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Category: What’s New In Loan Programs

What Are Qualified Mortgages?

What Are Qualified Mortgages? In essence, qualified mortgages adhere to a set of guidelines designed to protect consumers from entering into a mortgage they can not repay. Most lenders already comply with the Qualified Mortgage regulations and document a borrowers’ “Ability to Repay” a mortgage loan. Ability to Repay The “Ability to Repay” (ATR) guidelines […]

Housing Market Predictions for 2014

Housing Market Predictions 2014 Everyone wants to know what to expect in 2014 and nearly every major publication has published their housing market predictions. Here is a brief summary of their housing market predictions for 2014. More Homes Available The staff at Forbes have released a number of predictions from housing experts. The number one […]

New Mortgage Rules – CFPB Offers Tips for Homebuyers

New mortgage rules designed to make the loan process easier for homebuyers will go into effect in January. The rules being implemented by the Consumer Finance Protection Bureau (CFPB) will require lenders to document a borrowers’ ability to repay a loan and follow some other common sense rules. Tips from the CFPB – New Mortgage […]

Big Benefits to Jumbo Loans

What is a Jumbo Mortgage Loan? A jumbo loan is a loan that exceeds conventional or conforming loan limits. In most places the conventional loan limits are $417,000. In some places, where cost of living is higher, the jumbo loan limits are higher. This begs the question, what is a conventional loan? A conventional loan […]

HomeStyle Renovation Loan

Renovate, repair or improve a home with a HomeStyle® Renovation loan. What is HomeStyle® Renovation? HomeStyle® combines home purchase or refinance with home improvement financing in one loan with one closing. HomeStyle® loans let you customize a home to your liking or make needed repairs as long as they are permanent to the property and […]

Watertown Homes No Longer Eligible for USDA Financing

As of October 1, 2013, homes in Watertown will no longer be eligible for USDA Rural Development financing. With the new census that was done, the city of Watertown was found to be over the 20,000 population maximum for the USDA loan.  Please look at the map below for details on the Watertown city limits. If you […]

HARP Program Extended

HARP Program Extended Last week, the FHFA directed Freddie Mac and Fannie Mae to extend the HARP program for another two years. The program was set to expire for all mortgage applications received on or after December 31, 2013. The new cutoff date will be for applications with received dates by December 31, 2015. What […]

USDA Rural Development Update

What is USDA Rural Development? The USDA Rural Development Loan Program is a program designed to make rural housing more affordable. USDA loan program eligibility depends upon applicant income and the purchase property location. With USDA Rural Development loans, you can finance a home with no down payment. USDA Program Eligibilty Extended The U.S. Department of […]

Easier to Refinance Current FHA Loans

Efective June 11, 2012, FHA will lower both the upfront mortgage insurance premium and annual mortgage insurance premium for all streamline refinances that are refinances of FHA loans endorsed on or before May 31, 2009.  For all SF Forward Streamline Refinance transactions that are refinancing FHA loans endorsed on or before May 31, 2009, the Annual […]


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