It might be getting easier to get a jumbo loan. A recent report from the Mortgage Bankers Association showed that lenders are easing credit requirements for these large, non-conforming home loans. But, generally speaking, it’s still harder to qualify for an “over-sized” product compared to a smaller (conventional) one.
A recent report from the Federal Reserve Bank of New York revealed that more than 20% of student loan borrowers are behind in their payments. This could seriously harm their chances of qualifying for a mortgage loan down the road, when attempting to buy a first home. Let’s take a closer look at how these two things are related.
More lenders are offering interest-only home loans in 2015. But they’re still as risky as ever. These mortgage products have serious downsides that most borrowers don’t even think about, partly because lenders tend to downplay them in their marketing literature. Here’s what you need to know about them.
What can home buyers and homeowners expect in 2016, as far as mortgage rates are concerned? According to the latest forecast from Freddie Mac, borrowers should beware of rising interest costs. The company expects the average rate for a 30-year home loan to approach 5% next year, especially if the Fed backs away from its stimulus measures.
The federal government’s Home Affordable Modification Program (HAMP) and Home Affordable Refinance Program (HARP) were originally set to expire in December 2015. The Federal Housing Finance Agency (FHFA), which oversees the venture, announced today that the popular mortgage refinancing and modification programs will be extended through the end of 2016. According to a recent announcement, […]
The Arizona Housing Finance Authority (AzHFA) has announced a program that offers down payment assistance grants to qualified home buyers across the state. The program is aimed at creditworthy renters who want to make the transition to homeownership. Full details can be found on the AzHFA website and are summarized in this article.