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Tag Archive
FHA launches short refi for underwater homeowners
FHA will offer the new FHA-insured mortgage to certain “underwater” non-FHA borrowers who are current on their existing mortgage and whose lenders agree to write off at least 10 percent of the unpaid principal balance of the first mortgage. »
New debt could pose threat to closings
Fannie Mae announced changes to its Selling Guide as part of its Loan Quality Initiative earlier this year. This update requires lenders to determine that all the homebuyer’s debts are disclosed on the final loan application. »
PHFA allocating remaining tax credit funds
PHFA is accepting reservations for the remaining money up until May 15 or until the money runs out, said Kate Newton, PHFA director of Homeownership Programs. »
FHA Energy Efficient Mortgages can lower utility costs
According to Dave McCarraher, senior account liaison with FHA’s Philadelphia office, FHA's Energy Efficient Mortgages benefit homebuyers who want to make their houses more energy efficient, sellers who may own a home that doesn’t have up-to-date energy-saving features and remodelers who get paid to make the home improvements. »
FHA doubles number of mortgages issued in last several years
Minority homeowners have been hardest hit in the housing crisis, FHA official David H. Stevens told those gathered March 4 at the Multicultural Real Estate and Policy Conference in Washington, D.C. »
PHFA offers lending seminars for REALTORS®
Seminars, which cost $25 per person, are being held in March at three locations across Pennsylvania. »
Anatomy of a disaster: Option ARMs
Option ARMs were used from 2004 until 2007 with five-year resets (or less) to higher interest rates with standard amortization schedules. Thus, many have come into play during 2009 and we will see many more in the months ahead. »
Rendell says $1.2 billion available to help homebuyers
Homebuyers in the Commonwealth will benefit from more than $1.2 billion being made available through the PA Housing Finance Agency (PHFA), according to Gov. Ed Rendell. He announced at a press conference Tuesday that Pennsylvania is “fighting back” against the effects of Wall Street greed by helping homebuyers with low-interest, fixed-rate mortgages offered through... »
Foreclosures continue to rise in Pennsylvania
Time magazine reported on a shortage of attorneys to manage the avalanche of foreclosures across the country. Rising foreclosure rates continue to add inventory to the real estate market and high unemployment rates and Option-ARM mortgages ready to reset are expected to send foreclosure rates soaring. »
You need ‘skin in the game’
Stan Liebowitz, an economics professor at the University of Texas at Dallas, has examined more than 30 million mortgages to determine the factors affecting mortgage foreclosure activity since 2007. »
