industry news: RURAL HOUSING LOANS WILL BE EXHAUSTED IN THE NEAR FUTURE- Loans Cannot Close or Fund Without a Conditional Commitment - 04/19/10 09:21 PM
CONGRESSIONALLY APPROPRIATED FUNDS TO GUARANTEE RURAL HOUSING LOANS WILL BE EXHAUSTED IN THE NEAR FUTURE- Loans Cannot Close or Fund Without a Conditional Commitment
USDA Rural Development has announced that Congressionally Appropriated funds to guarantee Rural Housing loans are likely to be exhausted in the near future. Rural Development will not issue Conditional Commitments once the funds are exhausted. Rural Development regulations prohibit lenders from closing and funding Rural Development loans without a valid Conditional Commitment.
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industry news: NATIONAL FLOOD INSURANCE PROGRAM REINSTATED but only for 60 more days! - 04/19/10 02:47 PM
The Senate and House passed, and President Obama signed, bill HR 4851 extending funding for the National Flood Insurance Program retroactively, through May 31, 2010.
Borrowers are now able to obtain NFIP insurance to close, renew, or increase loans secured by property located in a SFHA.
Since this is a temporary extension, it is possible that another hiatus of the National Flood Insurance Program could occur on May 31, 2010.
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industry news: Solid Stays informed - Economic Update 03/20/2010 - 03/20/10 07:13 AM
No Surprises From Fed MeetingThere were no major surprises in the economic data or the Fed announcement this week. As a result, while volatility remained day to day, mortgage rates ended nearly unchanged for the third straight week. As expected at its meeting on Tuesday, the Fed held the fed funds rate steady, and the accompanying statement contained few changes. The statement retained the language about the fed funds rate remaining at extremely low levels for at least several months. The Fed's assessment of the economy was a little more upbeat at this meeting, but pointed out that economic improvement will … (2 comments)
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industry news: Solid Stays informed - Economic Update 03/13/2010 - 03/13/10 08:36 AM
The Inside Edge
The market commentary material provided is from a third party vendor, MBSQuoteline, and is not necessarily the opinions of the employees or staff of SunTrust Mortgage, Inc. This information is intended for educational purposes only and should not be construed as investment and/or mortgage advice. Additionally, the material is deemed to be accurate and reliable, but there is no guarantee it is without error.
Quiet Week for Mortgage Markets
During a very light week for economic news, the economic data and Treasury auctions contained few surprises and produced little reaction in mortgage markets. Mortgage rates ended the week … (4 comments)
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industry news: Solid Stays informed - Economic Update 03/06/2010 - 03/06/10 11:20 AM
SOLID Stays Informed: The Inside Edge from SunTrust Mortgage <!-- --> … (0 comments)
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industry news: The 20 Healthiest Housing Markets for 2010 - 03/05/10 09:20 AM
From the Article;
2. Raleigh-Cary, NC Market Health Indicator: 50.5 2009
Total Building Permits: 5,145 2010Building Permit Forecast: 7.267 Though home to 1.14 million, Raleigh should produce nearly as much building permit activity as Charlotte in 2010. One of the strongest household formation rates in the country, 3.3% in 2009, should increase slightly this year. The area is expected to regain in 2010 most of the jobs it lost the previous year. One of the secrets to Raleigh's strength is that its population has been growing rapidly, at a 5% rate, for the last five years. It's home to many high-tech … (1 comments)
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industry news: Investors lose confidence in the US Electoral Process not the Economy! - 10/10/08 08:46 AM
Can anyone argue that investors are losing confidence in US Electoral Process?
Perhaps that is why they are pulling out their cash from our markets?
The US markets have plummeted some 21% AFTER the so-called "Rescue Plan" was passed this week this is spinning out like a hurricane into global markets.
Just Check the news results for VOTE FRAUD and then you decide.
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industry news: "They're all doing it. It's hard to stay honest" - 08/19/08 03:58 PM
"They're all doing it. It's hard to stay honest" According to Ray Haynes, an real estate appraiser from Cherryville, PA said when interviewed by the Associated Press in the Charlotte News Observer. Uncited sources went on to say "they often felt pushed by a real estate agent or mortgage broker to fraudulently inflate a property's value."
Personally I have had seen two houses come in under contract price in the past 60 days on purchases and the seller simply renegotiated with the buyers, Ce La Vie! Personally, I am offended!
Do you pressure your appraisers to "hit numbers"? I would … (7 comments)
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industry news: Declining Markets Update - 08/05/08 11:38 AM
Declining Markets Update Are you in a Declining Market? Click here to download a free copy the latest Declining Markets Reports from the three major Private Mortgage Insurers merged into one report. There are more than 900 markets identified in this report.
What does this mean to you as a Realtor? It means your buyers will have to have higher credit scores and more money down.
What does it mean to you as a home owner? If you are selling, get real about your asking prices. If you have a Home Equity Line of Credit, if it hasn't already been frozen … (0 comments)
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industry news: NCHousing Lowers Rates Again! 5.75% for 90 Day Lock! - 08/04/08 09:47 AM
NC housing did it again! they have just lowered the rate for FHA/Conventional/USDA Financing, they are offering 5.75 for a 90 days lock and 6.00% for 150 days!
Call me for details;
Ricardo CobosMortgage Banker(919) 559-3384
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industry news: VA Temporarily Increases Loan Limits - 08/04/08 09:42 AM
VA Temporarity Increases Loan Limits VA Temporarity Increases Loan Limits Housing and Recovery Act of 2008;
Great news!! As a result of the recent Omnibus Housing Bill (aka Housing
and Recovery Act of 2008), the maximum loan guaranty amount is
temporarily increasing for certain VA loans closed/disbursed from July 30,
2008 through December 31, 2008. (VA has not yet obtained a permanent increase.)
Cash-out refinance transactions are unaffected by this announcement. Loan amounts = or less than $417,000 are unaffected by this announcement. Loan amounts greater than > $417,000: The maximum guaranty amount varies
depending upon the location of the property being financed. Locations … (6 comments)
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industry news: First-Time Home Buyer Tax Credit/FAQ's and Answers - 08/02/08 07:28 AM
First-Time Home Buyer Tax Credit Frequently Asked Questions and Answers
About the First-Time Home Buyer Tax Credit The Housing and Economic Recovery Act of 2008 authorizes a $7,500 tax credit for qualified first-time home buyers purchasing homes on or after April 9, 2008 and before July 1, 2009. The following questions and answers provide basic information about the tax credit.
<!--content end --> Who is eligible to claim the $7,500 tax credit? What is the definition of a first-time home buyer? What types of homes will qualify for the tax credit? Instead of buying a new home from a home builder, I have … (5 comments)
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industry news: Do you really understand the $7,500 Tax Credit for FTHB? - 07/31/08 09:43 AM
First Time Home Buyers Tax Credit
Resources to Help You Promote it to Consumers
After months of intensive rangling and lobbying by both side of the aisle the president yesterday unceremoniously signed the housing stimulus package into law.
This milestone legislation is supposed to help provide an enormous boost to the housing industry in the form of a tax credit for first-time home buyers, as well as much needed measures that will improve mortgage liquidity, and a much debated foster refinancing of troubled loans (i.e.; those who can't afford their homes) and expand the supply … (17 comments)
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industry news: What to do when the Poverty Pimps (ACORN) Show Up - 07/29/08 09:32 PM
Strong ARM Tactics by some pretty seedy people; ACORN
As if this business hasn't become difficult by it's own right. Appraisal values coming in lower every day. Buyers wanting the so called best rate possible because they have no clue that rates have been so low for so long that they actually think a 6.50% interest rate is "bad"! Everyone wants to close in two weeks because there are Realtors and Builders who are all near bankruptcy.
Then out of nowhere today I look out my office to see a gang, literally, some dozen or more people unloading in … (3 comments)
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industry news: Make your voice heard today! Save the Down Payment Assistance Programs - 07/07/08 08:46 PM
HUD has proposed yet another rule trying to eliminate charitable down payment assistance programs like AmeriDream, Nehemiah and other Down Payment Assistance Program which are Seller Funded!
This action will prevent nearly One Million qualified homebbuyers across America the opportunity to own a home. Take action today and tell HUD the negative impact their proposed rule will have on you and your customers.
After more than 15,000 comments opposing the last proposed rule and being defeated in two lawsuits, HUD is still trying to eliminate homeownership opportunities for homebuyers throughout America.
Tell HUD that they are wrong again! As you know, … (12 comments)
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industry news: Important Economic Indicators for July 2008 - 07/07/08 11:02 AM
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industry news: California's Housing Market Finds Itself in Dire Straits - 07/01/08 06:16 PM
California's Housing Market Finds Itself in Dire Straits
While the underlying demographics for housing remain strong in California and are expected to gain even greater strength as its population continues to grow, the immediate outlook is grim and the industry remains in dire straits, representatives from the California Building Industry Association (CBIA) told the media at a June 25 news conference in San Francisco during the annual PCBC conference and tradeshow.
The state's home building industry will languish well into next year, with some areas performing noticeably better than others, and the marketplace could sustain even more damage if lawmakers fail … (1 comments)
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industry news: Builders say Home Buyer Tax Credit Key To Reviving Housing - 07/01/08 10:50 AM
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industry news: Mortgages for illegal aliens? PMI Co's say "No Mas!" - 06/30/08 03:51 PM
I have been amazed that investors had been willing to lend money to people who are in the country illegally and working without the legal right to do so and as a result subject to deportation!
I have been equally amazed at how in such a short period of time the appetite for Tax ID loans have diminished (mortgage loans made to borrowers who are in the country illegally and working illegally and as such subject to deportation). It was just late summer last year that the Walls Street Journal was reporting how the appetite for Mortgage Backed Securities (MBS) as it specifically … (4 comments)
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industry news: How to Secure a Mortgage in Today's Market - 06/06/08 09:30 PM
How to Secure a Mortgage in Today's Market To protect yourself, always work with a mortgage professional who can explain how the mood in the markets and your specific financial situation can impact your decision to lock or float your interest rate at any given time.
Also, if lower credit scores are an issue for you, your mortgage professional should be able to help you or direct you to someone who can help you improve your FICO scores and your interest rate.
You can no longer simply shop for a mortgage based on lowest interest rate quotes. Today's home buyer needs … (1 comments)
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