If you’ve been waiting for the long-anticipated news that the two dominant players in the home mortgage arena – Fannie Mae and Freddie Mac – finally have decided to overhaul their outdated credit scoring systems to expand homeownership opportunities for a broader range of consumers, sorry. Your wait just got a lot longer.
One percent down on a new home loan? Zero down? Generous gifts of thousands of dollars from mortgage companies to help you swing the deal?
So what does it take to get approved for a mortgage to buy a house this summer, whether you’re a first-timer, planning to move up or downsize? Maybe not all that you think.
Quicken Loans arguably has the mortgage industry’s squeakiest-clean image, So it might come as surprise that a federal district court last week levied nearly $11 million in fines and damages against the company for an alleged appraisal tampering scheme by Quicken during the housing boom and bust years in West Virginia.
If you’re a tax-savvy homeowner, buyer or investor, you might be wondering: Hey, what’s going on with that big tax code overhaul bill the Trump administration and Republicans in Congress have been promising to deliver?
You’ve almost certainly seen or heard pitches for “credit repair” services promising to clean up your credit problems, reduce your debt or even raise your credit scores by 100 points or more.
Do we really need another Zillow Zestimate-style online gizmo to tell us what a computer model says our homes are worth? Probably not.
Do we always need an appraiser to tell us what a house is worth? The two biggest sources of mortgage financing in the country – Freddie Mac and Fannie Mae – think not.
They were all the rage – then the scourge – of the housing boom and bust. Now they’re back, big time: home mortgages that require tiny or zero-down payments from buyers.
It’s the No. 1 reason why mortgage applicants nationwide get rejected: They’re carrying too much debt relative to their monthly incomes.
If you’ve heard that some people might get a magic boost to their FICO credit scores in the 10-point range – without having to do anything – you’re right. But hundreds of thousands of consumers’ increases will be much larger.
Could condominiums financed with low down payment government-backed mortgages stage a surprise comeback under the Trump administration, which generally seeks to reduce federal involvement in housing?
It’s often the biggest pot of gold available to any homeowner, yet its fate remains unclear under the main tax code overhaul plans proposed so far on Capitol Hill
It was bound to happen: A homeowner has filed suit against online realty giant Zillow, claiming the company’s controversial “Zestimate” tool repeatedly undervalued her home, creating a “tremendous road block” to its sale.
Here’s some good news for homebuyers and owners burdened with costly student loan debts: Mortgage investor Fannie Mae has just made sweeping rule changes that should make it easier for you to purchase a first home or do a “cash-out” refinancing to pay off your student debt.
Most homebuyers and sellers don’t think much about what might derail their purchase or sale.
It’s a real estate question that historically has had an easy answer: Do single-family detached homes appreciate in value faster than condominiums?
They’re either a valuable financial tool for homeowners or a harbinger of trouble on the horizon: Cash-out refinancings, which were wildly popular during the housing boom years and contributed to the severity of the crash, are on the rise again.
With the health care bill back-burnered on Capitol Hill, the focus has shifted to tax reform. Among the key financial matters in play: Homeowners’ prized mortgage interest and property tax deductions.
Are you getting fleeced on appraisal charges when you buy a house or refinance?