FHA borrowers to get more mortgage relief options



A wider set of tailored relief options are to be offered to people with Federal Housing Administration-insured mortgages who’re unable to make their payments due to the COVID-19 pandemic, the Department of Housing and Urban Development said last week. Under the new measures, mortgage servicers can extend deferred or reduced payment options to FHA borrowers […]

Fannie & Freddie’s new mortgage payment deferral plan



Fannie Mae and Freddie Mac have announced a new payment deferral option for homeowners who’re struggling to meet their mortgage repayments. The new option is available regardless of if homeowners are struggling to pay due to the coronavirus outbreak, HousingWire reported. The new option would enable homeowners to defer payments for up to two months, […]

Fannie Mae & Freddie Mac ease mortgage requirements



Fannie Mae and Freddie Mac have been told by the Federal Housing Finance Agency to come up with alternatives to appraisal requirements and employment verification on loans they service through May 17, in response to the COVID-19 shutdown. “To allow for homes to be bought, sold, and refinanced as our nation deals with the challenges […]

Why Now Is a Good Time for Getting Your First Mortgage



The panic surrounding the coronavirus outbreak has caused widespread economic upheaval. Stock markets have crashed, companies from all across the country have shuttered operations and laid off employees, and many are predicting that a major recession (or even a depression) will soon be upon us. So, it might sound counterintuitive to consider buying a home […]

Refinancing Opportunities



Clearly, the new historically low interest rates offer many, if not most, homeowners an opportunity to refinance mortgages. If you are considering refinancing, make sure you have clear goals about what you want to accomplish because this opportunity isn’t likely to come around again during your lifetime. Generally, refinancing is done to accomplish one of […]

Trump announces moratorium on foreclosures due to coronavirus



U.S. President Donald Trump announced Wednesday a full moratorium on foreclosures for homeowners with mortgages backed by Fannie Mae, Freddie Mac and the Federal Housing Administration. The Department of Housing and Urban Development has also provided help, saying it will suspend all evictions of public housing residents. It’s said that FHA loans and public housing […]

U.S. Federal Reserve slashes rates to zero to fight coronavirus outbreak



The Federal Reserve at an emergency meeting on Sunday announced it’s slashing its benchmark interest rate to zero, in what is its second response to the economic turmoil that’s resulted from the coronavirus outbreak. In addition, the Fed announced it will buy $700 million worth of Treasury and mortgage bonds to help stabilize markets. The […]

Top 3 Ways Buyers Are Denied a Mortgage–And How to Avoid Them



Being denied a mortgage loan can seem to shatter your dreams of home ownership. But arming yourself with knowledge before sitting down with a lender can improve your chances of being approved. Here are three of the most common reasons mortgage applications get denied and how you can avoid them: 1. Poor Credit History. Not […]

U.S. credit scores reach record high in 2019



Credit scores in the U.S. are improving, especially among millennials, according to a new analysis by the credit rating agency Experian. The analysis shows that the average FICO score in the U.S. hit a record high of 703 in 2019, while the share of Americans with a score of over 700 hit 59%, the highest […]

How to improve your credit rating as fast as possible



Most homebuyers are aware that the higher their credit score is, the more chance they have of obtaining a lower mortgage rate on their home. But maintaining a high credit score isn’t easy, as a single missed payment can quickly cause it to come tumbling down. “Depending on your credit history, a 15- or 20-point […]