What Does the HVCC mean to mortgage lending - 06/30/08 08:42 AM
HVCC stands for Home Valuation Code of Conduct. It's intended to eliminate the opportunity for consumers and mortgage lenders to exert influence on the apprisal process and is schedulded to take effect January 2009.
It proposes to accomplish this by setting up an inependent 3rd party to randomly assign appraisers to mortgage … (1 comments)
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Home Sales INCREASE in May! - 06/26/08 05:49 PM
The National Association of Realtors said today that existing-home sales increased two percent in May to a seasonally adjusted rate of 4.99 million units.
The median existing-home price for all types of housing stood at $208,600 last month, down 6.3 percent from a year earlier when the median was $222,700.
Total … (2 comments)
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Illinois Attorney General Sues Countrywide for alleged deceptive loan practices - 06/25/08 12:33 PM
June 25, 2008 (UPI) Illinois Attorney General Lisa Madigan said she would sue the nation's largest mortgage lender for overselling risky loans.
The lawsuit accuses Countrywide Financial and its Chief Executive Officer Angelo Mozilo of inflating incomes for loans and misleading customers with hidden fees and false advertising. The suit also … (0 comments)
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Pick A Pay / Payment Option Loans go on the endangered species list - 06/25/08 12:18 PM
Payment Option Loans -Days may be numbered
Just last week Washington Mutual announced that it would no longer originate negative amortization loans.
Recently Waucovia sent a memo to mortgage brokers that it intends to send a letter to their clients who chose payment option programs to verify they fully understood these … (0 comments)
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FHA modifies 90 day wait period designed to avoid inflated values by flipping homes. - 06/25/08 09:12 AM
The rule as originally stated:
To be eligible for a mortgage insured by FHA, the property must be purchased from the owner of record and the transaction may not involve any sale or assignment of the sales contract. This requirement applies to all FHA purchase money mortgages regardless of the time … (1 comments)
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Is real estate still a good investment? - 06/23/08 11:27 PM
With all the negative news about declining values many chat rooms seem totally preoccupied with the merits of renting vs. buying in today's market.
From my perspective the primary factor has always remained the same regardless of the current real estate economy - how long do you intend to stay in … (2 comments)
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Does Debt Consolidation Make Sense? - 06/23/08 08:22 PM
Let's say your current mortgage is for $250,000 on a 30 year fixed rate.
Let's say you owe $45,000 in other non-deductible debts with an average interest rate of 10%.
Before:
Mortgage payment @ approx $1,499.00 monthly (not including prop tax & insurance)
Other Debts @ approx $ 375.00 monthly
… (0 comments)
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IL SB 1167 for small rental property owners - 06/21/08 08:07 PM
What's the likely outcome of IL SB 1167 for small rental property owners?
Many 2 - 4 flat owners tell me it's difficult to break even on these small investment properties. Stated income loans allowed them to show sufficient income to qualify for a mortgage loan while at the same time … (6 comments)
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Great Expectations or Mortgage Pre-approval? - 06/21/08 07:40 PM
Great Expectations or Mortgage Pre-approval?
Could the dynamics between real estate agents & mortgage lenders change to match conditions in the current mortgage lending market?
Real estate agents are generally not paid till a purchase transaction closes. With gas prices now exceeding $4.00 per gallon, buyer's agents have even stronger motivation … (2 comments)
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What is a Non Warrantable Condo? - 06/21/08 09:48 AM
Non Warrantable Condos are not eligible to be sold to Fannie Mae or Freddie Mac because they DO NOT fit into one of the following three classes:CLASS I1. Developers control of the homeowners association has been turned over to the condo owners2. Project is not subject to additional phasing or add-ons … (2 comments)
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Mortgage Rates Rise as Fed Hints of rate increase due to inflationary concerns - 06/12/08 04:05 PM
Inflation concerns are causing mortgage rates to rise again!
Interest rates tied to home loans took a turn for the worse after troubling comments from the Fed regarding inflation sent them to their highest levels since last fall, mortgage financier Freddie Mac said today...
Mortgage rates jumped this week after a … (1 comments)
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FHA lowers up front mortgage insurance premiums (MIP) for qualified borowers - 06/12/08 12:40 PM
FHA switches to Risk Based Pricing & variable up front Mortgage Insurance Premiums (MIP)
The Federal Housing Administration (FHA) is moving ahead with risk-based pricing to refinance more subprime borrowers into safer and less expensive FHA-insured loans and attract more creditworthy borrowers.
It's the first time in FHA's 74-year history they are going … (2 comments)
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Are you eligable for a VA home loan? - 06/03/08 01:26 PM
A military veteran, active duty person, or a member of the national guard or selected reserves, must submit a VA Form 26-1880 (2 pages) (Form is now in a FILLABLE format - along with proof of service (DD Form 214, a statement of active duty, or proof of participation in the national … (0 comments)
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FHA vs. VA Loans. - 06/03/08 08:23 AM
Members of the armed services and their veterans may wish to compare these loan types before making a finance decision.
VA loans are only open to qualified veterans. To qualify you must be an eligible veteran who has an available loan entitlement; you must move into and live in the home for a … (4 comments)
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FHA Mortgage Insurance ( MIP ) Refunds - 06/03/08 07:37 AM
You may be entitled to a refund of a portion of the up front 1.5% MIP you paid if you refinace within 5 years of the time you originated the loan.
Here are the terms on FHA's website:
The FHA Commissioner determines how much of the up-front premium is refunded when loans … (0 comments)
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FHA Still offers rehab loans - 06/03/08 07:28 AM
While many conventional lenders have shut down their construction to permanent (rehab) loan programs FHA still offers 2 programs.
For those seeking investment property opportunities who are willing to occupy one of the units in their building this may be one of the few ways to make it happen in today's … (0 comments)
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Fannie Mae & Freddie Mac Drop added down payment for declining markets - 06/02/08 10:30 PM
Reversing its policy of penalizing buyers in troubled real estate markets with 5 percent higher down payments, Fannie switched to a nationally uniform policy of charging borrowers the same minimum down payments irrespective of location.
Starting June 1, mortgage applicants who are underwritten by Fannie Mae's automated system online will qualify … (0 comments)
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10 most common mistakes when buying commerical property - 06/02/08 10:24 PM
1. Don't fall in love with the property. Stop thinking like a homeowner and start thinking like a business owner. Get emotional about the deal, not the property.
2. Always perform complete due diligence. More than an inspection of the property, it's also a thorough investigation of your area's current rental … (1 comments)
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Is your Home Equity Line at Risk? - 06/02/08 09:57 AM
Many lenders are freezing access to Home Equity Lines of Credit (HELOCs) . Millions of Americans use their HELOCs as their families security blanket to weather any unplanned financial storms. If you were planning on using your HELOC for spring home improvements, medical bills or college tuition, chances are the money … (1 comments)
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