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Fannie Mae announced a plan to help homebuyers buy homes, stabilize neighborhoods (and reduce their inventory) through a 3.5% Seller Contribution at closing.
I’m investigating details so standby for details! (click for release).
Call Todd Abelson and Tyler Ford at Sunstreet Mortgage in Tucson, Arizona for all your Mortgage needs!
We have all lived through MANY changes in 2009, not all good. However, we are at a critical point in the real estate and credit markets where it is the best time we may EVER see in which to buy a home or refinance an existing loan. Why? Rates are within ¼% of all-time lows, inventory is high, and the Federal Government is offering HUGE tax credits to first-time and move-up buyers.
BUT THIS IS ABOUT TO CHANGE AND YOU REALLY NEED TO BE AWARE!
FACT – the sole reason mortgage rates have remained low is because the Government committed to buying $1.25 TRILLION in “Mortgage Backed Securities” from Fannie Mae and Freddie Mac. This Program officially ends March 31, 2010. I guarantee you rates will increase swiftly and dramatically at that time. I expect rates to be about 6% by springtime and about 6.5% by autumn – up from the “4.somethings” we’re seeing now.
FACT – to qualify for the Federal Tax Credit of up to $8,000 for first-time homebuyers and up to $6,500 for move-up homebuyers you MUST have a formal contract in Escrow before May 1st. Given the activity I saw last November (before the extension) there was a noticeable run-up in prices and reduction in Seller concessions.
FACT – credit guidelines for Conventional, FHA & VA loans continue to tighten, while costs to obtain these loans increase. Effective April 5th, FHA is increasing the cost of their Up-Front Mortgage Insurance by ½% so, for example, the cost to purchase or refinance a $150,000 loan will cost you $750 more! And they’re not done; effective “early summer” FHA is increasing the cost of the Monthly Mortgage Insurance (amount unknown).
There is no other way to get across the TRUE message out other than for me to say:
If you or someone you know is considering purchasing a home or refinancing their existing mortgage please pass along this information. I cherish your trust and appreciate the opportunity to be of service to you, your family, friends and co-workers!
Call Todd Abelson and Tyler Ford at Sunstreet Mortgage in Tucson, Arizona for all your Mortgage Needs!
Attached is an interesting article I found while researching something today. Evidently the credit score models DO included authorized user accounts again – they stopped for a while but then went back to the old rules… QUIETLY!
However, Underwriters are being required to either downgrade the loan to a “manual underwrite” OR ask for the borrower to be removed from those accounts as an authorized user and the reports to be rescored.
So… here, and gone, and back, but useless!
Call Todd Abelson and Tyler Ford at Sunstreet Mortgage in Tucson, Arizona for all your mortgage questions!
It’s official! FHA is increasing the up-front mortgage insurance premium to shore up it’s finances. Beginning with case numbers assigned on Apri 5th, 2010 the fee increases from 1.75% to 2.25%. Almost as importantly, the fee for Streamline refinances increases from 1.50% to 2.25%. This makes the FHA loan 1/2 point more expensive than before.
As I’ve said before, FHA is balancing their shortfalls from yesterday’s defaults with tomorrow’s borrower.
The Monthly Mortgage Insurance factors will be increasing “this summer” but nothing official released yet. The remain the same for the time being…
Click here to see the official Mortgagee Letter
Call Todd Abelson and Tyler Ford at Sunstreet Mortgage for all your Mortgage Needs!
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