The industry standard for FHA loans remains at 620 - for now. It appeared for a little while the standard would be raised to 640, 660 even. (Regardless, I do have FHA and other solutions for scores as low as 500). /// You can still count on
FHA standards increasing however. ///
203(k) loans remain the single best (and virtually only) option for rehab/renos. New alternatives are expected soon. Stay tuned. /// There is gridlock on the horizon due to the
homebuyer tax credit which requires sales to
close by the end of Nov. 30th. Get your mortgages
fully pre-approved to minimize the chances of delays! ///
Make it good week folks! - Paul
Federal incentives coming for short sales, deeds-in-lieu/default
The mortgage servicing industry in coming weeks will see details of an incentive program aimed to prevent foreclosures by encouraging servicers to pursue short sales and deeds-in-lieu of foreclosure. Read more
Homebuilder confidence up
Low mortgage rates are aiding new home construction. Housing starts for single family homes have increased consecutively over the five past months ending in July, although starts eased slightly in August. Moreover, homebuilder confidence improved for the third straight month in September, with all four regions showing positive gains, according the
National Association of Home Builder’s Housing Market Index
Long-term rates down for 3rd consecutive week
"Interest rates for fixed-rate mortgages eased for the third consecutive week and remained at 3-month lows," said
Frank Nothaft, Freddie Mac vice president and chief economist. "Interest rates for 30-year fixed-rate mortgages have averaged just above 5% through mid-September, which is roughly 1% below last year’s average and suggests that 2009 may reach a record annual low since the
Freddie Mac rate surveys started in 1971.
;)
;)
The rates are still looking great. I know many credit restoriation companies are making money as people are seeking credit consultants.