General-information Articles

In an effort to boost sales of its REO properties, Fannie Mae said it would help pay for closing costs for qualified home buyers. Home buyers will receive up to 3.5% of the sales price for closing costs on a property they will live in as their primary residence. The aid can also go towards a home warranty, if necessary. What's interesting about this deal plan is that real estate agents and brokers can also qualify for a bonus. Selling agents representing owner-occupants can receive a $1,500 bon.... Read More...

More families are ending up in homeless shelters because they can't make it in this economy. From 2007 to 2009 the number of families in homeless shelters rose to 170,000 from 131,000, according to the Department of Housing and Urban Development (HUD). Unemployment is obviously a huge factor when it comes to families becoming homeless. The New York Times checked with several major homeless shelters around the U.S. and found that there continues to be a rise in the number of families seeking .... Read More...

The Joint Center for Housing Studies at Harvard University recently released its State of the National Housing 2010 report and found that 40.3 million households spend more than 30% of their incomes on housing in 2008, and 18.6 million spend more than half their incomes on housing. The report also found that one in seven homeowners owed more on their mortgages than their homes were worth. While the government has tried to stem the tide of foreclosures and assist some homeowners, many peo.... Read More...

The mortgage industry shed 2,500 jobs in June, as home sales continued to slow. The mortgage banker/broker sector had 246,500 full-time positions in June, according to the Bureau of Labor Statistics. Even though mortgage rates are at record lows, many potential home buyers are waiting on the sidelines, either unwilling or unable to get mortgage loans, which decreases the need for workers in the mortgage industry. Much of the activity in the mortgage sector involves refinancing, as homeowner.... Read More...

Almost twice as many people dropped out of the government's mortgage loan modification program in June as those who received permanent modifications, according to the Treasury Department. There were 91,000 dropouts in June, which means that 530,000 homeowners have left the mortgage program without a permanent loan modification, reported Reuters. Only 49,000 borrowers received permanent mortgage modifications, for a total of 389,000. The Home Affordable Modification Program (HAMP) has bee.... Read More...

Pregnancy has a lot of risks associated with it. But other than some of the obvious health issues involved, now your dreams of home ownership could be affected. Apparently mortgage lenders are giving the thumbs down to parents who are expecting a baby or are on maternity leave when they apply for mortgage loans, according to the New York Times. That's because mortgage lenders want to see proof that a borrower's current income is enough to cover mortgage payments. So if you just had a .... Read More...

How long, would you say, did it take for America to plunge itself into the economic shame spiral out of which we're trying so desperately to climb? A year? Two? More like 8 years or so, by my count. So, why … WHY is it that everyone, from the local janitor all the way up to national politicians, seems to expect a solution in the mere blink of an eye? What this country is dealing with right now is an economic calamity of epic proportions. It's not going to get fixed overnight. As much as I wi.... Read More...

So, you're a fisherman living and working along the Gulf Coast of Alabama (or Louisiana or Mississippi … take your pick). All is going well. You work hard, but you pay your bills and there's food on the table. BOOM! On April 20, 2010 (though you mightn't have recognized it on that day), your life changed, and pretty dramatically. When the Deepwater Horizon oil rig exploded and then sank in the waters off of the Gulf of Mexico, spewing untold numbers of gallons of crude oil into the azure wa.... Read More...