According to a news release, the government is giving homeowners another year to refinance their loans under a little-used program designed to help borrowers whose homes have plummeted in value. My experience with clients who have tried to refinance their homes have had a total horrible experience with their mortgage holders.
The Obama administration effort, known [...]
Incentive Part of Ongoing Effort to Stabilize Neighborhoods
Fannie Mae (FNM/NYSE) announced that people purchasing a Fannie Mae-owned
Banks are reaping what they sowed. As you know, during the housing boom, all the banks wanted were more and more mortgage loans. They loosen the rules that so low that credit scores did not seem to matter, as long as you were breathing and had a pen to sign mortgage documents. So now they [...]
You would think that putting more money down when buying a home would entitle you to a lower interest rate. Not so according to an article in the New York Times.
Take, for instance, borrowers who want to buy a $400,000 home, and who have a credit score of 720, which is considered very good.
In late [...]
Fannie Mae (FNM/NYSE) announced today that the company is providing information to servicers regarding changes to the Home Affordable Refinance Program (HARP) that permits refinancing of existing Fannie Mae loans with loan-to-value (LTV) ratios up to 125 percent. The loans will be eligible for delivery on or after September 1, 2009.
“This step aims to [...]
What the figures show for April of this year is that residential sales are about the same number as it was for April of last year. However, we’ve had a further decline in medium residential home prices of minus 23 percent. Here are the stats for sales in Nevada County.
There were 67 residential properties [...]
Fannie Mae and Freddie Mac will once more begin buying “super-conforming” mortgage loans of up to $729,750, which will bring rates down for borrowers with good credit seeking loans previously classified as jumbo.
Currently, loans greater than the $417,000 conforming limit in “normal” housing markets — or the super-conforming limit of up to $625,500 in high-cost [...]
Fannie Mae announced that in order to help ownership rates among minorities and low-income consumers, they are going to ease the credit requirements on loans it purchases from banks and other lenders.
The action, which will begin as a pilot program involving 24 banks in 15 markets — including the New York metropolitan region — will [...]
