Mortgage Roundup (10/22/20) – GSEs, Montana & USDA

Good morning! Today is Thursday, October 22. White House officials and House Speaker Nancy Pelosi opened the door to passing a coronavirus relief package after the election. The final debate between President Trump and Joe Biden is tonight. Turkey farmers are worried they’ve bred too many large birds for the likely smaller holiday gatherings during the pandemic.  

And in mortgage and housing news …

GSE EXTENSION: FHFA extends Fannie Mae and Freddie Mac’s ability to buy loans in forbearance

MORTGAGE APPS: Mortgage applications hold steady for another week

NEW HOMES ON THE RANGE: Weary city dwellers escape to Montana, creating a property gold rush.

USDA LOAN: A USDA loan is a mortgage for homes in rural or suburban counties, and you don’t need any money for a down payment.

INTEREST RATES: What is driving high home prices?

IPO TIME: Nonbanks are seizing a “generational opportunity” to go public. But who will actually reap the rewards?

CREDIT MISTAKES: Some of the biggest credit missteps include not making a payment, co-signing a loan and raiding retirement savings to pay off debts. Those are, in many cases, irreversible.

BEST DEALS: Who actually receives the lowest of the low mortgage interest rates

PPP FORGIVENESS: Borrowers should apply to the bank that originally extended the loan; some lenders haven’t started accepting applications.

BIDEN ON FINANCIAL FIRMS: Biden team envisions Consumer Financial Protection Bureau issuing harsher penalties; companies are pushing to resolve pending cases.