Mortgage Insurance has made it possible for home buyers to get in homes with little or no money down. Changes this past week with many of the top pmi companies are going to make it much more difficult to buy a home without a large down payment unless you have a good credit score. MGIC is one of
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03/08/2008
Many loan originators watch the 10 year treasury note to get an indication of where mortgage rates are going. If you followed the markets this week, you can understand why that is not a good thing to do. Mortgage backed securities always drive mortgage lending rates--not the 10 year treasury no
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03/07/2008
Down payment assistance appeared to be a thing of the past last year after HUD's ruling to no longer allow the program for FHA loans. Last week a court ruled in favor of Nehemiah Down Payment Assistance program in their court battle with HUD. This means that sellers can better position themselve
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03/07/2008
Many people think the recent passage of the Economic Stimulus Package only has an effect on higher priced markets like California, New York, etc. However, the FHA loan limits are raised in all areas now. Beginning March 6, HUD made changes to FHA loan limits to all areas of the country. In my
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03/07/2008
Home prices and mortgage interest rates are really looking attractive now (in my area at least). Do keep in mind, however, that Fannie Mae and Freddie Mac have recently implemented increased delivery fees and new loan-level price adjustments. For borrowers with scores below 680 you'll have to pa
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02/08/2008
Fannie Mae and Freddie Mac, also known in the lending world as "the agencies" or GSE's (government sponsored enterprises), have amassed quite an extensive list of areas known as declining markets. FNMA & Freddie Mac have both restricted the maximum loan-to-value and combined loan-to-value ratios
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02/06/2008
Subprime mortgages have now been credited for bankrupting well over 200 lenders (see www.mortgageimplode.com) and seriously damaging operations at many major mortgage firms. They've reportedly wiped out 5 hedge funds, tens of thousands of jobs, and have led to millions of foreclosures with millio
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01/30/2008
