ARDELL on 11 5, 2009 | 5 Comments
Well it's all approved and just needs the President's Signature, so I think we can pretty much call this Homebuyer Credit Bill a done deal.
I am not going to call it an extension of the $8,000 credit, for fear that too many will miss the added $6,500 credit for *move up buyers. Two credits in one bill.
We won't have the IRS links until after the Bill is passed, of course, but…
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Rhonda Porter on 11 5, 2009 | 29 Comments
In a press release this morning, Fannie Mae announced a new program for homeowners who are facing foreclosure and who do not qualify for a loan modification: Deed for Lease. Distressed homeowners would complete a deed in lieu of foreclosure back to the lender anad then rent their home from the lender at market rate. Leases may be up to 12 months followed with a month to month option.
Jay Ryan, Vice President of Fannie Mae says:
"This new program helps eliminate some of the uncertainty of foreclosure, keeps families and tenants in their homes during a transitional period, an…
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ARDELL on 11 5, 2009 | 11 Comments
I rarely write on investor topics, because most of my topics come from recent issues discussed with one or more of my clients. But this week I was speaking with one of the few investor clients I choos…
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Tim on 11 4, 2009 | 30 Comments
Recall those episodes where Jerry Seinfeld grits his teeth and in one exasperated and frustrated breadth says, "Neeeewman!"
Similarly, so do title and escrow staff in dealing with lender funding conditions and other challenges that seemingly are for no other purpose but to drive us to the closet for our straight-jackets.
Unfortunately, some conditions cannot be easily met at the moment the request comes over the fax or e-mail. Some require work that delays closings. Or, in extreme cases a condition can completely shut down all other transactions you are working on for a couple of h…
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Rhonda Porter on 10 30, 2009 | No Comments
Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties). The conforming rate quote below is based on owner occupied with a mid-low credit score of 740 or higher, "full doc" purchase with a sales price of $500,000 and a loan amount of $400,000 single family dwelling (non condo). This scenario includes reserves (taxes & insurance) not being waived. Rates quoted are priced based on a 30-40 day closing with no prepayment penalties on any of the rates quoted below.
30 Year Fixed @ 1 Point: 4.750% (APR* 4.904%). 0.125% in rate from the last Friday's rate post.
15…
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