Some of the biggest talking points coming out of the $956 Billion 2014 Farm Bill is that Food Stamps were cut by $900M per year, it ends a two decades old Direct Payments to farmers at a savings of $5B per year and even includes funding for Hemp (marijuana) research.
The new federal agency Consumer Finance Protection Bureau’s (CFPB) Qualified Mortgage & Ability To Pay (ATR) regulations require mortgage lenders in Raleigh and Cary and all other US markets to clearly establish and document a borrower’s ability to be expected to repay the loan they have agreed to make, as well as to meet certain rules to be classified as a Qualified Mortgage. Continue reading FAQ – What is a ‘Qualified Mortgage’?→
Regardless of whether you believe that the so-called Great Recession was caused by reckless and irresponsible mortgage lending or government perversion of free markets by encouraging banks to make risky mortgage loans to people with questionable credit and practically no down payment or a combination of the two, one thing is irrefutable;
The government has created a whole new bureaucracy called the Consumer Protection Financial Bureau (CFPB) whose authority is far reaching and made possible by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act).
Normally HUD Mortgage Letters are pretty boring stuff but the FHA recently made headlines when they issued the HUD Mortgagee letter 13-26 dated 08/15/2013 with the subject ‘Back to Work – Extenuating Circumstances’.
Private Mortgage Insurers leading the way in housing recovery
One of the earliest indicators of the housing meltdown which began in 2007 was that issuers of Private Mortgage Insurance (PMI) began to contract their underwriting guidelines for issuing PMI policies. In fact, so bad was the meltdown that many PMI companies either stopped issuing policies altogether while some were even forced file for bankruptcy protection. Continue reading Private Mortgage Insurance helps lead the way in the Housing Recovery→
Section 502 loans are primarily used to help low to moderate income individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities.