In the past month, there have been some interesting mortgage developments that you might want to know about.
First off, the Federal Housing Finance Agency (FHFA) decided to shake things up a bit by changing the way they calculate loan-level price adjustments (LLPAs). This means that starting from May 1st, 2024, borrowers with higher credit scores might end up paying a bit more, while those with lower credit scores could see a reduction in fees. A bit of a cosmic twist, isn’t it?
After the housing bubble went “pop” in 2007, it became a lot tougher for the average home buyer to qualify for a mortgage. Read More
Anybody that’s applied for a mortgage in America during the last 5 years knows how difficult the process has become. Mortgage lenders have tightened loan requirements to the point that even people with good income and credit can’t get a loan. Read More
During the financial and housing crisis that gave birth to the so-called “great recession,” millions of homeowners found themselves underwater on their mortgages. Many more lost their homes to foreclosure, had to declare bankruptcy, or both. Read More
Since the housing crisis of 2008, the phrase “subprime loan” has become the moral equivalent of a four-letter word, an indication of all that goes wrong when risky, irresponsible home loans for bad credit become commonplace. Read More
After much concern about the direction of flood insurance rates and their impact on the real estate market, President Obama signed the Homeowner Flood Insurance Affordability Act into law on March 21st 2014. This law added amendments to the 2012 Biggert Waters Law. Read More