orlando fha loans: FHA Streamline Refinance Program : There's 5 Days Left - 11/09/09 02:42 PM
Consider this a last call for FHA Streamline Refinances.  Starting next Tuesday, the popular rate-lowering program gets strict on borrowers.
There's 5 days left.
Under the current streamline refi guidelines, FHA homeowners have minimal program eligibility requirements.
FICO scores must be 620 or higher The refinance must provide a "tangible benefit" No mortgage lates allowed in the last 12 months Beyond that, everything else goes, practically.  There's no income, asset, or job verification with the current FHA Streamline program. Neither is there an appraisal requirement.  It doesn't matter if you're 50% underwater.
Until next week, that is.
Beginning November 17, FHA Streamline … (0 comments)

orlando fha loans: What's Ahead For Mortgage Rates This Week : November 9, 2009 - 11/08/09 07:00 PM
Mortgage markets were extremely volatile last week, carving out a wide range between Monday and Friday.
Thankfully for rate shoppers, the overall momentum was positive.
Mortgage rates fell for the second time in as many weeks. Rates still sit higher versus their early-October lows.
For pure "news", last week was a busy one:
The Federal Reserve held the Fed Funds Rate near 0.000 percent The Unemployment Rate crossed 10 percent The First-Time Home Buyer Tax Credit was extended to April 2010 Combined, the 3 events reinforced the growing belief on Wall Street that the U.S. economy is in recovery, but not yet … (0 comments)

orlando fha loans: Congress Expands And Extends The First-Time Home Buyer Tax Credit - 11/05/09 02:36 PM
Congress both extended and expanded the First-Time Home Buyer Tax Credit program Thursday.
The White House says the President will sign it into law today.
The up-to-$8000 tax credit's expiration date has been pushed forward to spring, requiring homebuyers to be under contract by April 30, 2010, and to be closed by June 30, 2010.
The program's basic eligibility requirements remain the same:
Buyers can't purchase the home from a parent, spouse, or child Buyers can't purchase the home from an entity in which they're a majority owner Buyers can't acquire the home by gift or inheritance All parties to the purchase must meet … (0 comments)

orlando fha loans: A Simple Explanation Of The Federal Reserve Statement (November 4, 2009 Edition) - 11/04/09 08:03 PM
The Federal Open Market Committee voted to leave the Fed Funds Rate within its target range of 0.000-0.250 percent.
In its press release, the FOMC noted that the U.S. economy "has continued to pick up" since the September FOMC meeting and that housing market activity has increased.
It's the third consecutive post-FOMC statement in which the Fed speaks optimistically about the U.S. economy -- a signal that the recession is likely over.
The economy isn't without threats, however, and the Fed identified several in its announcement, including:
Ongoing job losses for American workers Reduced fixed investment by businesses Ongoing challenges for the financial markets … (0 comments)

orlando fha loans: Because Of The Federal Reserve, You Should Lock Before 2:15 PM ET Today - 11/03/09 07:46 PM
The Federal Open Market Committee caps off a scheduled, 2-day meeting today in the nation's capital, its 8th meeting of the year.
The group adjourns at 2:15 PM ET and, as is customary, will issue a press release reviewing its monetary policy and the health of the U.S. economy.
The FOMC's post-meeting statements are brief but comprehensive. They're a window into the mind of the Federal Reserve and Wall Street picks apart every sentence for clues.
It's why FOMC meetings tend to shake up the mortgage markets -- for good and for bad.
After its September 2009 meeting, the FOMC said in its press release:.....
Read the … (2 comments)

orlando fha loans: Higher Home Prices Ahead, Says The Pending Home Sales Index - 11/02/09 02:13 PM
The housing market continues to steam forward.
As reported by the National Association of Realtors®, the Pending Home Sales Index posted its 8th consecutive monthly gain in September.
It's the longest winning streak in the history of the index and Pending Home Sales are now at their highest levels since December 2006.
A Pending Home Sale is a home under contract to sell, but not yet closed.  It's the precursor to an Existing Home Sale.
Trade group data shows that nearly 80 percent of "pending" homes close within 2 months.  The majority of those remaining close within months 3 and 4.
When the … (0 comments)

orlando fha loans: What's Ahead For Mortgage Rates This Week : November 2, 2009 - 11/01/09 06:51 PM
Mortgage markets improved last week after a series of hugely volatile trading sessions.
Rates carved out a wide range on the week, culminating in a late-Friday plunge that dropped rates by about 1/8 percent.
It was the first time in 5 weeks that mortgage rates fell.
Volatility like that of last week is nothing new on Wall Street; it's been a running theme in 2009.  Volatility occurs when markets don't agree on what's next for the economy and, this year, there's been a lot of disagreement like that.
Data has been inconsistent.  Take last week for example.
At 9:00 AM Tuesday morning, the Case-Shiller … (0 comments)

orlando fha loans: How To Find Good Deals As The Buyers Market Comes To An End - 10/29/09 05:39 PM
At some point in their lives, every home buyer in America has wondered "Is now the best time to buy a home?" In this 3-minute video, NBC's The Today Show does a good job of answering the question.
The conclusion? Yes, but not if you're going to overpay.
The Buyers Market is ending, we learn, as home prices rise across most of the country.  Pockets of opportunity remain, however, and the focused home buyer can still find a "good deal".
Some of the video's tips include:......
How To Find Good Deals As The Buyers Market Comes … (1 comments)

orlando fha loans: What The Media About September's New Home Sales Report - 10/28/09 07:12 PM
Some days, newspaper headlines are a terrible place to get your real estate news.
Today is one of those days.
After the September New Home Sales report showed sales volume down from August, the mainstream media jumped on the story:
New Home Sales fall a surprising 3.6% Surprise Drop In New Home Sales Stocks slide as New Home Sales fall But the headlines miss the point, somewhat.  Yes, home sales volume is important to housing, but it's not as important as home supply.
A deeper look at the New Home Sales data reveals an interesting comparison point:
New home sales volume fell 3.6% The number of … (0 comments)

orlando fha loans: Home Values In 95% Of Case-Shiller Markets Are Improving Year-To-Year - 10/27/09 09:29 PM
For August, the Case-Shiller Index showed annual home values improving across 19 of 20 U.S. markets. It's the first time in 3-plus years that the benchmark housing index has shown such strength.
According to a Case-Shiller Index spokesperson, "The rate of annual decline in home price values continues to improve."
It's yet another sign that housing may have already bottomed.
However, just because the Case-Shiller Index shows a stabilization in home values, that doesn't necessarily make it true. This is because real estate happens on the local level and the Case-Shiller Index is more "national". It tracks data in just 20 … (3 comments)

orlando fha loans: Falling Home Supplies Mean More Multiple-Offer Situations For Buyers - 10/26/09 04:19 PM
The national housing supply fell to a 2-year low last month, according to the National Association of Realtors®.
At the current sales pace, existing home inventories would sell out in 7.8 months -- 30 percent faster versus November 2008.
For a 10-month window, that's a major housing supply reduction and it helps to explain why multiple-offer situations have been so common lately.
Moreover, the same report from NAR showed sales activity reaching its highest point since July 2007, too.
If you're looking for evidence that the long-standing Buyers Market is ending, this month's Existing Home Sales report might be it.
Even … (2 comments)

orlando fha loans: What's Ahead For Mortgage Rates This Week : October 26, 2009 - 10/25/09 07:25 PM
Mortgage markets were volatile last week, making it very difficult to shop for mortgage rates.
On most days, lenders issued multiple rate sheets with the trend putting rates higher in the morning, and lower in the afternoon.
Overall, mortgage rates were unchanged on the week. It broke a three-week streak through which mortgage rates rose.
Rates remain roughly one-half percent higher than the lows of early-October.
The biggest positive for rate shoppers last week was tame economic data -- specifically concerning the Producer Price Index and the housing sector.
The Producer Price Index is an inflationary, Cost of Living-like measurement for … (0 comments)

orlando fha loans: Government : Home Prices Edged Lower In August - 10/22/09 04:56 PM
According to the government, home values edged lower last month.
The Federal Housing Finance Agency's Home Price Index report shows values down by 0.3 percent from the month prior -- the index's first down month since April.
The Home Price Index is based on the value of homes financed via Fannie Mae or Freddie Mac and, in this sense, the FHFA Home Price Index is more of a "national" real estate index that its private-sector cousin, the Case-Shiller Index.
But like the Case-Shiller, the HPI is as notable for what it specifically excludes as for what it includes. Most notably, the Home Price Index doesn't account for homes meeting … (0 comments)

orlando fha loans: As Gas Prices Rise, Mortgage Rates Are Rising, Too - 10/21/09 09:36 PM
With crude oil at its highest levels since October 2008, retail gas is up 8 cents per gallon this week.
It's bad news for home buyers and mortgage rate shoppers.  The same force that's driving oil higher is linked to rising mortgage rates.
We're talking about the weakening U.S. Dollar which is now at its worst levels versus the Euro in 15 months.
Crude oil is priced in U.S. dollars, by the barrel.  When the dollar loses value, more of them are needed to buy the same barrel of oil.  As a result, predictably, the price of crude oil goes up.
Now, there are … (4 comments)

orlando fha loans: Previewing The New Good Faith Estimate - 10/19/09 05:08 PM
The new Good Faith Estimate makes its debut January 1, 2010.
Expanded from 1page to 3, the legislators responsible for the new Good Faith Estimate want it to be simpler for homeowners and home buyers to understand than the former version.
By most accounts, Congress will meet this goal.
The new Good Faith Estimate includes plain-English explanations of every fee, charge, and interest payment involved in a purchase or refinance.  It also includes a section called "The Shopping Cart" in which applicants can compare lenders.
The new Good Faith Estimate is concise, too.  Using a series of "Yes/No" checkboxes on Page 1, … (2 comments)

orlando fha loans: What's Ahead For Mortgage Rates This Week : October 19, 2009 - 10/18/09 08:21 PM
Mortgage markets worsened last week on better than expected economic data, causing mortgage rates to rise.
Last week was the third consecutive week that mortgage rates moved higher and, since touching a multi-month low in early-October, conforming mortgage rates are up by about a half-percent.
It's likely rates will continue to rise, too.  That's because the same force that held rates down for so long is now the force pulling them up -- expectations for the U.S. economy.
Over the last 6 months, it wasn't clear in what direction the country was headed.  The housing sector has been gaining in strength, but the rest of … (2 comments)

orlando fha loans: The Fed Thinks The Economy Is Improving And What It Means For Home Affordability - 10/15/09 04:11 PM
Mortgage rates are higher after the Federal Reserve released the internal notes of its September 22-23, 2009 meeting.
Known as the "Fed Minutes", the report details the conversation and cross-currents that led to the Federal Reserve's decision to vote "unchanged" on the Fed Funds Rate after its last meeting.
The Fed Minutes are the lengthy companion to the more famous, succinct post-meeting press release.
As a comparison:
Press Release: 383 words Minutes: 6934 words The extra level of details is a big deal because Wall Street is perpetually in search of clues about what the Federal Reserve is going to do next.
In the … (1 comments)

orlando fha loans: Foreclosure Activity Remains Concentrated In Just 4 States - 10/14/09 05:37 PM
For the seventh consecutive month, foreclosure activity in the U.S. was dominated by a tiny subset of states.
As reported by RealtyTrac.com, more than half of September's foreclosure-related activity occurred in just 4 states:
California Florida Nevada Michigan These states represent just 22.05 percent of the total U.S. population.
Overall, foreclosures are up 29 percent from September 2008 and, while, the data seems negative, defaults are creating some interesting buying opportunities.
Foreclosed homes often sell at a discount as compared to non-foreclosed homes. Cheap prices, low mortgage rates and willing buyers have helped to spur home sales in many U.S. markets.   In August, … (3 comments)

orlando fha loans: What's Ahead For Mortgage Rates This Week : October 13, 2009 - 10/13/09 04:07 PM
Mortgage markets worsened last week as investors responded to a recovering global economy.
Despite briefly touching their lowest levels since May, mortgage rates ended the week dramatically higher.
It's the second straight week that rates soared on a Friday.
For several months, Wall Street has been in limbo; undecided whether the economy is truly showing signs of improvement. Negative news has tended to sink rates while positive news has tended to do the opposite.
Lately, investors have been in search of signals anywhere signals can be found.  Last week -- sans hard-hitting economic data -- those signals came from the worlds' Central … (0 comments)

orlando fha loans: It's A Good Time To Look At Adjustable-Rate Mortgages - 10/12/09 06:37 PM
According to the Freddie Mac weekly mortgage rate survey, the relative cost of a 5-year ARM is dropping versus its 30-year fixed-rate cousin.
During the first 5 months of 2009, the products ran neck-and-neck. Today, they're a half-percent apart.
On a $200,000 home loan, that's a difference of $60 per month.
Adjustable-rate mortgages aren't for everyone, but for the right household, they can be a terrific fit.  A few scenarios that warrant consideration of a 5-year ARM include persons:...
It's A Good Time To Look At Adjustable-Rate Mortgages
Chris is Florida's #1 FHA Mortgage Broker and a syndicated … (2 comments)

Chris Brown- Florida Home Loan Specialist | Certified Mortgage Planner, Chris Brown 407.367.2974 (Chris Brown | Certified Mortgage Planners) Rainmaker large

Chris Brown- Florida Home Loan Specialist | Certified Mortgage Planner

Chris Brown 407.367.2974

Orlando, FL

More about me…

Chris Brown | Certified Mortgage Planners

Address: 1331 S International Parkway , Suite 2251, Lake Mary, FL, 32746

Office: (407) 367-2974

Fax: 800LoanGap

Email Me




RSS 2.0 Feed for this blog