Similar Stories to For Those Needing Mortgages, 2 Fresh Ideas on Bing News

By Kathleen Pender, San Francisco Chronicle: Business
Fri, 09/19/2014 - 6:05pm

After the crisis, it was hard to get a mortgage that wasn’t government guaranteed, although in the past year the market for jumbo loans that exceed the government’s dollar limits has come back to life. Under federal rules that took effect this year, lenders generally must look at borrowers’ income and assets and make sure they have an ability to repay. Lenders who go a step further, and make what is known as a qualified mortgage, get certain legal protections if people sue them, claiming they made an unaffordable loan. The borrower’s debt payments, including the mortgage and other debts, can’t exceed 43 percent of monthly pretax income. RPM’s new “tailored line of products” is designed mainly for people who have “great credit, great reserves,” but can’t get a qualified mortgage, generally because their debt exceeds 43 percent of income, says Rob Hirt, RPM chief executive. Hirt says a “very, very large institutional investor,” a money management firm he would not identify, “sought us out and said we really believe in (non-qualified mortgages) if we can define what those loan parameters will be.” “The rates are in the mid-4s and will reach as high as 6 percent depending on the loan program type, the borrower’s assets, equity in the home and credit score,” Hirt says. RPM is willing to forgo the legal protections a qualified mortgage provides because “these are smart loans to qualified individuals who don’t fit in a (qualified-mortgage) box.” The other new mortgage, called the Wealth Building Home Loan, is a 15-year mortgage designed to help low- and middle-income borrowers build equity faster than they can with a 30-year loan. A subsidized version is being offered through NACA, a progressive nonprofit that has leaned — heavily at times — on banks to increase lending in low-income communities. For two decades, NACA has offered 30-year loans with no down payment, points, closing costs or mortgage at competitive rates.

PREV NEXT
Topics:  lenders   rpm s   rob hirt    the   wealth building home loan   naca   rpm   hirt   the   a   percent   income   borrower   offered   borrowers   government   exceed   protections   people   designed   credit   debt   equity   
BING NEWS:
  • Check it out: This is what the average household spends on grocery costs per month
    We researched the average grocery cost per month across varying household sizes across the U.S. — here’s what we found.
    04/22/2024 - 10:08 pm | View Link
  • Savings News: Co-op Regular Saver Pays 7%
    Fresh competition has also emerged among non-ISA accounts ... Nationwide personal savings accounts or cash ISAs at the end of any day in March 2023. For mortgages, the member must have owed Nationwide ...
    06/22/2023 - 1:00 pm | View Link
  • More
PREV NEXT

 

PREV NEXT
Welcome to Wopular!

Welcome to Wopular

Wopular is an online newspaper rack, giving you a summary view of the top headlines from the top news sites.

Senh Duong (Founder)
Wopular, MWB, RottenTomatoes

Subscribe to Wopular's RSS Fan Wopular on Facebook Follow Wopular on Twitter Follow Wopular on Google Plus

MoviesWithButter : Our Sister Site

Movies With Butter More Movie News

More Business News

  • Sony demands PSN accounts for Helldivers 2 PC players, and it’s not going well
    Ars Technica, Friday - 05/03/2024 - 06:17 PM

    Enlarge / This gear is from the upcoming "Polar Patriots" Premium Warbond in Helldivers 2. It's an upcoming change the developer and publisher likely wish was getting more attention of late. (credit: Sony Interactive Entertainment) There's a lot of stories about the modern PC gaming industry balled up inside one recent "update" to Helldivers 2. Sony Interactive Entertainment announced Thursday night that current players of the runaway hit co-op shooter will have to connect their Steam accounts to a PlayStation Network (PSN) account starting on May 30, with a hard deadline of June 4.

    More | Talk | Read It Later | Share
  • Counterfeit Cisco gear ended up in US military bases, used in combat operations
    Ars Technica, Friday - 05/03/2024 - 05:58 PM

    Enlarge / Cisco Systems headquarters in San Jose, California. (credit: Getty) A Florida resident was sentenced to 78 months for running a counterfeit scam that generated $100 million in revenue from fake networking gear and put the US military's security at risk, the US Department of Justice (DOJ) announced Thursday. Onur Aksoy, aka Ron Aksoy and Dave Durden, pleaded guilty on June 5, 2023, to two counts of an indictment charging him with conspiring with others to traffic in counterfeit goods, to commit mail fraud, and to commit wire fraud.

    More | Talk | Read It Later | Share
  • We still don’t understand how one human apparently got bird flu from a cow
    Ars Technica, Friday - 05/03/2024 - 05:26 PM

    Enlarge / Holstein dairy cows in a freestall barn. (credit: Getty | ) The US Department of Agriculture this week posted an unpublished version of its genetic analysis into the spillover and spread of bird flu into US dairy cattle, offering the most complete look yet at the data state and federal investigators have amassed in the unexpected and worrisome outbreak—and what it might mean. The preprint analysis provides several significant insights into the outbreak—from when it may have actually started, just how much transmission we're missing, stunning unknowns about the only human infection linked to the outbreak, and how much the virus continues to evolve in cows.

    More | Talk | Read It Later | Share
  • What to expect from Apple’s May 7 “Let loose” event
    Ars Technica, Friday - 05/03/2024 - 04:58 PM

    Enlarge / The promotional image for Apple's May 7 event. (credit: Apple) On May 7, Apple will host a product announcement event at 9 am ET. Labeled "Let loose," we expect it will focus on new iPads and iPad accessories. We won't be liveblogging the stream, but you can expect some news coverage as it happens.

    More | Talk | Read It Later | Share
  • Microsoft ties executive pay to security following multiple failures and breaches
    Ars Technica, Friday - 05/03/2024 - 04:25 PM

    Enlarge / A PC running Windows 11. (credit: Microsoft) It's been a bad couple of years for Microsoft's security and privacy efforts. Misconfigured endpoints, rogue security certificates, and weak passwords have all caused or risked the exposure of sensitive data, and Microsoft has been criticized by security researchers, US lawmakers, and regulatory agencies for how it has responded to and disclosed these threats. The most high-profile of these breaches involved a China-based hacking group named Storm-0558, which breached Microsoft's Azure service and collected data for over a month in mid-2023 before being discovered and driven out.

    More | Talk | Read It Later | Share
  • NASA hasn’t landed on the Moon in decades—China just sent its third in six years
    Ars Technica, Friday - 05/03/2024 - 04:16 PM

    Enlarge / A Long March 5 rocket carrying the Chang'e-6 lunar probe blasts off from the Wenchang Space Launch Center on May 3, 2024 in Wenchang, China. (credit: Li Zhenzhou/VCG via Getty Images) China is going back to the Moon for more samples. On Friday the country launched its largest rocket, the Long March 5, carrying an orbiter, lander, ascent vehicle, and a return spacecraft.

    More | Talk | Read It Later | Share