As of April 5 2010, the great financing that FHA offers became just a little more expensive. Still great financing, though, rest assured. The Up Front Mortgage Insurance premium, or Up Front MIP, is the part of FHA’s Mortgage Insurance that is, in nearly every case, rolled into the loan amount. The other part of… Continue Reading
If you are in the market for a Georgia USDA Rural Housing home purchase, then you will want to act fast. Lenders just received this notice today: This message is to notify you that program funding for the Single Family Housing Guaranteed Loan Program will likely be exhausted by the end of April, 2010. Once… Continue Reading
I recently met these two guys who are doing some very interesting and innovative video marketing in the mortgage industry. So HERE is a link to the video that they put out today. It explains how banks are making money on the mortgage loans transferred from all the banks that the FDIC shut down. In… Continue Reading
Since January, 2009 the Fed has been buying Mortgage Backed Securities – those bonds that determine mortgage rates. And we have seen a year with the lowest mortgage rates in literally decades as a result. The goal of the Federal Reserve’s agency MBS program is to provide support to mortgage and housing markets and to foster improved… Continue Reading
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… Continue Reading
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… Continue Reading
$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 have to be… Continue Reading
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 is simply a mortgage that is insured by HUD against default,… Continue Reading
To receive the $8000 tax credit, you must be a first time home buyer. And, as is widely reported, a first time home buyer is anyone who has not owned a home in the past 3 years. Simple enough. Right? Well, no. My definition of not having owned a home in the past 3 years… Continue Reading
The Senate voted this evening to extend the first time home buyer tax credit of $8000 to April 30, 2010. And, the income limits are increased from the current $75K for individuals, $150K for couples to $125K for individuals, $250K for couples. Good news for first time home buyers, and good news for the real… Continue Reading