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Tag: VA

Can A Gay Couple Get An FHA Mortgage?

Can A Gay Couple Get An FHA Mortgage?

While gay couples seeking VA mortgages face significant barriers and limitations imposed by Congress, the same is not true with gay couples who wish to finance with FHA mortgages, even in states where gay marriage is not recognized. Under VA rules a “spouse” is defined as someone of the opposite sex, meaning that the definition […]

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Can A Gay Couple Get A VA Mortgage?

Can A Gay Couple Get A VA Mortgage?

For a number of years voters have rejected marriage equality, the idea that gay couples could have the same civil recognition as straight couples. But with the most recent election there has been a visible evolution in public attitudes: After more than 30 losses on state ballots, the civil recognition of gay marriage was approved […]

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Can Mortgage Insurance Premiums Rise?

Can Mortgage Insurance Premiums Rise?

Question: My private mortgage insurance payment jumped from $49 to $258 a month. How can they increase my rate? Answer: Something plainly increased on your monthly statement, but it was probably not the cost of private mortgage insurance (MI). Mortgage insurance is required for FHA loans and VA mortgages. For conventional loans, private mortgage insurance […]

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Will Your Mortgage Modification Be A Rip-Off?

Will Your Mortgage Modification Be A Rip-Off?

If someone asks you to pay in advance to avoid foreclosure or get a mortgage modification then red flags should go up. That’s the color of the Martian soil, a thought which brings us to the MARS rule. The MARS rule – or the Mortgage Assistance Relief Services rule – is the regulation used by the […]

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Government Proposes Flawed Mortgage Appraisal Rule

Government Proposes Flawed Mortgage Appraisal Rule

Buried in a new Consumer Financial Protection Bureau proposal is a new effort to control illegal flipping. On its face any effort to limit illegal flipping should be seen as a good thing because the practice of illegal flipping hurts not only buyers and lenders, it also knocks down community values once such properties inevitably […]

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Could A National Mortgage Strike Change Foreclosures?

Could A National Mortgage Strike Change Foreclosures?

A mortgage strike has started in Cleveland, but will this idea spread nationwide? Will it reduce foreclosures or mortgage rates? According to the Cleveland Plain Dealer, a local group called Empowering and Strengthening Ohio’s People (ESOP) believes that “banks should reduce the principal on underwater mortgages because home values have fallen so far in Northeast Ohio.” […]

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Is Your Mortgage Credit Score Right?

Is Your Mortgage Credit Score Right?

If you’ve thought about financing or refinancing a home then you know the value of a solid credit score. The better the score the lower your mortgage rate. Unfortunately, the government says that after looking at 200,000 credit files it found one out of every five credit scores purchased by consumers actually differed from the […]

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How Zero-Zero Mortgages Could Cut Loan Costs
By September 10, 2012 1 Comments Read More →

How Zero-Zero Mortgages Could Cut Loan Costs

A new proposal floating around Washington could require lenders to make a no-point, no-fee loan option available to prospective borrowers. This so-called “zero-zero” plan would not be the only pricing lenders could offer, instead it would be one choice of many lenders could offer under a proposal from the Consumer Financial Protection Bureau. The purpose […]

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Should “Old” People Get Mortgages?

Should “Old” People Get Mortgages?

Over at PBS NewsHour Paul Solman looks at the question of whether a 66-year-old retiree is a good candidate for a 30-year fixed-rate mortgage. “Don’t worry about the lender,” says Solman. “A standard rule of thumb applies regardless of age: So long as your mortgage payments are no more than 45 percent of your gross […]

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Congress Passes Big VA Loan Benefits Package
By August 2, 2012 0 Comments Read More →

Congress Passes Big VA Loan Benefits Package

A wide-ranging veterans benefits bill  now awaiting the President’s signature will allow bigger loans for vets in high-cost real estate markets, continue the availability of VA-backed ARMs and improve access to VA mortgages for military families. Dubbed the “Honoring America’s Veterans and Caring for Camp Lejeune Families Act,” the omnibus measure offers a little something […]

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