New Reverse Mortgage Requirements Coming in 2015 #mortgage #news #daily


#reverse mortgage rules

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New Reverse Mortgage Requirements Coming in 2015

If you’ve been considering a reverse mortgage, there are big changes coming in 2015 that you’ll need to know about.

Most reverse mortgages are insured by the U.S. Federal Housing Administration. As a product of this, the loans are guaranteed by the government, adding a level of protection for borrowers. It also means the government creates rules and regulations around reverse mortgage lending via the Department of Housing and Urban Development, or “HUD.” That’s where the big changes come in.

In order to make reverse mortgages even safer for borrowers who qualify and are at least 62 years old, HUD is introducing new rules on April 27, 2015, that will impact all borrowers.

Here’s what you need to know.

1. New financial assessment requirements will take effect on April 27, 2015.

Prior to 2015, reverse mortgage borrowers did not have to go through an income or assets assessment as is customary for borrowers who are getting a forward or traditional mortgage.

But any potential borrowers who have been issued an FHA case number on or after April 27, 2015, will now undergo a financial assessment, conducted by the lender. This will also include a credit score review.

The financial assessment is geared toward making sure a borrower can meet the ongoing payments associated with homeownership including homeowners insurance, property tax, and home maintenance. If borrowers have past delinquencies, for example, those delinquencies will be considered by the lender as part of the assessment. If you have historically not made payments on time for repayment of other debts, those will be considered as well.

2. Borrowers will need more documentation.

As part of the financial assessment, lenders will need to collect more documentation in order to underwrite the reverse mortgage and ensure the borrower meets the necessary financial criteria. That may mean gathering income and tax forms, documentation of assets that you own, or payment history for different debts you have held.

The same way you would gather documentation in applying for a forward mortgage, you will need to provide documents as proof of the financial criteria that is required by the financial assessment.

3. You may need to “set-aside” money to fund fixed housing costs

Borrowers who lack certain financial standing as determined by the financial assessment, will need to set aside funds from their loan proceeds in order to cover their property charges (taxes and insurance, namely). This Life Expectancy Set Aside (LESA) is a fund specifically designated for those payments. The LESA works in a way that is similar to the way that forward mortgages sometimes escrow property tax payments.

The set-aside amount will be determined by a calculation conducted during the application process, and will either be designed to either fully fund those payments based on a lifetime expectancy assumption, or to partially fund those payments based on the same assumption.

The financial assessment will make it tougher for some borrowers to qualify for a reverse mortgage. But these borrowers are probably better served by other options like downsizing.

The good news is that by introducing these changes, reverse mortgages will be safer than they have ever been for borrowers. The new assessment is designed to ensure that a borrower has the financial capacity to continue living in their home for the remainder of their lifetime while maintaining his or her reverse mortgage obligations.


How difficult is it to get a mortgage in 2015? Property Crowd #fixed #mortgage


#get a mortgage

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How difficult is it to get a mortgage in 2015?

Have the new mortgage restrictions had any effect on rising UK house prices?

UK house prices rise since the global financial crash

House prices in the UK rose by 9.8% on average in the year to December 2014. This represents considerable capital appreciation and a very good return for investors, especially in comparison with the low interest rate achievable on savings, or the higher risks involved in buying and selling shares in a rising but still very volatile stock market.

However, significant house price rises are not necessarily good news – house price inflation in 2014 was the highest since 2007 and, once adjusted for inflation, 2014 prices generally surpassed the previous 2007/8 peak. There are several house price indices that can produce different results and of course there are major regional differences within the UK which widely distort conclusions drawn from nationwide averages.

Every month studies and surveys are published with the most recent suggesting a slight slow in the rate of price rises, but clearly there is widespread concern that a new housing price bubble, within the context of a still weak global economy, could trigger another financial crisis with parallels to the unprecedented economic collapse of 7 years ago. One of the characteristics of the 2007/8 situation was how easy it was to obtain mortgages and other credit, as well as the wide and confusing variety of mortgage products which were then available.

In an attempt to avoid a repetition of the financial crisis there are now various restrictions on lenders and the mortgage market which are designed to take some of the heat out of the booming property market without affecting growth and housing supply too negatively. Is this strategy of mortgage restrictions working effectively or is it too blunt an instrument which simply keeps first time buyers out of the market while prices continue to rise anyway?

Average house prices for the last eight years

Source: Land Registry.

Within London there is even more regional variation than across the whole of the UK. Currently the average house price in Kensington and Chelsea is £1,294,767, more than double the average of £606,005 seven miles away in Hackney, which in turn is more than double the average of £293,134 in nearby Newham.

The mortgage market – from reckless to draconian

Ten years ago I was moving house (again) and went to my mortgage broker to arrange a new loan. There was no sense that I wouldn’t be able to borrow whatever I needed even on a fairly average income. I was somewhat surprised to be given blank forms to sign, and the broker told me he would fill in the details when he had found me the best deal. I was told this was standard practice and would speed up the process.

My self-certified interest only loan came through within days and I was confident enough in the buoyant market to exchange contracts on the new house even though I hadn’t yet found a buyer for my old house. The mortgage came through and I never missed a payment and really did not know what the broker had put on the form with regards to my status, income or outgoings.

Recently I was having my hair cut and the barber was telling me how, having separated from his wife after selling their family home and splitting the money, he was now trying to buy a small flat to live in. He had trawled the banks, building societies and mortgage brokers but could not borrow even a relatively small amount. This was despite having a reasonable deposit and having been trading in the same hairdressing business for 12 years and always making a profit. He had eventually giving up and was resigned to living in rented accommodation for the foreseeable future. At the age of 40, having fallen off the housing ladder, he had been advised by one bank that he would never get another mortgage unless he more than doubled his income, yet he knew that he could easily afford the repayments required if only he could qualify for a new mortgage.

The reality for many people is that there has been a complete reversal of position over 8 years – then mortgages were being handed out in an unregulated, cavalier and possibly economically reckless way, whereas now mortgage restrictions seem draconian, inflexible and illogical and are putting barriers in the way of people who could and should be able to borrow for their housing needs.

Current mortgage restrictions and their effect

Potential borrowers now face detailed checks not only on their income but also on expenditure in new rules introduced by the Financial Conduct Authority under the Mortgage Market Review (MMR).

These new tests look at disposable income and also the potential to absorb higher repayments should interest rates rise. The press have been full of stories of economically viable and even quite wealthy individuals failing the MMR tests.

In one case a borrower asked his existing lender for a remortgage of less than 60pc of the value of his property. He had £800,000 in savings to cover his children’s school fees, which were actually expected to only total £400,000. He asked his lender to ignore the school fees in their affordability assessment because he had made provision for them, but it refused and declined his remortgage.

In another case, a couple were approved for a £1.9m loan before the MMR deadline. A number of delays meant their original loan agreement expired and they had to reapply under the new rules. This time their lender offered them a maximum of £1.2m because they had three children under five years old. The lender said that had the children all been over five the couple would have been offered £1.5m; £2.1m would have been available had they had no children. Are the banks really trying to say that it costs £900,000 to raise 3 children?

Britain s biggest mortgage provider, Lloyds Banking Group, set the trend by refusing to lend on mortgages of £500,000 or more if the loan is more than four times the borrower’s income. As shown above, the average London house price is almost £600,000, so a borrower would need to be earning at least £112,500 a year, assuming that he had a 25% cash deposit of £150,000 and required a loan of £450,000. The bitter reality is that the average London salary is currently £35,296. In other words, a London worker on the average salary would need to borrow just under 13 times their income to buy an average London house. There is no lender in the market today who wouldn’t refuse this point blank. Even with a large deposit from the increasingly relied upon Bank of Mum and Dad, such a borrower is very unlikely to be able to secure a loan and would have to look to buy somewhere cheaper and further away from the Central London.

Before the crisis, the average mortgage was about 6.5 times income. This figure has now fallen to 5.5 and the new restrictions are designed with a long-term target of 4 times income, not just for the higher value loans but right across the market. But as house prices soar, and incomes remain stagnant, this clearly will exclude a very large number of potential borrowers.

Recent data shows that while house prices continue to rise, the rate of increase does appear to be slowing down slightly, which may well be partly due to these mortgage restrictions. With a general election just several months away, the political parties are all trying to woo voters with various housing promises including more new build homes, special discounts for first time buyers under 40, possible VAT and Stamp Duty changes, and more social housing.

Despite all of this, it is likely to remain very difficult for first time buyers and other borrowers to either get on the housing ladder or to secure new loans with such stringent and inflexible restrictions on mortgage lending.

Property Crowd – an alternative to restrictive borrowing for property investment purposes

Tough mortgage restrictions also affect investors with some spare cash who realise that property still offers very favourable capital appreciation and solid rental income returns. People in this situation should not be put off by the hassle of trying to obtain a mortgage, as there are other viable and attractive alternatives including those provided by Property Crowd, namely crowdfunded investments in fully- managed high- yielding city-centre locations, fully. Property Crowd operates under FCA regulations and you can invest from as little as £5,000. This approach may well be much easier and straightforward than using your cash as a deposit to try to get your own buy-to-let mortgage and then have all of the headaches of managing it.


How difficult is it to get a mortgage in 2015? Property Crowd #mortgage #life #insurance


#get a mortgage

#

How difficult is it to get a mortgage in 2015?

Have the new mortgage restrictions had any effect on rising UK house prices?

UK house prices rise since the global financial crash

House prices in the UK rose by 9.8% on average in the year to December 2014. This represents considerable capital appreciation and a very good return for investors, especially in comparison with the low interest rate achievable on savings, or the higher risks involved in buying and selling shares in a rising but still very volatile stock market.

However, significant house price rises are not necessarily good news – house price inflation in 2014 was the highest since 2007 and, once adjusted for inflation, 2014 prices generally surpassed the previous 2007/8 peak. There are several house price indices that can produce different results and of course there are major regional differences within the UK which widely distort conclusions drawn from nationwide averages.

Every month studies and surveys are published with the most recent suggesting a slight slow in the rate of price rises, but clearly there is widespread concern that a new housing price bubble, within the context of a still weak global economy, could trigger another financial crisis with parallels to the unprecedented economic collapse of 7 years ago. One of the characteristics of the 2007/8 situation was how easy it was to obtain mortgages and other credit, as well as the wide and confusing variety of mortgage products which were then available.

In an attempt to avoid a repetition of the financial crisis there are now various restrictions on lenders and the mortgage market which are designed to take some of the heat out of the booming property market without affecting growth and housing supply too negatively. Is this strategy of mortgage restrictions working effectively or is it too blunt an instrument which simply keeps first time buyers out of the market while prices continue to rise anyway?

Average house prices for the last eight years

Source: Land Registry.

Within London there is even more regional variation than across the whole of the UK. Currently the average house price in Kensington and Chelsea is £1,294,767, more than double the average of £606,005 seven miles away in Hackney, which in turn is more than double the average of £293,134 in nearby Newham.

The mortgage market – from reckless to draconian

Ten years ago I was moving house (again) and went to my mortgage broker to arrange a new loan. There was no sense that I wouldn’t be able to borrow whatever I needed even on a fairly average income. I was somewhat surprised to be given blank forms to sign, and the broker told me he would fill in the details when he had found me the best deal. I was told this was standard practice and would speed up the process.

My self-certified interest only loan came through within days and I was confident enough in the buoyant market to exchange contracts on the new house even though I hadn’t yet found a buyer for my old house. The mortgage came through and I never missed a payment and really did not know what the broker had put on the form with regards to my status, income or outgoings.

Recently I was having my hair cut and the barber was telling me how, having separated from his wife after selling their family home and splitting the money, he was now trying to buy a small flat to live in. He had trawled the banks, building societies and mortgage brokers but could not borrow even a relatively small amount. This was despite having a reasonable deposit and having been trading in the same hairdressing business for 12 years and always making a profit. He had eventually giving up and was resigned to living in rented accommodation for the foreseeable future. At the age of 40, having fallen off the housing ladder, he had been advised by one bank that he would never get another mortgage unless he more than doubled his income, yet he knew that he could easily afford the repayments required if only he could qualify for a new mortgage.

The reality for many people is that there has been a complete reversal of position over 8 years – then mortgages were being handed out in an unregulated, cavalier and possibly economically reckless way, whereas now mortgage restrictions seem draconian, inflexible and illogical and are putting barriers in the way of people who could and should be able to borrow for their housing needs.

Current mortgage restrictions and their effect

Potential borrowers now face detailed checks not only on their income but also on expenditure in new rules introduced by the Financial Conduct Authority under the Mortgage Market Review (MMR).

These new tests look at disposable income and also the potential to absorb higher repayments should interest rates rise. The press have been full of stories of economically viable and even quite wealthy individuals failing the MMR tests.

In one case a borrower asked his existing lender for a remortgage of less than 60pc of the value of his property. He had £800,000 in savings to cover his children’s school fees, which were actually expected to only total £400,000. He asked his lender to ignore the school fees in their affordability assessment because he had made provision for them, but it refused and declined his remortgage.

In another case, a couple were approved for a £1.9m loan before the MMR deadline. A number of delays meant their original loan agreement expired and they had to reapply under the new rules. This time their lender offered them a maximum of £1.2m because they had three children under five years old. The lender said that had the children all been over five the couple would have been offered £1.5m; £2.1m would have been available had they had no children. Are the banks really trying to say that it costs £900,000 to raise 3 children?

Britain s biggest mortgage provider, Lloyds Banking Group, set the trend by refusing to lend on mortgages of £500,000 or more if the loan is more than four times the borrower’s income. As shown above, the average London house price is almost £600,000, so a borrower would need to be earning at least £112,500 a year, assuming that he had a 25% cash deposit of £150,000 and required a loan of £450,000. The bitter reality is that the average London salary is currently £35,296. In other words, a London worker on the average salary would need to borrow just under 13 times their income to buy an average London house. There is no lender in the market today who wouldn’t refuse this point blank. Even with a large deposit from the increasingly relied upon Bank of Mum and Dad, such a borrower is very unlikely to be able to secure a loan and would have to look to buy somewhere cheaper and further away from the Central London.

Before the crisis, the average mortgage was about 6.5 times income. This figure has now fallen to 5.5 and the new restrictions are designed with a long-term target of 4 times income, not just for the higher value loans but right across the market. But as house prices soar, and incomes remain stagnant, this clearly will exclude a very large number of potential borrowers.

Recent data shows that while house prices continue to rise, the rate of increase does appear to be slowing down slightly, which may well be partly due to these mortgage restrictions. With a general election just several months away, the political parties are all trying to woo voters with various housing promises including more new build homes, special discounts for first time buyers under 40, possible VAT and Stamp Duty changes, and more social housing.

Despite all of this, it is likely to remain very difficult for first time buyers and other borrowers to either get on the housing ladder or to secure new loans with such stringent and inflexible restrictions on mortgage lending.

Property Crowd – an alternative to restrictive borrowing for property investment purposes

Tough mortgage restrictions also affect investors with some spare cash who realise that property still offers very favourable capital appreciation and solid rental income returns. People in this situation should not be put off by the hassle of trying to obtain a mortgage, as there are other viable and attractive alternatives including those provided by Property Crowd, namely crowdfunded investments in fully- managed high- yielding city-centre locations, fully. Property Crowd operates under FCA regulations and you can invest from as little as £5,000. This approach may well be much easier and straightforward than using your cash as a deposit to try to get your own buy-to-let mortgage and then have all of the headaches of managing it.


HSC Results 2015: Top 20 HSC schools revealed #nsw, #education, #hsc #results, #hsc #results #2015,


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HSC Results 2015: Top 20 HSC schools revealed

James Ruse Agricultural High School took out the top spot for the 20th year in a row, with 74 per cent of all exams taken by students scoring a band six or above.

To put that into perspective the 10th ranked school, Sydney Grammar, had a 45 per cent band six success rate.

The Carlingford School was followed by the North Sydney Girls, North Sydney Boys and Sydney Girls and Sydney Boys partnerships in the next four places.

Abbotsleigh, on Sydney’s north shore, took the top independent schools spot with 9th place, leading a pack of all-girls independent schools that rounded out the top 20.

Ascham, Kambala and SCEGGS Darlinghurst took out 11th, 12th and 13th spots respectively.

Kambala was the biggest mover of the trio, rocketing into the top 20 this year by jumping 27 places.

All-boys independent schools did not fare nearly as well, with only Sydney Grammar making the top 20.

Outside the top brass, the real movers and shakers made their mark with Sutherland Shire Christian surging nearly 200 places this year to come in at 65th.

St Clare’s College in Waverley also had a big surge, jumping 187 places to come in at 92nd, while Bowral’s Oxley College rose 177 places to slide in at 89th.

Willoughby Girls was the only fully comprehensive public school to crack the top 50, coming in at number 49.

NSW Education Minister Adrian Piccoli​ would not be drawn on the performance of particular schools at the awards ceremony at the Australian Technology Park on Tuesday.

“All schools need to do more, whether you are a high SES independent school or any other schools – we expect all schools to strive harder,” he said.

“It’s an incredible array of students, a great snapshot of schools in Australia and NSW but a great reflection on the significant talent that we have in this state.”

“We encourage even high-performing schools like James Ruse to strive for more high-performing students,” he said.

An earlier version of this story described Conservatorium High School as a musically-selective comprehensive school. This has been removed. It is a specialist music school that uses the selective schools test scores as part of its enrolments process.


2015 Mortgage Rate Predictions from 3 Expert Sources, Plus Our View #jumbo #mortgage


#mortgage rate predictions

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2015 Mortgage Rate Predictions from 3 Expert Sources

Editor s note: This article is a living document that will be edited and updated as new mortgage-rate forecasts and data become available over the coming months.

I know what you re thinking. It s only September, and already we re offering mortgage predictions and projections for 2015. But it s never too early to start projecting. In fact, statistics show that most mortgage shoppers start researching the market months before they actually close on a loan. So with that kind of advanced research in mind, we have rounded up some 2015 mortgage rate projections and forecasts from a variety of expert sources.

Here are the predictions at a glance:

  • Freddie Mac expects the average rate for a 30-year fixed mortgage to reach 5% by the end of 2015.
  • The Mortgage Bankers Association also expects to see 5% averages by the end of next year.
  • Lawrence Yun, chief economist for the National Association of Realtors, forecasts a gradually rising trend with the 30-year fixed rate averaging 5.5 percent in 2015.
  • Economist Dr. Bill Conerly expects the 30-year average to climb even higher next year, perhaps reaching 6% by year s end.
  • The Home Buying Institute s projections are on the lower side, matching the 5% outlook offered by Freddie Mac and MBA.

2015 Mortgage Rate Predictions from Freddie Mac, MBA

Freddie Mac, the government-controlled mega company that buys and sells mortgage-backed securities, runs a weekly survey of the lending industry that dates back to 1971. According to their survey archives, 30-year home loan rates dropped from 4.53% at the beginning of this year to 4.10% by September 1, 2014 (when this article was published). But their 2015 forecast for 30-year fixed mortgage rates calls for a gradual rise. as shown in the table below. As a result, home buyers and refinancing homeowners could encounter higher interest charges in 2015 compared to this year.

Notes. The table above shows Freddie Mac s rate forecast for 2015. It is based on their economists analysis of current trends within the housing market, the lending industry, and the broader economy. According to a company press release, we expect to see rates rise as the economy strengthens. At the end of 2015, we expect to see the 30-year fixed mortgage around five percent. That would be a gradual increase over the coming months, as seen in the projection table above.

The Mortgage Bankers Association (MBA) also provides long-term outlooks and forecasts in this area. And their chart looks nearly identical to the one shown above. They also expect the average to rise to 5% through the end of next year.

Dr. Bill Conerly, economist and senior fellow at the National Center for Policy Analysis. expects the 30-year average to rise even higher next year. In an article for Forbes magazine, Conerly wrote: Long-term mortgage rates get up to around six percent by the end of 2015, but that s not deadly to the economy. The interest changes are the result of stronger economic growth.

Home Buying Institute s Forecast for 30-Year Mortgage

Here at HBI, we expect rates to rise only gradually between now and the end of 2015. Some of the more dramatic predictions for next year have been linked to the Federal Reserve, and the fact that they are winding down their Quantitative Easing (QE) economic stimulus program. But we feel this will have only a minimal impact on mortgage rates, going forward.

In the past, many economists and analysts predicted a sharper rise in long-term interest rates, as the Federal Reserve began to scale back its bond-buying stimulus program. But the Fed started reducing their bond purchases months ago, and it did not have the predicted effect.

In fact, the benchmark 30-year mortgage rate actually dropped in the months following the Fed s initial scale-down in stimulus. The 30-year average was 43 basis points (0.43%) lower at the end of 2014 than at the beginning of that year, when the stimulus was going strong. So we do not expect any sharp upturns in the near future, despite the ongoing reduction in stimulus.

The Fed is expected to continue winding down its stimulus program, and ultimately end it some time in 2015. Based on what we ve seen this year, we expect their policy shift to have only a negligible impact on long-term interest rates next year. Thus, our 2015 mortgage rate prediction / projection mirrors the (lower) one offered by Freddie Mac and MBA, as opposed to the higher estimates offered by other analysts.

Additionally, the U.S. economy is growing at a very modest pace right now. Long-term interest rates tend to rise during periods of significant economic improvement (i.e. when things are going really well). But our economy still shows signs of weakness and sluggishness. So it probably won t have much of a lifting effect on mortgage rates as we head into 2015.

Bottom line. Home buyers and homeowners who are in the market for a mortgage loan next year probably have little to worry about, as far as rising rates go. They will likely rise through the end of 2015, but only gradually.

Beating the Averages for a Better Deal

The 2015 mortgage rate forecasts above are based on industry-wide averages and trends. For instance, Freddie Mac s weekly survey of the lending industry is based on average rates reported by 125 survey respondents (lenders) from across the U.S. But mortgage pricing is highly individualized:

  • A borrower who is considered to be well qualified could secure a below-average interest rate. These are people with excellent credit, steady income, and low debt levels in relation to their total household income.
  • On the contrary, a marginally qualified borrower (lower credit score, higher debt ratio, etc.) would likely pay more in interest.

A borrower could potentially land a better rate by achieving a higher credit score, putting more money down, or even paying points at closing. The type of home loan being used also plays a role.

Disclaimer: This story contains forward-looking statements relating to the housing market, lending industry, and broader economy. Interest rate projections are based on trends that can change over time. As a result, they may prove to be inaccurate over the long term. The 2015 mortgage predictions and forecasts presented are the equivalent of an educated guess. They should not be viewed as facts or certainties. We make no guarantees about future trends or conditions within the housing or mortgage industry.

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Stated Income Loans in 2015: Lenders, Rates and Guidelines #a #mortgage #calculator


#stated income mortgage

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Updated January, 2016

Stated Income Loans in 2016: Yes, They Are Coming Back

Just a few years ago, stated income loans were very popular and there were plenty of stated income lenders who had flexible guidelines and low stated income rates.

Then the credit crisis hit and lenders began pulling their stated income mortgage programs. As lenders began to stop offering stated income loans, many small business owners and others began to have problems getting loans because they have unique situations that the stated income loan programs serve.

Stated income loans are popular with many people, but here are just a few of the types of borrowers who may consider getting a stated income loan:

  • Self employed people who own a small business
  • Highly commissioned people who may have a low base salary but make most of their income on commission
  • People who can t document at least 2 years of income at their current income levels
  • People who make plenty of money but don t want to disclose their income for one reason or another

In 2016: Guidelines Vary By Lender

With stated loans starting to be offered again from some lenders in 2016, these people (and others) are starting to be able to get loans again which will help them refinance their current house or buy a new house with a mortgage loan. Stated income guidelines are never really the same between lenders. Each lender will develop a stated income product and then create guidelines around the product. Stated income programs will vary by lender and will usually develop nicknames like no doc , low doc , SISA and many more.

Stated Income Lenders

Not all lenders offer stated income loan programs, and most loan officers know that having a stated income lender can make all the difference when it comes to helping a borrower get into a home who is a small business owner. Stated income lenders are mostly smaller lenders at this point who are coming up with creative solutions and stated income products with flexible guidelines so that they can attract business that is good business and not business that they don t really want.

These stated income loan programs are all going to be different based on guidelines set by the lender. For example, a NINA loan at Lender A will probably have a different guideline set than a NINA at Lender B. This is why it is so important when considering a stated income loan, be sure to shop around.

Stated Income Interest Rates

Stated income interest rates will also vary by lender. Expect the interest rate for a state income loan to be higher than an FHA loan interest rate, but nothing that is out of the market. Stated income loans carry a premium, but they have to be competitive. Expect a couple of percentage points higher than a FHA loan and you should be close.

Frequently Asked Questions

What is a SIVA loan?
SIVA stands for Stated Income Verified Asset loan. This type of loan allows you to state your gross monthly income and requires the lender to verify assets usually done by you providing bank statements or brokerage statements or some type of document that verifies that you have the assets you claim to have on the loan application.

What is a SISA loan?
SISA stands for Stated Income Stated Assets. It means that the loan guidelines allow you to state your income and assets meaning you will not have to verify either assets or income.

What is a No Doc loan?
Although guidelines will vary by lender, a true no doc loan program is where you don t have to verify anything other than your citizenship.

Can I be declined if I state my income too high?
Yes. It is possible to have your loan declined for the reason that your stated income doesn t match your job description and title. If you are a waitress that declares you make 50,000 per month, that may be an example where an Underwriter would look twice at your file. Underwriters have resources to see the range of pay based on title and job description and while not always accurate, they are typically in the ballpark.

It is also possible that the underwriter or lender will require that you fill out a form (IRS Form 4506), which allows the lender to request IRS verification of your tax returns for the previous two years.

Is there a minimum credit score?
Usually, yes. Minimum credit score requirements will vary by lender and program. There is no one minimum credit scores for stated income loans are 620 kind of rule the minimums will vary by lender.

Is there a minimum down payment required?
Usually, yes. Minimum down payment requirements will vary by lender and program. The general rule of thumb with stated income programs is that they will require a higher down payment than conventional loans but it will vary by lender.

Getting The Best Deal

Because not every lender does stated income loans and the lenders that do actually do stated income loans typically only offer a handful of products getting a loan will require you to shop around a little bit. In 2016, it may be harder to actually find a lender who has the right loan for your situation than it is to find 3 lenders who have the same loan and you just want to get the best rate and fees. Shopping for a lender is easy if you start here simply submit your information and we will go to work matching you up with a lender who can possibly help you. Getting matched with a lender is free, easy and only takes a couple of minutes.

Our Experts Have Been Seen:

More Information

IMPORTANT MORTGAGE DISCLOSURES:

When inquiring about a mortgage on this site, this is not a mortgage application. Upon the completion of your inquiry, we will work hard to match you with a lender who may assist you with a mortgage application and provide mortgage product eligibility requirements for your individual situation.

Any mortgage product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the mortgage credit product.

When applying for a mortgage credit product, lenders will commonly require you to provide a valid social security number and submit to a credit check. Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved for mortgage refinancing.

Minimum credit ratings may vary according to lender and mortgage product. In the event that you do not qualify for a credit rating based on the required minimum credit rating, a lender may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee.

Copyright 2016 Mortgage Rate Lock is not a government agency. Not affiliated with HUD, FHA, VA, FNMA or GNMA. We work hard to match you with local lenders for the mortgage you inquire about. This is not an offer to lend and we are not affiliated with your current mortgage servicer.

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2015 Mortgage Rate Predictions from 3 Expert Sources, Plus Our View #home #loans #for #bad


#mortgage rate predictions

#

2015 Mortgage Rate Predictions from 3 Expert Sources

Editor s note: This article is a living document that will be edited and updated as new mortgage-rate forecasts and data become available over the coming months.

I know what you re thinking. It s only September, and already we re offering mortgage predictions and projections for 2015. But it s never too early to start projecting. In fact, statistics show that most mortgage shoppers start researching the market months before they actually close on a loan. So with that kind of advanced research in mind, we have rounded up some 2015 mortgage rate projections and forecasts from a variety of expert sources.

Here are the predictions at a glance:

  • Freddie Mac expects the average rate for a 30-year fixed mortgage to reach 5% by the end of 2015.
  • The Mortgage Bankers Association also expects to see 5% averages by the end of next year.
  • Lawrence Yun, chief economist for the National Association of Realtors, forecasts a gradually rising trend with the 30-year fixed rate averaging 5.5 percent in 2015.
  • Economist Dr. Bill Conerly expects the 30-year average to climb even higher next year, perhaps reaching 6% by year s end.
  • The Home Buying Institute s projections are on the lower side, matching the 5% outlook offered by Freddie Mac and MBA.

2015 Mortgage Rate Predictions from Freddie Mac, MBA

Freddie Mac, the government-controlled mega company that buys and sells mortgage-backed securities, runs a weekly survey of the lending industry that dates back to 1971. According to their survey archives, 30-year home loan rates dropped from 4.53% at the beginning of this year to 4.10% by September 1, 2014 (when this article was published). But their 2015 forecast for 30-year fixed mortgage rates calls for a gradual rise. as shown in the table below. As a result, home buyers and refinancing homeowners could encounter higher interest charges in 2015 compared to this year.

Notes. The table above shows Freddie Mac s rate forecast for 2015. It is based on their economists analysis of current trends within the housing market, the lending industry, and the broader economy. According to a company press release, we expect to see rates rise as the economy strengthens. At the end of 2015, we expect to see the 30-year fixed mortgage around five percent. That would be a gradual increase over the coming months, as seen in the projection table above.

The Mortgage Bankers Association (MBA) also provides long-term outlooks and forecasts in this area. And their chart looks nearly identical to the one shown above. They also expect the average to rise to 5% through the end of next year.

Dr. Bill Conerly, economist and senior fellow at the National Center for Policy Analysis. expects the 30-year average to rise even higher next year. In an article for Forbes magazine, Conerly wrote: Long-term mortgage rates get up to around six percent by the end of 2015, but that s not deadly to the economy. The interest changes are the result of stronger economic growth.

Home Buying Institute s Forecast for 30-Year Mortgage

Here at HBI, we expect rates to rise only gradually between now and the end of 2015. Some of the more dramatic predictions for next year have been linked to the Federal Reserve, and the fact that they are winding down their Quantitative Easing (QE) economic stimulus program. But we feel this will have only a minimal impact on mortgage rates, going forward.

In the past, many economists and analysts predicted a sharper rise in long-term interest rates, as the Federal Reserve began to scale back its bond-buying stimulus program. But the Fed started reducing their bond purchases months ago, and it did not have the predicted effect.

In fact, the benchmark 30-year mortgage rate actually dropped in the months following the Fed s initial scale-down in stimulus. The 30-year average was 43 basis points (0.43%) lower at the end of 2014 than at the beginning of that year, when the stimulus was going strong. So we do not expect any sharp upturns in the near future, despite the ongoing reduction in stimulus.

The Fed is expected to continue winding down its stimulus program, and ultimately end it some time in 2015. Based on what we ve seen this year, we expect their policy shift to have only a negligible impact on long-term interest rates next year. Thus, our 2015 mortgage rate prediction / projection mirrors the (lower) one offered by Freddie Mac and MBA, as opposed to the higher estimates offered by other analysts.

Additionally, the U.S. economy is growing at a very modest pace right now. Long-term interest rates tend to rise during periods of significant economic improvement (i.e. when things are going really well). But our economy still shows signs of weakness and sluggishness. So it probably won t have much of a lifting effect on mortgage rates as we head into 2015.

Bottom line. Home buyers and homeowners who are in the market for a mortgage loan next year probably have little to worry about, as far as rising rates go. They will likely rise through the end of 2015, but only gradually.

Beating the Averages for a Better Deal

The 2015 mortgage rate forecasts above are based on industry-wide averages and trends. For instance, Freddie Mac s weekly survey of the lending industry is based on average rates reported by 125 survey respondents (lenders) from across the U.S. But mortgage pricing is highly individualized:

  • A borrower who is considered to be well qualified could secure a below-average interest rate. These are people with excellent credit, steady income, and low debt levels in relation to their total household income.
  • On the contrary, a marginally qualified borrower (lower credit score, higher debt ratio, etc.) would likely pay more in interest.

A borrower could potentially land a better rate by achieving a higher credit score, putting more money down, or even paying points at closing. The type of home loan being used also plays a role.

Disclaimer: This story contains forward-looking statements relating to the housing market, lending industry, and broader economy. Interest rate projections are based on trends that can change over time. As a result, they may prove to be inaccurate over the long term. The 2015 mortgage predictions and forecasts presented are the equivalent of an educated guess. They should not be viewed as facts or certainties. We make no guarantees about future trends or conditions within the housing or mortgage industry.

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Northwestern University #northwestern #university, #academic #ranking #of #world #universities, #2016, #top #500 #universities, #world #university


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Total Enrollment:17359
International Students:2480(14%)
Undergraduate Enrollment:8634
International Students:487(6%)
Graduate Enrollment:8725
International Students:1993(23%)

Undergraduate Programs
African American Studies
African and Asian Languages
African Studies
American Studies
Animate Arts
Anthropology
Anthropology (through the School of Continuing Studies)
Applied Mathematics
Art History
Art History (through the School of Continuing Studies)
Art Theory and Practice
Asian American Studies
Asian and Middle East Studies
Biological Sciences
Biological Sciences: Human Body (through the School of Continuing Studies)
Biomedical Engineering
Biotechnology and Biochemical Engineering
Business Enterprise
Business Institutions
Chemical and Biological Engineering
Chemistry
Chicago Field Studies
Civil and Environmental Engineering
Classics
Cognitive Science
Communication Studies
Communication Studies (through the School of Continuing Studies)
Communication Systems (through the School of Continuing Studies)
Comparative Literary Studies
Computer Engineering
Computer Science
Computing and Information Systems
Conducting and Ensembles
Creative Writing for the Media
Critical Theory
Dance
Drama
Earth and Planetary Sciences
Economics
Economics (through the School of Continuing Studies)
Electrical Engineering
Engineering Design
Engineering Design and Communication
English
English and American Literature (through the School of Continuing Studies)
English Writing (through the School of Continuing Studies)
Environmental Policy and Culture
Environmental Science, Engineering and Policy
Environmental Studies (through the School of Continuing Studies)
Ethics and Civil Life
European Studies
Film and Media Studies
Financial Economics
Fine and Performing Arts (through the School of Continuing Studies)
French and Italian
Gender Studies
German
Global Health Studies
History
History (through the School of Continuing Studies)
Honors Program in Medical Education (HPME)
Human Communication Sciences
Human Development and Psychological Services
Humanities
Industrial Engineering
Information Systems (through the School of Continuing Studies)
Integrated Marketing Communication Certificate
Integrated Science
International Studies
Jazz Studies
Jewish Studies
Journalism
Latin American and Caribbean Studies
Learning and Organizational Change
Legal Studies
Linguistics
Managerial Analytics
Manufacturing and Design Engineering (MaDE)
Materials Science
Mathematical Methods in the Social Sciences
Mathematics
Mathematics (through the School of Continuing Studies)
Mathematics Experience for Undergraduates (MENU)
Mechanical Engineering
Molecular Biosciences
Music Composition
Music Education
Music Technology
Music Theatre
Music Theory and Cognition
Musicology
Organization Behavior (through the School of Continuing Studies)
Performance Studies
Philosophy
Philosophy (through the School of Continuing Studies)
Physics and Astronomy
Piano Performance
Political Science
Political Science (through the School of Continuing Studies)
Psychology
Psychology (through the School of Continuing Studies)
Radio/Television/Film
Radio/Television/Film (through the School of Continuing Studies)
Religion
Science in Human Culture
Secondary Teaching
Service Learning
Slavic Language and Literatures
Social Policy
Sociology
Sociology (through the School of Continuing Studies)
Sound Design
Spanish and Portuguese
Statistics
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Theatre
Transportation and Logistics
Undergraduate Leadership
Undergraduate Premedical Scholars Program
Urban Studies
Voice and Opera Performance
Wind and Percussion Performance
Writing Program
Graduate Programs
Accounting Information and Management PhD
African Studies
African-American Studies
Anthropology
Applied Mathematics
Applied Physics
Art History
Art Theory and Practice
Audiology PhD
Biomedical Engineering
Biotechnology
Biotechnology Training Program
Chemical and Biological Engineering
Chemistry
Civil and Environmental Engineering
Clinical Investigation
Clinical Psychology
Clinical Research and Regulatory Administration (through the School of Continuing Studies)
Cognitive Science Specialization
Communication
Communication Sciences and Disorders PhD
Communication Studies PhD
Comparative and Historical Social Sciences
Comparative Literary Studies
Computer Information Systems (through the School of Continuing Studies)
Computer Science
Counseling Psychology
Creative Writing (through the School of Continuing Studies)
Directing
Earth and Planetary Sciences
Economics PhD
Education
Education Sciences
Electrical and Computer Engineering
Engineering Design and Innovation
Engineering Management
English
Environmental Engineering and Science
Environmental Geotechnics
Epidemiology and Biostatistics
Executive Masters of Laws (LLM) Programs
Executive MBA Program
Finance PhD
French and Italian
Gender Studies
Genetic Counseling
Geotechnical Engineering
German Literature and Critical Thought
Global Health Technology
Graduate Program in Law and Business
Health Services and Outcomes Research
Healthcare Quality and Patient Safety
History
Human Development and Social Policy (HDSP)
Industrial Engineering and Management Sciences
Information Technology
Integrated Graduate Program in the Life Sciences
Integrated Marketing Communications
Interdepartmental Biological Sciences Graduate Program (IBiS)
Interdepartmental Neuroscience Program
International Executive MBA Programs
Italian Studies
JD
JD (International Lawyers)
JD-LLM in International Human Rights
JD-LLM in Taxation
JD-MBA
JD-PhD
Journalism
Learning and Organizational Change (MSLOC)
Learning Disabilities
Learning Sciences Master’s Program
Learning Sciences PhD
Liberal Studies (through the School of Continuing Studies)
Life and Biomedical Sciences
Life Sciences and Public Health
Linguistics
Literature (through the School of Continuing Studies)
LLM in International Human Rights
LLM in Taxation (Full-Time)
LLM in Taxation (Part-Time)
Management and Organization and Sociology PhD
Management and Organization PhD
Management Program in Design and Operations
Managerial Communication
Managerial Economics and Strategy PhD
Marital and Family Therapy
Marketing PhD
Materials Science and Engineering
Mathematics
MBA (Full-Time): One-Year Program
MBA (Full-Time): Two-Year Program
MBA (Part-Time)
Mechanical Engineering
Media, Technology and Society
Medical Anthropology
Medical Humanities and Bioethics
Medical Informantics (through the School of Continuing Studies)
Medical Scientist Training Program: Combined MD and PhD
MMM Program: Combined MBA and MMM
Multidisciplinary Program in Education Sciences (MPES)
Music
Music Composition PhD
Music Education
Music Education and Piano Pedagogy
Music Education and String Pedagogy
Music Technology
Music Theory and Cognition
Musicology
Neurobiology and Physiology
Northwestern Interdepartmental Neuroscience Program (NUIN)
Northwestern University Institute for Neuroscience (NUIN)
NU-TEACH Alternative Certification
Operations Management PhD
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Philosophy PhD
Physical Therapy and Human Movement Science
Physics and Astronomy
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Quality Assurance and Regulatory Science (through the School of Continuing Studies)
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Stage Design
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Theoretical and Applied Mathematics
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Wind and Percussion Performance
Writing for the Screen and Stage

Performance in Academic Ranking of World Universities


Top 100 B-schools in India 2015 #top #100 #b-schools #in #india #2015, #top #public #b-schools


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Top 100 B-schools in India 2015

Careers360 conducted a nation-wide survey of management institutions to find a comprehensive list of top 100 B-schools in India. This year, however, we went beyond Top 100 B-schools in India as the outcome of our ranking process include a list of top 41 public MBA institutes and top 72 private MBA institutes. On the basis of ranking survey data, Careers 360 has also created list of top rated B-schools in different states and union territory.

Like last year, the public and private schools have been rated separately, primarily from the point of view that these institutions are endowed differently and hence are amenable to comparison only among themselves. But the parameters have been kept the same and scoring based on the same algorithm, though we have changed the weights of two parameters slightly.

The ranks now represent what the students seek. We have also attempted to group the institutions based on natural clusters as per the aggregate scores. All the schools ranked have been rated as well. And those schools that did not meet the cut-offs to be ranked have also been rated. We have also included another 100-odd schools, which did not participate during the current year, but on whom we had sufficient data to rate them. Thus 113 management institutes have been ranked, and 300-odd have been rated.

Post scrutiny of available data, we used our INPUT-PROCESS-OUTPUT methodology to arrive at broad parameters like diversity of students and faculty members; infrastructure; accreditation and recognition; placement statistics; programme fee; and admission test score cut-offs. For more details on the survey process, read B-Schools survey methodology of Careers360 .

Public B-schools are those institutes which are run by central or state governments. Private B-schools are owned, run and funded by private trusts. They are not aided by the government unlike public B-schools. The Missing Schools refer to those B-schools which did not participate in the ranking process but are institutes worth mentioning.

Click on the tabs below to know more on the rating of different states under five regions of India – North, South, East, West, Central.


New Reverse Mortgage Requirements Coming in 2015 #current #home #mortgage #rates


#reverse mortgage rules

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New Reverse Mortgage Requirements Coming in 2015

If you’ve been considering a reverse mortgage, there are big changes coming in 2015 that you’ll need to know about.

Most reverse mortgages are insured by the U.S. Federal Housing Administration. As a product of this, the loans are guaranteed by the government, adding a level of protection for borrowers. It also means the government creates rules and regulations around reverse mortgage lending via the Department of Housing and Urban Development, or “HUD.” That’s where the big changes come in.

In order to make reverse mortgages even safer for borrowers who qualify and are at least 62 years old, HUD is introducing new rules on April 27, 2015, that will impact all borrowers.

Here’s what you need to know.

1. New financial assessment requirements will take effect on April 27, 2015.

Prior to 2015, reverse mortgage borrowers did not have to go through an income or assets assessment as is customary for borrowers who are getting a forward or traditional mortgage.

But any potential borrowers who have been issued an FHA case number on or after April 27, 2015, will now undergo a financial assessment, conducted by the lender. This will also include a credit score review.

The financial assessment is geared toward making sure a borrower can meet the ongoing payments associated with homeownership including homeowners insurance, property tax, and home maintenance. If borrowers have past delinquencies, for example, those delinquencies will be considered by the lender as part of the assessment. If you have historically not made payments on time for repayment of other debts, those will be considered as well.

2. Borrowers will need more documentation.

As part of the financial assessment, lenders will need to collect more documentation in order to underwrite the reverse mortgage and ensure the borrower meets the necessary financial criteria. That may mean gathering income and tax forms, documentation of assets that you own, or payment history for different debts you have held.

The same way you would gather documentation in applying for a forward mortgage, you will need to provide documents as proof of the financial criteria that is required by the financial assessment.

3. You may need to “set-aside” money to fund fixed housing costs

Borrowers who lack certain financial standing as determined by the financial assessment, will need to set aside funds from their loan proceeds in order to cover their property charges (taxes and insurance, namely). This Life Expectancy Set Aside (LESA) is a fund specifically designated for those payments. The LESA works in a way that is similar to the way that forward mortgages sometimes escrow property tax payments.

The set-aside amount will be determined by a calculation conducted during the application process, and will either be designed to either fully fund those payments based on a lifetime expectancy assumption, or to partially fund those payments based on the same assumption.

The financial assessment will make it tougher for some borrowers to qualify for a reverse mortgage. But these borrowers are probably better served by other options like downsizing.

The good news is that by introducing these changes, reverse mortgages will be safer than they have ever been for borrowers. The new assessment is designed to ensure that a borrower has the financial capacity to continue living in their home for the remainder of their lifetime while maintaining his or her reverse mortgage obligations.