Archive

Posts Tagged ‘ltv’

Manufactured Home Purchases Available for Military Veterans

June 4th, 2014 Comments off

According to themortgagereports.com, Veterans Administration (VA) loans for buying a home through the Department of Veterans Affairs are often the least expensive route for homeownership for current and former U. S. military personnel. VA loans allow up to 100 percent financing with no required mortgage insurance and can be used to buy manufactured homes (MH). The program, which has helped millions of veterans and service personnel in the last 70 years, covers primary residences, not investment property or second homes. The VA does not make the loan, it only insures a portion of the loan, MHProNews has learned. The VA Guaranty gives lenders the backing to offer 100 percent LTV (loan-to-value) mortgages to qualified borrowers, but lenders have to meet certain guidelines set by the VA. Qualified borrowers can often obtain mortgage rates lower than those offered by Fannie Mae and Freddie Mac. ##

(Image credit: theblaze.com)

Refis Jump Through HARP

August 8th, 2012 Comments off

Thirty-three percent of mortgages refinanced through Fannie Mae and Freddie Mac were closed through the Home Affordable Refinance Program (HARP), the most since the program began in March 2009. For the first six months of this year, Fannie Mae and Freddie Mac processed 422,969 loans through HARP, more than the total of 400,024 for all of 2011. According to the Federal Housing Finance Agency (FHFA), record-low mortgage rates, removal of the loan-to-value (LTV) ceiling for borrowers who refinance into FRMs (fixed rate mortgages), and reduced fees for some borrowers stimulated the increase in HARP volume. As HousingWire tells MHProNews, 1.4 million mortgages have been refinanced through HARP since it began.

(Image credit: Realtor)

Is the End (of the Housing Crisis) Near?

March 5th, 2012 Comments off

DSNews tells MHProNews.com the loosening of credit this year will lead to the end of the housing crisis, according to analytics firm Capital Economics. Noting the consistency of credit scores and credit requirements over the past year, banks now lend up to 3.5 times borrower earnings, up from 3.2 times during the housing crisis. Banks have moved from a loan-to-value ratio (LTV) of 74 percent in mid-2010 to 82 percent today. But Capital Economics also cautions, “Any improvement in credit conditions won’t be significant enough to generate actual house price gains,” noting the European debt crisis could still affect credit here.

(Photo credit: TotalMortgage)