MORTGAGE RATES » Home Mortgage Loan News

As a result of lending standards getting a tad bit tighter, the Department of Housing and Urban Development announced that it now intends to require borrowers to have scores of at least 500 to qualify for an FHA-insured mortgage loan. This is the first time that the agency will have a minimum score requirement.

While this change could affect a handful of prospective borrowers, HUD says that it shouldn't make a significant difference since most loans issued in the second quarter of 2010 were issued to those with scores above 620, less than 1 percent went to those with scores below 580 and none were issued to those with scores below 500 (CNN Money).

The Mortgage Bankers Association recently reported that mortgage applications for United States home purchases fell to a 13 1/2-year low in mid-July. The continuous drop in applications coincides with the conclusion of the homebuyer tax credit in April that offered homebuyers up to $8,000 in tax credits.

With the tax credit ending, the number of applications for a mortgage loan abruptly dropped. According to recent reports, applications are not the only area of housing that has suffered. New home sales also sank to record lows in May 2010 (Wall Street Journal).

For those home owners who were unable to make their way into the mortgage modification program offered by the government, getting your mortgage loan adjusted at this point may become more difficult.

According to the Treasury Department, new guidelines were set in place on June 1 that will...

Major banking giant Wells Fargo has decided to stop offering subprime mortgages and plans to close 638 subprime lending offices that operate nationwide. The subprime mortgages are typically handed out to those in lower-income neighborhoods.

The bank decided to drop the mortgages because they...

Recently, we produced a series about underwater mortgages - everything from what an underwater mortgage is to how to find underwater mortgage help . In case you missed it, here's a recap along with the latest news so you can stay up to date.

Number of Underwater Mortgages Dropping - But Still...

Officials in the state of California have decided to help struggling homeowners in the area to learn more about the assistance available to help them avoid foreclosure .

Because California is the state with the highest number of foreclosures in the country, U.S. Representative Grace F....

Ryan Guina is an entrepreneur and writer. He has worked for Fortune 500 companies and served six years in the USAF. He writes about money management and small business topics at Cash Money Life and military money topics at Military Finance Network . You can follow his twitter feed .

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The news has exploded lately with updates regarding mortgage rates and the 2010 federal tax credit for first time home buyers . The close date deadline on new home purchases has once again been extended. Now you have until September of 2010 to close the sale on your new home in order to claim up...

The state of Oregon is known for its amazing forestry and fishing opportunities, but it also looks like it could eventually winthe title for a new distinction: top foreclosures in the country.

A recent report from the U.S. Treasury Department has revealed that foreclosures in the state have...

With the economy still suffering through a bit of a slump, it's good to be able to celebrate any signs of improvement, including an increase in home prices, which is usually a sign of a healthier market. However, while we saw an increase in prices of 3.8 percent from March to April, experts...