August 23rd, 2013

3 Keys to Mastering New Home Loan Hurdles

Posted by at 10:07 am

Home loans are harder to get than they’ve been in years. Stricter new rules starting next year could add to the stress. Mortgage rates are rising, and while there have been some signs of a lending pickup in the strengthening housing market, banks are still making one-third as many loans as they did before the housing crash. So how do you get a mortgage to buy or refinance your home? And should you rush to get a loan approved now before it gets harder? Depending on your circumstances, you might want to get that home deal done before the rules take effect in January 2014. There will be a new limit on how much you can borrow, and you will need to document things more thoroughly – no more “no doc” loans or “teaser” adjustable rates to help you qualify...
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August 13th, 2013

Will Retirees Finally Get a Mortgage Break?

Posted by at 8:12 am

Until recently, retirees living on a fixed income probably had a better chance at being chosen for The Price Is Right than qualifying for a mortgage. Even when borrowers hold substantial assets, an income from Social Security, pensions and investments has often been considered too low to meet today’s stricter mortgage eligibility requirements. But that scenario is changing. New options are in place for retirees who want to downsize but still need a mortgage, and for people who’d hoped to age in place with a smaller refinanced loan. Fannie Mae and Freddie Mac, the government-sponsored mortgage investment giants, announced recent policy changes that allow lenders to take retirees’ assets into account. So when loan officers calculate borrowers’ income eligibility, they can factor in IRA, 401(k) and other retirement assets as a supplement to their fixed income. “This could open up...
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August 8th, 2013

Legislation Seeks to Stabilize FHA’s Reverse Mortgage Program

Posted by at 4:15 pm

Legislation Seeks to Stabilize FHA’s Reverse Mortgage Program Due to requests from the Department of Housing and Urban Development (HUD) officials to gain the authority to add consumer safeguards and make other changes to improve financial performance of the Home Equity Conversion Mortgage (HECM) Program, the National Reverse Mortgage Lenders Association (NRMLA) has urged Congress to grant HUD such power so that loans would be better matched with qualified borrowers. HUD is seeking to include the ability to perform financial assessments of HECM applicants, set mandates for funds set aside for tax and insurance payments, set proceed amount withdrawal restrictions and have the ability to include all spouses on the loan – regardless of the age. “The HUD proposal is a model for responsive and responsible governing,” said Peter Bell, president and CEO of NRMLA. “No government program works perfectly...
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August 2nd, 2013

Bay Equity Grows Rapidly in First Half of 2013

Posted by at 8:29 am

Bay Equity Home Loans nearly doubled its branches in the first half of the year, having its largest six months of steady and substantial growth as a San Francisco-based mortgage lender. The company has added 30 new branches as it expands its reach of mortgage lending professionals. Bay Equity’s expansion in 2013 adds to an already impressive reputation for growth. In 2011 and 2012, Bay Equity was ranked by the San Francisco Business Times as among the “Top 100 Fastest-Growing Private Companies.” From opening its doors in 2008, Bay Equity has opened 69 branches and is licensed in 12 states: California, Idaho, Montana, New Mexico, Texas, Colorado, Oregon, Washington, Hawaii, Utah, Nevada, and Arizona. The branches that joined Bay Equity this year are experiencing their own success. Bay Equity’s Costa Mesa, CA branch opened in February. In its first two...
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August 1st, 2013

Oregon Now Offers Assistance to Homeowners Facing Foreclosure

Posted by at 9:28 am

Oregon Now Offers Assistance to Homeowners Facing Foreclosure Oregon is now accepting applications for a new assistance program to provide aid to homeowners facing foreclosure. The Home Rescue Program provides aid with up to one year of mortgage payments (capped at $20,000) and provide up to $10,000 to bring a delinquent mortgage current. In order to qualify for the program, you must be in a 10% decline in income this year compared to 2011 or 2012. This program is run by Oregon Homeownership Stabilization Initiative. It is open to all homeowners except Multnomah, Clackamas and Washington. The program will become available to these counties Aug. 28. For more information:www.oregonhomeownerhelp.org Credit: http://www.oregonlive.com/front-porch/index.ssf/2013/07/mortgage_aid_program_to_launch.html...
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