here’s an excerpt: In a nutshell, mortg...
FHA to Allow $8K Tax Credit as Downpayment
There is great news for first time home buyers… HUD Secretary Shaun Donovan said that the Federal Housing Administration (FHA) is going to permit its lenders to allow first time home buyers to use the $8,000 tax credit as a downpayment. Donova...
Mortgage Rate, Lending Guidelines Round-Up - February 14, 2009
After dropping over 1 point over the last few months, mortgage rates are back up hovering just over 5 percent. Mortgage rates took a little dip last Tuesday after Tim Geithner's less-than-detailed/non-specific speech about the government's financial ...
Changes to FHA Guidelines Mean More Money Down
Changes to FHA guidelines going into affect January 1, 2009 will make it more expensive for borrowers to use FHA financing. Current FHA guidelines require a borower to make a 3 percent total investment in a home purchase. A little more than 2 percent...
Mortgage Rate Update: 4 Year Lows, Cheaper for Buyers than Refi's
The 30-year fixed-rate mortgage rate averaged 5.47 percent with an average 0.7 point for the week ending December 11, down from 5.53 percent last week and 6.11 percent a year ago. The rate hasn't been lower since March 25, 2004, when it averaged 5.4 ...
Loudoun Mortgage Rate Round-Up - November 28, 2008
If you're a home buyer right now, you're loving life. Prices are down and mortgage rates have plummeted over the last few weeks. The national average is back under 6 percent - 5.91 percent with .13 in discount and origination points, to be exact. Loc...
Interest Rates Drop As Fast As They Rise
Just last week, interest rates took their biggest jump in 21 years. Today, they dropped almost as much as they rose last week - almost a 1/2 point. The national average for a 30-year fixed-rate mortgage (with no points) went from 6.74 percent to 6.32...
Mortgage 101 - Resources and Information
Buying a home and obtaining a mortgage can be stressful, particularly for first time home buyers. You probably have tons of questions especially when it comes to mortgages and lenders. "What type of mortgage loan should I get?" "What does PITI mean?"...
How The Fed Bailout Affects You and Your Ability To Get a Mortgage
The question I've been hearing a lot lately is "How will the Fed bailout affect my ability to get a mortgage?" I came across a short and sweet explanation of the bailout's affect on mortgages over at Bankrate.com and wanted to share it with you here....
Mortgage Guidelines More Important Than Mortgage Rates
Many buyers worry about one thing when it comes to a mortgage - the rate - and they pay little attention to mortgage guidelines. But in these market conditions, mortgage rates should be no higher than number 2, if not number 3 on the "worry list" wit...
Mortgage Rate Round-Up - September 13, 2008
This was a great week for borrowers locking in their rate - rates plunged almost half a point. Rates are below 6 percent. Several loan officers I spoke with yesterday said that they saw rates as low as 5.75 percent with no points. Why did rates sudde...
