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mortgage loans: What Are Conventional Loans - 02/05/08 03:54 PM
By, Gaurav Bhola, MSM
The federal government is the major driver of the idea of home ownership. Hence, it has become the biggest player in the residential mortgage market. Approximately one out five residential loans are either guaranteed or insured or by a federal agency. These types of loans are called government loans. The other 80 percent of residential mortgage loans are called conventional loans.
A Conventional mortgage must meet the underlying funding terms and other limits of Freddie Mac and Fannie Mae. For home properties in some states and U.S. territories such as Alaska, Hawaii, Guam, and the U.S. Virgin Islands, … (1 comments)
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mortgage loans: Your Mortgage Lender Files for Bankruptcy, What Do You Do? - 11/15/07 08:55 AM
by Gaurav Bhola, MSM
The subprime mortgage market has been hit hard in the last few months due to high home loan defaults. In the boom real estate market mortgage lenders had been doling out mortgages to many unqualified borrowers and now it is coming back full circle. American Home Mortgage Investment Corp., the tenth largest mortgage lender in the U.S. finally succumbed to financial pressures caused by defaulting subprime mortgages and filed for Chapter 11 U.S. bankruptcy protection from creditors. Its creditors had stopped all financing to the corporation, thus was forced to stop making new home loans. Over 6000 employees … (0 comments)
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mortgage loans: Mortgage Turmoil Hits High End Consumers - 11/14/07 04:55 PM
by Gaurav Bhola, MSM
In what is seen as defensive posturing, mortgage lenders have decided to increase the mortgage rates on jumbo loans. Jumbo loans are considered non-conforming loans as opposed to conforming loans. The conforming loan threshold is set by two of the largest secondary market lenders, Fannie Mae (FNMA) and Freddie Mac (FHLMC).
Single-Family Mortgage Conforming Loan limits effective January 1, 2007*:
PersonalHomeLoanMortgages.com
First mortgages
One-family loans: $417,000Two-family loans: $533,850Three-family loans: $645,300Four-family loans: $801,950 Note: One- to four- family mortgages in Alaska, Hawaii, Guam, and the U.S. Virgin Islands are 50 percent higher than the limits for the rest of … (2 comments)
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mortgage loans: Are Subprime Shockwave Fears Justified? - 11/14/07 02:59 PM
by Gaurav Bhola, MSM
The specter of the subprime mortgage sector upon the economy continues to dominate the news. Many investors are worried about the effects on the economy of the downward spiral of these types of loans. Still the uncertainty has not produced a recession, but according to some analysts one may be on the horizon this summer. Historically this sector of the mortgage business was 9 to 12 percent of the overall market. For example, from years 1996 to 2000 subprime loans accounted of only 9 percent of the total loan origination market. However, during the housing boom that percentage … (2 comments)
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Gaurav Bhola
Orlando,
FL
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