by kramoltz@hotmail.com | Nov 16, 2015 | Home Buying, Mortgages + Lending
70% of U.S. adults are unfamiliar with down-payment assistance programs for middle-income home buyers, according to a NeighborWorks America survey. There are hundreds of millions of dollars available for down-payment assistance from many local and state organizations,...
by kramoltz@hotmail.com | Oct 7, 2015 | Home Buying, Mortgages + Lending
The Federal Housing Administration will insure mortgages in less than 7% of the nation’s condominium developments, according to the New York Times. Condo projects must be certified (pre-approved) by the FHA before their loans can be made there, and due to the...
by kramoltz@hotmail.com | Sep 23, 2015 | Home Buying, Mortgages + Lending
The Consumer Financial Protection Bureau has changed the lending process starting October 3. The Good Faith Estimate and the HUD-1 settlement statement are being replaced with a Loan Estimate and Closing Disclosure forms. New procedures have been created around those...
by kramoltz@hotmail.com | Aug 24, 2015 | Mortgages + Lending
The volume of jumbo mortgages (loans above $417,000 in most places and $625,000 in high-priced areas) reached an estimated $160 billion in the first six months of 2015 – 36% higher than a year ago, according to Inside Mortgage Finance. Jumbo mortgages comprised about...
by kramoltz@hotmail.com | Jul 8, 2015 | Home Buying, Mortgages + Lending
Here are 3 common and costly mistakes that home buyers make:1. Not visiting a lender, getting pre-qualified and obtaining the AAR Pre-Qualification Form;2. Buying other things before closing. Lenders check credit scores up to the closing date. Too much shopping, and...
by kramoltz@hotmail.com | Jul 7, 2015 | Mortgages + Lending
The Phoenix metro area has the 8th biggest pool of potential HARP loan refis. Its estimated that over 10,000 homeowners qualify. The criteria are more than 20% under water, and a Fannie or Feddie loan made before 5/09. Learn more at harpprogram.org.
