Freddie Mac Axes Interest Only Mortgages - 02/28/10 09:01 PM
While it shouldn't come as a huge surprise, on Friday, Freddie Mac has announced that they will no longer purchase and securitize iinterest only mortgages.  This policy takes effect on September 1, 2010 and impacts both fixed and adjustable rate mortgages.
So far, Fannie Mae has not announced similar plans for the once, wildly popular, interest only option.  Since 2007, Fannie and Freddie have pretty much been the sole buyers of interest only mortgages.  Reports say that over 17% of Freddie's interest only loans were 90+ days delinquent as 2009 ended.
Only time will tell if interest only loans will see 2011.
 
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A Lender’s Appraisal Does Not Care About Your Upgrades - 02/27/10 05:11 PM
Some great comments on how sellers view their home's value.
 

Via Tony Grego with American Bank Mortgage Group - 317-714-8080: Do you feel that pricing a home is a little like throwing darts these days? Sometimes you hit, most times you miss?
At the end of the day Realtors have a next to impossible job trying to help clients price their home. I don't think I ever met anyone that wants to lose money but most homes we price today should reflect a lower price than a few years ago. Now I'm on the mortgage side of things but … (2 comments)

Increase in Upfront Premiums for FHA Mortgage Insurance - Effective April 5, 2010 - 02/19/10 08:37 PM
HUD has announced that the upfront mortgage insurance premium will increase.  Effective with case number assignments on or after April 5, 2010, the upfront mortgage insurance premium will increase to 2.25%.  This is an increase of .50% from the current premium.  This policy change will increase premiums for all purchase money and refinance transactions.  This includes FHA-to-FHA credit-qualifying and non-credit qualifying streamlined refinance transactions.
The following special FHA programs are exempt from this change:
Title I Home Equity Conversion Mortgages (HECMs) Hope for Homeowners (H4H) Section 247 (Hawaiian Homelands) Section 248 (Indian Reservations) Section 223(e) (declining neighborhoods) Section 238(c) (Military Impact areas in Georgia … (0 comments)

Appliance Rebate Program - Georgia - LIMITED TIME OFFER!!!! - 02/15/10 10:20 PM
ACT NOW before funds run out!!!!!
Beginning, February, 12, 2010, Georgia residents can earn rebates ranging from $25 to $199 for a qualified purchases in the State Energy Efficient Appliance Program.  Nationally, this program has made available $300 million from the American Recovery and Reinvestment Act of 2009 in order to stimulate the economy and improve energy efficiency.  Georgia received approximately $8.6 million in funds to offer in the form of rebates. 
Sample rebates include:
$50Refrigerators
$50 or $99 (depending on model)Clothes washerDishwasherWater heater gas storage
$199Air source heat pumpsBoilers - gas or oilFurnaces - gasWater heater - gas tanklessWater heater … (0 comments)

Georgia Dream Changes - 02/13/10 12:17 PM
On February 11, 2010, The Department of Community Affairs announced several changes to some Georgia Dream programs. 
Georgia Dream Rewards (Name changed from Georgia Dream Plus)
Increased income limitations:
Atlanta MSA1 or 2 persons $71,0003 or more persons $82,000
Purchase price up to $250,000
Statewide1 or 2 persons $61,0003 or more persons $70,000
Purchase price up to $200,000 
Sales Price/Down Payment Assistance Amount Changes$5,000 if sales price is $150,000 or less$7,500 if sales price is greater than $150,000
Credit score requirement remains at 660+.  Buyers may retain cash assets up to the greater of $20,000 or 20% of the purchase price.
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