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loans: New Refinance Guidelines - 07/07/09 02:56 PM
The federal government's new eligibility requirements for its home-loan refinancing program should allow more Arizonans to reduce their monthly mortgage payments.
However, the program still doesn't solve the biggest problem for so many borrowers: owing much more than their homes are worth.
This week, the U.S. Department of Housing and Urban Development extended the Home Affordable Refinance Program to borrowers who are up to twenty-five percent upside-down on mortgages guaranteed by Fannie Mae and Freddie Mac.
The previous origin was 105 percent, or owing 5 percent more than the value of the home.
"As long as (the refinance loan) is at … (0 comments)
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loans: Foreclosures Ahead - 07/07/09 01:53 PM
Economic observers are forecasting another surge of foreclosures later this summer or in the fall. Those lenders that held off on foreclosures as part of President Obama's plan will now proceed vigorously to clear the backlog of troubled mortgages, causing the large amount of foreclosures.
Home values will depreciate with the foreclosures rising, says Mark Zandi of Moody's Economy.com, who calculates that 15.4 million homeowners, one in five of those with first mortgages, will be underwater.Seth Wheeler, a senior adviser to Treasury Secretary Timothy Geithner, has said that the government is "unlikely to implement another moratorium."However, Wheeler also said the government … (0 comments)
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loans: Foreclosure Crisis Now Spreading To Prime Mortgages - 06/09/09 06:15 PM
The prime borrowers are rapidly going into foreclosure, especially in those states of mass unemployment or decreasing property values, all which saw a huge run-up during the housing boom.
It's a marked shift from earlier this year, when foreclosures were driven by defaults on subprime loans. It has major implications - ravaging the credit scores of those borrowers who once had impeccable records and dragging down property values in the more wealthy neighborhoods.
It also threatens to weaken the housing recovery.
"It's definitely a concern," says Brian Bethune at IHS Global Insight. "(Unemployment) is a major driver of foreclosures, and it will frustrate … (1 comments)
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loans: Housing Rebound Is On The Rise - 06/09/09 05:58 PM
Sales are the uproar for the economic housing situation this week.
Residential sales and pending sales are adequately increasing and a rebounding real estate market could soon start stimulating the economy.
Even Federal Reserve Chairman Ben Bernanke told Congress last week that essentially the worst is over, the housing market is stabilizing, and we're heading out of recession in the second half of the year.
Pending home sales heightened by 6.7 percent in April. April made the third consecutive month of significant increases. April was the highest pending sale total for any month in the last seven years.
In the Northeast region, pending sales rocketed upwards during April by an astounding … (0 comments)
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loans: U.S. Has Offered Incentives To Modify Second Mortgages - 05/05/09 02:20 PM
The Obama administration announced on Tuesday, April 28 that they are offering incentives for mortgage servicers to modify second mortgages, including home equity loans.
The way the incentive works is like this: When the first mortgage has been modified, the second mortgage servicers must agree to modify their mortgage. The term of the second mortgage must be extended and the rate used will match the first mortgage rate. The government will then share the cost with the servicer of cutting the rate to 1 percent for amortizing loans and 2 percent for interest-only loans. Under the program, the government will pay mortgage servicers … (0 comments)
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loans: The $8,000 Tax Credit - 04/10/09 06:27 PM
I'm sure you have heard about the $8,000 tax credit for those first time homebuyers. Are you eligible? How do you claim it? Here are a few tips to see if this tax credit is for you.
According to the National Association of Home Builders, you must have purchased a home from January 1 to December 1 of 2009. In order to be considered a first time homebuyer, you only need to have not owned a home in the last three years. The buyer must also "have a modified adjusted gross income (MAGI) less than $95,000 for single tax payers or $170,000 for married filers."
… (0 comments)
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loans: Fed Plans Spark Drop In 30 Year Rates - 04/03/09 06:40 PM
Freddie Mac has reported that the average interest on a 30-year mortgage fell from 4.98 percent to 4.85 percent in less than a week. This drop in interest rates resulted in a 38-year low. This decrease has made housing incredibly affordable. The average price of a home is $172,000, making the mortgage payment only $878.38 for a principal and interest loan.
This diminishing rate came shortly after the Feredal Reserve announced their plan to make another purchase of $750 billion in mortgage-backed securities. They plan to purchase $300 million in Treasuries as well. President Obama claims that refinancing is now possible for 40 percent of mortgages and encourages home … (0 comments)
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loans: Decreased 30-year rate at 4.89% Increases Mortgage Application Submissions - 03/20/09 01:29 PM
The submission of mortgage applications increased last week when interest rates decreased, fueling refinancing activity.
The average rate for traditional, 30-year fixed-rate mortgages dropped from 4.96% to 4.89% in only a week, according to the MBA report.
The average rate for 15-year fixed-rate mortgages dipped from 4.54% to 4.52% in a week. One-year adjustable-rate mortgages fell to 6.20% from 6.21%.
In an effort to save the housing market, the Federal Reserve said in November that it would buy up to $500 billion in mortgage-backed securities. Since then, interest rates have plummeted.
The Mortgage Bankers Association said Wednesday its weekly application index climbed 21.2% for … (1 comments)
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loans: Mortgage Rates Continue Falling to Record Lows - 01/12/09 04:43 PM
Mortgage rates have fallen to all-time lows for the fourth consecutive week.
The 30-year mortgage rates averaged 5.01 percent this week, compared to last week's 5.1 percent. Last year at this time, rates averaged 5.87 percent. This makes the tenth week that the 30-year mortgages have fallen. In part, this is due to the Federal Reserve's recent purchases of mortgage-backed securities issued by Freddie Mac, Fannie Mae and Ginnie Mae.
Other rates that have dropped include 15-year fixed rates. Those dropped from last weeks 4.83 percent to this weeks 4.62 percent. 15-year mortgage rates averaged 5.43 percent at this time last year. Also, 5-year hybrid … (0 comments)
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loans: Buyers Being Lured to 100% Loan Program - 12/23/08 12:37 PM
Home buyers are learning about available 100% financing loan programs offered by the United States Department of Agriculture. There are two 100% financing loans available, which are VA loans and the Rural Home Loan program.
The Rural Home Loan program allows no-money-down purchases. A borrower can seek up to 102 percent when a mortgage insurance policy is included. Eligibility requirements are that buyers' income can't exceed 115 percent of the median county income. The loan program is restricted to low-density areas. which generally include towns of no more than a population of 25,000. The loan program is offered by private lenders, then insured by the government.
While Maricopa County does not qualify for the 100% … (0 comments)
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loans: Mortgage Rates Plunge to Record Lows - 12/23/08 12:11 PM
Freddie Mac reports that the 30-year fixed mortgage rate fell to 5.17 percent down from 5.47 percent last week, which is the lowest it has been since the survey's inception in 1971, in response to the Federal Reserve's cut in the federal funds rate to near zero.Interest on 15-year fixed loans has also slipped from 5.20 percent to 4.92 percent. Meanwhile, the five-year hybrid adjustable mortgage rate dropped from 5.82 percent to 5.6 percent. The one-year ARM dipped from 5.09 percent to 4.94 percent. Last year, the 30-year fixed rate stood at 6.14 percent, the 15-year fixed rate at 5.79 percent, the five-year hybrid ARM at 5.9 percent, and … (1 comments)
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loans: HOPE FOR HOMEOWNERS ON THE WAY? - 09/23/08 03:06 PM
October 1st Date Imminent, But Lenders May Not Participate In FHA Program.
As has been documented, with part of the massive housing rescue bill passed by Congress in July, troubled borrowers will be able to refinance their home loans with the backing of the Federal Housing Authority starting on October 1, 2008.
There is only one little problem, with just over a week left until the programs implementation, the FHA has still yet to release their final guidelines for this new program. And even more troubling, lenders don't seem terribly enthusiastic about the program, dubbed Hope for Homeowners.
… (0 comments)
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loans: The Government Bailout of Frannie & Freddie - 09/08/08 06:21 PM
Some historic news yesterday. The government has officially bailed out and taken over Fannie Mae and Freddie Mac. There has been speculation over the last month that this could happen. It brings both good news and bad news. The good news is that it will allow banks to recover from more than $500 billion in subprime mortgages. This will increase liquidity and confidence in the mortgage market and may end the mortgage liquidity crisis. There is a very good chance that mortgage rates will decline as we have already seen some significant drop in interest rates today. Some experts are saying that … (3 comments)
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loans: Hope for Homeowners Act of 2008 - 08/15/08 06:35 PM
As you are all aware the "Hope for Homeowners Act of 2008" was signed into law by President Bush and hopefully this will helpful in keeping current homeowners away from foreclosure. It is forecasted that although taking effect October 1st, 2008 that it will be sometime after that before the government and lenders are able to implement the changes detailed in the act. It is my opinion that we are now going to be faced with 3 major challenges in regards to creating "New Home Owners" once the act takes effect, they are as follows: 1) The termination of Seller-Funded Down Payment Assistance Programs2) The … (0 comments)
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loans: What Is All The Frenzy On Wall Street? - 07/18/08 08:34 PM
A year ago federal officials looked at Fannie Mae and Freddie Mac and declared that all was well. The two government-sponsored enterprises (GSEs) largely held conventional loans, though they were about to acquire subprime mortgages.
"Although their $40 billion-plus planned commitment to subprime over the next several years is small compared to the $1.5 trillion subprime market and well less than 1 percent of their combined book of business, it does represent over half their combined GAAP capital," said Office of Federal Housing Enterprise Oversight, government agency that oversees the two giant companies.
A year later Fannie Mae and Freddie … (0 comments)
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loans: Governor announces local toll-free help line - 06/20/08 08:35 PM
STATE OF ARIZONA
EXECUTIVE OFFICE
JANET NAPOLITANO
GOVERNOR
WWW.AZGOVERNOR.GOV
NEWS RELEASE
FOR MORE INFORMATION
CONTACT:
PRESS OFFICE
(602) 542-1342
FOR IMMEDIATE RELEASE
Thursday, May 29, 2008
"MORTGAGE TROUBLE? DON'T DELAY. CALL TODAY."
Governor announces local toll-free help line
PHOENIX - Governor Janet Napolitano announced today the latest effort in a series of state
initiatives to better serve Arizona families facing foreclosure. Homeowners who are either
delinquent on their mortgage or face foreclosure now have a new, dedicated 24/7 toll-free help line
to reach a local Arizona foreclosure counselor: 1-877-448-1211.
"In response to a problem that is increasingly affecting … (0 comments)
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loans: 30-Year Mortgage Rates Drop - 05/24/08 08:27 PM
After four weeks in an upward trajectory, Freddie Mac reports that long-term mortgage rates are falling again. The average interest on a 30-year fixed loan settled at 5.98 percent this week, down 0.03 percent from the prior week. Rates on 15-year fixed mortgages, meanwhile, slipped 0.5 percent for the week to an average of 5.55 percent. Borrowing costs drifted slightly higher, however, on adjustable-rate products. Five-year ARMs bumped up 0.04 percent to 5.61 percent, while one-year ARMs moved up 0.06 percent to 5.24 percent. Source: Chicago Sun-Times (05/23/08)
… (0 comments)
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Gina McKinley, ABR, CIAS, CDPE, CRS, SFR ~ Chandler, Gilbert, Mesa, & Scottsdale
Chandler,
AZ
More about me…
RE/MAX Masters
Address: 2390 W. Ray Rd, Suite 3, Chandler, AZ, 85224
Office Phone: (480) 821-5700
Cell Phone: (480) 600-1129
Email Me
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