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providence: 2010 FHA Loan Limits for Rhode Island - Unchanged from 2009 - 12/31/09 01:28 PM
2010 FHA Loan Limits for Rhode Island - Unchanged from 2009
Yesterday, I wrote about the updated FHA lending limits for Connecticut. To learn more about the methodology used in calculating limits, I would suggest circling back to that article. Today, I want to pass along the same information for Rhode Island.
This year has been a relatively quiet one in real estate pricing in Rhode Island. Almost all areas saw a decline in value, some very significant. If anything, I believe Rhode Island is fortunate not to have seen its FHA loan limits cut for this year. FHA limits are … (0 comments)
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providence: 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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providence: 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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providence: Volunteering at WaterFire - How I spent my weekend - 06/16/09 11:23 PM
This Saturday, after spending most of my day in New Hampshire at a school board meeting (I serve on the board of a private school there - more on that at another time, perhaps), I zipped back to Providence to volunteer again, this time at a Providence institution, WaterFire. I'm the co-chair of the Greater Providence Chamber of Commerce's Ambassadors, and for our spring / summer service event, we assembled a crew of over 20 ambassadors and friends to serve as ambassadors to WaterFire, staffing Ribbons of Light booths.
WaterFire is a Providence institution, was first lit for First Night 1994, … (0 comments)
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providence: What's new in the mortgage market? Keeping up on recent changes - 03/30/09 11:26 AM
Good morning!
It’s been a little while since I had the opportunity to write, and I wanted to pass along a bit of information about what is going on in the financing market. There have been some changes recently that need to be considered, so I’d like to take a few minutes to run through them. If you have questions about any of these in particular, please don’t hesitate to call me.
FICO Updates
Over the past two months, many individual lenders have set credit score requirements that differ significantly from traditionally accepted criteria. At present, a 620 credit score is … (1 comments)
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providence: 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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providence: Financing Condominiums – What you need to know Part I: Financing Considerations - 10/31/08 01:37 PM
I’m going to open this up this article with a shocking revelation:
Condominiums are not the same as single-family homes.
Lenders do not view condominiums in the same way as single-family homes. There are additional risks that are considered, additional documentation that must be obtained, the result of which is that purchasing a condominium can be tougher than it seems. Let’s take a look at a few factors that are considered in evaluating condominium mortgages, and at the 5 ways that condos can be approved for conventional financing.
Completion
Banks are most concerned with the aspects of a condominium that … (0 comments)
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providence: What’s going on in the market - 10/14/08 09:19 PM
Last Wednesday, I gave a brief presentation on the state of the financial market. I thought it would be of value to share it here, too. I hope this helps to make the current situation a bit more understandable.
Capital Markets are based on the assumption that low-cost short-term (overnight) credit will be available to banks. Banks need this credit to meet Federal Reserve requirements for reserve funds. The majority of lenders to banks are other banks.
As mortgage markets have deteriorated, banks have become more concerned about the health of other banks to which they lend.
Their concern is that … (0 comments)
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providence: Providence's Unique Places: East Side Prescription Center - 08/10/08 08:31 PM
Welcome to a new series of posts regarding some of the more interesting spots in Providence. Today, I decided to start with a place near my home to which I've walked several times. I passed by today, only to learn that I had mis-remembered the hours, so I thought it made sense to share that, and more with you.
The East Side Prescription Center is a pharmacy located in the Mount Hope neigborhood on the East Side of Providence. One of the city's few independant pharmacies, and the only one on the East Side, it is a welcome respite from … (0 comments)
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providence: It's the Innuendo, Not the Actions - 06/25/08 07:16 AM
The Federal Reserve Open Market Committee will adjourn its first meeting of the Summer today, and is expected to make an announcement at 2:15 PM regarding its decision to raise or lower interest rates. At this point, virtually no one in the investing world expects the Fed to make any changes to policy at this point; rather Wall St. will be listening very closely to the specific wording used by the FOMC in today's brief announcement.
You might be asking, though, if the Fed is leaving things as they are, why should this affect other interest rates, especially mortgage rates?
In … (5 comments)
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providence: 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 homeowners get out of trouble with problem mortgages, but so far they have met with limited success. The first such program was the FHA Secure mortgage, which allowed homeowners who had gotten into credit difficulties because of adjustable rate mortgages to refinance. While this program was originally expected to help … (5 comments)
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providence: 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 a number of people who are never going to accumulate the 3%, 5%, or 20% down payment that many loan programs now require.
But, when Bank of America stopped offering loans through my company (and all other brokers) in December, and when declining markets policies made the popular My Community … (10 comments)
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providence: Charming 2-Bedroom Apartment Available on East Side of Providence - 06/02/08 07:02 AM
You'll fall in love with this delightful 2 bedroom unit. Break away from the hustle and bustle of city life on the secluded outdoor patio. Forget traffic hassles - there aren't any on this quiet dead-end street. Relax your troubles away bathing in the classic claw-foot bathtub.
- Gas Range- On-site Laundry (no quarters!)- Some space available for gardening- Plenty of room for storage- Parking for up to 2 cars- Utilities extra- Cats and most dogs welcome
Rent is $1100 per month. Come see this apartment today! It won't be avaible long. You'll want to make it yours! Call Dan at … (0 comments)
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providence: 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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providence: Attention BlackBerry Users - Important Information to Protect Your Credit Cards - 04/10/08 10:29 AM
This happened to me, and I thought you might want to know this.
Yesterday I was leaving the Proidence Place Mall, and I don't know if you've been down there lately, but they've changed the parking so that you pay in the mall and then use your ticket to get out. Well, I paid, and left the garage, and got to the gate, put my ticket in, and nothing happened. So I tried again, and nothing happened. The third time I tried inserting my ticket, an error came up saying it couldn't be read.
I don't know if you're familiar with … (4 comments)
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providence: Providence Rhode Island Poling Place Change - 03/04/08 10:41 AM
I got out of the house early this morning to visit my poling place, and the office of Exit Realty Firm right next door, only to find out that my poling place had moved! The fire station at the corner of Branch Ave. and North Main St. was clearly not open for business as a voting location.
Fortunately, one of the candidate's teams had left a door hanger at my home informing me of the new location.
So for everyone out there who used to vote at the firehouse on North Main, please make a note that our location for today's … (0 comments)
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providence: Want to lower a big expense? Major cell phone carriers offer unlimited calling for $99 - 02/22/08 04:34 PM
In a break from their old habits, major cellphone carriers Verizon, AT&T, and T-Mobile all announced new plans Thursday aimed squarely at people who use their phones a lot. Anybody on this site use their phone more than 2000 minutes? 2500? 5000? Under the new plan, Verizon and AT&T are offering unlimted calling starting at $99/mo. T-Mobile also includes text, picture, and video messaging at that price.
I imagine many of us will be calling our carriers soon to make the switch. Now, I'm not expecting to be paying exactly $99 when I get my next bill; to the contrary, I'm expecting … (9 comments)
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providence: Financing By The FICO: 2007 to 2008 - 01/07/08 05:43 PM
By any measure, 2007 was a tumultuous year in the mortgage industry. Since December 2006, over 210 mortgage lenders have ended their operations, and many more mortgage brokers have closed-up shop. With so many changes having occurred from January 2007 to January 2008, I thought it would be appropriate to run through the changes that have taken place by FICO score. Here is a comparison of product availability from January 2007 to January 2008.
2007 2008
Minimum FICO for FHA Financing 500 500
Minimum FICO for Subprime Loan 500 550
Minimum FICO for 100% financing 540 580
Effective Minimum FICO for 100% 580 620
(Effective = APR … (4 comments)
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providence: Financial Catastrophes: Divorce and your Credit: Credit Cards and Mortgages - 11/13/07 09:26 PM
"Mawage, that bwessed awangement, that dweam wifin a dweam," said the Impressive Clergyman in The Princess Bride . Clearly, he was operating in a world where substantially less than 50% of mawages ended in divorce, however, that is the reality that we face today, and it does not appear to be something that will change anytime soon. Marriage brings together the assets of two people relatively quickly and easily; separating those assets can be a much more challenging proposal.
Unfortunately, due to a number of things that will happen, it is almost certain that the credit scores of both people in a divorce … (2 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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