NMLS: 2576 | CT LICENSE: 1101 | MA LICENSE: LS2576 | MI LICENSE: FR0023580 Is the UR Home Program for You?
Among government mortgages offered in Connecticut, one program geared toward rehabilitating towns and neighborhoods in the state is UR Home. Also known as the Urban Rehabilitation Homeownership Program, UR Home consists of a purchasing mortgage at below-market interest and a…
QRM Could Make Lending for Jumbo Mortgages Stricter
The Qualified Residential Mortgage (QRM) rules introduced over the past few weeks and planned to go into effect in January 2014 are expected to change the lending process and, ultimately, prevent borrowers from ending up with loans they cannot afford….
Could New Qualified Residential Mortgage Rules Require Minimum Down Payment?
The lengthy document now known as the Qualified Residential Mortgage (QRM) rule is expected to make significant changes to the lending process. On one end, as we covered a few weeks ago, are legal protections for borrowers with poorly documented…
New ARM Lending Standards Drawn Up
Adjustable rate mortgages have both advantages and disadvantages. An option for both conventional and government loan programs, adjustable rate mortgages – commonly referred to as ARMs – offer below-market interest when standard rates are higher. But upfront lower interest does…
Is a VA Loan the Right Mortgage Program for You?
While standards for conventional mortgages are increasingly tighter, VA loans remain as one of the more straightforward and easiest to qualify for. Originating in 1944, the program passed the 20 million mark in December 2012, does not require down payments,…