January 27, 2010

• Prices for 30-year home loans drop to 4.99%

  Nearly 50% of home loan professionals polled by Bankrate.com this week anticipate no interest rate corrections over the up coming 30 to 45 days. Approximately 36% forsee a raise, while 18% prepare for further declines. WASHINGTON – Jan. 22, 2010 – Interest rates for 30-year home loans dropped a shade under 5% this [...]

January 10, 2010

• Take Advantage of the Expanded Home Buyer Tax Credit: Window to capitalize on a Big Opportunity Closes April 30

  Prior to the original November 30, 2009 deadline, we noted that sales of existing homes had increased steadily since April. Surveys by The National Association of Realtors revealed that approximately 30% of all closed home sales transactions for that time were first-time buyers. That’s good news for the economy.
  It is also good news for all [...]

December 15, 2009

• Modifying the Way People purchase houses: Applying the 203k Program to Purchase Dream Homes

  Modifying the Way People purchase houses: applying the 203k Program to Purchase Dream Homes
  When commuting to her job one morning in the beginning of summer, prospective home buyer Lori Kramer was recollecting about the houses she and her hubby had checked-out the day before. Then, she envisioned that it would, in all probability, alter the [...]

May 4, 2009

• Interest Rates Today

  Many Buyers continue to fence-sit waiting for the market “bottom” stating they are either waiting for the prices to drop another 45% or for fixed interest rates to fall to 2.5%.  (yeah, right!)
   
  Regarding interest rates, a little perspective may be in order.  For that reason, Will Dukes has conducted some research on the 30 Year [...]

April 29, 2009

• Consumer Confidence On The Rise in April

  The New York-based Conference Board said Tuesday that its Consumer Confidence Index rose more than 12 points to 39.2, up from a revised 26.9 in March. The reading marks the highest level since November’s 44.7 and well surpasses economists’ expectations for 29.5.
  The consumer confidence survey showed a substantial improvement in consumers’ short-term outlook, including even [...]

April 20, 2009

• Federal Support To Homeowners Affected By Foreclosures

  The Federal Reserve has finally issued a plan that is not just targeted at saving the banks but pushing the support down to the homeowners affected by the foreclosure crisis.
  Under the plan, 9.9 billion will be issued to 6 banks for loan modifications. The banks will then use this money to help borrowers get their [...]

April 3, 2009

• Foreclosures Getting Snatched Up

  It is not just the savvy investors who are realizing that now is the time to buy….during the perfect storm, where the combination of incredibly low interest rates (4.3%-5%), a nice selection of homes and low prices with negotiable Sellers, make for a buyer’s dream come true. Foreclosures are rapidly being bought up and not [...]

February 19, 2009

• First Time Homebuyer Tax Credit

  If you are a first time home buyer or have not owned a home in the last 3 years and you purchase a home this year of 2009… then it will be very likely that you will qualify for the $8,000 Tax Incentive which is almost FREE money that you won’t have to repay unless [...]

• Stimulus Package Signed Into Law

  As expected, President Obama today signed the $787 billion American Recovery and Reinvestment Act (aka “the stimulus”) into law.  Here’s a recap of how the stimulus bill became a law, and what the final plan means for home buyers.
  First, the Senate and the House passed their own ideal economic recovery bills.  The approved Senate bill included [...]

February 16, 2009

• The Fallout of America's Buying Binge

  For many consumers, the jig is up. After years of supersizing our houses, cars, meals and closets, Americans’ buying binge seems to be over. Hung-over and remorseful consumers’ overindulgent days may be behind them. Personal consumption this year might fall to levels not seen since 1942, some economists predict. Personal savings are on the rise, [...]

• Fannie Mae Allows Investors to Mortgage More Properties

  Fannie Mae modified a policy that allowed real estate investors to have only four financed properties. The number can now be five to 10, depending on whether certain eligibility, underwriting and delivery requirements are met.
   
  This comes as good news as many of our investor clients are seeking to maximize this ideal time to buy rental [...]

January 30, 2009

• Consumer Confidence In Florida

  Consumer confidence among Floridians inched up one point to 68 in January despite worse than expected holiday retail sales and the state being tied for 10th place in the percentage of unemployed workers, a new University of Florida study finds.
  The makeup of the results was quite different from last month, with perhaps the biggest change [...]

January 21, 2009

• Homebuyers Need Higher Mortgage Loan Limits

  The drop in mortgage loan limits for conventional financing at the end of 2008 is hurting home sales and trade-up activity in higher price ranges across the country, according to the National Association of Realtors® (NAR).
  The latest existing-home sales data shows transactions under $400,000 are 3 percent below a year ago. However, sales of homes [...]

January 13, 2009

• House Bill Addresses Foreclosures, Stimulus Package

  A bill that embraces the need for righting the housing market – the first big step toward economic recovery – was introduced Friday in the U.S. House of Representatives.
  H.R. 384, The TARP Reform and Accountability Act, was offered by Rep. Barney Frank (D-Mass.), chair of the House Financial Services Committee. The bill would require the [...]

January 10, 2009

• Fannie Mae Testing Short Sale Pilot Project

  Fannie Mae has launched pilot projects in Orlando and Phoenix intended to reduce foreclosures by pre-approving short sales – agreeing on a price and the loss the bank will take prior to a deal even being made. Fannie Mae hopes the program will improve the popularity of short sales with real estate agents, who now [...]

January 6, 2009

• Mortgage Downpayment Clarifications

  There is some confusion in the media lately about the required size of mortgage downpayment  in today’s market, and the blog world is filled with misrepresentations and misconceptions.
  Here are the facts:
  1. An individual may be required to put down 20 percent based on that person’s financial situation – but that is not an across-the-board requirement for all borrowers.
  2. [...]

December 22, 2008

• NAMB Sues HUD Over RESPA Final Rule

  The National Association of Mortgage Brokers (NAMB) filed a lawsuit against the U.S. Department of Housing and Urban Development (HUD) after it issued the Real Estate Settlement Procedures Act (RESPA) Final Rule issued November 17, 2008.
  NAMB, with the support of Baker & Hostetler LLP and the Federal Policy Group, argues that the Final Rule [...]

December 21, 2008

• IRS To Help With Refinancing

  The Internal Revenue Service said it will try to make it easier for homeowners in financial straits to refinance or sell their homes.
  The plan announced by IRS Commissioner Doug Shulman would speed up a process where financially distressed homeowners may request that a federal tax lien be made secondary to liens by the lending institution [...]

• Refinancing Possibilities Today

  Mortgage rates today are the lowest in 45 years.  This is one of the times where you can really capitalize on refinancing your home.
  Below is some immediate information about refinancing rates being advertised:
  - primary residences (but 2nd home rates are very close behind)
  - loan amounts of $417,000 or below
  - must have at least 20% equity [...]

December 10, 2008

• Mortgage Rates Expected to Improve

  Treasury’s new plan – 4.5% mortgage rates
   
  Homeowners may soon enjoy mortgage rates as low as 4.5 percent if the Treasury Department has its way.  According to The Wall Street Journal’s on-line addition, the department is discussing a plan that would use Freddie Mac and Fannie Mae to push banks to make mortgages available at more [...]