Posted To: Pipeline Press
Should small, non-depository mortgage bankers be concerned about big banks renewing their interest in FHA loans? Probably. Bank of America is promoting its $0 origination fee FHA & VA programs. Speaking of low down payments, we have last week's Mortgagee Letter 19-06 . Bloomberg ran a story about " cracking down on no money down home loans ," and lenders reacted. For example, California's Land Home Financial let clients know, "LHFS will be temporarily suspending all FHA GSFA, FHA CalHFA and FHA Within Reach Down Payment Assistance programs. This will include any state Housing Finance Agency, or city or state program where the borrower is receiving a grant or second mortgage. We are awaiting clarification from the various down payment assistance providers…...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
from Mortgage News Daily http://bit.ly/2ID2NOg
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