The Fed is now buying up to 80% of ALL mortgage backed securities.
The Fed started buying billions of MBS in January to support the housing market, and says it will phase out the program over the next 6 months. This could lead to drastic rate increases. Read more. /// Lenders are upping Fico standards. Credit scores are increasingly more important. They determine IF you get credit and at what RATE. /// Make it good week folks! - Paul
Good credit habits - the basics
1. Pay your bills, on time :))
2. Keep credit card balances below 50% of the limit.
3. Don't apply for credit excessively. Frequent inquiries can reduce score.
4. Don't close accounts unless you feel you need to. Reduces credit history.
For more credit score information go here.
Unemployed homeowners may get assistance
Potential financial assistance in the form of grants and loans is being discussed by the Obama administration and major lenders for unemployed home owners. Read more
Long-term rates remain low, increasing affordability
"The 30-yr fixed remained unchanged this week at 5.04% with 0.6% fees and points. See
Freddie Mac rate surveys
Commercial prices continue to drop
From June to July, commercial prices fell 5.1% according to Moody's/REAL Commercial Property Price Indices. Read more.
Existing home sales slide unexpectedly in August
The NAR said sales of existing homes fell 2.7% in August. Compared to 12 months ago that pace is up 3.4%, but analysts were expecting a 2.1% boost this month due to low mortgage rates and the soon-expiring tax credit for first-time homeowners. Read more.
Available
- Direct lender for FHA, Fannie, Freddy, VA, USDA, Jumbo, and other loans
- Same day loan decision (pre-approvals)
- 30-day closes (45-days for FHA)
- Condo (conversion) financing services.
Information
- FHA loans down to 560 Fico
- 50-70% LTV stated income loans (600-700 Fico needed)
- 90% LTV Fannie Mae condo loans
- Loans for non-residents
- Rehab and construction loans
- Non-warrantable property loans
- Reverse mortgages
- Commercial loans
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"
Wisdom begins in wonder"
Socrates (469-399 BC)
;)
;)
Paul, Thanks for reminding us of this important information. Hopefully, rates will remain low.