Recent Mortgage Articles

There's a cool map offered up by the NY Fed that gives statistics on all different aspects of loans issued in metropolitan areas across the U.S. Check it out here Dynamic Map. Since we last posted, FHA loan limits have been giving a temporary push to $729,000 in some areas. FHA continues to grow in its usefulness for homebuyers and existing homeowners alike..... Read More...

Today's homebuyers have an incredible number of options at their fingertips when it comes to selecting mortgage insurance. However, not all mortgage insurance options are created equal. Your first step should involve asking questions and researching the options, and then deciding what is best for your personal situation. First things first: What is Mortgage Insurance? Mortgage insurance is a financial guaranty that insures lenders against loss in case a borrower defaults on a mortgage. Lende.... Read More...

The FHA is working to change the guidelines of the Real Estate Settlement Procedures Act in order to force lenders to make more comprehensive Good Faith Estimates for borrowers. Concerned consumers may want to know more about this issue or voice their opinion either way on what they think about this new proposal from the FHA. To give your opinion on this FHA proposal or make comments you should: Go to Regulations.gov which is the Federal eRulemaking portal. Here you can make comments that will.... Read More...

On Tuesday President Bush signed a $168 billion economic stimulus package intended to provide “booster shot” for the economy. Included in the plan are approximately $117 billion in rebate checks and tax breaks for businesses as well as an increase in the FHA loan limit. The increase in the loan limit is meant to help the sagging subprime housing market, which has taken substantial hits in recent months due to the fallout of predatory lending practices of many lenders. By increasing.... Read More...

For years adjustable rate mortgages (ARM's) have been the preferred loan for both lenders and borrowers with less than perfect credit or low-moderate income. The interest rates on ARM’s change after a few years sometimes more than once, getting higher. Many of the interest rates on these loans have recently been reset or will be in the near future, making it difficult for many to make their monthly payments. Over the past year this has caused a backlash to predatory loans, like ARM&rsqu.... Read More...

A Democratic New York legislator is working on closing a loophole in the tax code that continues to penalize borrowers. In a strange twist of legislative folly, a provision of the U.S. tax code winds up putting struggling homeowners under more pressure. Typically, homeowners unable to meet their mortgage payments broker some sort of a deal with their lenders, who generally agree to take a lesser sum given the circumstances. The problem, under Section 108 of the code, is that this unpaid mo.... Read More...

We receive hundreds of questions regarding FHA Loans and FHA Refinances each week in our Ask the Expert section. With home financing through the FHA becoming more and more popular once again, our specialists are here to answer any questions you may have about them. Please browse through all of our current Q and A's to see if we haven't already posted a solution to your problem. If it's not there, submit a new question! We're more than happy to offer up expert advice on your situation. Our d.... Read More...

The Office of Federal Housing Enterprise Oversight, or OFHEO, recently announced that the conforming loan limit for a FHA loan would not be reduced for 2008. This is excellent news for the FHA loan community and potential borrowers. Some in the industry speculated that the decreased home prices due to the hit the housing market took would result in the conforming loan limit being reduced from $417,000. For most of the country lowering this limit would not make much of a difference in their abil.... Read More...