By Kerry Smith Ginnie Mae – the funding arm behind FHA and VA loans – created a new “pool type” to secure “modified loans with terms up to 40 years.” It’s essentially the funding groundwork to release a new type of 40-year loan that Ginnie Mae expects to start offering in October. WASHINGTON, DC – Ginnie Mae announced the creation of a new pool type to support the securitization of modified loans with terms up to 40 years – essentially the groundwork that must be done before offering 40-year home loans to the public, though these are earmarked for homeowners
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By Lois K. Solomon Shaken by the recent disaster in Surfside, many condo owners wonder what they don’t know but should. A Q&A with specialists and attorneys provides some answers. FORT LAUDERDALE, Fla. – Many of us live in high-rise buildings in South Florida. And even if we don’t, we have to wonder about the condition of our apartments, condos and homes after the Surfside catastrophe. We asked construction specialists and attorneys about the questions we should all be asking about the condition of our living spaces and what kinds of updates they need as they deteriorate from heat, humidity,
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By Kerry Smith The average 30-year, fixed-rate mortgage has jumped over and under the 3% mark for months. This week it slid just below again, averaging 2.98%. MCLEAN, Va. – For weeks, the average 30-year mortgage rate has been hovering around 3% without much indication on when it might significantly change. This month’s mortgage report from Freddie Mac found that last week’s average, which was over 3% (3.07%), again dipped low enough to average 2.98%. “Economic growth remains steady and is bolstering more segments of the economy,” says Sam Khater, Freddie Mac’s chief economist. “Although low and stable mortgage rates
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By Marla Martin Many people look forward to traveling, beaches and fireworks this July 4th – but remind Fla. homeowners to take steps to help make their homes safer over the holiday. ORLANDO, Fla. – Have big plans for this July 4th? With the pandemic easing, many families across Florida and the nation will spend the Fourth of July holiday away from home, traveling to see relatives and a fireworks display, or maybe basking in the sunshine on the state’s beautiful beaches. To fully enjoy those activities and other summertime pursuits spent away from home, Florida Realtors®  suggests that homeowners
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By Kerry Smith More at-risk homeowners with a loan-to-value ratio less than 80% can now qualify for a lower-interest-rate refinance if Fannie Mae or Freddie Mac own their loan. WASHINGTON – In an effort to help more homeowners hurt by the pandemic, the Federal Housing Finance Agency (FHFA) announced changes to loan modification terms. Homeowners once turned down for a lower-interest-rate refinance (refi) may now qualify. The new option applies to loans backed by Fannie Mae or Freddie Mac – more than half of all U.S. conventional mortgages. The updated terms are specifically for borrowers with permanent COVID-19 hardships. Until
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