The House has passed a bill that would increase the VA loan guarantee limit so that veterans and military personnel could get no-downpayment loans of up to $333,700 -- which is the Fannie Mae/Freddie Mac conforming loan limit.The bill (H.R. 4345) would set the Department of Veterans Affairs guarantee limit at 25% of the conforming loan limit, effectively raising the government guarantee from $60,000 to $83,435. Currently, the VA guarantee goes up to $60,000, and lenders can sell no-downpayment VA loans into the secondary market with a principal balance of up to $240,000. The bill, sponsored by Rep. Ginny Brown-Waite, R-Fla., also indexes the VA loan guarantee limit to the conforming loan limit, which is adjusted annually. Sen. Jon Corzine, D-N.J., has introduced a similar bill in the Senate.
-
The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
March 28 -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28 -
The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28