According to research of the foreclosures during the past 7 years, chief among the cited reasons were lack of down payment, undisclosed debt by the buyers, reduced credit requirements, and unstable income. In response to greater accountability to Washington lenders tightened there criteria…too tight by most industry experts. Thankfully, however lenders are beginning to see the light and with fewer homeowners in the marketplace they have to compete for those who actually can buy a home.
While credit and income are still pretty non-negotiable, according to consumer research conducted by Fannie Mae, the primary barrier to homeownership for first-time home buyers is saving money for the down payment and closing costs Continue reading What is a My Community Mortgage?→
There’s been a lot of rhetoric coming from both sides of the congressional aisles these days; from Democratic and Republican parties and even a few in between. But recently the media has begun reporting government shutdown fallacies as facts. I’ve stayed out of this very heated political discussion for obvious reasons, but when a client recently sent me this article Shutdown impact: Tourists, homebuyers hit quickly from of all places the Associated Press, I just had to respond.
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→
Buying a home is one of the most exciting and scary times in a person’s life but it is also very complicated. There are a number of parties to this transaction and they read like a movie credit in order of appearance:
Today the federal government announced new rules that may allow homeowners who are struggling borrowers to refinance their mortgages at today’s ultra-low rates by reducing monthly payments for some homeowners. The goal is that the monthly savings could provide a modest boost to the economy. It is important to note this help is NOT available to persons struggling to make the payments, in other words if you are behind on your payments you need not apply. Continue reading Important Changes to Home Affordable Refinance Program (HARP)→
Today the president took a question from a reporter who asked him why his administration had failed to file suit or enforcement action against corporate leaders for the 2008 financial crisis that ultimately led to numerous bank, insurance, auto-maker and state bailouts. To that the president replied…
“If someone has engaged in fraudulent actions — if they have violated laws on the books, they need to be prosecuted,” President Obama said. “One of the biggest problems about the collapse of Lehman, the financial crisis and the subprime lending fiasco is that all of that stuff wasn’t necessarily illegal.” Continue reading Obama: Subprime lending immoral, not illegal→
Because of the plethora of natural disasters across the country it occurred to me that there may be a lot of Buyers and Sellers whose purchase or sale or mortgage refinance has been delayed for reasons they simply do not understand.