Prospective homebuyers and sellers could run into additional roadblocks in coming months as new mortgage regulations begin to factor in this fall. Although the new limits on conforming loans — mortgages eligible for government guarantees — won’t officially roll out until Oct. 1, buyers and sellers could both soon begin to experience the tighter credit ...
Last week conforming and FHA fixed mortgage rates increased for the first time in three weeks, while adjustable-rate mortgages slipped slightly. The interest rate spread between the Freddie Mac 30-year fixed rate and 5-year ARM is back near its all-time high. This week, mortgage rates will be guided by Congress’s on-going U.S. debt ceiling debate. ...
A new university study found that the upcoming expiration of temporarily higher loan limits on government-insured mortgages won’t have a negative impact on low- and moderate-income borrowers, as lowering the Federal Housing Admission’s current loan limits will not prevent the agency from helping provide home financing to their target market—first time borrowers and low–to-moderate-income borrowers. ...
At 1st Advantage we are now offering a unique program that many other lenders simply cannot do. Beginning today, our new FHA Direct programs offers 30-year fixed financing to borrowers with a credit score as low as 620, or even a 600 credit score in certain circumstances. Even with our industry guidelines constantly changing, this ...
