Tag Archives: Mortgage
Changes coming to FHA loans
“We want to ensure that we are able to continue to support the housing market in the short term and provide access to homeownership over the long-term, while minimizing the risk to the American taxpayer,” Housing and Urban Development Secretary Shaun Donovan told a congressional committee in written testimony.
…The FHA charges an upfront insurance premium of 1.75% of the total cost of the mortgage which most borrowers can roll into their loan, and then they pay additional annual premiums of either 0.5% or 0.55%, depending on their down payment. … The FHA says that it will limit the amount of money that sellers can provide for closing costs on home sales to 3% of the home price, from the current level of 6%.
…One close observer of the mortgage channel, who we hope to interview soon in The IRA, says that given the recent deterioration of mortgage credit, it is impossible that BAC has not gotten its pari passu portion of the losses which are hitting the FHA. Continue reading
Anyone Can Lose a Home
Sent in by a reader …. From the New York Times; that they got a crazy loan(s) isn’t the most powerful part of this story. The rapid spiral of debt, and hopelessness is; this story is a “must read.”
Between humongous loan balances and high rates, we had hung ourselves with the rope they gave us. In the previous December alone, we charged $2,845 on the Chase card for Christmas gifts, food, gasoline, clothing and other expenses. The charges included almost $350 for groceries, $700 in clothes from J. Crew, $179 at GapKids and $700 for airplane tickets for
A Cautionary Tale – Yet another Due Diligence Question for Buyers, Sellers and Realtors
( ed. note : one of my more favorite questions of late is, “tell me about one of your dissatisfied clients, and why they were so dissatisfied”) We’ve never seen a lender hauled before a panel of their peers on ethics charges (as happens in the Realtor community) though there’s certainly been ample cause. … There are a lot of good lenders who can get deals closed in this lending environment and will tell you if it’s not going to work. Continue reading
Green Financing reaches possible mainstreaming
CEO, Tomek Rondio, will introduce the National Green Residential Mortgage Underwriting StandardC at the Capital Markets Partnership Organizational Meeting at JPMorgan Chase, 1 Chase Manhattan Plaza, 28th Floor, NYC, June 19, 2008, 1:30-5:00. … During the past seven years they have completed due-diligence, tested and refined this market opportunity, authored underwriting standards and are well-positioned to move forward and expand nationwide as leaders in green real estate financing. Continue reading
Some good news
Keeping with my grasping at good news theme : From an email sent to SunTrust lenders on Friday: This e-mail has been distributed to all Retail employees who are on the STM Communication Intra-Day Pricing Change distribution list. Price Change: IMPROVING MARKET New Rate Sheet: 2008 076 A Available on intranet: 4:00 pm Please be sure to share this notice with all appropriate Retail employees in your branch or office. Continue reading
