All Posts Tagged With: "VA"
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
Should Government Set Mortgage Rates?
With all the talk of getting a new mortgage there’s one question which no one seems ready to touch: Why doesn’t the government ought to set mortgage rates? At first this may seem like an audacious idea, a violation somehow of the free market absolutism preferred by so many businesses and industries — at least [...]
26Sep2011 | Peter G. Miller | 0 comments | Continued
New FHA, VA and Conventional Mortgage Loan Limits
As of October 1, 2011 new and lower mortgage loan limits will be here unless Congress unites and stops the planned changes. Since Congress unites over very few things borrowers are likely to find bright and new loan limits as of Oct. 1st. Note: This material is now out of date. Please go to: FHA [...]
12Sep2011 | Peter G. Miller | 0 comments | Continued
Buying from a Bunker: Service Members Can Secure Home Loans While Abroad
Military members live on the go. From domestic reshuffling to extended overseas deployments, service members and their families face frequent relocation. Hassles and headaches can easily follow. All that moving can take a toll on finances and credit health. But serving overseas doesn’t mean military members have to hold off on their pursuit of a [...]
13Jul2011 | Chris Birk | 0 comments | Continued
Why You WON’T Need a 20% Down Payment For a Mortgage Loan
There’s been a lot of talk claiming that new mortgage rules will soon require borrowers to put down 20 percent if they want to buy a home. Such talk is nonsense. The alleged culprit in this matter is the Dodd-Frank Wall Street Reform and Consumer Protection Act. Having failed to prevent its passage, the lending [...]
28Jun2011 | Peter G. Miller | 0 comments | Continued
Vets Get $22 Million to Settle Mortgage Foreclosure Claims
Two national mortgage lenders will pay more than $22 million to settle claims under the Servicemembers Civil Relief Act (SCRA) that they allegedly violated a law meant to insulate military members from illegal foreclosure, according to the Department of Justice. A Bank of America subsidiary improperly foreclosed on about 160 service members from January 2006 [...]
15Jun2011 | Chris Birk | 0 comments | Continued
Citi Rolls Out Mortgage Relief Program for Disabled Veterans
Disabled veterans with Citi-owned mortgages may be able to tap into a special relief program recently announced by the financial giant. The program cuts interest rates for eligible service members and waives late fees and other past due amounts. The 2.5 percent rate reduction covers a two-year window. Service members are required to provide documentation [...]
31May2011 | Chris Birk | 0 comments | Continued
Are ARM mortgage interest rates about to rise?
The Consumer Finance Protection Bureau has come out with a new approach to mortgage financing, good faith estimate forms (GFEs) that are supposed to be better than the form introduced by HUD in 2010. This is important stuff for three reasons: First, HUD estimates that the 2010 GFE saves borrowers $700 per loan. Second, when [...]
31May2011 | Peter G. Miller | 0 comments | Continued
Is the government holding down mortgage interest rates?
One way to re-start the housing sector and thus a big part of the American economy would be to assure that mortgage quotes were as low as possible. And given that banks today can borrow money at pretty close to zero, is the government now forcing down mortgage rates to 5 percent or less? The [...]
23May2011 | Peter G. Miller | 0 comments | Continued
Tornado Relief Sought for VA Mortgage Loan Borrowers
The VA is asking mortgage lenders and servicers to provide relief to military borrowers in areas affected by April’s devastating tornadoes. In a circular released earlier this month, the agency encourages servicers to waive late charges and halt credit reporting for veterans whose homes, families or livelihoods were impacted by the storms, which tore through [...]
18May2011 | Chris Birk | 1 comment | Continued
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