Archive for 2009
Pitfalls that may cause you to NOT get the tax credit – don’t wait too long
Homeowners kicked out of their home by mistake!
Home buyer tax credit extended and here are the details
A preview of the NEW Good Faith Estimate for mortgage lending
The new Good Faith Estimate makes its debut January 1, 2010. Expanded from 1page to 3, the legislators responsible for the new Good Faith Estimate want it to be simpler for homeowners and home buyers to understand than the former version. By most accounts, Congress will meet this goal. The new Good Faith Estimate includes plain-English ...
As gas prices rise, mortgage rates usually do as well
With crude oil at its highest levels since October 2008, retail gas is up 8 cents per gallon this week. It’s bad news for home buyers and mortgage rate shoppers. The same force that’s driving oil higher is linked to rising mortgage rates. We’re talking about the weakening U.S. Dollar which is now at its worst levels versus ...
Simple real estate definitions: Escrow Account
An escrow account is a designated savings account into which funds get deposited for a specific purpose. With respect to real estate and home loans, escrow accounts are used to pay real estate tax bills and homeowners insurance payments. Escrow accounts are managed and disbursed by lenders. When a homeowner “escrows” his mortgage, along with ...
FHA is changing its streamline refinance guidelines in November
Beginning November 17, 2009, the FHA will make it harder to qualify for its popular Streamline Refinance program. Available exclusively to homeowners with existing FHA home loans, the streamline program is meant to help homeowners reduce mortgage payments as simply as possible. As such, the program carries minimum eligibility requirements.
Pending homes sales gain for the 7th straight month
Buoyed by a generous tax credit, affordable homes, and low mortgage rates, the Pending Home Sales Index posted its seventh consecutive monthly gain in August. It’s the longest winning streak in the index’s history and the highest reading in 2-1/2 years. It’s also another signal that the housing market is in recovery. “Pending home sales” are a ...
Fannie Mae passes tougher mortgage guidelines
Getting approved for a mortgage is about to get harder. For the second time in less than 3 months, Fannie Mae announced changes to its mortgage guidelines. In its official announcement, Fannie Mae details the updates, meant to reduce the mortgage firm’s overall risk. The first major change is with respect to credit scoring. All Fannie Mae loans ...
Why an 800 credit score doesn’t matter
Since 2007, mortgage lenders have clamped down in many areas of underwriting, but none more so than in the area of credit scoring. Minimum FICO levels are up 120 points or more and conforming mortgage lenders now levy large fees on borrowers whose scores are below 740. Keeping your credit scores high is a worthwhile goal, but it’s ...
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