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mortgages: Building Alternate Credit For FHA - 11/28/08 11:22 AM

Have you ever had a borrower with only one or two FICO scores or a borrower who has yet to establish a credit profile?  Well, if you have then you know how challenging this can be when attempting to secure a loan through conventional means.  When using FHA financing you can build alternate forms of credit to build a credit profile. 
The minimum FHA requirements with regard to credit are:
3 open/active credit accounts for 12 months. For a borrower with 1 or more FICO scores, only the above needs to be met. For a borrower with no scores at … (1 comments)

mortgages: Hope for the (H4H) Hope for Homeowners Program... - 11/04/08 03:09 PM
With more than $300 Billion in its coffers to lend via the FHA, the Hope for homeowner program has resulted in a  total disatser.  In july of this year the H4H program was thought by many to be the key to the stabalizing home prices and curbing foreclosures, but has yet to produce any results at all.  With 50 loans in queue since it's inception on Oct. 1, the program has been shunned by the lending community.  Saving 50 homeowners per month will in no way cure the ailing housing market...  The program is effective from October 1, 2008 to September … (1 comments)

mortgages: Mortgage Applications Climb With Surge in Refinancing - 03/08/07 01:11 PM
 
Graph: MBA Applications Index over 52 WeeksFor Week Ending: March 2, 2007Seasonally AdjustedTotal Mortgage Activity: Up 7.3%MBA Market Index Now: 671.6Index One Week Earlier: 626.1Unadjusted BasisTotal Mortgage Activity: Up 19.9%One Year Ago: Up 15.6%Seasonally AdjustedRefinance Activity: Up 15.0%Index Now: 2234.2One Week Earlier: 1943.5Purchase Activity: Up 1.0%Index Now: 405.3One Week Earlier: 401.3Percentage of Total ActivityRefinance Share: 46.1%One Week Earlier: 43.2%Adjustable-Rate Mortgage (ARM) Share: 21.4%One Week Earlier: 21.1%Source: Mortgage Bankers Association
… (1 comments)

mortgages: More Problems for Mortgage Lenders Network - 01/25/07 05:26 PM
State banking regulators in eight states - including Michigan, New York, Pennsylvania, and the entire New England region - have issued cease and desist orders to Mortgage Lenders Network USA, Inc. after the subprime lender left more than 1,500 customers without funds for mortgages that had been approved or even closed.Cease and desist orders represent the strongest regulatory tools available to state governments to control or stop mortgage companies and other lenders from operating their business."The issuance of the notices and orders is part of an overall process in which the company and its regulators continue to work together to resolve … (0 comments)

mortgages: Top 15 Mortgage Originators for Q3 '06 - 11/22/06 10:58 PM
1. Countrywide Financial Corp. ($113.7 billion)Down from $116.6 billion in the second quarter, but down from $146.0 billion one year ago.2. Wells Fargo & Co. ($104.0 billion)Down from $116.0 billion in the second quarter, but up from $103.0 billion one year ago.3. Residential Capital Corp. ($51.5 billion)Up from $47.0 billion in the second quarter and $51.3 billion one year ago.4. Washington Mutual Inc. ($45.7 billion)Down from $52.7 billion in the second quarter and $58.3 billion one year ago.5. Bank of America ($41.9 billion)Down from $45.1 billion in the second quarter and $45.3 billion one year ago.6. JPMorgan Chase & Co. ($41.7 … (2 comments)

 

Kevin Rhodes

Bridgeport, CT

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