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Category Archives: Mortgage Guidelines

Buy A New Home Just One Day After A Short Sale or Foreclosure? Yes, You Can!

Flex-Banner_600x315px_mockup5Comstock Mortgage, has been helping buyers into homes for over thirty years. Buyers can qualify for the Flexible Credit Home Loan Program just six months after bankruptcy – and just one day after short sale or foreclosure.

Losing your home to foreclosure or going through a short sale is one of the most disheartening experiences the modern homeowner can endure. Traditionally, a defaulted mortgage has meant years of poor credit and renting rather than buying. Read the rest of this entry »

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Mortgage Approvals : Documents To Gather For Your Lender

Bank guidelines loosenAccording to the Federal Reserve’s quarterly Senior Loan Officer Survey, it’s getting easier to get approved for a home loan.

Between July – September 2012, fewer than 6% of banks tightened mortgage guidelines — the fourth straight quarter that’s happened– and roughly 10% of banks actually loosened them.

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Posted by on November 14, 2012 in Mortgage Guidelines

 

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Are Mortgage Standards Starting to Loosen?

Fed Senior Loan Officer SurveyThe nation’s biggest banks have started to loosen mortgage lending guidelines. Is this another signal of an improving U.S. economy?

As reported by the Federal Reserve, last quarter, no “big banks” reported stricter mortgage standards as compared to the quarter prior and “modest fractions” of banks reported easier mortgage standards.  Read the rest of this entry »

 
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Posted by on August 14, 2012 in Mortgage Guidelines

 

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FHA To Change Its Mortgage Insurance Premium Schedule Monday, June 11, 2012

New FHA MIPBeginning Monday, June 11, the FHA is changing its mortgage insurance premium schedule for the second time this year.

Some FHA mortgage applicants will pay lower mortgage insurance premiums going forward. Others will pay more. The new premiums apply to all FHA mortgages, both purchase and refinance.

The MIP update will be the 5th time in four years that the FHA has changed its mortgage insurance premium schedule. Read the rest of this entry »

 
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Posted by on June 10, 2012 in Mortgage Guidelines

 

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Does A Reverse Mortgages Makes Cents?

Despite several big-name banks pulling the product from their respective home loan offerings, reverse mortgages remain a popular mortgage choice among homeowners aged 62 or over.

A reverse mortgage is exactly what it sounds like — a mortgage in reverse. Rather than borrow a fixed amount of money then pay that loan balance down to zero as with a “forward” mortgage, a reverse mortgage starts at a given loan balance and works its way up as scheduled payments are added to the existing loan balance. Read the rest of this entry »

 
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Posted by on May 8, 2012 in Mortgage Guidelines

 

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FHA Drops Upfront Mortgage Insurance Premium To 0.01% For Qualified Borrowers

FHA MIP scheduleThe FHA is making more changes to its flagship FHA Streamline Refinance program.

Beginning mid-June 2012, certain current, FHA-backed homeowners will be able to refinance their existing FHA mortgage into a new one, without having to pay the government-backed group’s new, costly mortgage insurance premium schedule. Read the rest of this entry »

 
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Posted by on March 9, 2012 in Mortgage Guidelines

 

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FHA To Raise Mortgage Insurance Premiums April 1, 2012

FHA MIP Changes April 1 2012Beginning April 1, 2012, the FHA is once again raising mortgage insurance premiums (MIP) on its newly insured borrowers throughout Sacramento and the country.

It’s the FHA’s fourth such increase in the last two years. Read the rest of this entry »

 
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Posted by on March 2, 2012 in Mortgage Guidelines

 

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