Is Getting a Mortgage Getting Easier?

There has been a lot of discussion about how difficult it is to get a home mortgage in this market. There is no doubt that the process is not as easy as it was eight to ten years ago and that’s probably good news. However, it does appear that availability to mortgage money is increasing with each passing day. The Mortgage Bankers’ Association publishes the Mortgage Credit Availability Index (MCAI). According to their site the index is “a summary measure which indicates the availability of mortgage credit at a point…

Read More
Buyer and Mortgage Advice Mortgage Paul Rosso's Real Estate Updates 

More Banks Lower FICO Score Requirements

  More banks are lowering minimum FICO score requirements in an attempt to shore up lending for under served borrowers. Carrington Mortgage Services is the latest company to announce that it has lowered its minimum FICO score to 550. It also has expanded guidelines on several FHA, VA, and USDA loan programs to aid those with FICO scores below 640. Wells Fargo, the nation’s largest mortgage lender, said in February that it was lowering its minimum FICO score requirements on FHA-backed mortgages from 640 to 600. The move, bank officials said,…

Read More

Mortgage Rates Slide for Fifth Straight Week – February 10, 2014

  Mortgage rates continued to inch down this week as the 30-year fixed-rate mortgage averaged 4.23 percent, Freddie Mac reports in its weekly mortgage market survey. “Mortgage rates fell further this week following the release of weaker housing data,” Frank Nothaft, Freddie Mac’s chief economist says. “The pending home sales index fell 8.7 percent in December to its lowest level since October 2011. Fixed residential investment negatively contributed to GDP in the fourth quarter for the first time since the third quarter of 2010.” Freddie Mac reports the following national…

Read More
Buyer and Mortgage Advice Financing Market Trends Mortgage Paul Rosso's Real Estate Updates Real Estate Investing Seller and Owner Advice 

4 Key Indicators to Watch for a Full Housing Recorvery

Economist have pointed to four positive indicators that are necessary in order to have a fully recovered housing market:: 1. A healthy job market with low stable unemployment; 2. Mortgage delinquencies that have returned to historical averages; 3. Home prices consistent with an affordable mortgage payment–to–income ratio; and 4. Home sales that are in the range of historical norms. So, is the housing market improving? Freddie Mac’s U.S. Economic and Housing Market Outlook for January takes a look at how the housing market is performing among these four indicators. Economists…

Read More
Buyer and Mortgage Advice Financing Mortgage Paul Rosso's Real Estate Updates 

Helping Home Buyers With Credit Challenges

I receive many questions about the info on credit reports.  Did you know that there are two types of Credit Reports?  The first is a Consumer Report.  A Consumer credit report is the one that you can pull on your own from the 3 bureaus (TransUnion, Experian and Equifax).   These are used by car dealers, retailers, rental agencies, etc.  A consumer credit score is usually higher than a mortgage credit score.  The second is a Mortgage Credit Report.  Only a mortgage company can obtain these.  Mortgage companies pull a merged…

Read More