Washington is known for leaks, but now we officially have a trickle. The Consumer Financial Protection Bureau, a big regulator of mortgages, today said it wants to make it easier for small and rural banks to make home loans. Good for them; good for us! The change will take awhile, but the bureau’s news is the latest in a drip, drip, drip of technical adjustments that slowly are loosening up the tight mortgage market.
Earlier this month, Fannie Mae and Freddie Mac, the biggest providers of mortgage money in the U.S., began accepting low-down-payment loans. And the Federal Housing Administration on Monday lowered fees to make its mortgages cheaper.
If you’ve had trouble getting approved for a home loan, it’s worth making another call to your lender. The mortgage market is by no means flooded with cash (thank goodness) … but drip, drip, drip.
Want to make yourself heard? To give the CFPB feedback, start here.
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