When HOAs Foreclose, Mortgage Banks Are Left Empty-Handed

An eye-opening trend, really. Homeowner associations, similar to lenders, can foreclose on homes to recoup delinquent payments. Nevada, as well as 20 other states, has laws giving HOA liens priority over first mortgages.

HOA Foreclosures Leave Banks Empty-Handed

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Federal Regulators Announce Dramatic Easing of Mortgage Standards

The move is expected to help open up the credit box to first-time buyers, self-employed borrowers, borrowers who have had recent job switches, and borrowers who faced financial hardship during the recession.

FHFA’s Dramatic Easing of Mortgage Standards

Student Debt Holds Some Buyers Back, But Doesn’t Need To

According to the article, “underwriters generally treat student debt in a more positive light than credit card or auto loan debt.”

Study: Student Debt Holds Buyers Back, But Doesn’t Need To

It’s Getting Easier to Qualify for an FHA Mortgage Loan

Wondering whether you qualify to purchase a new home? A government agency reports that the average credit score on FHA-backed loans fell to 680 in 2013, and the average debt-to-income ratio of borrowers rose to 40.3 percent — both indicators that credit requirements may be easing.

In comparison, the agency reported in January 2013 that the average credit score was 701 and the debt-to-income ratio was 38 percent.

If you’d like more information on whether you qualify for an FHA or other type of mortgage to buy a home, contact me today ((443) 924-7418). I’ll be happy to put you in touch with an excellent group of mortgage professionals.

It’s Taking Less to Get an FHA Loan

 

Is New Loan Rule Nudging Borrowers to Lie?

While mortgage application fraud has dropped 5.6 percent year-over-year, the industry is seeing a rise in income-based fraud, according to CoreLogic findings.

Is New Loan Rule Nudging Borrowers to Lie?

Mortgage Rates Roll Back to July Levels

“These low rates should somewhat offset the house price gains seen the last number of months and keep housing affordability elevated,” says Frank Nothaft, Freddie Mac’s chief economist.

Mortgage Rates Roll Back to July Levels

Foreclosures Down 29 Percent From Year Ago

Since September 2008 — the start of the financial crisis — about 4.4 million foreclosures have been completed.

Foreclosures Down 29 Percent From Year Ago