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Recently Published: FHA Offers New Mortgages For Underwater Homeowners Beginning September 7, 2010, FHA will offer underwater non FHA borrowers who are current on their existing mortgage and whose lenders agree to write off at least 10% of the unpaid principal balance of the first mortgage an opportunity to qualify for a new FHA insured mortgage Short Sellers And The Forclosed Catch A Break Good news for people who lost their home because of financial problems, or did a short sale to avoid foreclosure. Typically, Fannie requires a five year wait period before owners can re qualify. Now you may not have to wait the typical four or five years to re-qualify Expect Mortgage rates To Rise The Federal Reserve yesterday plans to remove its support from the financial marketplace. You can take the view that this is a nod towards the ability of the economy to lift itself. But the timing of this move has increased nervousness for housing. Good News! MBAA New Forebearance Program Mortgage Bankers Association has developed a new forbearance program that would allow qualified borrowers who lose their jobs to stay in their homes while they look for a job. read more... The Politics of Housing Residential property is our single largest asset and mortgage debt, when paid, constitutes the largest financial assets in most economies. The great American housing boom caused home prices to outpace rental growth. A historic first. read more... Commercial Property: Money Becoming Available Lenders may be beginning to open up as they see some signs of an economy that is stabilizing. Data released by the Mortgage Bankers Association (MBA) notes commercial and multifamily mortgage originations rose 12%. read more... FHA Financing Now Available For REO Properties Buyers of REO property will now have access to FHA mortgage insurance. HUD will allow FHA financing for buyers of REO property. This is a temporary waiver of policy, good for one year...read more Fannie and Freddie Mae Get a Blank Check For Christmas The Obama Administration changed the rules on Christmas Eve, and gave Fannie Mae and Freddie Mac a blank check through 2012. It indicates more bad news than many had thought..read more.... FHA and Fannie Mae Propose Rule Change Because of ongoing weakness in the real estate sector, the institutions that have filled the vacuum left by lenders, have run into trouble... they need to change the rules. read more.. FHA Losses: What it Means Its capital reserves have fallen below the threshold mandated by Congress. The FHA has no recourse but to find ways to reduce their portfolio risk. Generally, when an investment portfolio needs to lower its risk profile, it means that requirements will tighten..read more FHA Has New Rules If you didnt have a 20% down then the FHA was likely on your short list of lenders. FHA as well as Freddie Mac and Fannie Mae had an unspoken political mandate to make home ownership affordable to those with less than perfect credit or resources. For the first time in 75 years FHA will tighten up its lending structure...Read More Mortgage Bankers Weekly Update: Mortgage Refinance Applications Continue to Increase Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey. The survey keeps a pulse on the housing markets, the cost and availability of real estate loans and offers economic forecasts. read more... Congress Creates a New Liquid Market You can purchase a principal residence without a mortgage payment using a Federally Insured Purchase Reverse Mortgage. For those individuals with cash who want to move closer to family or buy into a senior housing community, its an option. For Realtors, its a market. Reverse Mortages Can Help You Buy A New Home Congress passed new rules to help seniors who have been severely hurt by the economy. Pension plans and lower home values have caused many to have difficulty moving into assisted living or closer to family. The new reverse mortgage purchase mortgage brings help now. Loan Modification: A Primer A Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford. How they work.... How to Spot a Predatory Lender The sub prime mortgage crises has been headlines for months now. Not all lenders of sub primes loans are predators, but as with all boom/busts there is a large greed factor and at the margins it is predatory. Freddie Mac Weekly Mortgage Update: Mortgage Rates to Once Again Set New Record Lows Freddie Mac today released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage averaged 4.36 percent with an average 0.7 point for the week ending August 26, 2010, down from last week when it averaged 4.42 percent. Last year at this time, the 30-year FRM averaged 5.14 percent. Relocation Tips Here is an article on helpful relocation tips. A solid "how to" on moving tips and tricks. This article can save tons of time and frustration...use it as a checklist. ARM's - How Do They Work? Is an ARM the right mortgage for you? This article explains some of the risks and advantages to borrowers. For example did your know some ARM's, payments may increase even if the index rate stays the same or declines. Mortgage Lock-Ins - What are they Mortgage Lock-Ins - What are they? If you use them they can hold a lower rate but you must know what lenders expect of you. Read here to give yourself an edge...
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