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. The money [...] [...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 the about [...] [...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 result in [...] [...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 who open [...] [...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 avenues to [...] [...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 trying to [...] [...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 for [...] [...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 it’s [...] [...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 to drop [...] [...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 sales [...] [...more]
