The Homeowner
Affordability and Stability Plan (HASP) is launching March 4th. Read
about the details here. Meanwhile getting a loan is getting
tougher across the board: higher credit scores, more down
payment, higher PMI rates, surcharges - and more. See below. Not
pretty - Paul
Homebuyer Tax Credit forms and
rules now in place
The tax credit represents 10% of the purchase price of a home up to a maximum of $8,000 or $4,000 for married taxpayers filing separate returns. The $7,500 credit that was authorized under earlier legislation last year was actually a 15 year loan; the new tax credit does not have to be repaid by the homeowner under ordinary circumstances. Read more
Mortgage Insurance: Harder to get
With losses mounting within the mortgage-insurance industry, some applicants are being turned away, while others will have to pay higher premiums. Read more
The tax credit represents 10% of the purchase price of a home up to a maximum of $8,000 or $4,000 for married taxpayers filing separate returns. The $7,500 credit that was authorized under earlier legislation last year was actually a 15 year loan; the new tax credit does not have to be repaid by the homeowner under ordinary circumstances. Read more
Fannie and Freddie plan big fee
increases
Fannie Mae and Freddie Mac are both toughening credit score and down-payment rules as of April 1. In response, major lenders are already factoring in the higher fees. Under the new guidelines, buyers with down payments of less than 25% will be charged a 0.75% add-on penalty, no matter how high their credit score. Buyers of duplexes, where one unit is owner-occupied and the other is rented, will be charged a 1% add-on. Refinances with cash out will be charged as much as 3%. Read more
Fannie Mae and Freddie Mac are both toughening credit score and down-payment rules as of April 1. In response, major lenders are already factoring in the higher fees. Under the new guidelines, buyers with down payments of less than 25% will be charged a 0.75% add-on penalty, no matter how high their credit score. Buyers of duplexes, where one unit is owner-occupied and the other is rented, will be charged a 1% add-on. Refinances with cash out will be charged as much as 3%. Read more
Is your mortgage deduction
under fire?
They say nothing less is at stake than the mortgage interest deduction. Next to fall will be motherhood and apple pie. Read more. Roundup: What is does to owning vs renting
They say nothing less is at stake than the mortgage interest deduction. Next to fall will be motherhood and apple pie. Read more. Roundup: What is does to owning vs renting
Mortgage Insurance: Harder to get
With losses mounting within the mortgage-insurance industry, some applicants are being turned away, while others will have to pay higher premiums. Read more
FHA and conforming loan limits released
HUD has released new FHA and conforming loan limits based on changes enacted as part of the economic stimulus bill. Loan limits in high-cost areas are increased to $729,750, the same as last year. They had dropped to $625,500 this year before passage of the legislation. Check local loan limits here.
HUD has released new FHA and conforming loan limits based on changes enacted as part of the economic stimulus bill. Loan limits in high-cost areas are increased to $729,750, the same as last year. They had dropped to $625,500 this year before passage of the legislation. Check local loan limits here.
Rates
flat
For the week ending Feb 26th the 30-year fixed averaged 5.07% with an average 0.7% fee, up from last week when it averaged 5.04%. This time last year it averaged 6.24% Freddie Mac rate surveys
For the week ending Feb 26th the 30-year fixed averaged 5.07% with an average 0.7% fee, up from last week when it averaged 5.04%. This time last year it averaged 6.24% Freddie Mac rate surveys
Available now...
* Jumbo loans at near non-Jumbo rates
* Helocs in 1st position to 75% ltv
* ARMs starting at 3.75%
* 85% ltv
firsts without PMI
Contact
me for further information or
assistance
_________________________
"The manner of giving is worth more than the
gift"
Pierrre
Corneille (1606-1684)
Gardner Realtors, Licensed in La. - New Orleans, LA
Listening to your Needs
There will be more charges and changes in the coming weeks. I think these guys need some competition. As hard as they may try, they cannot recoup their losses. They are on the US payroll so its impossible to think about the end user of there products.
Feb 28, 2009 08:16 AM
Anonymous
And for those of you who dont know why Fannie and Freddie are, check out my blog at: http://blog.lucidrealty.com/
Mar 11, 2009 06:18 AM
#2
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