Down Payment Content Index - Page 1

Whenever you make a large purchase, such as a house or a car, you will likely need to make a down payment. How much down payment do you need? It depends on the purchase and who is giving you the loan. What happens if you change your mind on your purchase? Will you lose your down payment? Learn the ins and outs of down payments here.

**HUD Revised Streamline Refinance Transactions** Streamline mortgage refinance applications will be undergoing some changes. Under the HUD revised streamline refinance, there are changes to the mortgage seasoning, payment history requirements, and verification of assets, employment and income. For a streamline refinance without an appraisal there will be a new maximum mortgage amount, and under the HUD revisions, there is is maximum combined loan-to-value amount for the streamline refinance. Read the full letter below for more details on the changes to HUD streamline refinance applications.

**Should I Refinance My Mortgage?** Mortgage interest rates keep falling, now below 5 percent. Should you refinance your mortgage? It's more difficult to get a mortgage refinance in today's lending market, but it might be worthwhile to try to refinance your mortgage. Will it reduce your monthly mortgage payments? Will a mortgage refinance shorten the term of your loan? You need to determine why you want to refinance your mortgage to determine the best refinancing scenario for your loan.

Taylor Bean & Whitaker Customers Still Waiting for Answers. Think Glink has reported for weeks now that former Taylor Bean & Whitaker customers would get answers after the Oct. 31 deadline, by which new loan servicers were to have sorted out who would take what Taylor Bean & Whitaker loans. While there has been some progress made, Taylor Bean & Whitaker customers are still waiting for many answers.

HUD Secretary Donovan and FHA Commissioner Stevens briefed leaders on the FHA's financial outlook today, in coordination with the release of its annual independent actuarial study. The study found the capital reserve ratio to be 0.53 percent of total insurance in force this year, well below the congressionally mandated threshold of two percent. The FHA holds $31 billion in total reserves today. Robert Ryan was introduced as the FHA's first-ever Chief Risk Officer. Ryan will focus on understanding risk to the FHA's insurance fund and develop policy responses that address that risk.

FHA cash reserves fall to the lowest level in history, below the congressionally mandated level. The Federal Housing Administration's mortgage insurance cash reserves fell to the lowest levels in recorded history, 0.53 percent. The FHA announced today FHA cash reserve levels have fallen below the congressionally mandated threshold. The annual independent accounting survey of the FHA came with the assessment that additional action needed to be taken to manage risk to prevent further losses.

**Fannie Mae Deed For Lease Program Rules.** Fannie Mae announced an innovative program designed to help homeowners avoid foreclosure. Called Deed for Lease, the program allows struggling homeowners who are unable to qualify for a loan modification under the current Obama Loan Modification Plan to hand their keys over to Fannie Mae, but then rent back their house at current market rental rates. Here are the Deed for Lease program rules.

**The Fannie Mae Rental Program will allow homeowners to avoid foreclosure for a year.** This rental program or "Deed to Lease" program will allow homeowners who haven't qualified for a home loan modification or for the Making Home Affordable Act to avoid foreclosure for a year. The Fannie Mae Rental Program has specific criteria that the homeowners must qualify for, including they must live in the home as their primary residence and they can't be more than 12 months past due. Read the full article below fore more information on the Fannie Mae Rental Program.

**Divorce Decree May Require Ex-Spouse To Refinance Mortgage** The current economic situation may cause a conflict between what a divorce decree requires and what a person is able to do. When the divorce decree requires an ex-spouse to refinance a property to remove the other ex-spouse from the mortgage but the financial condition of the person owning the home make it impossible for that spouse to refinance, what can they do?

**Low Appraisal Caused By Declining Home Values Results In Change To Loan Refinance Terms** If you apply to refinance your loan and get quoted terms, can you force the lender to abide by those terms? What if your property received a low appraisal? What if declining home values caused your home value to drop below what you owe on your current mortgage? And what if you decide not to go forward with the loan refinance, can you get your application money back?

**Unpaid Property Taxes Found One Year After Land Contract Signed** Land contract -- also known as installment contracts for deed -- are complicated documents. If you are not careful, you could end up in a mess. Some issues that can lead to problems in a land contract are title issues, including unpaid real estate and property taxes. But unpaid taxes could be the lesser of some of the title problems you can encounter using a land contract. This reader found unpaid property taxes from years earlier about a year after entering into the land contract.