As FHA continues to make efforts to strengthen their capital reserve requirements and focus on making quality loans for qualified borrowers, we can all expect for there to be some sensible changes to remove credit risk from the mortgage industry. Beginning October 15th 2013 there will be some updates made to the Read more…
FHA Reduces Waiting Periods for Previous Bankruptcies & Foreclosures
Last month in a press release, FHA rolled out details for a fantastic new program to assist potential home owners who were negatively affected by the Great Recession of the last few years. This new FHA guideline will remove the once mandated waiting periods after credit events such as Read more…
HARP Program gets Good Grade from the FHFA
There is more good news for Massachusetts home owners who have yet to take advantage of the historically low interest rate environment. Today the Federal Housing Finance Agency, or FHFA for short, published an assessment of their Home Affordable Refinance Program known as HARP. The assessment results showed Read more…
Is the Refinance Boom Over?
Is the refinance boom over? The answer to this question would depend on your specific need. For the past several years the refinance boom has been fueled by a Federal Reserve buffet of bond buying programs and a historically low mortgage rate environment. But, as the US economy continues to gain traction, the Federal Reserve will begin to implement their exit strategy and taper off their tens of billions of dollars a month of asset purchases. With the 800 lb bond gorilla no longer in the room mortgage rates will Read more…
FHA Financing Still Popular
FHA insured mortgage programs have been assisting Massachusetts residents fulfill their dream of home ownership for decades. Since the FHA’s inception in 1934 with the National Housing Act, its’ goal has always been to improve housing standards and provide a viable system of mortgage financing. The last five years has been a period of growth and exposure management for FHA and with those challenges have come the dramatic increase to their Mortgage Insurance Premium costs. Despite this increase in borrowing costs, the FHA insured mortgage continues to be a great way Read more…
Maximize your Home’s Appraisal Value with Curb Appeal
HVCC stands for the Home Valuation Code of Conduct. Along with the Appraisal Independence guidelines it has helped curve the outside influence of lenders, applicants, and real estate agents on appraisal values. Gone are the days of local mortgage brokers contacting appraisers and lobbying for Read more…
Why Appraisers Ignore Mortgage Brokers
You are finally ready to buy a new home or perhaps you are looking to refinance your current one to pay off some old credit card debt or go on that vacation to Nantucket you have been thinking about. You sat down with your loan officer and agreed on specific terms based on an estimated home value that maybe you found online or based off of your “tax assessed” value. Up to now you have been the ideal client Read more…
Real Estate Secrets from Best Selling Real Estate Author John Miller Part 2
The Mortgage Buddy would like to welcome back top real estate agent and best selling author John Miller of Keller Williams in Westboro, MA to the Guest Blogger spot. This article is the conclusion to Miller’s Real Estate Secrets to sell your home for more money featured previously on Mass Mortgage Buddy. What are the remaining secrets? Read more…
How Are Mortgage Rates Affecting Massachusetts Home Buyers
When you apply for mortgage financing in Massachusetts you should expect to spend some time gathering basic income related documentation to provide to your loan officer for review. Your mortgage professional is going to review this documentation to make certain that your debt to income ratio fits within certain predetermined underwriting parameters. But what happens when mortgage rates spike before you have found the new home of your dreams? Read more…
Real Estate Secrets from Best Selling Real Estate Author John Miller Part 1
The Mortgage Buddy would like to welcome top real estate and best selling author John Miller of Keller Williams in Westboro, MA to the Guest Blogger spot this week. In the coming weeks John is going to share with the Mass Mortgage Buddy readers a series of real estate secrets to help the reader gain a better understanding of the amazing opportunities that are available. Read more…