The president’s proposed budget shows a slowdown in the fund over the next two years and a bump in HUD’s FY2016 budget.
Monthly prepayment rate is highest since February 2009 as lenders have been recovering greater gross percentages of unpaid balances through REO liquidations than through short sales.
With little to no down payment, no closing costs or fees and an interest rate that is near 0%, this program is starting to gain traction among borrowers. However, the approval process is far from easy.
The mortgage insurance premium cut starts today and HUD has issued a warning to lenders.
We all think we are in the "mortgage business" but the truth is that no one really wants a mortgage. No one I know will ever wake up in the morning and say "WOW - I want a mortgage"
In preparation for what it hopes to be a flood of new applications from the FHA premium cut, this mortgage company is planning to add as many as 500 new positions. Will others follow?