Blog Archives

Gov’t partnership to lower mortgages of military

Government partnership to lower mortgages of military

The Obama Administration announced a new agreement this week with five of the nation’s largest banks aimed at helping active-duty military service members save hundreds of dollars or more each year on their mortgage.

Under a 2003 law, active-duty service members can have their mortgage rates and some of their other debt fees capped at 6 percent. However, many military members aren’t taking advantage of benefits that could lower their mortgage payments. Read the rest of this entry

FHFA wants to expand mortgage access

FHFA wants to expand mortgage access

The Federal Housing Finance Agency (FHFA) announced that it wants housing finance giants Fannie Mae and Freddie Mac to provide greater support to low-income mortgage borrowers and refinancers.

FHFA, which is the regulator for Fannie Mae and Freddie Mac, outlined goals for 2015-2017 aimed at advancing that goal. It wants to ensure that low-income families account for 23 percent of the GSE’s purchases of single-family home mortgages. Also, the agency wants them to increase the share of their purchases that back mortgages in low-income areas with large minority populations, Reuters reports. Read the rest of this entry

FHA to eliminate ‘post-payment’ interest charges

FHA to eliminate ‘post-payment’ interest charges

The U.S. Department of Housing and Urban Development issued a statement recently that Federal Housing Administration (FHA) sellers won’t be charged a full month’s worth of interest if they sell their home early in the month.

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What a beauty 6071 WATERWAY BAY DR is! This property exemplifies the Southwest Florida lifestyle, located in a gulf access community! Right away, you’ll notice the open bright floorplan complete with ultra high vaulted ceilings. The kitchen offers corian counters and stainless steel appliances. All bathrooms have been beautifully renovated! Pride of ownership shows, as this home has been meticulously maintained inside and outside! Read the rest of this entry

Bankruptcy, Foreclosure & Short-Sale Guidelines

lend-borrowBankruptcy, Foreclosure & Short-Sale Guidelines

As a Senior Loan Officer, I think the biggest challenge in today’s economic and mortgage lending environment has to do with the amount of people that have had a bankruptcy, foreclosure, or short-sale; and sometimes all of the above. It is important to understand what the current lending guidelines are when trying to get pre-approved to purchase a home. While they are always subject to change, here are the current ones. Read the rest of this entry