Lending

When it comes to buying a home, whether it is your first time or your fifth, it is always important to know all the facts. With the large number of mortgage programs available that allow buyers to purchase a home with a down payment below 20%, you can never have...

A considerable number of potential buyers shy away from jumping into the real estate market due to their uncertainty about the buying process. A specific cause for concern tends to be mortgage qualification. For many, the mortgage process can be scary, but it doesn’t have to be! In order to qualify in...

Some Highlights: The interest rate you secure for your mortgage greatly influences your monthly housing costs. In the 1980s, 30-year fixed mortgage rates averaged in the high 12s making the monthly principal and interest payment over $2,000. Interest rates are still at historic lows; this is a great time lock...

In yet another bundle of positive news for the housing market, mortgage credit availability increased in March, according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) which analyzes data from Ellie Mae's AllRegs Market Clarity business information tool. The MCAI increased 2.3 percent to...

A diverse group of housing industry stakeholders participated in a credit access symposium recently to discuss how alternative credit scoring models could expand access to mortgage credit for responsible borrowers who may have thin credit histories or extenuating circumstances like medical debts. "REALTORS support safe, responsible access to mortgage credit for...

President Obama announced a new policy that will reduce annual mortgage insurance premiums (MIP) on FHA loans. The National Association of REALTORS estimates that a reduction in the annual MIP of .50 to .85 percent will enable many first time borrowers and other borrowers who are typically undeserved by the...

Recently, Fannie Mae and Freddie Mac announced plans to begin backing home loans with down payments as low as thee percent.  This move came just days after the mortgage giants implemented less rigid lending standards in order to give Main Street citizens with less-than-perfect credit a better chance at homeownership....

MCT-Home loans are about to go on the discount rack for first-time buyers willing to spend a few hours learning the ropes of homeownership, from applying for a mortgage to choosing a contractor for a kitchen remodel. The Homeowners Armed with Knowledge program, or HAWK, was announced by the Federal Housing...

We all know that when a person has a poor credit profile, he or she is less likely to buy a home.  Many consumers remain without access to affordable credit and more importantly, no access to the American Dream of homeownership.  We continue to witness people's hard work being wasted...

People with poor credit profiles are less likely to buy a home, but the newest credit scoring model from the Fair Isaac Corporation (FICO), FICO09, may change all that.  One of the most important changes in the new models is an unprecedented shift in the treatment of a collection account...