Posts Tagged ‘borrowers’

New FHA Down Payment Rules

Tuesday, January 26, 2010 | Add a comment

FHA Toughens Down Payment Rules

F.H.A. will raise the minimum down payment for borrowers with a 580 or lower score, the agency announced Tuesday. Those borrowers will be required to put down at least 10%. Borrowers with a credit score of more than 580 will be able to still put down 3.5 percent, which is the minimum guideline currently.
 
FHA also will increase the mortgage insurance premium from 1.75 percent to 2.25 percent, which is the upfront cost for obtaining mortgage insurance. The premium amount that FHA will seek from the congressional government has yet to be announced.

For more information on the FHA changes, inlcuding a summary of all changes,

visit REALTOR.org.

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The Fed speaks out on Loan Modifications !

Saturday, August 8, 2009 | Add a comment

This past Tuesday The Treasury Department stated only 9 percent of eligible home owners received assistance from the Government on mortgage loan modifications and foreclosure prevention. 
Two of the biggest bank giants not willing to help borrowers were Bank of America and Wells Fargo, which received federal bailout money. Bank of American modified 4 percent of eligible loans, while Wells Fargo only modified 6 percent.
Out of the larger banks that did assist with modifications were JPMorgan Chase & Co., which modified 20 percent, and Citigroup Inc. which modified 15 percent of eligible loans.

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