port orchard: Christmas Cheer from the Housing Sector
- 12/22/10 06:54 AM
A little Christmas cheer from the housing sector: Existing Home sales numbers arrived for November at 4.68M, better than expectations, as well as a nice pick up from October's numbers of 4.43M. Additionally, the inventory of unsold home declined to a 9.5 month supply, a good drop from the prior months 10.5 month supply. Encouraging news, as it shows that sidelined buyers are starting to dip their toes in the water - and with rates still relatively low, combined with affordable home prices, it remains an incredible time to buy!
(The Christmas Tree in the Legacy Group Silverdale Office) … (0 comments)
port orchard: I'm a Celebrity
- 10/14/10 08:17 AM
I'm a celebrity now... although I don't consider myself a "foreclosure expert". I was quoted in a great article written for the local paper though. Check it out: http://www.kitsapsun.com/news/2010/oct/13/hang-onto-your-paperwork-foreclosure-experts/ Kevin Hancock Loan Officer License # MLO-108328 360.698.6478 office kevin.hancock@legacyg.com Please visit our new website at www.hancockmortgageteam.com
When we meet with a client, one of the many pieces of information we give them is a one page sheet titled "TIPS FOR A SMOOTH LOAN APPROVAL". This is a list of helpful tips to ensure an effortless loan process. These DO's and DON'T's will help avoid any delays with your loan approval. Because of what is known as the Fannie Mae Loan Quality Initiative, we are going to make some changes to our previous verbiage. The reason for this is that FNMA is now requiring that a new credit report be pulled just before closing to ensure … (0 comments)
Great News!!! The USDA program seems to be on the verge of securing new funding. Investors who purchase USDA loans are now beginning to issue guidance on how to handle the loans in the meantime. See below: "Fiscal Year 2010 Appropriated Funds - Issuing Conditional Commitments once Appropriated Funds are Exhausted The Single Family Housing Guaranteed Loan Program (SFHGLP) will issue Conditional Commitments once currently appropriated funds for Fiscal Year 2010 are exhausted. Conditional Commitments will be issued "subject to the availability of funds and Congressional authority to charge a 3.5 percent … (0 comments)
port orchard: Rural Housing Preservation and Stabilization Act (H.R. 5017)
- 04/19/10 06:22 AM
One of the most frequent questions I get these days is "what is the future of the USDA program? I hear they are out of funds?" While this is true, I have always felt that they feds would find a way to renew funding for the program very soon. They can't allow such a powerful program to sit on the sidelines and disrupt the already fragile market, possibly reversing some to the momentum we as taxpayers have already paid for. It sounds like our government representatives agree, as the Rural Housing Preservation and Stabilization Act (H.R. 5017) is now being proposed. … (0 comments)
port orchard: Market Update
- 03/26/10 11:15 AM
Just a few quick thoughts I wanted to get out to potential who may be wondering if now is the right time to pull the trigger on a new home purchase: 1. The Fed's purchase program for Mortgage Backed securities will end on March 31st. This will almost certainly result in higher interest rates for mortgage loans in the near future. 2. As of April 5th, the FHA up-front Mortgage Insurance Premium is going up from 1.75% to 2.25% of the base loan amount. This will increase the UFMIP for a home purchase price of $200,000 by almost $1,000. 3. To qualify … (0 comments)
port orchard: USDA OUT OF MONEY...?
- 03/10/10 08:59 AM
photo courtesy of Francesco Marino at freedigitalphotos.net The rumors are already swirling that USDA could be running out of money to fund loans in the near future. I received the following e-mail this morning: "Loan Officers, This message is to notify you that program funding for the single Family Housing Guaranteed Loan Program will likely be exhausted by the end of April, 2010. Once funding is exhausted, the Agency will not issue Conditional commitments "subject to receipt of appropriated funds." This is because it is not certain when additional funding will be available. Limited Funding may become available for disaster … (0 comments)
A little Christmas cheer from the housing sector:
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