The regulator cautioned that a large downpayment alone isn’t sufficient to prove a borrower’s ability to repay a non-QM that is based on the consumer’s assets.
Millions of disabled post-9/11 veterans may qualify for a VA-guaranteed home mortgage but the majority are not taking advantage of the program, according to a new report from American Financing. The VA loan is great for injured veterans exiting the military but many are either unaware or uninformed, said Greg Vogel, manager of American Financing in Aurora, CO. Active-duty servicemembers and retired military are entitled to VA housing benefits, including an agency guarantee on their mortgage in lieu of mortgage insurance and no downpayment. A first-time VA borrower pays a 2.15 percent funding fee. Borrowers with a service-connected disability are exempt from paying the fee. “You would expect many of our injured warriors would take advantage of this great loan but that’s not what the numbers indicate,” said Vogel, who left the Army as a disabled vet Tim Byers, a mortgage analyst at ...
President Trump Friday morning signaled his intent to nominate former regulator Pamela Patenaude to be the next deputy secretary of the Department of Housing and Urban Development. According to a bio listed on the White House website, Patenaude is president of the J. Ronald Terwilliger Foundation for Housing America’s Families. She also served as HUD assistant secretary for community, planning and development during the George W. Bush administration. Patenaude’ s nomination had been expected for some time. She is expected to play a key role in shaping housing policy in the new administration and brings to the table a depth of knowledge about the industry. HUD Secretary Ben Carson was a career brain surgeon with little in the way of housing and mortgage experience. Meanwhile, industry lobbyists contend the White House continues to vet candidates for two other ...
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