Home Mortgage Scandal
home foreclosures
Revelations about the sloppy home mortgage re-sale paperwork are emboldening homeowners and law enforcement officials in many states to question whether lenders rightfully hold the mortgage notes underlying foreclosed properties.
Distressed properties, many of which are in foreclosure, make up about a third of all home sales. Foreclosures are now going to slow to a crawl.
Now, Fannie Mae has been sending e-mails to real estate agents about putting off deals and removing houses from the market.
Home Mortgage Loan Demand Drops
home mortgage loans
The Mortgage Bankers Association just reported that its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended September 10 decreased 8.9 percent.
Mortgage applications for home loan refinancing fell for a second straight week, dropping to its lowest level since early August.
Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 4.47 percent, down 0.03 percentage point from the previous week.
San Diego real estate agents
Home Loan Demand Up
home mortgages
Today the Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, increased 1.3 percent in the week ended July 30.This increase was the third week in a row that the average was higher.
The four-week moving average of mortgage applications, was up 0.3 percent. Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 4.60 percent, down 0.09 percentage point from the previous week, the MBA said.
San Diego California real estate agents
Real Estate Market Changes
Real estate market changes
The criteria for FICO scores have gone up. Two years ago, a 620 to 660 score would have been acceptable, but in the last 18 months, lenders have started imposing premiums on scores in that range. Today, buyers must score between 720 or above to get the best interest rates.
Conventional loans require 5 to 10 percent down on amounts up to $417,000, and 15 percent down for loans up to $749,000. Money for jumbo loans is still relatively scarce. Loans with down payments under 20 percent require mortgage insurance. Read more 
New Home Mortgage Rules
home mortgages
Beginning June 1, a new effort by mortgage giant Fannie Mae to cut down on slipshod underwriting by lenders and frauds by borrowers goes into effect.
Now, your home mortgage lender is likely to order a second full credit screening immediately before closing.
Home Buyers Tax Credits Expire – Home Loan Demand Dives
home mortgage contract
The Mortgage Bankers Association reported today that mortgage purchase applications sank 27.1 percent to the lowest level since May 1997. Requests for home purchase loans have fallen almost 20 percent over the past month despite low borrowing costs.