Mortgage guidelines appear to be tightening with the nation’s largest banks.
Category Archives: Mortgage Guidelines
Is An FHA Mortgage Better Than A Conforming One?
The FHA is insuring a greater percentage of loans than during any time in recent history. In 2006, it insured roughly 5 percent of the purchase mortgage market. Today, it insures one-quarter. “Going FHA” is more common than ever before — but is it better?
Temporary Conforming Loan Limits Expire September 30, 2011
If you live in a high-cost area, keep an eye on your calendar. Effective October 1, 2011, temporary conforming loan limits will be lowered nationwide. Perhaps by as much as 14 percent.
Mortgage Guidelines Start To Loosen At The Country’s Biggest Banks
The Federal Reserve’s quarterly survey of senior loan officers revealed that an overwhelming majority of U.S. banks have stopped tightening mortgage requirements for prime borrowers.
Conforming ARMs From 2004-2006 Are Adjusting To 3 Percent
If you have an adjustable-rate mortgage that’s due to reset this season, don’t rush to refinance. For at least one more year, you can benefit from low rates and low payments. As for the next adjustment, though, that’s anyone’s guess.
Get Your Applications In : FHA Mortgage Insurance Premiums Rising 0.25 Percent April 18, 2011
Beginning with FHA Case Numbers assigned April 18, 2011, mortgage insurance premiums will be higher by 25 basis points per year, or 0.25%.
FHA Streamline Refi Changes : No Income, No Job Required
FHA Streamline Refinance guidelines are changing. For the better. A lot more homeowners are suddenly eligible to refinance.
Loan Fees Set To Rise For Conforming Mortgage Applicants
Beginning April 1, 2011, Fannie Mae is increasing its loan-level pricing adjustments. Conforming mortgage applicants should plan for higher loan costs in the months ahead.
FHA : Monthly Mortgage Insurance Premiums To Rise April 18, 2011
Effective for all FHA case numbers assigned on, or after, April 18, 2011, annual mortgage insurance premiums (MIP) will increase 25 basis points.
Adjustable Rate Mortgages Adjusting To 3.000 Percent Right Now
If your ARM is due to adjust this spring, your best move may be to let it. Don’t rush to refinance — your rate may be adjusting lower.