Three mortgage mistakes to avoid

The mortgage market is in a state of tumult these days. Rates are bizarrely low, but many homes are worth much less than the mortgage balances they secure. People are still losing their homes left and right, but millions of mortgage applications of creditworthy borrowers are being rejected every year. Against this backdrop, it’s really …

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Mortgage delinquency rates fall

The delinquency rate for mortgage loans on single-family residential properties dropped to 8.22 percent at the end of 2010, the Mortgage Bankers Association (MBA) reported Thursday. That’s down about 10 percent from the rate reported by the trade group three months earlier and is its lowest mortgage delinquency reading since the fourth quarter of 2008. …

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What Happened to the Government’s Short Sales Program?

The Wall Street Journal posted the following article by WSJ’s reporter Nick Timiraos concerning the Home Affordable Foreclosure Alternatives short sale program: In April, the Obama administration formally rolled out a new program, called Home Affordable Foreclosure Alternatives, that was designed to spur more short sales, where banks allow homeowners to sell their homes for …

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New Lending Guidelines From Fannie Mae

New lending guidelines being rolled out by Fannie Mae will make securing a mortgage a lot easier for some borrowers but harder for others. The rules, effective on Dec. 13, will allow buyers to use gifts and grants from nonprofit groups for their minimum 5 percent down payment, which is the threshold set by Fannie …

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