The president's budget calls on Congress to approve two new Federal Housing Administration loan programs -- one for creditworthy homebuyers and another for borrowers with "weak credit histories.""The Zero Downpayment mortgage allows first-time homebuyers with a strong credit record to finance 100% of the downpayment and closing costs," the fiscal year 2005 budget says. FHA Commissioner John Weicher previously announced that the president's budget would include a zero-down mortgage. The second program appears to be modification of a Bush administration proposal to create an FHA subprime program for borrowers with "poor credit ratings," which Congress rejected last year. "For borrowers with limited or weak credit histories, Payment Rewards initially charges a higher insurance premium, but reduces the borrower's premium once they have established a history of regular payments, thereby demonstrating credit worthiness," the president's budget says. The Bush administration is also proposing to eliminate FHA insurance refunds, except in refinancings.
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While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.
5m ago -
Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
1h ago -
Prevention through new building standards and mapping technology aim to keep home insurance rates down but mortgage bankers see challenges.
7h ago -
The mortgage lender and servicer announced that Ranjit Bhattacharjee, a capital markets veteran, and Kevin Barker, a financial analyst with two decades of experience, have joined its ranks.
8h ago -
Because of rising home values, more transactions have proceeds over the federal tax exemption, especially in California, a CoreLogic study found.
April 23 -
Texas Capital Bank wants to bring the Administrative Procedures Act into the case, but Ginnie Mae said the legal proceedings are outside its scope.
April 23