Prequals are not enough. Prequals serve their purpose, namely to confirm approximate mortgage loan qualification - Probably ok as a first step. To support an actual offer to purchase, I now recommend full (property specific) pre-approvals - to eliminate ever possible upfront doubt. There are too many uncertainties in today's mortgage market! Better to play if as safe as possible. //
Good news on the pricing front: Home prices rose across the country in June. // Make it a good week folks! - Paul
U.S. home prices see first rise in 3 years
Home prices in major U.S. cities registered the first monthly gain in nearly three years, according to a new report that provided fresh evidence that the severe U.S. housing downturn could be easing.
News and charts.
Rates up a bit
For the week ending July 30th the 30-year fixed averaged 5.25% with an average 0.7% fees and points, up from last week when it averaged 5.20%. "Bond yields rose slightly higher this week on market optimism that the economy may be stabilizing somewhat, and mortgage rates followed those yields," said
Frank Nothaft, Freddie Mac vice president and chief economist. "For instance, the Federal Reserve reported in its July 29th regional review that residential real estate markets in most of its districts remained weak, but many reported signs of improvement. In addition, it noted that entry-level homes continued to perform relatively well in part due to the
first-time homebuyer tax credit.
Freddie Mac rate surveys.
Condo listing or purchase? - Get a certification right away!
As we are all painfully aware of how condo financing can be a real curse. Read more. Don't wait till the end to see if the condo qualifies for financing!
I recommend certifying any condo upon listing OR contemplated purchase offer with the use of this certification form. Send it to me for review by our dedicated condo team. Prospect is a direct lender and, we stand behind our condo certifications!
Congress unlikely to consider tax credit until October
The health reform efforts in both the House and Senate will completely dominate the agenda in both tax-writing committees until the end of September. Accordingly, their leaders have announced that they will not take up expiring provisions, including the first-time homebuyer tax credit, until they have disposed of the health reform legislation. Thus, extension and possible expansion of the $8000 tax credit are unlikely to be considered until October.
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Available
- Direct lender for FHA, Fannie, Freddy, VA, USDA, Jumbo, and other loans
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- 30-day closes (45-days for FHA)
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Information
- FHA loans down to 560 Fico
- 50-70% LTV stated income loans (600-700 Fico needed)
- 95% LTV Fannie Mae condo loans
- Loans for non-residents
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"I am not embarrassed to tell you that I believe in miracles"
Corazon Aquino (Jan 25, 1933 – Aug 1, 2009)
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When I start working with a buyer I insist that they have at least a prequalification letter, that way I know they have at least spoken with a lender. Once we get close to identifying a property they want to buy then I ask that they go back to their lender and firm up their prequal to a solid preapproval so they can move forward with an offer. The market has changed so much now that buyers need to be really ready to buy and have all their ducks in a row.