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va: Jumbo Mortgages in 2010 - Will the secondary market keep forcing ARMs on owners? - 01/13/10 04:52 PM
Jumbo Mortgages in 2010 - Will the secondary market keep forcing ARMs on owners?
Flash back a couple of years, and you'll remember the Federal Government initiating a program to allow Fannie Mae and Freddie Mac to purchase loans greater than $417,000 on a temporary basis. Fannie and Freddie had been limited as part of their charters to a set amount which started at $93,750 in 1980, and which has since been adjusted based on year-over-year housing price changes.
The economic stimulus package of 2008 gave provisions for the limit to be temporarily increased in "High-cost areas" to an amount … (0 comments)
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va: 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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va: 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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va: Down Payment Assistance Programs: Suspended, for now - 09/15/08 09:59 AM
Well, it's official. I got an email this morning from our last wholesaler that was offering to fund loans using seller-funded down payment assistance programs like Nehemiah or Ameridream, stating that they were going to stop accepting new registrations for loans using these programs.
So, this means no more 100% financing, right?
Well, not exactly.
According to the Wall Street Journal on Wednesday, several members of Congress, including Financial Services Committee Chair Barney Frank, are pushing legislation that would restore the status of seller-funded down payment assistance programs such as Nehemiah and Ameridream. The legislation would, however, place significant restrictions on … (3 comments)
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va: 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 Lincoln signed the Homestead Act, which allowed anyone who had never raised arms against the United States to claim title to up to 160 acres of undeveloped land in the west by following a simple, 3-step process. This was one of the first steps in opening homeownership to African-Americans.
Franklin … (0 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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