Category Archives: Mortgage Information

Information Gap Keeping Mortgage Seekers from Deals

Posted on December 29, 2011 | Leave a comment

Could gloomy popular assumptions about how tough it is to get approved for a mortgage be scaring away large numbers of qualified people from even applying?

Could the same worries – I can’t come up with the big down payment I need, my credit scores are too low, my bank account has almost none of the “reserves” lenders want to see – put a needless damper on a housing recovery in the new year?

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You bet. Lenders and economists will tell you flat out: The lack of accurate information about the availability of loan programs that are designed to address special needs is discouraging far too many consumers from even considering an application, much less shopping around.

Read more here: http://www.charlotteobserver.com/2011/12/24/2869463/dont-fear-seeking-a-mortgage.html#storylink=cpy

Disclaimer: For information and entertainment purposes only.

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Payroll Tax Cut Bill Boosts Cost of New Mortgages

Posted on December 22, 2011 | Leave a comment

Who is paying for the two-month extension of the payroll tax cut working its way through Congress? The cost is being dropped in the laps of most people who buy homes or refinance beginning next year.

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The typical person who buys a home or refinances starting on Jan. 1 will have to pay roughly $17 more a month for their mortgage, thanks to a fee increase included in the payroll tax cut bill that the Senate passed Saturday.

The legislation provides a two-month extension of a payroll tax cut and long-term unemployment benefits that would otherwise expire on Jan. 1. It would also delay for two months a cut in Medicare reimbursements for doctors that is scheduled to take effect on New Year’s Day. The House is expected to act on the bill early next week. Two more months of the Social Security tax cut amounts to a savings of about $165 for a worker making $50,000 a year.

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2011/12/17/national/w103811S97.DTL#ixzz1gp708RY4

 
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New FHA Loan Limits

Posted on December 14, 2011 | Leave a comment

In effect, this may make the FHA the go-to financing option for borrowers needing loans up to $729,750 — with down payments as low as 3.5 percent — in high-cost areas of California, the Washington region, New York and New Jersey, and in scattered counties in other states including Massachusetts, Florida and North Carolina. Fannie Mae- and Freddie Mac-eligible loans in those areas, meanwhile, stay capped at $625,500.

Equally important, the new plan raises the FHA ceilings for purchasers in hundreds of more moderately priced markets. Seattle area buyers’ maximum FHA loan amount jumped to $567,500, while the Fannie Mae-Freddie Mac ceiling remains at $506,000. In Hartford, Conn., the limit for FHA is now $440,000 — up from $320,850; Fannie and Freddie remain capped at $417,000.

 
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