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mortgage loans: What Do The Economy, Musical Chairs and Oceanliners Have in Common? - 10/05/10 10:01 AM
Rates nosedived last week - anybody know why? 
Because no fewer than 9 of the FOMC Federal Reserve Presidents spoke about the Economy, the Federal Reserve Balance Sheet and QE2... and they all contradicted themselves.
One of the commentaries I read suggested that as Investors, and money worriers (not consumers anymore are we?) we are all carefully playing a game of Musical Chairs... waiting to see when the music stops, and only concentrating on what's happening in our little circle.
But the Stock Markets, the G4, the Gold Markets and yes, even the Housing Markets are all connected Globally. "World … (4 comments)

mortgage loans: When FHA Requires Cash Reserves - 08/25/08 03:41 PM
We all know that FHA is going to require 3.5% downpayment in a few weeks (January 1) - but did you know that in some circumstances they also require the borrower to have two months of cash reserves?
If a borrower is applying for FHA financing and is relying on a NTMCR, (nontraditional credit), FHA Commissioner Brian D. Montgomery writes:
"Borrowers should have two months of cash reserves following mortgage loan settlement from their own funds (no cash gifts from any source should be counted in the cash reserves for borrowers in this catagory)."
As a general rule, if you're applying for … (2 comments)

mortgage loans: FHA and the PMI Companies - 10/24/07 01:40 PM
We have a shot, after many years of begging, to make some real advances in FHA REFORM, but we'll need the Senate and President's help.  HR 1852 is currently sitting in the Senate Banking Committee, and according to my Senator ( Ms. Libby Dole who is on the committee) it might not come out before Thanksgiving!  Why would Congress hold up a bill that will increase the loan limits to 125% of the median sales price?  Why would they hold up a bill that would do away with the "nasty" audit, and the net worth requirements (meaning almost every broker could … (2 comments)

 
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Steve Thorne NC Mortgage Experts

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