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New HUD rules to help consumers save $$$
The Department of Housing and Urban Development (HUD) has released an updated version of a booklet that’s intended to help consumers comparison-shop for a mortgage. Much of the 49-page publication, “Shopping for Your Home Loan: HUD’s Settlement Cost Booklet,” is devoted to the new standardized Good Faith Estimate and HUD-1 settlement statement forms that lenders must begin... [Read more]
Mortgage Rates Set Another Record Low – Freddie Mac
Interest rates for 30-year and 15-year fixed-rate mortgages have fallen for five consecutive weeks, and this week both set a new all-time record low, Freddie Mac reported Thursday. It’s been a good year for borrowers when it comes to the costs associated with purchasing or refinancing a home. Freddie Mac’s chief economist, Frank Nothaft, explained that interest rates on 30-year and 15-year mortgages... [Read more]
A Nationwide Campaign Kick-Off starts today to help more struggling homeowners
OBAMA ADMINISTRATION KICKS OFF MORTGAGE MODIFICATION CONVERSION DRIVE The U.S. Department of the Treasury and Department of Housing and Urban Development (HUD) today kick off a nationwide campaign to help borrowers who are currently in the trial phase of their modified mortgages under the Obama Administration’s Home Affordable Modification Program (HAMP) convert to permanent modifications. The... [Read more]
Why are Short Sales rising?
What is a short sale? A short sale is a transaction in which the lender, or lenders, agree to accept less than the mortgage amount owed by the current homeowner. In some cases, the difference is forgiven by the lender, and in others the homeowner must make arrangements with the lender to settle the remainder of the debt. Why is the number of short sales rising? Due to the recent economic crisis,... [Read more]
Home Buyer Tax Credit Gets New Life
Plan will remain until the end of April 2010. Senate negotiators reached a tentative deal to extend a tax credit for first-time home buyers, but its passage remains uncertain. The agreement would extend the existing credit for first-time home buyers, worth up to $8,000, while offering a new credit of up to $6,500 for some existing homeowners, Senate aides said. The reduced credit would be available... [Read more]
