On behalf of the editorial department at HousingWire.com, thank you for another banner year.
For the second year straight, HousingWire.com experienced double-digit growth in terms of new users joining our readership.
We owe all of our success to your loyal readership and plan to deliver more, unique content going into 2016.
So what were the stories most of you read in 2015?
For no particular reason, here are the top 6, along with a blurb to help explain more.
Depending on those limits, the Federal Housing Administration's minimum national loan limit "floor" is set at 65% of the national conforming loan limit. The floor applies to those areas where 115% of the median home price is less than 65% of the national conforming loan limit, the FHA said.
And to make matters worse, according to the article, there is no state in the country where someone earning either the state or federal minimum wage can afford a market-rate one-bedroom apartment. A minimum wage worker would need to work 86 hours per week to afford a one-bedroom apartment.
These new forms consolidate the TILA-RESPA forms and are meant to give consumers more time to review the total costs of their mortgage. The Loan Estimate is due to consumers three days after they apply for a loan, and the Closing Disclosure is due to them three days before closing. These two requirements have thrown the mortgage industry into a frenzy as they try to comply by the deadline.
While the White House says that the new premium level is fully consistent with the FHA’s commitment to continue strengthening its financial health through growing reserves, the Republicans in Congress have reservations that the Congressionally-mandated reserves are well funded.
Having already begun buying mortgage loans that allow borrowers to put 3% down, Fannie Mae is launching a new program aimed at attracting more first-time homebuyers — by taking over that responsibility as well.
If you’re having problems and looking for avenues, your best bet is programs available through the U.S. Department of Housing and Urban Development, Fannie Mae and Freddie Mac. Both Fannie and Freddie have low-down payment mortgages available to their lenders. Note: Fannie and Freddie, as financiers, do not offer mortgages directly to homeowners. You'll need to ask your lender about their relationship to the government-sponsored enterprises.