Interest Rates held steady again this week. This may say sound like a broken record but this will be the last time you hear about it because………Next week is the last week that you can register buyers to use FHA Down Payment Assistance programs such as AmeriDream. Once registered, the borrower then needs to have final loan approval by September 30 at the absolute..(read more)
Interest Rates held steady again this week. Here is the latest update on the end dates of seller funded Down Payment Assistance programs such as AmeriDream. All lenders have different policies with regards to the last day they will accept loan applications. We are still able to approve and register buyers for this program up until September 1. The borrower then needs..(read more)
Interest Rates held steady this week. The biggest news this week is still the news from last week. Seller Funded Down Payment Assistance Programs such as AmeriDream will end on October 1, 2008. The news that we have at this point is that all loans using this program must close by September 30. This leaves a very small window of time to get buyers into homes without needing..(read more)
Interest Rates held steady this week. The president signed into law this week the 700 Page Housing Bill that recently passed in Congress. The most important item to us is that Seller Funded Down Payment Assistance Programs such as AmeriDream will end on October 1, 2008. This leaves a very small window of time to get buyers into homes without needing a 3.5% down payment from their..(read more)
U.S. foreclosure filings more than doubled in the second quarter from a year earlier as falling home prices left borrowers owing more on mortgages than their properties were worth.
One in every 171 households was foreclosed on, received a default notice or was warned of a pending auction. That was an increase of 121 percent from a year earlier and 14 percent from the first quarter, RealtyTrac Inc...(read more)
After starting the week nicely, Interest Rates steadily increased later in the week. There have been a lot of rumors circulating that FHA no longer allows Down Payment Assistance programs such as AmeriDream. The fact is that these programs are still allowed with many lenders (including Smart Financial Mortgage). The Senate did recently vote to ban this program as part of its version of..(read more)
Homes in foreclosure that become vacant provide sites for crime or other neighborhood problems. One foreclosure can impose up to $34,000 in direct costs on local government agencies, including inspections, court actions, police and fire department efforts, potential demolition, unpaid water and sewage, and trash removal. William C. Apgar, Mark Duda, and Rochelle Nawrocki Gorey, “The Municipal..(read more)
“A Paper” Interest Rates held steady this week. A little bit of local mortgage news this week……The State Senate finally passed the bill that will require individuals who originate mortgage loans be licensed by the state Department of Financial Institutions. Under the terms of Senate Bill 1028, loan originators must either have three years of experience in loan origination,..(read more)
“A Paper” Interest Rates dropped a bit lower this week. We have seen rates drift steadily higher over the past month and a half but it appears that we have hopefully hit the ceiling. This week saw rates drift very slowly lower. The big news this week was the Fed Meeting. As expected, they left their Fed Funds Rate unchanged. More important than that was their..(read more)
“A Paper” Interest Rates are higher compared to last Friday. There is no way to sugarcoat it – this was a brutal week for interest rates. We had spent the last 4-5 months hanging around 6%, give or take .25% on a 30 Year Fixed with no points. This week, we broke loose from that and have jumped above 6.5%. There were several times when the market appeared to..(read more)
