Federal taxpayers have nearly recouped their $188 billion investment in Fannie Mae and Freddie Mac, the mortgage finance giants taken over by the government in 2008. Third-quarter profit rose sharply at both companies, each reported Thursday, letting Freddie Mac finish reimbursing taxpayers for its bailout and bringing Fannie within about $2 billion of repaying what…
The Federal Housing Administration is at a critical crossroads, but with the best performing books of business in its 80-year history, FHA is prepared for the future. That’s according to current and former FHA commissioners, who spoke to thousands of Realtors at the 2013 Realtors Conference and Expo. “We are on the right track financially,…
The government’s Home Affordable Refinance Program (HARP) has helped millions of homeowners save money on their monthly mortgage payments, and it might help you, too — even if you owe more on your loan than your home is worth. But what if you have a “piggyback” loan — a second mortgage that you took out…
Veterans Affairs-backed mortgages are booming, and more important than ever, in today’s strict lending climate. If you even think you might be eligible for this benefit, it’s worth doing a little research to determine your eligibility. Even if you aren’t personally eligible, you probably know someone who is and who can therefore benefit from this…
Average U.S. rates on fixed mortgages rose for the second straight week amid some signs of economic strength. Still rates remain near historically low levels. Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan increased to 4.35% from 4.16% last week. That’s the highest level since Sept. 19, when it…
Applications for new home purchases increased by double-digits in the latest Mortgage Bankers Association update, signaling an America that is prepared to buy more homes. Going forward, the MBA believes new homes sales will increase 10% in 2014, compared to 2013 — matching the continued trend that new home purchases will continue growing. Read more…
If you are a Veteran and currently have a VA mortgage loan, you may be eligible for a VA “Streamline” Refinance or as the VA calls it, an IRRRL which stands for Interest Rate Reduction Refinancing Loan.
A reverse mortgage enables the borrower to own a home without making a monthly mortgage payment and without negatively impacting the continued appreciation of the home. There is never a risk of ever losing the home.