Obama is pumping money into states hit the hardest by the mortgage crisis. The Los Angeles Times reports: “Under the new policy, $1.5 billion that had been reserved for the bank bailout will be rerouted to five states that have seen housing prices drop more than 20% since 2006: Nevada, California, Michigan, Florida and Arizona. [...] [...more]
The Federal Housing Administration (FHA) recently set tough new requirements for they mortgages they back. According to the Edmond Sun the changes include the following: Beginning in the spring, borrowers will be charged an upfront fee of 2.25 percent for mortgage insurance, instead of 1.75 percent. The FHA will ask Congress for permission to raise [...] [...more]
Recently, Canada announced tough new standards for anyone seeking a mortgage backed by Canada Mortgage and Housing Corp. The Calgary Herald reports: “All borrowers will have to demonstrate that they could make the payments on a five-year, fixed-rate mortgage — even if they end up choosing a mortgage such as a variable-rate mortgage, that would [...] [...more]
Here’s an interesting new incentive from the California Association of Realtors: if you buy a home through them, they’ll pay your mortgage for up to six months if you get laid off. The San Francisco Chronicle reports: “CAR’s offer is essentially like insurance for people who get laid off. It applies to first-time home buyers [...] [...more]
Real estate guru Carlton Sheets issued a release praising the effectiveness of creative financing strategies and urging the government to expand incentives for home buyers. He explains: “Real estate investors are using creative financing principles like never before to purchase real estate. However, those who attempt to use private or hard-money lenders are finding those [...] [...more]
National 30-year mortgage rates just fell to 4.85% – the lowest rate since weekly survey records began in 1971. Bloomberg News reports: “The Federal Reserve said March 18 it will purchase up to an additional $750 billion of mortgage-backed securities from Fannie Mae, Freddie Mac and Ginnie Mae to support home lending. The Fed is [...] [...more]
There’s some indication that the $15,000 home buyer tax credit that was squelched in Congress months ago may have new life. Originally, the idea was to give anyone a $15,000 tax credit for purchasing an owner-occupied residence. However, that plan was replaced by the current law which awards a tax credit of up to $7,500 [...] [...more]
Buying a home on a credit card may seem outrageous and unfeasible. But, in some areas, it’s becoming a very real possibility. While taking out a traditional loan is almost always a better choice, buyers who cannot qualify due to issues such as self-employment may be able to purchase discounted properties using plastic. Here’s how [...] [...more]
Rates on traditional mortgages are expected to fall below 5%, and some lenders are already lowering their rates today. Mercury News reports: “The Federal Reserve threw more than a trillion dollars at the gridlocked credit and housing markets Wednesday, sending a key interest rate down by a historic amount. Mortgage rates, already low, were expected [...] [...more]
Fannie Mae just released new guidelines, making it more difficult for potential buyers in declining areas to take out a mortgage on a condo. RTT News reports: “Fannie Mae has halted mortgage guarantees in condo buildings where fewer than 70% of the units have been sold compared to the earlier 51% benchmark. Additionally, loans for [...] [...more]
