mortgages: Another Refinance solution that doesn't require a new appraisal - 06/04/09 10:22 PM
Save Money on your Veteran's Administration Loan every month with a "Streamlined Refinance" No new appraisal required.
The VA Streamline Refinance doesn't require a new appraisal, nor does it require proof of income or assets. It does require that we verify that you're employed, a quick phone call can take care … (0 comments)
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mortgages: Don't think you have the value to refinance? You might! - 05/16/09 07:45 AM
In the Boise area our home values have dropped for the last 2 years. Some experts are saying our values are at 2001 levels. This leaves many people feeling that they cannot take advantage of today's low rates.
If you have an existing FHA loan, you are in luck. FHA Streamline Refinance … (1 comments)
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mortgages: New Appraisal Rules are increasing costs for borrowers - 05/12/09 02:37 PM
The new Home Valuation Code of Conduct that became de facto law on May 1st has already started to increase the appraisal costs to the borrower. One of my lenders is now asking for $450 for an appraisal that used to cost $375. Another one of my lenders, Idaho Housing is … (4 comments)
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mortgages: Expect lots of confusion over the Home Valuation Code of Conduct - 04/16/09 10:33 PM
Effective May 1st, 2009 the Home Valuation Code of Conduct will be in place for loan that are sold to Fannie Mae and Freddie Mac. This new "code" is designed to eliminate influence by loan officers and anyone else who has a vested interest in the value of the home. … (0 comments)
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mortgages: Details Emerging on the Home Owner Affordability and Stability Plan - 03/04/09 05:35 PM
Details have been surfacing all day about the new mortgage relief efforts under the Home Owner Affordability and Stabilty Plan that was signed into law on February 17th. So far, It seems to have 2 components:
One, "encourage" loan servicers to modify loans where the homeowner has some sort of distress … (1 comments)
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mortgages: "I'll just call this old home a rental so I can buy a new home" - 01/31/09 12:42 AM
In response to the growing number of "buy and bail" scenarios, lenders have implemented new rules when someone wants to call their old home a "rental" and use the rent income to qualify for a new one. If you can qualify for both payments with your income, then the following doesn't … (1 comments)
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mortgages: Trying to understand the mortgage regulation changes in 2009 - 01/06/09 11:36 AM
I've been trying to wrap my head around the changes 2009 will bring. Numerous changes for borrowers and mortgage originators. Some of The changes are:
If a loan is considered a "higher priced mortgage loan", based on a FHLMC published average prime offer rate more than 1.5% over this published rate or … (3 comments)
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mortgages: Here's another government bailout, lets see if this one works! - 11/25/08 09:37 PM
This morning I heard the news of another government bailout, this one might actually work.
The program is designed to support holders of asset based securities, such as mortgage backed securities, auto loan, student loans, and even SBA loans. It essentially would insure the under-lying assets values and therefore support the price … (2 comments)
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mortgages: Grant money for home buyers - 11/20/08 12:07 PM
We recently got the ability to pair FHA loans with grant money for Idaho home buyers. The new grants are actually called "deferred loans" with zero interest and no payments due. There are income limits, you have to earn 80% or less of the median income, currently $60,900. This means your … (0 comments)
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mortgages: How secure is your loan information? - 11/13/08 12:08 PM
In the present market, we have seen big mortgage lenders fail as well as some lessor know companies. The mortgage broker industry is no exception. Just recently, pallets of old loan files were abandoned in a self storage facility, later purchased by an individual who attempted to sell the paper for … (0 comments)
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mortgages: Some Good News this week! - 08/27/08 09:59 PM
In the last 2 weeks, we have had three pieces of good new. One, the sale of existing homes was up over 3 percent over last year. Second the sale of new homes was up, I believe 2 percent over last year, and finally today we heard that mortgage applications were up over … (1 comments)
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mortgages: What will we do after Oct 1st for 100% financing? - 08/16/08 08:49 AM
When October 1st rolls around, seller funded down payment assistance will be history. Now there is a bill in congress to restore it, but who knows if it will pass, and more importantly signed into law by the President in time. I will instead look at the possible solutions.
VA loans … (10 comments)
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mortgages: Always make your house payment, no matter what your buddy says. - 08/15/08 09:52 PM
This week I got a call in from a couple who were going to miss their August payment. It seems they had been told that there was a special program out there that would let them refinance their home even if the value was less than what they had borrowed on … (3 comments)
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mortgages: Shape Your Culture, or it will Shape You! - 08/15/08 12:29 PM
Either you shape the culture around you or the culture shapes you. Either you influence everyone around you positively or you allow their negativity to influence you. You know that they say there are people that are "glass half-full" people and there are people that are "glass half-empty". Funny thing is, … (0 comments)
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mortgages: Home Ownership Accelerator Suspended - 08/12/08 10:47 AM
CMG mortgage announced that they are suspended funding any more home ownership accelerators due to market conditions. For several weeks they have been negotiating with a new investor to fund the program. When it became apparent that the new investor's pricing would not be any better than what they currently have, … (1 comments)
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mortgages: FHA Lenders are imposing minimum credit scores! - 04/17/08 12:16 PM
One of the big advantages of FHA financing was that there is not minimum credit score. You could get someone approved for 95% cash-out refinance who had a credit score in the 500's. Instead, FHA looked at other indications of the borrowers ability to repay the loan.
Recently several lenders have imposed … (3 comments)
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mortgages: How to Check for your new Fannie Mae/Freddie Mac limits - 03/27/08 08:32 PM
Use this link to determine the loan limits for Conforming, FHA, and FHA Reverse mortgages:
https://entp.hud.gov/idapp/html/hicostlook.cfm
On the same note, Lenders started publishing the rates on the "jumbo" conforming loans. It looks like the rates are similar to what Jumbos used to be, about .375% higher than regular conforming loans. This is a … (0 comments)
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