A story in the LA Times this morning let us know it’s official–what’s been rumored for weeks has happened. The Obama administration eased eligibility rules Wednesday for its Home Affordable Refinance Program (HARP) , lifting the maximum loan-to-value ratio to 125% from 105%–making refinancing available to more people (like us here in Nevada!) whose homes are worth less than their mortgages. Continue reading ‘Now More Under Water Homeowners Can Play the HARP. 125% Mortgages Available.’
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In May 2009, a little-known law snuck in like a thief and clobbered a lot of homeowners over their unsuspecting heads. This is referred to as the Home Valuation Code of Conduct or HVCC. It’s intent was to make sure that the appraisal you got on your property was accurate–not inflated to help a favorite Realtor or lender close a deal, or to get additional business from anyone who stood to make money on your mortgage or home purchase. But often the road to Hell is paved with good intentions. Continue reading ‘Refinancing May Get a Lot Easier Very Soon’
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It’s not just the sixth-grade drop-outs who are having mortgage problems. And not just the “greed is good” Wall Streeters either. And not the big spenders who partied like it was 1999 even though it was 2009 and they weren’t pulling in the big bucks anymore. And the Realtors? The ones who many think stretched the truth when talking up property as a great investment? A lot of them are in more trouble than anyone–because they bought into the hype more than anyone. After all, you have to be pretty enthused about a product to sell successfully. Lots of these folks have no business coming in and a lot of houses going into foreclosure–including their own. Continue reading ‘In Trouble with Your Mortgage? So Are a Lot of Experts’
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At a conference today for the National Association of Real Estate Editors, Congressman Barney Frank (D-MA) reiterated his view that “homeownership for all as a goal is flawed.” And that as there are many out there who would be “more appropriately renting”, that “rent reform” will also be a priority with the administration. Continue reading ‘A Lot More Renters, Frank Says’
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Anyone considering refinancing their mortgage under the Making Home Affordable plan had to be scared to death after looking at Fannie Mae’s new risk-based pricing adjustments. The Loan Level pricing Adjustment matriax, aka the Chart of Death, added prohibitive surcharges to refinances for nearly anyone without perfect property and perfect credit. But as of July 1, 2009, refinancing through the making Home Affordable program will be a lot less scary and a lot less expensive. Continue reading ‘HARP Refinancing: A Change for the Better’
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No, ECOA isn’t a company that makes aluminum foil. It stands for the Equal Credit Opportunity Act. And this act protects even octo-moms from certain practices that lenders used to routinely be able to engage in. Continue reading ‘Even Octo-Mom Has Rights Under ECOA’
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You have your money together for a down payment. You’ve gotten preapproved by your lender. But if you have less than 20% for a down payment, you may not get your loan if you live in certain states. Because it’s not just Fannie Mae or Freddie Mac approving you for your mortgage. There will also be a mortgage insurance company involved. Continue reading ‘Are You On Restriction? It Depends on Where You Live’
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You know the ones–what’s your ethnicity? How many years of schooling do you have? Are you involved in a lawsuit? How old are you? What’s your marital status? Why can’t lenders mind their own business? Aren’t there laws about discrimination? Continue reading ‘Why Do They Ask Those Rude Questions on My Mortgage Application?’
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Lease options, otherwise called rent-to-own transactions, can help you buy a home you want when you can’t make the purchase right away because your credit isn’t up to snuff, you need more time on your job to get your mortgage, or you’re still saving your down payment. They can also empty your wallet and make you homeless! So enter these transactions carefully. Continue reading ‘Bad Credit? Lease Option Can Be Great Option–But Avoid Scams.’
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What does it mean when a lender claims he or she is “absorbing your mortgage costs”? Or what about an advertisement offering “No Cost” mortgages? Of course, there are costs associated with getting a home loan–a lot of costs. And the lender has to disclose them to you on a form called a Good Faith Estimate (GFE). So, when a lender claims it is absorbing your costs or “giving” you a “no-cost” loan, you will see a bunch of fees on your GFE. Then, the form shows all these fees being reversed or designated “paid by lender.” Continue reading ‘In Mortgage, Sometimes There Is a Free Lunch’
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