| |
stimulus: Economic Stimulus Act Signed Into Law - What does it mean for homebuyers? - 02/17/09 12:02 PM
As I write this, the president is poised to sign the American Recovery and Reinvestment Act of 2009, better known as the $787 billion Economic Stimulus Plan. There has been much speculation about what this plan might do for housing, real estate, homebuyers, and mortgages, ranging from 2.99% to 4.5% mortgage rates, $15,000 tax credits, and more, but when the dust settles and the plan is signed into law, the final effect will be quite different.
The most important thing the finaliztion of this plan will accomplish is it will end that speculation. Over the past few weeks, I have spoken … (31 comments)
|
stimulus: Builders converge, but does their idea make sense? - 01/14/09 09:59 PM
I attended a presentation yesterday regarding the possible solutions to the real estate problems currently facing Rhode Island, and, one of the things I learned about was a proposal by the National Association of Home Builders to stimulate home sales by artificially lowering 30-year mortgage rates to 2.99% for a 6 month period and to 3.99% for an additional 6-month period.
I was interested in the concept, so I did some additional research looking for news articles related to this.
I found one such article on the association website of the magazine of the landscaping industry. The two primary proposals offered … (1 comments)
|
stimulus: CHFA and the $7500 Federal First-Time Homebuyer Credit - 11/17/08 10:11 AM
Many of you who work in Connecticut are familiar with a very effective First-Time Homebuyer mortgage program offered by the Connecticut Housing Finance Authority. The CHFA Homebuyer Mortgage Program follows most FHA guidelines, but is restricted in regards to the buyers' income, and offers subsidized interest rates that are typically at a small discount to FHA rates. In my experience, the only reason I ever lose a Connecticut loan is to the CHFA program; unfortunately, it is a program we are unable to offer, as it is only available to mortgage companies with offices in Connecticut.
On Thursday, I spoke with … (2 comments)
|
stimulus: $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 current limit of $417,000 or 125% of the median area home price, not to exceed $729,750FHA limits will increase to 125% of the median area home price, not to exceed $729,750Loans can be purchased that were closed from 1 July 2007 through the program's end 31 December 2008So now we … (0 comments)
|
stimulus: Rates on a Bungee Cord - 02/11/08 12:52 PM
Last week held out my expectation that the market is looking to move long-term interest rates higher, as rates increased close to 0.25% from Monday to Friday. There was a substantial disappointment with service industry growth Tuesday, which led markets to open with lower rates, but as the day wore on, they edged higher. Later in the week, Jobless claims indicated some improvement over the prior week's dismal numbers, again pushing rates higher.
If I were looking for a metaphor to describe the long-term rate market right now, I'd have to say it is looking a lot like a bungee cord: … (0 comments)
|
stimulus: $729,750: The New Jumbo (for now) - 02/11/08 12:27 PM
That's right, the economic stimulus package will be in effect shortly, and with it will come the ability for Government Sponsored Entities Fannie Mae and Freddie Mac, along with the Federal Housing Administration (FHA), to increase their loan purchase limits significantly in higher cost areas. Sure, more of us are thinking about the $600 or $1200 check we're getting back as part of this (flat-panel TV anyone?), but for those who own higher value homes, this potentially means two more important things:
Easier to refinance to a better loanMore buyers can get better financing to buyFor homeowners and homebuyers considering pricier … (2 comments)
|
|
|
|
|
|
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!
 Links
Archives
|
;)
;)
