At the FHA, which plays a crucial role in the housing market by insuring loans with low down payments for first-time home buyers, the full-time staff of 3,000 is down to 64, and there are only 30 employees responsible for signing off on mortgage insurance for single-family homes. While large banks have the resources to approve lenders for FHA-backed loans, smaller lenders rely on the agency itself to do this. About 25 percent of home purchases are made with mortgages backed by the FHA, as are 15 percent of all mortgages, including refinancings. An additional 10 percent of home loans are guaranteed by the Department of Veterans Affairs, which still has a full staff approving mortgages for veterans. But fha refinance no closing costs the Department of Agriculture, which backs less than 5 percent of mortgages, has canceled new loans and guarantees in its program for buyers in rural areas. The shutdown of Agricultures Rural Development loan programs has cost Matthew Green the starter house he has been waiting to buy since April, when his real estate agent showed him a three-bedroom split-level on an acre in Warrenton that was in foreclosure.
Full original article: Shutdown will stall home loans for thousands
VA Home Loan & Refinance Tips
Non-conforming loans, which cannot be sold to Fannie Mae or Freddie Mac, are over $417,000 in most parts of the country. Wells Fargo also reduced non-conforming loan minimum down payments to 15% from 20% in July. JPMorgan Chase, meanwhile, reduced down payment requirements in Arizona, Florida, Nevada and Michigan states that were especially hard hit by foreclosures. The bank’s minimum down payment is now 5%, down from 10%, for primary homes and 10%, instead of 20% for second homes in those states.
Full original article: Home loans become a little easier to get
Home loans become a little easier to get
E-mail Address Send to a Friend Chicago, IL (PRWEB) November 09, 2013 The Federal Savings Bank wants eligible veterans to know that a VA home loan is great option to become a homeowner. Many lenders have tightened their credit requirements for borrowers after subprime mortgages contributed to the financial crisis in 2008. VA home loans have since boomed in popularity, due in part because current VA mortgage rates have been low over the past few years. With no down payment and a wider range of eligibility for veterans, getting a new home should be easy, right? Understanding how VA loans compare against other types of mortgages and refinance options can help ensure you find the right type of loan.
Full original article: VA Home Loan & Refinance Tips
Home loans cool as bank checks bite, says analyst
“On the face of it the numbers are on a downward trend consistent with the intention of the Reserve Bank’s loan to value policy.” But Hawkesby said it would be difficult to get a clear picture of the impact because there was a time lag between the policy being announced in August and coming into force in October and because there were a certain number of pre-approvals still being worked through. “It’s not until December/January we will get a good read on it,” he predicted. The Reserve Bank compares the data on rolling 13-week periods and annually to smooth out seasonal and weekly anomalies. The number of loans approved fell 4.1 per cent comparing the 13 weeks to November 1 with the same period last year. Year on year the number of loans was up 4 per cent but the growth has been trending down all year.
Full original article: Home loans cool as bank checks bite, says analyst