Starting A Business

FHA Limits Cash Out Refinances to 85 Percent

The FHA, which has seen its share of scrutiny as of late, plans to lower the maximum loan-to-value associated with cash-out refinances beginning April 1. The agency, which previously allowed cash out refinancing up to 95 percent, will drop that limit to 85 percent, according to a letter sent to clients late last week. “Effective… Read More »FHA Limits Cash Out Refinances to 85 Percent

The post FHA Limits Cash Out Refinances to 85 Percent appeared first on The Truth About Mortgage.

Can I Refinance a Mortgage With Negative Equity?

Mortgage Q&A: “Can I refinance a mortgage with negative equity?” Nowadays, more and more homeowners are finding that their condo or home value isn’t worth what it once was at the height of the real estate market. In fact, many are discovering that their current mortgage balance(s) now exceeds the value of their property, putting… Read More »Can I Refinance a Mortgage With Negative Equity?

The post Can I Refinance a Mortgage With Negative Equity? appeared first on The Truth About Mortgage.

FHA Short Refinance Program to Launch Next Month

More relief is on the way for underwater borrowers, assuming mortgage lenders agree to take part in the voluntary program. On September 7, HUD will begin offering FHA loans to certain underwater non-FHA borrowers who are current on their existing mortgages via the FHA Short Refinance program, originally unveiled back in March. In order to… Read More »FHA Short Refinance Program to Launch Next Month

The post FHA Short Refinance Program to Launch Next Month appeared first on The Truth About Mortgage.

Senators Urge Passage of Underwater Refinance Program

A bipartisan group of 16 Senators urged the Obama administration to remove barriers that have kept underwater homeowners stuck with inflated mortgage rates. In a letter to HUD secretary Shaun Donovan, Treasury secretary Tim Geithner, and FHFA director Edward DeMarco, the group spelled out the legislation needed to make such a program work. First, the… Read More »Senators Urge Passage of Underwater Refinance Program

The post Senators Urge Passage of Underwater Refinance Program appeared first on The Truth About Mortgage.

Obama’s State of the Union Reveals Little About Mortgage Plan

So amid all the endless clapping and standing ovations, Obama did manage to get a few words out about the prospective mass mortgage refinancing plan during his State of the Union address last night. While it wasn’t a lot, it does give us something to chew on. During his address, he said the word “mortgage”… Read More »Obama’s State of the Union Reveals Little About Mortgage Plan

The post Obama’s State of the Union Reveals Little About Mortgage Plan appeared first on The Truth About Mortgage.

Obama Urges Passage of New Refinance Bill

If you happened to catch last night’s State of the Union speech, you may have noticed (between the incessant clapping) President Obama’s mention of a bill that would give American homeowners the chance to save $3,000 annually by refinancing their mortgages. While it was his only mention of “mortgage” on the night, at least it… Read More »Obama Urges Passage of New Refinance Bill

The post Obama Urges Passage of New Refinance Bill appeared first on The Truth About Mortgage.

HARP May Be Expanded and Extended to Promote Mortgage Refinancing

There’s been a lot of buzz about the Home Affordable Refinance Program lately. While it has picked up steam in recent months, thanks to the removal of the LTV barrier, it’s still not reaching millions of underwater homeowners in need of a lower mortgage payment. Fortunately, there have been stirrings of expansions and extensions aimed… Read More »HARP May Be Expanded and Extended to Promote Mortgage Refinancing

The post HARP May Be Expanded and Extended to Promote Mortgage Refinancing appeared first on The Truth About Mortgage.

Mortgage Rates Experience Largest Single-Week Increase Since 2011

To say the last couple weeks have been bad for mortgage rates (and consumers) would be an enormous understatement. In fact, over the past month mortgage rates on the ever fashionable 30-year fixed have risen nearly a full percentage point. We’re talking rates of around 3.375% in early May that have since rocketed to around… Read More »Mortgage Rates Experience Largest Single-Week Increase Since 2011

The post Mortgage Rates Experience Largest Single-Week Increase Since 2011 appeared first on The Truth About Mortgage.

Obama Answered My Question About HARP 3

This week has been all about Obama, at least on this blog. The President has been making the rounds, visiting multiple locations on the West Coast to discuss the state of the economy, housing, and of course, mortgages. After a speaking engagement in Phoenix, which I detailed here, he met up with Zillow CEO Spencer… Read More »Obama Answered My Question About HARP 3

The post Obama Answered My Question About HARP 3 appeared first on The Truth About Mortgage.