The big news of the day in the mortgage market was on the FHA insured Reverse Mortgage product. HUD’s Mortgagee Letter 2015-06 announced that the March 2nd deadline for the implementation of the new financial assessment rules had been extended to April 27th. After that date, seniors getting a reverse mortgage will need to have their income credit and assets documented and verified to get a reverse mortgage. Meanwhile regular conforming no point 30 year fixed mortgage rates average 3 7/8ths with 15 year rates closer to 3 1/8th. And now for something completely different… Did you know that the U.S. has 19 aircraft carriers? The rest of the world combined have only 12 aircraft carriers.
For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942. This is Mehran Aram with today's ARAMCO Report.