Minimum Credit Score for FHA Loan To Raise to 620
Fannie Mae, the mortgage insurer, announced early this week that it is revising the eligibility, underwriting, and pricing policy to support housing market liquidity and sustainability. In a statement (PDF file) released on Tuesday, Fannie Mae said that starting December 12, 2009, the minimum credit score will be increased to 620 for all loans delivered [...]
What Is FHA Loan?
The process of selling our house is moving forward. This morning, our attorney told that the attorney review has completed and now the house is officially under contract. The buyer will do the home inspection this weekend. After that we will move to Virginia and leave the house and all other matters to our agent, [...]
Rate of Our Adjustable Rate Mortgage Will be Adjusted Next Month
When we bought our house nearly five years ago, we chose a 5-year ARM (from Countrywide BTW) over a fixed rate because we didn’t plan to stay in this 3-bedroom townhouse for 5 years. So it made more sense to get an ARM, which was about 1% less than fixed 30-year mortgage, to save some [...]
30-Year Fixed-Rate Mortgage Rate Fell to Record Low – Chart of the Day
From the rates point of view only, now may be the time to shop for a new mortgage or refinance your existing mortgage.
Freddie Mac today released its Weekly Primary Mortgage Market Survey, which showed that average rates of 30-year fixed-rate mortgage has dropped to a new low at 4.96% from 5.01% a week ago, the [...]
Regular Mortgage versus Reverse Mortgage: A Comparative Study
This article is written by mortgagespecialist, a member of mortgagefit.com. She has been writing on different mortgage related topics like refinancing, second mortgage, foreclosures, etc.
A regular mortgage refers to that mortgage loan which you take in order to buy a home of your own. But, the reverse mortgage is the loan which you take by [...]
Fannie Mae and Freddie Mac Timeline
I have written about Freddie Mac (FRE) a few times recently after I purchased a small number of FRE shares in early July. The reason for making the purchase was that I thought the two companies, as government sponsored enterprises, are too big to fall. At one time, I thought I was wrong of owning [...]
Bank of America Introduces No Fee Mortgage
Yesterday, Bank of America introduced its no-fee mortgage program. According to their website, the new program No Fee Mortgage PLUS, which is available to home-buyers nationwide, includes the following features:
No Application Fee
No Closing Fees
No Private Mortgage Insurance Required
Close-On-Time Guarantee
Best Value Guarantee
According to a CNNMoney report yesterday, BoA also “won’t charge for private mortgage insurance – [...]
