Until 2007 mortgage banks regularly would not wait too long after a loan went into default before they would start foreclosure proceedings. Usually, if you fell 3 months late on your mortgage payment, that constituted a default. As foreclosure rates began to increase to new heights, the mortgage banks saw their stocks decrease in value. A significant
FHA Loans allow a parent to assist in the qualifying process for their kids who are preparing to buy their new home. The process is called a non-occupying co-borrower. Non-occupying co-borrower programs allow some of the debt to be attributed to the parent's income thus allowing a lesser amount of the debt to assigned to
Over the last ten years we have seen the air let out of the market. Property values declined and mortgage backed securities had collapsed, new housing starts were down and in general, buying a home was just not a good investment. We have all heard the saying "Buy low and sell High". Well it is true
Although most lenders require a 600 score or even a 580 score, even if your score takes a dive, St. Louis Home Mortgage and Retention can go effectively down to a 560 score. That is great news for the people who have been paying their mortgages on time but just cannot get the positive effect
We had anticipated a housing boom after the mortgage crash in 2007. For years banks were not lending money, property values were dropping, and banks in general were not looking to lend dollars on a declining market that had not bottomed out yet. Since then the market has bottomed out and it is now turning upward.
