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Mortgage Resource TV: The Refinance Question

www.lbmortgage.com Ben and Ryan are back with one big question: "Why don't people refinance?". Considering how low rates are today ...

Partial Rollback of Dodd-Frank Act: Key Changes for Residential Mortgage Lenders

HIGHLIGHTS:

The Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act) rolls back some of the provisions of the Dodd-Frank Act that were found to be overly burdensome and/or difficult to comply with, particularly for community banks. Title I of the Act, entitled "Improving Consumer Access to Mortgage Credit," attempts to alleviate or at least lessen some of the burdens that Dodd-Frank placed upon residential mortgage lenders. While the Act in general and Title I in particular could have done more to relieve the burdens placed upon community banks and others by the Dodd-Frank Act, it should nevertheless be welcomed by many in the industry, including residential mortgage lenders and servicers.

President Donald Trump signed into law the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act) on May 24, 2018. The Act rolls back some of the provisions of the Dodd-Frank Act that were found to be overly burdensome and/or difficult to comply with, particularly for community banks. Title I of the Act, entitled "Improving Consumer Access to Mortgage Credit," attempts to alleviate or at least lessen some of the burdens that Dodd-Frank placed upon residential mortgage lenders. Some of the more significant changes effected by Title I are set forth below.

Charles Town Cottage Company unveils its first small home

JCCC Executive Director Heather McIntyre agreed on the need for low-income housing in the area, and said the company's projects could benefit Jefferson County economically.

"It's bringing economic development to the county. It's a great concept. to have just a little cottage," McIntyre said, mentioning the companys focus on designing small homes costing about $150,000 each, may encourage more people to move to Jefferson County, which could benefit local businesses.

Nathan and Zinstein currently own and run a media company together out of their home, and decided to start this second venture after they realized many people want to own their own homes, but can't afford to pay the mortgage of most homes in the area. The cottages Nathan and Zinstein design have a mortgage of about $700 a month -- comparable to the monthly rent of an apartment.

"I'm really proud of our cottage. We really want to help the community be rejuvenated," Zinstein said, mentioning she has design experience from designing two of her previous homes.

Can a conventional home mortgage loan be refinanced using FHA?

I know that if a person already has an FHA loan, they may refinance using the FHA Streamline process. If a person currently has a conventional mortgage loan, can they refinance using FHA?


yes you can but the correct answer is...you can financing a FHA mortgage, but ONLY up to 95% loan to value for refi's cashouts, and it depends on the COUNTY limits...not the state limits. They have county limits....not state limits.