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Tag: VA

2017 Mortgage Loan Limits — With Charts

2017 Mortgage Loan Limits — With Charts

For the first time in 10 years mortgage loan limits will increase, a step that will help borrowers and sellers in high-cost areas nationwide. The increase is not large — $424,100 in 2017 for most single-family homes versus $417,000 in 2016 — but it’s a step which many in the real estate industry welcome. Why […]

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Real Estate: Why The Common-Sense Mortgage Is Back

Real Estate: Why The Common-Sense Mortgage Is Back

When are you going to re-do the mortgage book? It’s a question I get with some frequency because the “mortgage book” was published by Harper & Row in a series of editions that spanned more than a decade. It popularized a revolutionary idea, the thought that mortgage borrowers could save enormous amounts of money if […]

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Do You Know VA’s Qualified Mortgage Rules for Streamline Refinances

Do You Know VA’s Qualified Mortgage Rules for Streamline Refinances

The VA loan program’s no-frills refinance option got a slight makeover last year in the wake of major mortgage industry changes. But most veteran homeowners won’t notice much difference in their pursuit of a VA Interest Rate Reduction Refinance Loan (IRRRL), better known as a VA Streamline. Nearly all VA loans are considered “safe harbor” […]

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Should We Dump Mortgage Insurance?

Should We Dump Mortgage Insurance?

Question: I have always felt that mortgage insurance benefits just a select few and if it were withdrawn or otherwise eliminated and people required to put at least 5 percent down and preferably not more than 10 percent, you would see huge home sale increases. People would also have a much easier time when they […]

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2015 Mortgage Loan Limit Charts

2015 Mortgage Loan Limit Charts

Loan limits for 2015 remain virtually unchanged from 2014, news which is hardly evidence of a booming real estate marketplace. Instead, what everyone would really like to see are higher loan limits, limits justified by rising real estate values. According to the National Association of Realtors, “The median existing-home price for all housing types in […]

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Subprime Mortgages: 50 Shades of Risk

Subprime Mortgages: 50 Shades of Risk

Subprime mortgages continue to be the riskiest type of mortgage you can get — and yet things are looking better for both subprime borrowers and subprime lenders. How can that be? Subprime mortgages are a form of financing designed for those with impaired credit. That’s a polite term for individuals who have low credit scores, […]

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Par Pricing Mortgage Option Still Available

Par Pricing Mortgage Option Still Available

It seemed like a good idea at the time: The Consumer Financial Protection Bureau was thinking that maybe lenders should be required to offer mortgage borrowers a zero-zero financing option, but after lots of letters and comments it ultimately rejected a zero-zero requirement. What is a zero-zero mortgage option? And why would you like to […]

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Mortgage Foreclosure “Dual-Tracking” Abuses To End

Mortgage Foreclosure “Dual-Tracking” Abuses To End

New government rules will end the practice of foreclosure “dual tracking,” cases where borrowers enrolled in loan modification programs are simultaneously foreclosed. The new regulations give borrowers powerful new foreclosure protections and essentially require loan servicers to help prevent foreclosures in situations where borrowers are seeking modifications or short sales on a timely basis. As […]

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New 120 Day Mortgage Foreclosure Rule Protects Borrowers

New 120 Day Mortgage Foreclosure Rule Protects Borrowers

The federal government has enacted new rules which will protect mortgage borrowers nationwide from abusive and wrongful foreclosures. Although the new standards do not officially take effect until January 2014, virtually all lenders will start following them this year to avoid reputational damage, the potential for litigation and additional regulatory oversight. The Mortgage Servicing Rules […]

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How The Mortgage Interest Deduction Can Be Cut, Sliced & Diced

How The Mortgage Interest Deduction Can Be Cut, Sliced & Diced

Is it time to end the mortgage interest deduction? For the first time in years the question is a matter of serious debate in Washington. Right now residential mortgage interest deduction (MID) is generally allowed on first- and second- home debt worth as much as $1 million plus an additional $100,000 for a home equity […]

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