Paul Luykx is reporting that a lot of lenders are following Fannie and Freddie's lead by eliminating down payment assistance -- except they are doing it sooner!
By the sound of things, if you wish to buy a home using downpayment assistance, you need to get your application in now!
Via
Paul Luykx:
Horrific is a fitting term for the current state of affairs in Mortgage Land. The
Fannie-Freddie meltdown and continuing real estate malaise are still making things worse. Zero down opportunities are disappearing in advance of the Sep 30 deadline (which is why I am releasing the newsletter early this week). And now commercial financing is mimicking what residential has done over the last 12 months. Most of us are by nature optimists who believe that the future will soon again replicate a glorious past, or at least the way it was a just a few months ago. Don't count
on it! If you need to finance or refinance, do it sooner, rather than later! Go here for an
online quote request ....
Paul
Rates lower on continued weakness in housing
"Even with the current historically affordable mortgage rates, news continues to show signs of weakening in the housing sector," said Frank Nothaft, Freddie Mac vice president and chief economist. "For example, housing starts fell to 0.965 million units (annualized) in July, the slowest pace since March 1991. As a result, homebuilder confidence remained at an all-time record low in August since the series began in January 1985.
Freddy Mac rate surveys
1-3 week trend:
Flat 21+ days:
Flat Market commentary
DPA ALERT - Zero down possibilities evaporating!!
Exactly as I feared, lenders are stopping DPA (Down Payment Assistance) deals, some now stipulating that applications must be in by August 31st - next week! (as opposed to having the DPA approved before Sept 30th, with funding at any time thereafter). Your opportunity to purchase with zero down can be gone any time! If you have one, act now! Call me any time for lightning speed service.
Luxury condo crisis
The once untouchable part of the NY state retail market is now feeling the credit crunch, with Alex Frangos, The Wall Street Journal reporter. Watch video
Dear FDIC: I want a better mortgage too!
In real estate you typically see cycles between buyer's markets and seller's markets. But the credit crunch has brought a new term to the forefront: a
borrower's market.
Don't procrastinate on applying for a commercial loan
The chairman of Cambridge Realty Capital Cos., said given the current environment, it is unlikely rates for commercial real estate loans will move any lower and he advises borrowers against procrastinating.
Read more
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All experience is an arch, to build upon.
(Henry B. Adams)
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