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ma: If I had a little more confidence in my preditiction Tuesday, I would have looked like a genius yesterday - also, major FHA changes coming? - 06/11/10 12:44 PM
Daily Rate Update for Friday, June 11th from Province Mortgage Associates
Part of my job is to send a daily email to the staff at my company detailing the condition of the mortgage market, and whether our originators should be locking rates, or if it is safe to float to another day. I've been doing this for two months now, and from what I've heard around the office, the results have been great. We're having more success in improving profitability, while at the same time delivering better rates to our borrowers.
On Tuesday, I closed my message, saying,
"In spite of … (0 comments)
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ma: Crazy to calm - a new week begins in financial markets with no jobs data on the way - June 1-4 market recap - 06/07/10 01:36 PM
Financial market recap for the week of June 1 to June 4
This is a new feature I plan to continue posting each Monday. I was planning to wait until next week, but an email server outage forced my hand. I hope you find this information helpful!
If I were looking for a word to recap what happened in the financial markets last week, I would probably settle on "disappointment". Last week was the first business week of the month, a week which normally brings big quantities of important economic data, and last week certainly had its share. Pending home sales, … (0 comments)
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ma: Financial Education Should Start in Elementary School - That's Why I'm Bowling for Junior Achievement! - 02/25/10 10:31 AM
Financial Education Should Start in Elementary School - That's Why I'm Bowling for Junior Achievement!
As you know from my previous post, education is a very important part of my life. Between the work I do as a mortgage advisor teaching clients about their credit and mortgage options, the work I do educating future leaders at Roger Williams University and the University of New Haven, I have found that there exists a big gap in education in the United States when it comes to financial well-being.
Junior Achievement is a wonderful organization that seeks to fill this gap by offering … (2 comments)
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ma: 2010 Conventional Loan Limits for Rhode Island - 01/12/10 10:52 AM
2010 Conventional Loan Limits for Rhode Island
For 2010, conventional loan limits for Rhode Island have remained at the same level where they stood in 2009, according the Federal Housing Finance Agency, the group that oversees mortgage investment giants Fannie Mae and Freddie Mac. These limits define the maximum loan amount for loans that may be sold to the agencies, which is an important distinction, as the secondary market for loans meeting these requirements is much more active than the secondary market for larger loans, meaning that loans that conform to these size requirements carry much lower interest rates.
For … (0 comments)
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ma: Conforming Loan Limits for Massachusetts for 2010 - 01/11/10 04:30 PM
Conforming Loan Limits for Massachusetts for 2010
For 2010, the Federal Housing Finance Agency has set revised conforming loan limit at $417,000, the same limit it has offered for several years now. Certain counties designated as high-cost areas have received higher limits in conjunction with the economic stimulus package of 2008, extended in late 2009. These extended limits are available through December 31st, 2010.
For Massachusetts, the following counties received higher limits than the national $417,000 cap:
Barnstable County: $462,500
Bristol County: $475,000
Dukes County: $729,750
Essex County: $523,750
Middlesex County: $523,750
Nantucket: $729,750
Norflok County: $523,750
Plymouth County: $523,750
… (0 comments)
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ma: FHA Private Well Requirements for Properties not Served by Public Water - 01/07/10 05:55 PM
FHA Private Well Requirements for Properties not Served by Public Water
In Rhode Island a very high proportion of homes are connected to an ever growing public water system. I also work with many buyers in Eastern Connecticut where public systems are much less prevalent. Conventional mortgages don't ask many questions about wells, but government mortgage programs, including Federal Housing Adminsitration (FHA) insured loans, have more stringent requirements. Appraisers evaluating properties for FHA mortgages are required by the FHA to evaluate the well's safety.
For FHA mortgages, certain guidelines have been established for safety reasons. The most commonly encountered requirements … (1 comments)
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ma: 2010 FHA Loan Limits for Massachusetts - A New Year, Same Numbers - 12/31/09 02:39 PM
2010 FHA Loan Limits for Massachusetts - A New Year, Same Numbers
As I reported previously for Rhode Island and Connecticut, 2010 is an year off from changes in maximum FHA loan amounts, and the same holds true for Massachusetts. Here are the area loan limits, by county:
Barnstable County: $462,500
Berkshire County: $271,050
Bristol County: $475,000
Dukes County: $729,750
Essex County: $523,750
Franklin County: $318,750
Hampden County: $318,750
Hampshire County: $318,750
Middlesex County: $523,750
Nantucket County: $729,750
Norfolk County: $523,750
Plymouth County: $523,750
Suffolk County: $523,750
Worcester County: $385,000
For those who have read the Connecticut article, you'll notice that … (0 comments)
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ma: 6.5 steps to $6500: Getting the Move-up buyer's tax credit in 2010 for Providence and beyond! - 12/29/09 04:12 PM
6.5 steps to $6500: Getting the Move-up buyer's tax credit in 2010 for Providence and beyond!
Throughout 2009 there was a lot of talk about further means to stimulate activity in the real estate market. Many things were happening already: the Federal Reserve preserved the mortgage market by inserting itself as the largest, and sometimes only, buyer of mortgage backed securities; and an $8000 tax credit for first time homebuyers was instituted quite successfully, among other efforts. For 2010, congress has presented additional buyer incentives to maintain activity.
If a flaw can be found in the original 2009 homebuyer tax … (3 comments)
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ma: New Green Shoots? How About Significant Improvements to FHA Condo Guidelines!!! - 08/10/09 07:16 PM
Washington's buzzword last month was "green shoots" to suggest tiny indications of improvements to the economy and financial markets. After 2 years of lender closures and program cuts, this fall we may just start seeing some green shoots in mortgages, as well.
Mortgage financing on condominium properties has been a sore point for mortgage and real estate professionals this year due to the intensified scrutiny these properties receive from underwriting, and the often-frustrating guideline variations from one lender to the next. Perhaps most challenging for the mortgage professional is that we are unable to provide our clients with assurance that the … (0 comments)
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ma: From the Mailbag - FHA gift money - 05/21/09 10:59 AM
I got this message from a reader here on Activerain, and thought I'd share the answer.
Subject: FHA Gift Money (Sent via Activerain)
Dan, My wife and I are in the process of buying a house. During the FHA preapproval process we noticed that we possibly were going to need a little help monitarily. Mywife's parents were more than happy to help us out. The only catch and this is my problem, is that the money that they gave us was cash and is considered "matress money," as it was never in the bank. We have filled out a gift … (2 comments)
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ma: FHA is great, but don't forget conventional options, too! - 05/11/09 05:55 PM
I know that FHA, and other government products, have been all the rage lately due to difficulty in getting conventional loans and conventional mortgage insurance, but I think that a lot of mortgage originators have forgotten that there are still good conventional loans available without the high down payments frequently associated with them. For cost conscious borrowers, this can be especially important, as conventional loans do not require the high upfront mortgage insurance or guarantee premiums associated with government programs.
In most areas, well qualified first time homeowners can get financing at as high as 97% of the purchase price of … (1 comments)
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ma: Mortgage - Treasury Spread Closes as Homebuyer Incentives Suggest Home Prices May Stabilize - 03/12/09 04:03 PM
February was a significant month for the mortgage and real estate markets, as a massive bailout package was signed into law, and further talk of foreclosure prevention efforts at the federal level reassured mortgage investors of the safety of their investments. An $8000 tax credit for first-time homebuyers sparked hope for increased home sales in 2009, both for starter homes and condominiums, as well as for so called "move-up" homes needed by those current homeowners able to sell into the current market and purchase significantly discounted replacement homes.
Entering March, the Mortgage - Treasury spread reached its lowest point since June, … (1 comments)
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ma: Mortgage - Treasury Spread closes sharply in January - is Fed buying bringing stability? - 02/12/09 10:19 AM
In a month which saw the lowest 30-year fixed rates on record, it isn't surprising that the massive groundswell of refinancing we experienced happened. Its consequences could also be seen as quite predictable: lenders, fresh from laying off thousands of employees in 2008, saw their operations grind to a halt as they received an onslaught of mortgage applications. The reprecussions to market interest rates were rather more cryptic, though. By the end of January, the Mortgage-Treasury Spread had closed to its tightest range since September, 2008, closing the month at 2.28%.
The 10-week moving average stayed relatively level at 2.78%, bouyed … (4 comments)
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ma: Why You Should Talk to Your Creditors - 12/15/08 01:50 PM
One night last week, I got home bright and early at 8:00 PM after a busy day of networking and loan applications. I opened my mail, and near about flipped. There on my credit card statement it said:
“11/xx Late Fee: $39.00”
People who know me well will tell you that I’m not a person who gets terribly angry, but after I read that, I have to admit that I didn’t really want to talk to anyone, and I certainly didn’t feel like addressing the problem.
So I did what a lot of people will do – I set it aside … (1 comments)
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ma: Get to the High Point, Then Climb Higher - 06/26/08 08:11 AM
This Saturday, I climbed Round Mountain in Salisbury, CT, and Mount Frissel, in the town of Mount Washington, MA. It is a relatively short hike, at just over 1 mile, however, that involves a total of 800 feet of vertical ascent (and about 200 feet of descent along the way) which makes it a very steep, challenging climb. The peak of the mountain is fairly unremarkable, as it has a significant amount of tree coverage, and although there is supposed to be a log book there where you can read the comments and names of others who have completed the climb … (8 comments)
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ma: Rates improve sharply - will it hold? - 03/03/08 11:27 AM
Last week was just what many loan officers and borrowers were looking for: a week of sharp improvements in rates. What we saw was a substantial "flight-to-quality" as investors shied away from stocks and moved their money into safer treasury bonds. This was triggered by several reports indicating higher than expected inflation, and reaffirming slow economic growth. Chairman Bernanke's comments to congress also supported the weakening of the economy, but reaffirmed the Fed's commitment to encourage growth.
The challenge is a pheonmenon called "Stagflation".
Stagflation is said to occur when economic growth is shrinking, or stagnating, and inflation is increasing. The challenge … (3 comments)
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ma: 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 the notion that FHA is an easy program, buyers still need to have some credit. This can be as simple as credit reference letters from utilities, though, so don't get too worried.FHA allows some collections: For buyers with a few minor collections, it is possible to get by without paying … (15 comments)
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ma: 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 invested several weeks in researching documentation requirements to ensure that we could offer these loans to our clients with a minimum of difficulties. Today, I am pleased to announce that this program is up and running at Province Mortgage Associates, and I can confidently say we will be able to … (1 comments)
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ma: Buyers' Bonus Mortgage Program - No Principal or Interest for 6 months! - 02/04/08 11:05 AM
I wanted to share something with you today. It's a program that you might have heard of before. I hadn't made it a priority recently, as many of the lenders I recall offering it had suspended it, but one of our biggest lenders has recently reinitiated the Buyers' Bonus mortgage program.
This program allows builders of new homes to make principal and interest payments for buyers for up to 6 months after the initial purchase. Buyers will still be responsible for payments of taxes and insurance escrows, but this program could easily reduce their initial monthly payments by as much as … (7 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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