In a speech to be delivered tomorrow in suburban Phoenix, the President may announce a reduction of FHA mortgage premiums.
Historically, the mortgage industry experiences a slowdown during the holiday season, but this time around it was particularly quiet. Meanwhile, rates have hit a 19-month low.
And so it begins. Mortgage companies are beginning to announce their options for home buyers that will allow for down payments as low as 3%
President Obama signed an act this week that included HUD’s new budget and delayed a program that would have saved borrowers hundreds a year.
As many experts have pointed out, mortgage credit is too tight and a new report suggests the uncertainty around servicing delinquent mortgages may be to blame.
The company, which is currently dealing with a mountain of regulatory issues, said it has purchased almost 2,000 delinquent FHA-insured loans.