The Consumer Financial Protection Bureau (CFPB) is fining four mortgage insurance companies $15.4 million for taking illegal kickbacks that raised payment costs for some homeowners. Learn more about the CFPB’s actions against these companies.
i hve heard of a new fha loan out there called a slim line fha loan can you help me out here i would like to find more info on it…
Asked by Ronie on Facebook.
The Department of Housing and Urban Development (HUD) has information about types of FHA loans.
If you have questions about specific FHA loans, you can talk to a HUD-approved housing by calling (800) 569-4287 or searching for a housing counseling agency agency near you.
If you heard recent news reports about a devastating sinkhole in Florida, you may be wondering how this type of event occurs.
According to the U.S. Geological Survey (USGS), sinkholes are most common in karst terrain, or regions where the rock below the land surface is soluble. When water from rainfall moves down through the soil, the rock begins to dissolve, creating spaces and caverns underground. If the underground spaces get too big, a sudden collapse occurs.
About 20 percent of the United States is susceptible to sinkhole events, but the most damage tends to occur in Florida, Texas, Alabama, Missouri, Kentucky, Tennessee, and Pennsylvania.
Detailed geologic mapping, which defines areas of soluble rock at the surface and subsurface, can help educate land planners and policy makers about sinkhole risk. If you know that you live in an area underlain by soluble rock, check your property for holes in the ground or cracks in your structure’s foundation.
Learn more about the science of sinkholes from the U.S. Geological Survey.
When you apply for a mortgage, it can sometimes be hard to understand how much of a monthly payment you can afford. Oftentimes you have to factor in additional fees and property taxes that add to the base cost of your monthly payment.
You can’t always rely on a mortgage broker or lender to ensure that you’re getting a responsbile loan that you can afford.
That’s why the Consumer Finance Protection Bureau (CFPB) introduced the Ability-to-Repay rule.
Under the new rule, lenders have to ensure that you can pay back the loan plus interest over the long term.
According to CFPB, in order to do that, lenders will need to verify the following before they can issue you a loan:
- Current income or assets;
- Current employment status;
- Credit history;
- The monthly payment for the mortgage;
- The monthly payments on any other loans associated with the property;
- The monthly payment for other mortgage related obligations (such as property taxes);
- Other debt obligations; and
- The monthly debt-to-income ratio or residual income the borrower would be taking on with the mortgage. (Debt-to-income ratio is a consumer’s total monthly debt divided by their total monthly gross income).
These rules will help protect you from lenders who might try to sell you an irresponsible mortgage that you can’t afford.
Learn more about the Ability-to-Repay rule.
Need help reducing or delaying your monthly mortgage payments? Call 888-995-HOPE to speak with a counselor or get help online.