All Posts Tagged With: "VA"
Caution: Refinancing with Low Mortgage Rates May Not Work
I got a letter from my mortgage lender offering to refinance my home. I could lower my rate, said the letter, and I might save money. Actually, both claims are correct but the bigger issue is whether refinancing is actually worthwhile. According to the letter my mortgage rate would drop from 4.63 percent to 4.46 [...]
30Jan2012 | Peter G. Miller | 0 comments | Continued
Should Mortgage Robo-Signers Go To Jail?
John O’Brien is a Register of Deeds based in Salem, Massachusetts. Instead of burning witches, O’Brien believes we should investigate the people who created the notes and documents that have now destabilized the entire property records system. He also believes those who are guilty of criminal conduct should go to jail and not merely face [...]
23Jan2012 | Peter G. Miller | 1 comment | Continued
Why Trump Is Wrong On Mortgages
Donold Trump — a possible candidate for President — thinks mortgages are tough to get, maybe impossible. “If somebody wants to buy a house,” he told CNN’s Piers Morgan, “it’s virtually impossible to get the money from a bank. And it’s — even if they have good credit. Even when mortgages are coming due, and [...]
12Dec2011 | Peter G. Miller | 0 comments | Continued
VA Funding Fees Set Through September 2016
Military homebuyers finally got some clarity this week regarding the VA Funding Fee, a mandatory governmental charge applied to all VA loans that has been in a legislative limbo. The fee helps fund the VA Loan Guaranty program and ensures this long-cherished lending mechanism remains outside any Congressional appropriations process. Confusion took root this fall when [...]
28Nov2011 | Chris Birk | 0 comments | Continued
FHA Loan Limits Rise, Conventional & VA Mortgage Limits Stick
It didn’t take long for the lower mortgage limits that began October 1st to be changed. As of November 18th the mortgage rate limits were selectively revised with FHA loan limits increasing but with conventional loan limits staying the same. Does this change make a lot of sense? No. Is this change the law of [...]
25Nov2011 | Peter G. Miller | 0 comments | Continued
Will The FHA Go Bankrupt?
A new study says the FHA is likely to need a $50 billion bailout and perhaps as much as $100 billion. But is the FHA really in trouble? And if so, why? The paper, written by Joseph Gyourko, a professor of real estate and finance at the Wharton School of Business at the University of [...]
16Nov2011 | Peter G. Miller | 3 comments | Continued
Why VA Loans Are More Important Than Ever
The last few years have proved a mixed bag for home buyers and homeowners alike. Borrowers who qualify have reaped the benefits of government-sponsored tax credit programs and record-low interest rates. At the same time, the subprime mortgage meltdown and ensuing financial crisis created a restrictive credit environment and made it significantly tougher for some [...]
14Nov2011 | Chris Birk | 0 comments | Continued
Spread the Word: Millions of Veterans Unaware of their VA Home Loan Benefits
The VA loan program has helped more than 18 million service members achieve the dream of homeownership since 1944. Today, these flexible loans remain the safest and most powerful lending option on the market for military borrowers and their families. Qualified veterans can purchase a home without having to spend money on a down payment, [...]
11Nov2011 | Chris Birk | 0 comments | Continued
Firms Accused of Fleecing VA Mortgage Borrowers
Thirteen lenders — including Wells Fargo, JP Morgan Chase and Bank of America — allegedly collected illegal fees worth millions of dollars from VA borrowers. In hundreds of thousands of VA refinancing transactions, the lenders allegedly charged an additional $300 to $1,000 per loan, according to claims made in a lawsuit by two whistleblowers. In [...]
6Oct2011 | Chris Birk | 0 comments | Continued
VA Waives Funding Fee Gap for Mortgage Borrowers, Lenders
Some last-minute confusion regarding legislative changes to VA loan fees has left some lenders and prospective homeowners scrambling for clarity with home closings on the line. But the Department of Veterans Affairs sought to calm fears over the weekend, pledging to cover additional costs while waiting for President Obama to act on a bill that [...]
5Oct2011 | Chris Birk | 3 comments | Continued
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