A: Such loans are offered by government agencies and private lenders, including nonprofit groups and employers. In fact, there are government programs at both the federal and state level to help cash-strapped buyers. Under many state housing agency guidelines, borrowers must usually be first-time homebuyers or have a limited family …
Recently the U.S. Department of Housing and Urban Development (HUD) released its final rule which defines a ‘Qualified Mortgage (QM)’ that is insured, guaranteed or administered by HUD. The final rule will be effective on January 10, 2014 and will apply to mortgages with a case number assignment on or …
Recently, the Federal Housing Administration (FHA) published revised guidelines for lenders when they manually underwrite mortgage loan applications of borrowers applying for FHA-insured mortgages. This change will improve a lender’s ability to objectively consider a borrower’s risk and reduce additional credit requirements or ‘overlays’ that exceed FHA’s own lending standards.
…According to the Commerce Department, housing permits jumped to a 5-year high in October. With the strongest numbers since the housing crash, many are left wondering what the surge in building permits means. Don Frommeyer, CRMS, President of NAMB (The Association of Mortgage Professionals) explains that the numbers signal …
The National Association of Home Builders recently release an interesting analysis from the 2012 Survey of Construction (SOC).
The raft of data from the Census Bureau shows that on average it takes about 7 months from obtaining a building permit to completing a new single-family home. Looking at the …
The holiday season is a perfect time to welcome friends and neighbors for a casual get-together that is warm and casual and relatively stress-free.
Party planners at Countryliving.com suggest eight easy steps to a successful soiree for hosts and guests alike:
Plan early – Send out invitations 3-4 …
U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan recently announced that nine communities across the U.S. will receive Choice Neighborhoods Planning Grants. The $4.37 million awarded today provides these communities the resources they need to craft comprehensive, community-driven plans to revitalize and transform public or other HUD-assisted housing …
The worst housing crisis in generations and the slow rebound back to normalcy has not changed the view of homeownership for two-thirds (67 percent) of Americans, according to a new poll on housing from NeighborWorks America, a community development nonprofit organization.
Meanwhile, renters have not been swayed to purchase …
Freddie Mac recently released its U.S. Economic and Housing Market Outlook for November showing that the major shift for the coming year will be a transition from a refinance-dominated mortgage market to the first purchase-dominated market the industry has seen since 2000.
Expect economic growth in the 2.5 to …
A: Because adjustable rate mortgages, or ARMs, fluctuate with the market, they offer less stability than fixed-rate loans. If an ARM is adjusted upward, monthly payments will increase, and for a lot of people that can be too big a risk to take. On the other hand, should rates …