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Last Updated: Nov 25th, 2007 - 10:09:00 |
Housing and Mortgage News
Interest-Only Mortgage Payments and Payment-Option ARMs--Are They for You?
Owning a home is part of the American dream. But high home prices may make the dream seem out of reach. To make monthly mortgage payments more affordable, many lenders offer home loans that allow you to (1) pay only the interest on the loan during the first few years of the loan term or (2) make only a specified minimum payment that could be less than the monthly interest on the loan.
Oct 23, 2006, 07:10
Housing and Mortgage News
New Federal Publication: Interest-Only Mortgage Payments and Payment-Option ARMs — Are They for You?
The federal bank, thrift, and credit union regulatory agencies today announced the publication of a new resource that can help consumers make more informed choices when considering nontraditional mortgage loans. Interest-Only Mortgage Payments and Payment-Option ARMs — Are They for You? features a glossary of lending terms, a mortgage shopping worksheet, and a list of additional information sources.
Oct 19, 2006, 08:44
Housing and Mortgage News
HUD Awards $47 Million In Grants To Help Families Across The U.S. Get Job-Training And Employment
U.S. Housing and Urban Development Deputy Secretary Roy A. Bernardi announced today that public housing agencies in 48 states, the District of Columbia and Puerto Rico will receive $47,494,003 in funding to help low-income people get job training, employment and homeownership counseling.
Oct 18, 2006, 19:20
Housing and Mortgage News
Reverse Mortgages: New Ginnie Mae Mortgage-Backed Security Could Help Lower Costs of Reverse Mortgages for Older Americans
Ginnie Mae today announced it is creating a Home Equity Conversion Mortgage Mortgage-Backed Security (HECM MBS). The HECM MBS will allow approved issuers to securitize and sell their Federal Housing Administration (FHA) insured home equity conversion mortgage loans in the form of a Ginnie Mae MBS.
Oct 18, 2006, 19:09
Housing and Mortgage News
Homeowner And Renter Assistance Filing Period Ends Monday, October 16, 2006
This program allows a once-a-year payment from the State of California to qualified individuals based on part of the property taxes assessed and paid on their homes. For the 2006 claim year, the maximum amount of assistance that an eligible homeowner may receive is $472.60, which is 139 percent of the property taxes paid of the first $34,000 of full value of the home (139% x $340.00). You may be eligible to file a 2006 claim if you are a United States citizen, designated alien or qualified alien when you file your claim and you met the following criteria on December 31, 2005:
Oct 14, 2006, 12:29
Housing and Mortgage News
Nontraditional Mortgage Products: Feds Issue Final Guidance on Nontraditional Mortgage Product Risks
The federal financial regulatory agencies issued final guidance to address the risks posed by residential mortgage products that allow borrowers to defer repayment of principal and sometimes interest (Interagency Guidance on Nontraditional Mortgage Product Risks). These products, referred to variously as “nontraditional,” “alternative,” or “exotic” mortgage loans (referred to below as nontraditional mortgage loans), include “interest-only” mortgages and “payment option” adjustable-rate mortgages. These products allow borrowers to exchange lower payments during an initial period for higher payments later.
Oct 12, 2006, 07:20
Housing and Mortgage News
$39.1 Million in Housing Counseling Grants To More Than 400 State and Local Agencies
Approximately 850,000 families will have a greater opportunity to find housing or keep the homes they have because of more than $39 million in housing counseling grants announced today by Housing and Urban Development Secretary Alphonso Jackson.
Sep 28, 2006, 06:50
Housing and Mortgage News
HUD Reaches $500,000 Settlement with Mortgage Company
The U.S. Department of Housing and Urban Development announced today that it has negotiated a settlement for $500,000 with SouthStar Funding LLC, to resolve allegations of discrimination against African Americans and Hispanics in mortgage lending. This agreement resolves a complaint filed in March 2006 by the National Community Reinvestment Coalition (NCRC) alleging that SouthStar Funding LLC discriminated against African Americans and Hispanics by refusing to make loans on any row house valued at less than $100,000 and on all row houses in Baltimore.
Sep 26, 2006, 08:24
Housing and Mortgage News
HUD Settles Disability Discrimination Suit Against Condo Architect, Builder And Developer In Puerto Rico
The U.S. Department of Housing and Urban Development announced today a settlement between Carmen and Salvador O’Neill, who has Parkinson’s disease, and the architect, builder, and developer of their condominium in Carolina, Puerto Rico.
Sep 20, 2006, 06:39
