7 Things You Need To Know About Qualified Mortgage (Ability To Repay Rule)

What is a Qualified Mortgage rule? Qualified Mortgage (QM) rule, also called Ability To Repay rule is part of implementing the Dodd-Frank act. QM rule implemented by Consumer Financial Protection Bureau (CFPB), is the first ever attempt at defining and establishing a basic standard for qualifying borrowers for mortgage loans. Loans that qualify as “Qualified […]

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California Mortgage Rates Rise To The Highest Levels Since November – Now At 3.61%

According to Mortgage Bankers Association, mortgage rates for California, Washington, Oregon and rest of the country rose sharply in the first week of 2013. The rates are now at the highest levels since November. Fannie Mae 3% coupon (mortgage backed securities) tanked by 69 bps last week. This usually has inverse relation to the rates […]

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Is HARP-3 For California Homeowners On It’s Way? #MyRefi

Refinancing help for underwater California homeowners whose loan is not backed by Fannie Mae or Freddie Mac may soon become a reality. Unofficially billed as HARP-3, it is one of the top priorities of Obama government. Obama government is considering expanding the Home Affordable Refinance Program (HARP) to include homeowners who are underwater but whose […]

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Why 30 Year Fixed Mortgage Rates Should Be At 2.75% And Why They Aren’t?

Ben Bernanke must be tearing his hair (whatever is left of it). He has increased Fed’s balance sheet to an all time high of almost $3 trillion mostly through bond purchases. But the mortgage rates haven’t declined as much he would have hoped. He is frustrated that the lower yield on mortgage backed securities are […]

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Qualifying For FHA Loans To Become Tougher, Costlier

Last month FHA announced increase in mortgage insurance premium and prolonging cancellation of mortgage insurance (read the full report here). But looks like those steps are not enough to restore FHA’s reserve requirements as mandated by congress. FHA commissioner and government are proposing/considering several new proposals that would make qualifying for FHA loans tougher and […]

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2013 FHA Loan Limits For California(CA), Oregon(OR) And Washington(WA)

Federal Housing Administration (FHA) recently announced 2013 maximum loan limits for California, Oregon and Washington FHA mortgages. While the “floor” and maximum high-cost limit remained the same nationally, for some counties the loan limits changed. Every county will at least have the “floor” as their loan limit, also called FHA’s minimum loan amount limit per […]

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California Mortgage Rates Increase For The Week – Outlook Gets Worse

According to Mortgage Bankers Association’s (MBA) weekly mortgage application survey, mortgage rates for California borrowers (and rest of the country) increased for the week ending December 14, 2012 from the last week. The mortgage rates increased for 30 year fixed mortgages for both conforming and FHA loans. To make matters worse points (also called origination […]

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Say No To Mortgage Insurance (PMI) – 80/10/10 Loan Is Here

If you have only 10% downpayment and do not wish to pay a private mortgage insurance (PMI), we have the right solution for you – 80/10/10 loan. Yes, it’s back and this post will give you all the details you need to know. How does an 80/10/10 loan work? Usually, a 2nd mortgage or a […]

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VA Home Loans Eligibility Requirements, Rates, Loan Amounts and Funding Fees

Veterans Affairs (VA) home loans are mortgages that are insured by VA. The loans are made by mortgage lenders and banks. Service members, veterans and eligible surviving spouses may qualify for VA home loans. Note that this post is ONLY about home purchase loans utilizing VA loans – same guidelines may not apply for VA […]

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Conventional Loan Limits for 2013 Announced; Jumbo Limits to $625,500

The Federal Housing Finance Agency (FHFA) announced last week that the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2013 will remain at existing levels. In most of the country, the loan limit will be $417,000 for one-unit properties. The loan limits are established under the terms of the […]

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