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8000 tax credit: Will Rates Go UP in a Week or so... or What? - 03/17/10 03:52 PM
The Fed announced, and confirmed that they are going to stop purchasing Mortgage Backed Securities at the end of March. They want Private Investors to get in the game and start participating.
But what if they don't - meaning what if nobody but the government is interested in purchasing mortgage backed securities? What happens then?
As a Mortgage Lender with more experience than just about ANYBODY left in the room - I can tell you it's NEVER been HARDER to get a mortgage. Borrowers are scrutinized every which way they can!
Does that mean the Securities are a safe Investment? Hardly- Unemployment is like 10% … (6 comments)
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8000 tax credit: Do We Need The $8000 Tax Credit Extended? A Comprehensive View - 10/22/09 11:30 AM
I've just spent several hours reading about the Economy and here's what I've come up with (Sorry it's so long):
The Fed Released the Beige Book, on October 21, 2009. It begins with this statement:
"Reports from the 12 Federal Reserve Districts indicated either stabilization or modest improvements in many sectors since the last report, albeit often from depressed levels. Leading the more positive sector reports among Districts were residential real estate and manufacturing, both of which continued a pattern of improvement that emerged over the summer. Reports on consumer spending and nonfinancial services were mixed."
Well, that's not too surprising … (42 comments)
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8000 tax credit: If You Are Thinkin' $8000 and USDA Home Loans... 1 Word - "HURRY!" - 08/24/09 06:42 PM
We are seeing many customers purchasing in our area using the USDA Home Loan - Rural Development Program. It does not require that you purchase a farm, although it does restrict the purchase to more rural areas. In the Triangle, meaning Wake, Franklin, Durham, Orange, Johnston and Harnett Counties - we have several USDA Offices.
Why would you care where the USDA Offices are? Because, unlike ANY OTHER LOAN PROGRAM, USDA Home Loans must be "re-underwritten" by the folks at the office assigned for your county. No switching to an office that might not be as busy... you go to the … (3 comments)
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8000 tax credit: Why Won't Rates Get BELOW 5% and STAY there? - 08/04/09 11:07 AM
So many people are waiting for mortgage interest rates to get below 5% - and then they will Refinance -
Or THEN they will purchase...
Well, with rates in the LOW 5's... NOW might be the time to act!
The thing that keeps rates ABOVE the 5% rate is simple... there are indications that the economy is recovering! (Good News in the Economy is Bad News for Mortgage Interest Rates)
"The ISM Manufacturing Index improved to 48.9 in July, jumping more than 4 points from the June score and marking the fourth straight improvement. This indicates that overall conditions remain in contraction for … (2 comments)
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8000 tax credit: FHA Downpayment Guidelines for NC - You might be Surprised! - 07/20/09 05:13 PM
Are you a First Time Homebuyer, dreaming of the day when you can sit among your boxes, in your new home?
HUNDREDS of first time homebuyers in Cary, Apex, Holly Springs are doing just that, and taking advantage of the now "famous" $8000 Downpayment Assistance program available through NC Housing Financing!
These same people are purchasing wonderful $300,000 plus priced homes using FHA Financing!
The North Carolina Housing Finance Agency, is advancing up to $8000 as a credit to buyers for their 3.5% downpayment. (of course there are some income qualifications, etc)
Here are some other ways you CAN obtain the 3.5% … (2 comments)
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8000 tax credit: Will the $8,000 first time home buyer tax credit be extended or even expanded? - 07/15/09 11:04 AM
This is very detailed information for First Time Homebuyers. We are working with several people who are hoping to improve their credit, or save money for closing costs (or an FHA downpayment!)! I think this is very good news for the economy! If you want to see if you QUALIFY for the First Time Homebuyer $8000 tax credit that is CURRENTLY available - click here.
Via Team Jodi - Chapel Hill Real Estate, Durham Real Estate (Jodi Bakst, Broker @ The Home Team):
Right now, there are 5 bills being presented in Congress which either extend or expand the current $8,000 … (7 comments)
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8000 tax credit: USDA Mortgages and Risk Based Pricing - 07/08/09 03:37 PM
Risk Based Pricing is a term now used by mortgage lenders to refer to how mortgage loans are Priced.
A mortgage with a higher risk to the bank has a higher price, or interest rate. A loan with a lower risk of default for the back, has a better price / rate.
There are several factors that currently make up the "risk" matrix. Here are a few of the items that might affect the rate:
Borrower Credit Score and Capacity to make payments (Debt to Income Ratio/ DTI) Property Condition and Location Documentation Type (did you provide income documentation and asset … (2 comments)
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8000 tax credit: It's EASIER To Qualify For a USDA Mortgage Today! 5/1/09 - 05/01/09 09:32 AM
USDA Home Loans have "special" qualifying guidelines that prohibit folks from purchasing if you make "too much" money!
In the past, that means that if you make more than the median income for your area - you might not qualify... but some recent "tweaks" to the system will allow more folks to qualify!!
Effective Immediately, USDA is looking at income "brackets." This means that if there are 1-4 people in the household, the maximum household income for Wake County, Johnston County is $88,400! To find out more about income rquirements for YOUR area, click here.
It's important to remember that USDA … (9 comments)
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Eleanor Thorne 919-649-5057 Cary Mortgage Loans
Cary,
NC
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Steve Thorne NC Mortgage Experts
Address: 111 Corning Road, Suite 230, Cary, NC, 27518
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