You may recall that back in September '08 the federal government essentially nationalized the mortgage buying giants and backing them with $200 billion in guarantees against losses. Two days ago, on Christmas Eve, they got another federal gift: a removal of the caps to fund losses at Fannie Mae and Freddie Mac. Now, they are ...
Monthly Archives: December 2009
FHA Mortgages and Short Sales
A couple days ago a "Mortgagee Letter" finally came out from HUD clarifying how they would look at Atlanta FHA loan applications where a previous short sale was involved. If the short sale was simply to take advantage of market conditions and get out of a house that was underwater, in order to purchase a similar ...
If You Don’t Buy a House Now, You’re Stupid or Broke
I don't normally re-post articles - but despite the jarring title, I really liked this article from Marc Roth that appeared in Businessweek Magazine last week. And, I agree. Rates are going higher on Atlanta home loans, and precipitously so in the second quarter of 2010 if things remain on their current track. ...
Tax Credits at a Glance
$8,000 First-time Home Buyer Tax Credit at a GlanceThe $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase. The tax credit does not ...
Big Changes Coming for Atlanta FHA Loans
This is a post first put here. I thought it so important for you to know that I have reposted it. Reports that FHA may be the next ’sub-prime’ implosion have been swirling for some time now. The reason is that an FHA loan ...
Georgia USDA Rural Housing Loans
I have written about this before, but in a mortgage environment with guidelines continuing to tighten, folks looking to purchase their home in outlying areas, somewhat rural areas, owe it to themselves to consider and USDA Rural Housing mortgage loan. You see, these loans have two distinct advantages that no other loan product can compare with: 100% ...
Is Today The Beginning of Higher Rates
As you can see from the chart below, rates have been steadily getting better over the month of November. Remember that as yields increase, rates decrease. In fact, as of this morning we were on track to match the best rates of the year. What a ...
FICO Offers a Peak Behind the Curtain
We have known for a long time the percentage effects that differing credit mistakes can have on your score. For a review of that, go to this previous post. Just recently, the good folks at the Fair Isaac have drawn back the curtain to give us a glimpse of the real drop in points that ...