Rates Hold Steady for Now, Fed Action Points to Possible Hike in December

The Federal Reserve kept the benchmark rate unchanged on Wednesday, in a divided vote that alludes to the possibility of a hike before the end of the year. “The Committee judges that the case for an increase in the federal funds rate has strengthened but decided, for the time being, to wait for further evidence of continued progress toward its objectives,” the Federal Open Market Committee (FOMC) released in statement. “The Committee expects that economic conditions will evolve in a manner th...
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FHA ANNOUNCES NEW LOAN LIMITS TO TAKE EFFECT JANUARY 1ST

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188 Counties Loan Limits rose from the 2015 Limit WASHINGTON - The Federal Housing Administration (FHA) today announced the agency's new schedule of loan limits for 2016. These loan limits are effective for case numbers assigned on or after January 1, 2016, and will remain in effect through the end of the year.  Read FHA's mortgagee letters (for forward and reverse mortgage programs). Due to changes in housing prices, the maximum loan limits for forward mortgages increased in 188 counties....
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3 Spooky Myths of Home Buying

Friday, October 23, 2015 All of the frights of the fall – like the terrifying calorie count of the handfuls of treats you're scarfing down at the office and the ghouls and goblins lurking at your door – will all be gone before you know it. But some horrors last year-round, including scary myths about buying a home. Let's take the fear out of a few of them. 1. Spooky myth: You need a 20 percent down payment to buy a home. Truth: Not every lender requires such a large down payment fr...
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3% Down Payments May Be Game Changer

Mortgage giants Fannie Mae and Freddie Mac announced Monday that first-time home buyers can now qualify for loans with down payments as low as 3 percent. That will expand credit for qualified home shoppers who may have been sidelined the last few years because of higher down-payment requirements, housing analysts say. Freddie Mac launched Home Possible Advantage, a conventional mortgage with a 3 percent down-payment requirement geared to low- and moderate-income borrowers. It's a conforming c...
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HUD, Treasury Announce Enahancements to Mortgage Loan Mod Programs

  The U.S. Department of Housing and Urban Development (HUD) and Department of Treasuryhave announced enhancements to the government's Making Home Affordable (MHA) program to assist homeowners who are struggling to make monthly mortgage payments. The enhancements are designed to make monthly mortgage payments affordable for homeowners in MHA who are struggling, to strengthen the safety net for homeowners facing financial hardships, and to help stabilize communities most affected by th...
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The Key To Closing On Time!

Was it Einstein who defined insanity? Doing the same thing over and over but expecting a different result! As a lending veteran with 30 years experience, it seems that every year the universe conspires to push each transaction to close in less time! In a “drive through” society with powerful little computers in everyone’s hands that give full time contact and access to the world, the desire is to create an instant commodity out of every need….and getting that home loan done is surely no d...
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