The mortgage rates for the end of the week are still looking great for our purchase contracts being written over the weekend.  The Virginia mortgage market is still going strong and expected to continue for the rest of the quarter.  Keep calling your customers and letting them know that the tax credit will be running out soon and not to miss the boat the second time.

If you need a mortgage rate quote in any state please click on http://www.ThomasMinetti.com and we can have your mortgage quote back to you in a hurry.

We are working over the week also, so if you need a Pre-Qualification feel free to contact us at http://www.ThomasMinetti.com

It's a Great sunny morning in Virginia, just can not believe we just had 9 inches of snow and mother nature is blessing us with her sunshine.

So let that enough about mother nature for the time being, Its time to get moving on all of your buyers because the Tax Credit is running out soon.

Call me if you need any help on your FHA, USDA, Sub-prime FHA, conventional or Jumbo needs.  Rates are still great for the time being so get your customers back on the streets looking for their dream home.

Remember we also are doing the 203k Streamline purchase loans. If your customer just doesn't like the current inventory on the market, they still have option to blow out the Kitchens and bathroom to make that diamond in the rough their new home.

www.thomasminetti.com

703-891-4569

Man o Man,

Had a bad dream last night that I sold my Snow Thrower!  My my dream came true because I sold mine 30 days ago after the X-mas snow fall because I never thought we would get another 2 foot of snow.

Well, looked out this morning and we are currently at 2 foot of snow and expected to get another one foot by the end of the day.

IT'S OFFICIAL, FEBRUARY 15^TH!!

Then How long will it take to get your appraisals and to close your loans?

As we all know, FHA appraisals for loans with case #s pulled after February 15^th, 2010 will have to go through the ‘Appraisal Independence' format.

Many lenders are using appraisal management companies who's turn times will drastically slow even further when it already takes forever to get a conventional HVCC from them!

We just got another 5 inches of snow in Virginia last night but the snow crews are getting the hang of the snow removal in our area. 

We are getting ready for the big one later on this week and hopefully it won't hit until everyone is home...

Mortgage rates are still looking great for us and new application are continuing to grow!  Get those contracts ratified so you can meet the Tax Credit Deadline.

www.ThomasMinetti.com

Be careful when you short sale or have a foreclosure because Lenders are increasingly seeking to collect unpaid mortgage balances through deficiency judgments against borrowers who foreclosed or secured short sales.

The FDIC reports a 48 percent surge in mortgage recoveries to a record $1.01 billion and a nearly twofold increase in home-equity loan recoveries to $392 million between January 2009 and September 2009 from a year earlier.

Real estate attorneys are saying the main targets for deficiency judgments are borrowers who were current on their payments but abandoned the home because their loans were underwater.

So be careful before you buy and bail...

What do you think?  Will the government stop buying the MBS, I don't think so, at this point the would be jumping from the pan to the fire!  Rates would go UP and the market would cool and we would only go backwards at this point.

They may slow the buying but I just don't think they would stop.

Stay tuned for more updates...

Its going to be another great week in the mortgage industry in Virginia.  We see loan applications increase for the last of the tax credit and we hope you all can close before it expires.  Don't miss the boat the second time around, not sure if they will extend the program for those that didn't take advantage of it last time.

Effective for all FHA case numbers assigned on or after February 15, 2010

The New Appraiser Independence Requirements must be followed on your loan transactions

Prohibits FHA lenders from accepting appraisals prepared by appraisers who are selected, retained or compensated by mortgage brokers and commission-based lender staff. In addition, enforces appraiser independence by prohibiting the mortgage broker from having substantive communications with the appraiser regarding valuation, ordering, or managing the appraiser assignment.

Have you seen Mortgagee Letter 2010-02, Increase in Upfront Premiums for FHA Mortgage Insurance

Effective for FHA loans for which the case number is assigned on or after April 5, 2010, FHA will collect an upfront mortgage insurance premium of 2.25%.  This policy change will increase premiums for purchase money and refinance transactions, including FHA - to FHA credit-qualifying and non-credit qualifying streamlined refinance tranactions.

Get your FHA Deals rolling before the new changes comes into effective.

www.ThomasMinetti.com