fha: After brief respite, Mortgage – Treasury Spread reaches new peak - 08/25/08 09:09 PM
The 2nd quarter of 2008 began on a positive note for mortgage borrowers, as a relative lack of news caused the Mortgage - Treasury spread to narrow from its March 13th peak at 2.60% to a low of 2.03% May 30th. The Mortgage Treasury spread is an indicator of relative risk … (3 comments)
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fha: Providence Foreclosures Up, But So Are Prospects for Area Banks, Realtors - 07/25/08 02:45 PM
I get an email every day from the Providence Business News recapping the day's events as published in that paper, and there have been several articles of interest this week which reflect on current market conditions. As you may know, while the US as a whole is not currently in recession … (0 comments)
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fha: Providence Offers Rehab Funds for Foreclosed Homes - 07/21/08 02:51 PM
The City of Providence has announced a new homebuyer loan for those purchasing previously foreclosed properties. This program, called, the Foreclosed Homes Rehab to Homeownership Program for Homebuyers, offers as much as $50,000 through an interest-free loan to buyers of previously foreclosed homes who will be living in those homes once … (3 comments)
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fha: US Senate to Vote on Foreclosure Rescue Plan Today - 06/24/08 10:52 AM
I've been hearing rumors of this plan for a while. A similar bill passed the House of Representatives in May, and was expected to get to the Senate fairly quickly. I guess 7 weeks is fairly quick in Washington.
What is it?
We've seen a number of plans recently to help … (5 comments)
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fha: FHA Suspends 90-Day Rule, But Will Flippers Really Benefit? - 06/16/08 10:23 PM
News broke today that FHA will be temporarily waiving a rule that has been impeding bank resale of foreclosed properties.
The so-called "90-day rule" was implemented to stop property-flipping schemes that utilized multiple investors to rapidly increase the value of a home, while stripping that value out through larger and larger mortgages. This scheme hurt many … (10 comments)
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fha: 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 … (2 comments)
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fha: 2 Ways to Obtain 100% Financing, Even Today - 06/02/08 01:09 PM
A substantial proportion of my business over the past two years has been to clients who have tried and tried, but who have never quite been able to save money. I'm sure you've met them. Whether it's been a question of supporting relatives, financial hardship, or just simple overspending, there are … (9 comments)
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fha: Hear me on the radio tomorrow! - 05/30/08 04:40 PM
I'm so excited! I've been asked to be a guest of the Rhode Island Real Estate Insiders tomorrow morning. This weekly live radio program, which airs on AM 790 in Rhode Island and the surrounding area, and webcasts for everyone else, provides insightful information to home buyers, and property investors, and airs … (3 comments)
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fha: 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 … (1 comments)
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fha: 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 … (2 comments)
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fha: Ten Important Things to Know About Mortgages for 2008 - 04/28/08 09:46 AM
You may not be considering doing anything with your mortgage at present, but there are still several important details to know in order to make the best of the current challenges being faced by the largest mortgage lenders. Here are a few things to consider:
Things to Know if You Already Own:
Know … (4 comments)
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fha: Mortgage / Treasury Spread Widens, On Average - 04/21/08 02:48 PM
Mortgage rates moved up sharply as last week drew to a close, propelled by a string of positive news out of Wall Street. Several major banks reported colossal losses, yet, because these losses were less than the even more colossal losses that had been expected, the stock market reacted by increasing … (0 comments)
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fha: How to Save for Your New Home: 5 ways to build 3% - 04/04/08 01:36 PM
In the last century, the required down payment for a home purchase changed significantly, decreasing from 50% of the price to 20% to as little as $0. Recently, though, banks have started to ask for more. For most homebuyers, without a special deal through an organization like Nehemiah, 3% investment is … (4 comments)
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fha: 8 Simple Rules For FHA Financing - 03/03/08 10:44 AM
There has been a lot of talk lately about the resurgence of the FHA loan program. It meets many of the needs of borrowers who may have qualified for sub-prime mortgages. Here are some basic guidelines to consider with the FHA option for your clients:
FHA requires some credit: In spite of … (15 comments)
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fha: Fed Cuts Rates, but Mortgage Rates Go Up? - 02/25/08 10:59 AM
CNN this morning reported on a new "conundrum" faced by the Federal Reserve. Industry veterans will recall 2-3 years ago when then Fed Chief Alan Greenspan noted the unfathomable disconnect between bond yields and Fed rate moves. Now Ben Bernanke is faced with the prospect of his moves having a similar, … (2 comments)
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fha: $729,750 is the New Jumbo: Update - 02/25/08 10:51 AM
Last week, we received word from one of our lenders regarding their interpretation of the new Jumbo mortgage rules included with the economic stimulus plan. Here's what will be happening:
HUD will release Median Home Prices for the country within the next 30 daysConventional limits will increase to the higher of the … (0 comments)
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fha: FHA Mortgages - It's What's New at Province Mortgage Associates - 02/18/08 11:40 AM
I would like to share with you today a little bit of what we've been working on at Province over the last 4 weeks. We received approval from HUD to begin offering FHA mortgages in the middle of January, however, rather than beginning immediately to pursue applications for those loans, we … (1 comments)
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fha: US Presidents' Housing Achievments (and a rate update) - 02/18/08 11:02 AM
Good morning!
This Presidents' Day is a wet and windy one here in Rhode Island. Today, in addition to a brief interest-rate market recap and preview, I thought I'd bring you a history of significant events in United States housing history, and the Presidents who effected those changes.
In 1862, Abraham … (0 comments)
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