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203k: Top Rated on Angie's List! - 07/07/09 04:50 PM
I have to admit I've been a little too busy lately to blog about everything, or do everything that I wanted to do, from a marketing perspective. I finally had a chance to catch up on a recent post about our services from a user on Angie's List. I'm pleased to say he was very happy with the service received on his FHA 203k rehab loan, and said, "We closed on time and under budget, We couldn't be happier with Dan Hartman."
Because we now had a review on Angie's List, I was able to set up a company account and … (2 comments)
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203k: Buying a foreclosed home? Look out for these property pitfalls - 12/08/08 02:50 PM
Today's buzzword in buying a reasonably priced home is "foreclosure". Foreclosed homes sell anywhere from 20%-60% lower than non-foreclosed homes, making their pricing much more attractive, but there are hurdles to overcome, especially when it comes to property condition. Even though the home is foreclosed, it still must meet the requirements of new financing. I've been working with foreclosed homes for more than 40% of my buyers lately, so I wanted to review a few of the problems we've encountered, and how to avoid them.
To lend on a property, each type of mortgage will have its own requirements as to … (1 comments)
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203k: Fed Intervention Fails to Close Mortgage Treasury Spread - 12/05/08 10:47 AM
In spite of an unprecedented move by the Federal Reserve on November 25th to purchase $600 billion in mortgage-related assets, the spread between mortgage and treasury rates remained at its highest level on record for the week ending December 4th, closing at 2.96%. Investors sought the safety of treasury securities in droves, increasing their prices, and depressing the yield of the 10-year treasury note to its lowest close ever at 2.57% this Thursday. In spite of rampant speculation that the Fed may be prepard to act again, mortgage securities found few buyers. Mortgage rates averaged 5.53%, according to Freddie Mac.
The … (6 comments)
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203k: Stop the insanity! No, wait, keep it going! - 11/26/08 02:36 PM
Phew, what a busy couple of days!
I’m sure at this point you’ve been inundated with emails from loan officers since yesterday morning, so I probably don’t need to tell you that many buyers are qualifying for 5.5% with no points today. We saw a huge drop yesterday in rates, so, rather than harping on how attractive they are, I thought I’d let you know some of the why behind it.
Over the past 4-5 weeks, investor demand for mortgage securities had waned considerably, as wave upon wave of bad economic news suggested consumers and homeowners would face greater difficulty in … (0 comments)
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203k: Updates to Jumbo mortgage limits for 2009 - 11/24/08 04:33 PM
Earlier this year, we learned that the Jumbo mortgage was going to be a bit bigger for a time. For a year, the limit for mortgages purchasable by Fannie Mae and Freddie Mac was temporarily increased from $417,000 to as high as $729,750 through the beginning of 2009 as a component of the Economic Stimulus Act of 2008. That date is now fast approaching.
The original purpose of this temporary change was to address a mortgage market problem that arose in late 2007 and early 2008, specifically that demand for securities backed by Jumbo mortgages had decreased precipitously. By opening those … (0 comments)
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203k: Understanding Construction and Rehab Mortgage Options - 06/11/08 09:23 AM
Great opportunities exist in the real estate market right now. Many homes are selling for far lower prices than they brought at their last purchase. 3- and 4-unit properties are often available for a song due to extreme reductions in viable financing options. But what about getting a home that is right for you? The problem with real estate on the market right now, is that none of it is customized to your tastes.
Enter Construction and Rehab Mortgages. These mortgage programs allow for things that regular loans do not, specifically the financing of funds to build a new home, or … (2 comments)
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203k: FHA 203(k) is the Key to a Great Foreclosure Deal - 05/28/08 09:53 AM
These days in Providence, I'm seeing a substantial increase in the number of properties listed for 50% or less of the price they last sold at 18-36 months ago. There are a couple of factors contributing to this:
Relatively low rents Excessive market exuberance when last sold Lack of financing availability Poor condition Of these factors, the last two can be addressed by FHA's 203(k) Rehabilitation program. The majority of the properties selling at low prices ($52,000 3-unit anyone?) are foreclosed homes in need of significant updates, but, when improved, will be a fantastic value for their new owners.
The 203(k) … (1 comments)
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203k: Rhode Island Fire Code Changes Coming in July - 05/05/08 10:45 AM
Rhode Island is implementing the next step in its updated fire code this July, when all existing 3-unit properties must have a hard-wired alarm system installed in order to maintain their certificates of occupancy. This change can be traced back to the tragic fire at the Station nightclub in 2003, and follows on changes in other property types, including commercial properties, and places of assembly.
According to the 1998 Census Bureau housing survey, 23% of housing units in Rhode Island are in 2 to 4 unit properties, with a substantial proportion of those being in 3-unit properties. Many of these homes … (1 comments)
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Dan Hartman
Providence,
RI
More about me…
Province Mortgage Associates - (401) 263-8655
Address: 10 Davol Sq, Providence, RI, 02903
Office Phone: (401) 490-4400 x 114
Cell Phone: (401) 263-8655
Email Me
Dan Hartman's Blog about mortgages, real estate, and the economy in New England, and the United States, especially Rhode Island Rates, Connecticut Mortgages, Massachusetts Rate Locks, and New Hampshire Home Sales. Let Dan leverage his MBA in Finance and experience as a college professor for you!
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