Category: Mortgage
Many prospective homeowners find out the hard way the importance of a good credit score when they apply for a home mortgage, especially after the subprime loan crisis. If you are considering buying a home in the near future, it is a good idea to give your credit score a check-up and then take positive [...]
The Obama administration is trying to jump-start its sputtering attempts to tackle the foreclosure crisis with an effort to assist homeowners who owe more on their properties than their homes are worth. The Federal Housing Administration will permit lenders to give these borrowers refinanced loans backed by the government. The lenders will be required to [...]
Lately this seems to be the question most asked by borrowers who are considering a 2nd home or investment property purchase. In short the answer is no. In normal situations HUD allows only one FHA Mortgage loan per borrower. Below are four unique exceptions to this rule. Increasing Family Size- If the borrowers current residency [...]
FHA Streamline Refinance Loan Requirements FHA Streamline refinance loans can help homeowners lower monthly mortgage payments and interest rates. But what do you need to qualify for an FHA Streamline loan? To begin, you need an existing FHA mortgage — if you don’t have an FHA loan but want to refinance, your options include conventional [...]
On September 3, 2010, the US Department of Housing and Urban Development (HUD) released Mortgagee Letter 2010-29 regarding Minimum Credit Scores and Loan-to-Value Ratios. This is in accordance with Federal Register Notice FR-5404-N-01, which proposes minimum credit scores and loan-to-value (LTV) ratios. Here is a summary: (a) Effective October 4, 2010, borrowers with a credit score [...]
After weeks of falling, the average interest rate on a 30-year fixed-rate home mortgage rose slightly this week, according to Freddie Mac’s weekly survey of conforming mortgage rates, released on Thursday. And the average rate on a 15-year fixed-rate mortgage remained unchanged from last week. “While overall employment was down in August, private nonfarm payrolls [...]
The national, 30-year fixed-mortgage rate (FRM) slightly decreased from a week earlier, setting a new record low average of 4.26 percent. Regionally, 30-year rates vary, but the majority of states witnessed a deflation. Most large states saw a decline in rates: California’s current rate of 4.28% is down from 4.3% last week; Texas’ at 4.23% [...]
The Federal Housing Administration (FHA) announced it is pushing back the implementation date for new premium structures on FHA-insured mortgages to Oct. 4 from the original date of Sept. 7. Following FHA Commissioner David Stevens’ recent announcement that up-front premiums for FHA-insured mortgages would be reduced beginning Sept. 7 from 2.25 percent to 1 percent, [...]
You wouldn’t buy a house without shopping around first, right? Then why would you commit to the loan you use to buy that house without making sure you’re getting the best deal possible? Here are six reasons why it’s essential to take a few minutes to browse before you borrow: 1. To get the best [...]
Finding a place to live can sometimes be a difficult task for uniformed military men and women and their families. That’s why there’s the Basic Allowance for Housing Program, more commonly known as BAH.
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Average Home Prices Slip in Coachella Valley
I’ve been reading a lot of information lately about our current market conditions from other REALTORS® who are claiming an increase is sales price and number of homes sold. I would scratch my head and ask where they were getting their numbers. Turns out their numbers are coming from national statistics. Real estate sales are [...]
Mortgage Debt Tax Relief Program Ending Soon
The Mortgage Debt Relief Act of 2007 the IRS would not come after you for your taxable amount if you had an upside-down unpaid principle as a result of loan modification, short sale or foreclosure depending on your tax bracket, let’s say you were $100,000 short on your mortgage you could be responsible for as [...]
Is your REALTOR® connected? No, I don’t mean in the MobWives fashion, if that’s what you thought, you’re watching too much reality TV. As an active Palm Springs REALTOR® I believe it’s important to take advantage of the technology available to today’s real estate professional. Everything that required an agent to go back to the [...]
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