Thereâs a popular new loan in town that a lot of credit unions seem to be offering known as the â5/5 ARM,â which essentially replaces the more aggressive 5/1 ARM that continues to be the mainstay at larger banks and lenders. The San Francisco Federal Credit Union offers it via their POPPYLOAN, Caliber Home Loans [&hellip
The post The 5/5 ARM Is an Adjustable-Rate Mortgage for the Faint of Heart first appeared on The Truth About Mortgage.
Home Partners of America and New Penn Financial have joined forces to offer renters the ability to get a mortgage with as little as their security deposit. The joint venture aims to alleviate one of the main obstacles to owning a home, the down payment. Itâs not the first time weâve seen this in recent [&hellip
The post New Program Allows Renters to Get a Mortgage with as Little as a Security Deposit first appeared on The Truth About Mortgage.
How old do you have to be to qualify for a mortgage in the United States? Find the answer to this and other buyer demographics here, from the experts at Homes.com.
The post Am I Too Young For A Mortgage? Average Buyer Demographics in the US appeared first on Homes.com.
As expected, the recent spike in mortgage rates has led to wild new proposals to solve the ongoing mortgage crisis. The latest proposal comes from Arizona businessman Kenneth Wm. Parker, owner of Parker Properties/Parker Development, who has introduced the so-called â4/40 for Freedom Loan.â Itâs essentially a government-backed mortgage set at a four percent interest [&hellip
The post Four Percent Mortgage Proposed to Solve Crisis first appeared on The Truth About Mortgage.
In a nutshell, the FHA 203k loan program allows prospective home buyers to finance the cost of a property and improvements in one convenient mortgage. Instead of buying a fixer-upper, taking out a mortgage, and then later taking out a home equity line or executing a cash out refinance to fund necessary improvements, home buyers [&hellip
The post FHA 203k Loan Program: The All-in-One Renovation Mortgage first appeared on The Truth About Mortgage.
A new option that should be available by fall of this year will allow borrowers current on their mortgages to execute short refinances into FHA loans, assuming the original loan is not FHA-insured. In fact, the new loan must NOT be owned or guaranteed by the FHA, VA, or the USDA. So essentially only those [&hellip
The post FHA Short Refinance Option Coming Soon first appeared on The Truth About Mortgage.
In case you haven’t heard, Congress has been hard at work setting new standards for mortgages so we don’t see another housing crisis any time soon. Specifically, they’re working on a so-called Qualified Residential Mortgage, which would be exempt from risk retention rules, meaning mortgage lenders wouldn’t have to hold on to a piece of [&hellip
The post Non-QRM Mortgage Rates May Be One Point Higher first appeared on The Truth About Mortgage.
Are You a Mortgagee or Mortgagor? It’s mortgage Q&A time! Today’s question: âWhat is a mortgagee?â No, it’s not a typo. I didn’t leave an extra âeâ on the word mortgage by mistake, though it may appear that way. Despite its striking appearance, it’s actually a completely different word, somehow, simply with the mere addition [&hellip
The post What Is a Mortgagee? Hint: It's Not a Typo first appeared on The Truth About Mortgage.