The increased scrutiny, mortgage bankers complain, would finish recent attempts to provide home loans to borrowers with marginal credit, something the FHA has been striving to spur for years. Those with FICO scores below 640 would be especially hard hit, industry executives state. "FHA says they ... » Learn More about FHA Quality-Assurance Plan Assures Fewer Loans Get Made: Lenders
Mortgage Originations Lowest Since November 2008, Cash Purchases Up, Fewer Loans HARP Eligible
* Loan originations declined to the lowest point since Nov. 2008 (down 60% Y/Y) * Property sales remained relatively strong (total year 2013 was up 8.4% from 2012), supported by increased cash purchases (which accounted for more than 40% of Q4 sales) * HARP origination volume has declined ... » Learn More about Mortgage Originations Lowest Since November 2008, Cash Purchases Up, Fewer Loans HARP Eligible
QM Could Touch Many Borrowers
The Qualified Mortgage (QM) rule was implemented in January of 2014. It is the one of several rules originated from the Dodd-- Frank Wall Street Reform and Consumer Protection Act that will impact the housing market. This law is intended to protect consumers by boosting underwriting standards, but ... » Learn More about QM Could Touch Many Borrowers
Foreclosures Falling, Home Price Growth Leveling-Off
A decrease in foreclosures has been a continuing all over the country, as the real estate market gradually recovers from one of the worst housing crises ever. The January Property Intelligence Report from DataQuick reveals that 31 of the 42 counties evaluated had fewer foreclosures compared with ... » Learn More about Foreclosures Falling, Home Price Growth Leveling-Off
Home-Flipping Comeback May Decrease This Year
The average gross profit for investors who bought a home and market it within six months increased about $10,000 last year, basing on the data firm RealtyTrac. (The figure shows the difference between the purchase and resale prices and does not take into account investments in the home, like ... » Learn More about Home-Flipping Comeback May Decrease This Year