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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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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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tax credit: Contractors and FHA 203K Loans in NC - 03/02/09 01:14 PM
FHA offers a great mortgage program for folks who want to make improvements to their home (through a refinance) or those who are purchasing a home that needs some "TLC!" The program's official name is 203k.
If you are not familiar with the loan, you can find basic program details, like how the FHA 203K loan works, by clicking here. If you want to know what Improvements are Eligablie (and not Eligable) with the FHA 203K mortgage program, please click here! This program works GREAT for folks purchasing foreclosed property!
BASIC INFO ABOUT FINDING AND HIRING
A CONTRACTOR TO DO WORK … (16 comments)
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tax credit: What is in the House Stimulus Bill 01/28/2009 - 01/29/09 09:23 AM
This is only part of what the Homebuilders and NAR were looking for - but having the FHA limits here going back up will help... especially when you look at the new PMI guidelines that are coming out. (For information on the Genworth changes announced yesterday, click here going to minimum credit score of 700 in many markets)
Via Pederson Properties, Inc. (Coldwell Banker Residential Brokerage):
Last night, the U.S. House of Representative passed H.R. 1, the Economic Recovery Package, by a 244 to 188 vote. The bill contains a number of issues critical to REALTORS® and the industry, including the extension, … (5 comments)
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tax credit: Fran's Story - Another ActiveRain Success! - 01/05/09 11:07 AM
My tweets for the last few weeks read:
"Still Working on 203K loan..."
Well, it's closed, and I want to share the story behind those brief, cryptic tweets:
Here's Fran's Story:
In October, I received a call from a woman working at a local diner. She moved to North Carolina in July - having worked for 14 years as a waitress in Northern Virginia. Fran makes a base pay of $6.55 an hour, and tips. She is in her mid 50's, and wanted to purchase her first home.
It was her D-R-E-A-M.
She suffered through a bad marriage, finally got out, raised her … (1 comments)
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tax credit: The $7500 Downpayment Gift - 11/07/08 12:16 PM
Maybe you heard that Uncle Sam, who has been giving money out to just about EVERYBODY lately, has a check waiting for you... if you buy a house before next summer!
What is it? How does it work?
This is a tax credit and not tax deduction. It is a true dollar for dollar reduction on taxes owed.
The credit can result in a true tax refund! If, for example, you were to get back zero on your 2008 taxes and you qualify for the full $7,500 credit, you would then receive a tax refund for $7,500.
The tax credit is … (9 comments)
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tax credit: USDA Home Loans Durham County, NC - 10/14/08 12:09 PM
We've had several people interested in obtaining a USDA home loan for property in Durham County. I've put together a couple of maps that should help in identifying areas that qualify for this program. As you might know - it's one of the last TRUE 100% home loans available - and it doesn't have PMI! The rates are comparable to FHA, so it's a very affordable payment! You do not have to have PRESTINE credit, but we generally want to see scores above 580, and 12 months of "clean credit."
USDA does require that the property be located in a less populated … (4 comments)
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tax credit: $7500 To Pay Mom Back - 08/25/08 04:13 PM
Many first time homebuyers are looking at past generations for help coming up with a downpayment. FHA now requires a 3.5% downpayment (effective October 1, 2008) and the downpayment assistance programs (as of today) will disappear. Fortunately, FHA allows for gift money! The gift needs to come with a letter from the person "gifting" and we will need to verify that they actually have the ability to give the money.
At the same time, Uncle Sam is paying First Time Homebuyers with a $7500 Tax Credit (for more info click here). Of course, the gift has to be just that - a gift … (10 comments)
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tax credit: When FHA Requires Cash Reserves - 08/25/08 03:41 PM
We all know that FHA is going to require 3.5% downpayment in a few weeks (January 1) - but did you know that in some circumstances they also require the borrower to have two months of cash reserves?
If a borrower is applying for FHA financing and is relying on a NTMCR, (nontraditional credit), FHA Commissioner Brian D. Montgomery writes:
"Borrowers should have two months of cash reserves following mortgage loan settlement from their own funds (no cash gifts from any source should be counted in the cash reserves for borrowers in this catagory)."
As a general rule, if you're applying for … (2 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
Office Phone: (919) 649-5058
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