The millennial generation is entering a job market and economy that comes with its own set of challenges. The Wall Street Journal reports that, “The financial crisis exacted a heavy toll on the generation of Americans now entering their 30s. Facing difficult job prospects, little-to-no income growth and a historically unprecedented level of student loans, their finances are in a more precarious state…” At the same time, this younger generation is empowered by technology and motivated by a strong desire for more freedom in their daily life.
With student loans and credit debt at an all-time high, many first-time home buyers wonder if they’ll ever accumulate enough money to meet their down payment. Fortunately, there are ways for cash-strapped borrowers to bridge the gap. Here are some options to consider:
Most house hunters have a clear vision of their dream home. A gourmet kitchen. A yard for the kids. Lots of natural light. But how often is equal consideration given to the finer details of the location? How do you evaluate a neighborhood to determine if your dream home is truly in your dream location? Here are 5 ways to figure out if a neighborhood matches your lifestyle and investment goals.
Recently the Consumer Finance Protection Bureau (CFPB) called into question RPM Mortgage’s interpretation and execution of rules regarding loan originator compensation during 2011, 2012 and 2013. As mentioned in the company’s statement, there were no allegations of harm to the company’s customers in the filed complaints. We reviewed our pricing in 2011-2013 and confirmed that RPM’s rates were always competitive and, for the majority of its loans, matched or beat the average rates in RPM’s markets of northern and southern California.
The U.S. House of Representatives recently passed a bipartisan bill known as the Mortgage Choice Act of 2015. The bill essentially reforms two existing regulations – Dodd-Frank Wall Street Reform and Consumer Protection Act and the Truth in Lending Act (TILA). Will the proposed changes benefit the consumer? Let’s break it down.
The U.S. Department of Housing and Urban Development (HUD) recently announced they will make significant changes to the FHA’s Distressed Asset Stabilization Program (DASP). DASP helps to sell mortgages in danger of foreclosure to qualified bidders and encourages loan servicers to work with borrowers to bring the loan out of default.
Effective October 3, 2015, (extended from August 1, 2015) the Consumer Financial Protection Bureau (CFPB) will implement a rule intended to reconcile inconsistencies between two federal acts that regulate the mortgage qualification process. The new rule, known as TILA RESPA Integrated Disclosure (TRID), seeks to simplify standard loan documentation, limit fees charged to consumers, make documentation easier to understand, aid consumers in comparison shopping, prevent surprises at the closing table, and clarify timing requirements for disclosure of final loan terms and costs. Here’s what you need to know about the changes put forth by the new “Know Before You Owe Rule.”
What kind of income documentation do you need to provide in order to qualify for a mortgage? Lending requirements have changed at a rapid pace, largely due to a regulatory environment seeking to prevent a repeat of the real estate collapse. While it used to be good enough to state your income, regulations now require that income be “fully documented”. To clarify, here is a list of the forms of documentation that are used to verify income in the majority of mortgage qualification scenarios in 2015:
You have served your country and now it’s time to use the benefits you have earned. Here are some simple highlights of the VA Home Loan program.