The Fed is buying less mortgage backed securities for the 5th consecutive week. And this is why you care: The gradual effect may be a rise in interest rates.
Read more. ///
Basically 1 week left for sales that need to close by Nov 30th to take advantage of the tax credit! /// Make it good week folks! - Paul
What is rescoring?
Rescoring is a legitimate process that seeks to increase credit scores temporarily to secure a mortgage approval, or a better rate. Virtually any score can be improved by at least 20 points. It's cheap, and it takes only 5 days to do it. Contact me to make your clients "mortgage ready" !
Why use a seller conession?
1. Reduce cash required by up to 50%+
2. Avoid PMI if you hare hovering around the 80% LTV mark
3. Use it to pay for allowable expenses (much more than just closing costs)
4. Qualify for the loan by using it to buy down the rate
5. Ease payment shock by getting a temporary buydown
Long-term rates up slightly
Rates rose slightly over the week, but the 30-years fixed remained below 5% (4.92% with 0.7% fees) for the 3rd consecutive week," said
Frank Nothaft, Freddie Mac vice president and chief economist. "Homeowners are taking advantage of these low rates to refinance their current balances. Over the past 5 weeks, more than 3 out of 5 applications were for refinancing, according the
Mortgage Bankers Association.
Freddie Mac rate surveys
MBA: Foreclosures will peak and sales will rise 11% next year
Foreclosure rates will continue to climb through late next year, peaking only after the U.S. unemployment rate reaches 10.2% in the second quarter, and sales will rise 11%
Available
- Direct lender for FHA, Fannie, Freddy, VA, USDA, Jumbo, and other loans
- Same day loan decision
- 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
____________________________________
"Time is what we want most, but what we use worst"
Wiliam Penn (1644-1718)
;)
;)
