Prospective buyers of higher-priced homes in high-coast areas can still depend on Fannie Mae and Freddie Mac loans after the Federal Housing Finance Administration extended the granting of higher conforming loan limits…
Category: Mortgage / Finance
Biggest Lenders Require Higher FICO Scores for FHA Loans
The country’s two biggest mortgage lenders have raised their standards for Federal Housing Administration loans. Weeks after the FHA increased its minimum FICO score requirement for its low down payment loans to…
Freddie Borrowers Refinancing Into Fixed Rate Mortgages
Nearly all Freddie Mac-backed mortgage borrowers who refinanced their loans in previous quarters have chosen to shift from adjustable-rate to fixed-rate mortgages or to remain users of fixed-rate loans. In the third…
Half of 155 Large Metro Areas Posted Home Price Increases
Despite the continued price reduction impact of distressed homes nationwide, the prices of pre-owned single-family homes in 77 of 155 major metropolitan areas surveyed by the National Association of Realtors increased in…
Checklist for Documents You Need When Applying for a Loan
Gathering and organizing your financial documents before applying for a home loan benefit you in many ways. As you gather your data, you’ll see things you probably haven’t considered before, such as…
What Happens at Mortgage Closing?
Closing on your home is the last step you’ll undergo before you finally receive the keys to your new home. If you prepare well, closing day would be among the most exciting…
Tax Deductions That You Can Claim After Buying a Home
There are at least four ways by which you can claim federal income tax deductions arising from your home ownership. You can deduct your mortgage interest, property tax, private mortgage insurance and…
Discount Points — How Do They Help You as Homebuyer?
Discount points in mortgage are used to reduce interest rate. You purchase these points directly from your lender and you pay them at closing. Many lenders don’t incorporate points when they advertise…
Over 19 Million VA Home Loans Provided to Servicemembers
Since the start of the Home Loan Program of the U.S. Veterans Affairs Department in 1944, more than 19 million military personnel and veterans have acquired their homes under the program. Over…
Choosing from Four Types of Reverse Mortgage Loan Programs
You not only need to think twice about taking out a reverse mortgage loan; you also need to think hard about which type of reverse mortgage and which method of disbursement option…