USDA, which offers zero down loans for homes located in designated rural areas, was effectively shuttered during the government shutdown. Once the shutdown was over, USDA had a delay in getting their cogs moving at full speed. We’ve received word that USDA is back to “normal”.
USDA back up and running
October 24, 2013 by Leave a Comment
Almost HARP 3.0: Cut-off Dates Adjusted for Home Affordable Refi’s
October 23, 2013 by 16 Comments
Fannie Mae and Freddie Mac have announced they will start using the Note date to determine if a mortgage qualifies for a HARP refinance in order to make things more transparent for borrowers. Both Fannie and Freddie are standing firm with the date of May 31, 2009. At least the NOTE date is something a borrower can find instead of using the date Fannie Mae or Freddie Mac securitized the mortgage (which the borrower has no control over).
What May Impact Mortgage Rates this Week: October 21, 2013
October 21, 2013 by Leave a Comment
Typically the Jobs Report falls on the first Friday of a month. With the government shutdown in full swing, the September Job’s Report was delayed and is now scheduled to be released tomorrow. Here are some economic indicators that are scheduled to be released this week:
What May Impact Mortgage Rates this Week: October 14, 2013
October 15, 2013 by Leave a Comment
The Government shutdown continues to drag on with the debt ceiling deadline pretty much here. Currently mortgage rates are at very low levels, however if the US defaults on their debts, we could see a spike in interest rates on Thursday. I hope I’m wrong… and we’ll how the next few days are going to pan out soon.
Home Inspection Issues in Seattle #SeattleREChat
October 12, 2013 by Leave a Comment
This episode of Seattle Real Estate Chat has a special featured guest to discuss home inspection issues in the greater Seattle area. Reid Guthrie is owner of The Home Detective.
Mortgage Loans AFTER the Government Shutdown May Face Delays
October 10, 2013 by 4 Comments
Most of our lenders are being flexible about receiving IRS tax transcripts during the government shutdown. However, once the shutdown is over, expect lenders to require IRS tax transcripts to be included on every transaction…and expect possible delays.
Lenders obtain tax transcripts on transactions to make sure the income provided on the application and other supporting documentation matches what is filed with the IRS. This is largely due to the fraud that happened during the mortgage meltdown.
CFPB takes action against a DIFFERENT Mortgage Master and Washington Federal
October 10, 2013 by Leave a Comment
Yesterday, CFPB announced they ordered Mortgage Master, Inc. and Washington Federal to pay fines for violating the Home Mortgage Disclosure Act (HMDA). “HMDA” (pronounced as “hum-da”) is the section of the loan application which asks applicants to disclose their sex and race, which is reported to the government to prevent discrimination.
What May Impact Mortgage Interest Rates this Week: October 7, 2013
October 7, 2013 by 1 Comment
As the government shut down continues, Congress has the debt ceiling the contend with by October 17, 2013, or our country will lose the ability to borrow. It almost seems “subprime” to me that our country has to continue to increase the amount of funds we borrow because our country went out to dinner and two glasses of wine (as President Obama explained it in a speech last week). Mortgage rates continue to be at lower levels. Once the government is back to work and the debt ceiling issue is resolved, in my opinion, we may see mortgage rates pop up.
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