Mortgage News

Get into a house for just 3.5% down
Dangerous subprime lending might be history, but you can still buy a home with little money down -- if you qualify for an FHA-backed mortgage. Is one right for you?
By AnnaMaria Andriotis
Smart Money
October 22, 2009

The days of putting little money down to buy a home aren't over.

Fixed-rate or adjustable mortgage?

Digging Yourself Out of a Mortgage Mess
By Jane J. Kim and M.P. McQueen
The Wall Street Journal
October 26, 2009

Homeowners struggling to save their houses could inadvertently trash their credit scores.

Is it time to dump your ARM?
Some 1.5 million adjustable-rate mortgages reset soon. If yours is one of them, you need to decide whether to lock in your rate and refinance into a new loan.
By Beth Braverman
Money Magazine
October 21, 2009

If you are among the 6.5 million homeowners who took out a low-rate adjustable-rate mortgage during the housing boom, you've probably spent the past couple of years waiting for your day of reckoning to come.

Digging Yourself Out of a Mortgage Mess
By Jane J. Kim and M.P. McQueen
The Wall Street Journal
October 21, 2009

Homeowners struggling to save their houses could inadvertently trash their credit scores.

Government unveils new mortgage help
By Martin Crutsinger,
Ap Economics Writer
October 19, 2009

The Obama administration is unveiling a new program to provide support to state and local housing agencies to provide help to thousands of home buyers and renters.

The administration said the new program would help to support low mortgage rates and expand resources for low and middle income borrowers who want to buy or rent a home.

Cost Concerns Surface Over Home-Buyer Credit
By John D. McKinnon
The Wall Street Journal
October 15, 2009

Analysts and lawmakers are voicing concerns about the cost and usefulness of the tax credit for first-time home buyers, a piece of federal housing-market aid that Congress is considering extending or even expanding.

I found this article written for the "average" consumer.

Mortgage Rates Fall Again
The Wall Street Journal
October 9, 2009

WASHINGTON -- Mortgage rates fell this week, with the average rate on 30-year fixed-rate mortgages retreating deeper below 5% and several others reaching lows, according to Freddie Mac's weekly survey.

After yields on Treasurys rebounded from the multidecade lows hit earlier this year, they have since retraced, pulling down mortgage rates with them.

The 30-year fixed-rate mortgage averaged 4.87% for the week ended Thursday, the lowest since May. It compares with last week's 4.94% average and 5.94% a year ago.

U.S. Mortgage Backer May Need Bailout
by David Streitfeld and Louise Story
The New York Times
October 9, 2009

A year after Fannie Mae and Freddie Mac teetered, industry executives and Washington policy makers are worrying that another government mortgage giant could be the next housing domino.

Problems at the Federal Housing Administration, which guarantees mortgages with low down payments, are becoming so acute that some experts warn the agency might need a federal bailout.

Loan-Modification Plan Hits Target
By Ruth Simon and Corey Boles
The Wall Street Journal
October 9, 2009

The federal government said Thursday it had met its goal of beginning trial loan modifications for 500,000 financially troubled homeowners in a sign the foreclosure-prevention plan is gaining traction.

The loan numbers were released as several senior House lawmakers expressed support for extending an $8,000 tax credit for first-time home buyers. Talk of extending the credit shows how lawmakers believe the fragile housing market remains dependent on federal support.