By Kevin Chiu Jumbo loan limits, eliminated just two months ago have been increased by the Federal Housing Administration. The move raised loan limits to 125% of local median home prices to a maximum of $729,750. The FHA jumbo loan increase was approved by Congress, and is expected to be signed by President Barack Obama.… Continue reading Jumbo Loan Limits Increased
Category: Loans
Mortgage Rates Remain Near Record Lows
By Kevin Chiu Mortgage rates remained near record low levels for the third week in a row as consumer concerns over the U.S. economy gave into positive news about the improving state of the economy, despite unemployment levels that have been at the highest levels in the nation’s history since the Great Depression. The 30-year… Continue reading Mortgage Rates Remain Near Record Lows
Mortgage Rates Drop as Adjustables Hit New Lows
By Kevin Chiu Mortgage rates dropped on popular fixed rate loans and hit a new low on adjustable rate mortgages, according to Freddie Mac. The drop in rates sent the 30-year fixed rate average at or below 4% for the fourth straight week. The loan averaged 3.98%, slipping two basis points from last week, according… Continue reading Mortgage Rates Drop as Adjustables Hit New Lows
Title Officers Charged in Robo-Signing Felonies
By Mike Colpitts Two title officers associated with Lender Processing Services have been indicted by a Nevada county grand jury on charges related to illegal robo-signings, according to the Office of the Nevada Attorney General. The two LPS employees, Gary Trafford and Gerri Sheppard, were indicted on 606 counts. The charges relate to allegations of… Continue reading Title Officers Charged in Robo-Signing Felonies
Real Estate Investment May Turn Stable
By Mike Colpitts Real estate investments have taken a financial beating the past five years, but could evolve into a more stable investment, despite poor macroeconomic conditions in the U.S., according to a private real estate investment equity firm. Investors with access to large amounts of cash, who are able to avoid debt, are likely… Continue reading Real Estate Investment May Turn Stable
Mortgage Rates Dip a Little
By Kevin Chiu Mortgage rates dropped a single basis point to remain near their all-time record lows, with mixed consumer confidence and housing data, according to Freddie Mac. The average rate on the fixed 30-year loan was 4.10%, which is close to their 60-year low. The rate on the shorter fixed 15-year mortgage stayed the same… Continue reading Mortgage Rates Dip a Little
Underwater Refinancing Program Closer
By Mike Colpitts A federal program intended to help underwater homeowners should assist more than 1-million U.S. mortgage borrowers refinance their homes, according to an analysis of the Home Affordable Refinance Program expanded by the Obama administration Monday. The program’s expansion is being developed by the Federal Housing Finance Agency with mortgage lenders and the… Continue reading Underwater Refinancing Program Closer
Short Sale Transparency Law Proposed
By Mike Colpitts A law that would force bankers to provide the minimum price they would take for a home in a short sale has been introduced in Congress in an effort to aid the housing market. The bill, authored by House member Susan Davis (D-San Diego) was introduced to give homeowners at risk of… Continue reading Short Sale Transparency Law Proposed
Home Sales Slide to 50 Year Low
By Kevin Chiu Hammered by lagging consumer confidence and a tough mortgage lending environment, home sales slid to a 50 year low this summer as the U.S. economy faces the harshest unemployment picture since the Great Depression. Buyers bought fewer new homes from March through August, typically the hottest part of the year for home… Continue reading Home Sales Slide to 50 Year Low
Mortgage Defaults Edge Up in August
Mortgage defaults were filed for the first time against the largest number of homeowners in more than four years in August as foreclosures surged higher for the month, according to RealtyTrac. Foreclosure auctions and formal lender repossessions were filed against 228,098 homes during the month. The figure represented a 7% surge in lender takeovers for… Continue reading Mortgage Defaults Edge Up in August