The future looks bleak for FHA-insured loans. A mode of federal assistance wherein low-income American earners are allowed to borrow money (usually as down payment) to purchase homes for themselves. If FHA maintains having low interest rates, loans will then have to be refinanced from its portfolio. As a result, it has a $13.5 billion …
Dear First-time Homebuyers
Along with the New Year come the new trends. The same goes for those occurring in the housing industry. Here are seven bits of advice and news that can help first-time home buyers navigate the mortgage industry in 2013. Save money now. Lenders will be paying more attention to the sum of money in your …
Clock Ticking on Mortgage Tax Break for Struggling Homeowners
Struggling homeowners have something big to worry about in the days ahead. The Mortgage Debt Forgiveness Act passed by Congress in 2007 is set to expire soon. Its expiration would spell the end of a tax break that has been keeping troubled homeowners from paying thousands of dollars to the IRS because of forgiven mortgage …
Lowest Levels in Mortgage Debt Tallied Amidst Increase in Originations
Continuing an almost four-year trend, aggregate consumer debt levels have recently been reported to record their lowest since 2006. Mortgage debt, the largest component of aggregate consumer debt, decreased by 1.5% from the previous quarter, and the lowest tally since 2006. This drop comes amidst a cumulative increase in mortgage originations, where hundreds of …
Things You MUST Know About First-Time Home Buyer Loans
For the first-time home buyer, it can get confusing to wade through the variety of loan options out there. To ease the selection process, lenders have come out with the first-time home buyer loan. But before you decide to sign up for this loan, there are a few things you need to inform yourself about. …