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Real Estate Matters | CFPB's new 'qualified mortgage' rule now in effect
Real Estate Matters | CFPB's new 'qualified mortgage' rule now in effect To be considered a qualified mortgage, a lender may not charge excessive upfront points and fees (capped at 3 percent of the loan), and the loan cannot be longer than 30 years in length (say goodbye to 40-year mortgages.) Also, interest-only loans

Color of Money: New mortgage rules tough but fair
Color of Money: New mortgage rules tough but fair It seems so basic: Require mortgage lenders to qualify borrowers based on their ability to repay the loan. Yet this wasn't the case for many mortgages in the run-up to the housing crisis contributing to the mess we're still in. Nevertheless, you can

New mortgage rules aim to protect home buyers, owners
New mortgage rules aim to protect home buyers, owners In real estate markets such as Washington, where prices are high, prospective buyers could run up against the limit as they stretch their finances to buy homes. But some of the nation's largest banks, including Wells Fargo, have said they will offer

Refighting the 'mortgage wars' could bring new risks to the housing market
As Howard tells it, the real story begins two decades ago, when big banks and other mortgage lenders sought a bigger share of a mortgage finance business that was generating year after year of double-digit earnings growth for Fan and Fred. As

loans, Washington National Home Mortgage, lenders, Auburn, WA

Call Washington National Home Mortgage in Auburn, WA at 888-312-8376. Let us guide you through the home buying or refinancing process, and provide ...

Wells Fargo commits $1.6 billion to help revitalize Washington, DC

“The Where We Live program is rooted in two things: investments that help people live, work and thrive, and a deep understanding that neighborhoods need long-term partners,” Sloan added. “It builds on Wells Fargo’s legacy of empowering residents and small businesses in our nation’s capital for the past 100 years, and our desire to create a compelling community investment model in Washington, D.C.”

Wells Fargo isn’t the first bank to commit financial muscle to the D.C. area in this year alone. Back in April, JPMorgan Chase   announced that it was committing $4 billion over five years for home and small business lending in the area as part of an expansion into the region.

And now, it’s Wells Fargo’s turn to help D.C., especially in areas that are sorely in need of help.

“This is an important step by Wells Fargo to expand its investment in the District, and to listen and work more closely with community groups,” John Taylor, president and founder of NCRC, said.

With reverse mortgages, new options are available for homeowners

You’ve probably seen actor Tom Selleck suavely pitching federally insured reverse mortgages on television and thought, hmm, that sounds interesting. He says you can turn your home equity into cash and not pay back anything — no principal, no interest, no fees — for years after your retirement.

And it’s true: Some form of a reverse mortgage could be a good choice for you, but it might not be the government-backed type Selleck is hawking. Those loans have hit tough times, and growing numbers of lenders have begun offering alternatives — proprietary, nongovernment reverse mortgages, including an innovative variant unveiled last month that allows owners to retain their current low-interest-rate regular mortgages while pulling out additional funds via the industry’s only “second-lien” reverse loan.

A little background: Annual volumes of the Federal Housing Administration’s reverse mortgages have tanked to their lowest level in 13 years and appear headed for further declines. The program is a financial nightmare for the FHA, performing so poorly that the FHA’s commissioner, Brian D. Montgomery, complained recently that it is “still hemorrhaging money,” despite repeated reform efforts.

Does anyone know of any lenders that are willing to do a 80% first mortgage?

I need a lender who can do a 80% first mortgage, and have the seller carryback the 20% second. I am in washington state. Please advise. I have alot of clients that needs this type of financing.

Plenty of lenders will still allow it. ING for one if you don't mind your clients being taken by their retail side.

Problem is - where are you going to find someone stupid enough to do the 20% second? The 80% is easy...