waterstone mortgage prime equity group: Break the Bottleneck for First-time Homebuyers
- 08/26/10 06:19 AM
First-time Homebuyers really need to be taking advantage of record low interest rates and home values. Mortgage Interest deductibility has not changed and, if anything, tax rates will go up, which makes the present buying situation extremely attractive for the first-time buyer and one of many compelling reasons to buy a home now. So why aren't more people buying homes now? Sure, job insecurity and concern over property appreciation are factors here, but there are still plenty of renters who do qualify for a mortgage, except they are paralyzed by indecision and misinformation. The bottleneck that I am seeing is that we … (2 comments)
waterstone mortgage prime equity group: 100% Financing available for Idaho First Time Homebuyers
- 08/25/10 05:04 AM
Idaho First Time Homebuyers do have access to 100% financing! The property must be a single family residence and stick built construction - no multi-units or manufactured housing. Buyers have at least $1,000 of their own funds into the transaction which can go towards down payment or closing costs. Home prices are fantastic right now and mortgage rates are at historical lows. Call and get prequalified, you could be living in your very own home this year, (208) 287-1717. … (0 comments)
waterstone mortgage prime equity group: New First Time Homebuyers Are In The Waiting
- 08/25/10 04:58 AM
A new survey by Trulia.com found that 72% of all renters wish to own their own home. Of those that want to own their own home, one third are ready to buy now and two thirds say that they will wait two years or more. One-third is a very sizable number and combined with consistently low mortgage rates at or near their historic lows, the stage is set for entry-level home sales to continue to surge. As the entry-level market continues to improve, that provides demand for those that are moving up to the next price level. While renters are eager … (1 comments)
waterstone mortgage prime equity group: FHA Launches Short Refi Opportunity for Underwater Homeowners
- 08/18/10 06:54 AM
Effort designed to encourage principal write-downs for responsible borrowers WASHINGTON - In an effort to help responsible homeowners who owe more on their mortgage than the value of their property, the U.S. Department of Housing and Urban Development today provided details on the adjustment to its refinance program which was announced earlier this year that will enable lenders to provide additional refinancing options to homeowners who owe more than their home is worth. Starting September 7, 2010, the Federal Housing Administration (FHA) will offer certain 'underwater' non-FHA borrowers who are current on their existing mortgage and whose lenders agree to write … (1 comments)
waterstone mortgage prime equity group: HomePath: A purchase program for specially designated Fannie Mae REO Properties.
- 08/17/10 06:27 AM
HomePath: A purchase program for specially designated Fannie Mae REO Properties. Here is where you determine if the property is eligible for HomePath financing: www.homepath.com Specs: Owner Occupied: 1 Unit to 95% with 660 Score/2 Units to 80% with 620 Score/3-4 Units to 75% with 620 Score 1 Unit to 97% LTV with 660 Score (HomePath Flex Code 2097-00) 2nd Home: 1 Unit to 90% with 660 Score/80% with a 620 Score Investment: 1 Unit to 85% with 660 Score/1 Unit to 80% with a 620 Score/2-4 Units to 75% with a 620 Score Purchase Only 30 & 15 Year Fixed … (0 comments)
waterstone mortgage prime equity group: High End Home Sales Surge
- 08/16/10 11:37 AM
A significant decline in jumbo mortgage rates (loans above $417,000) are helping to move some of the highest-end inventory. Sales volumes of homes worth more than $1 million across the country are up more than 35% from this time last year according to the National Association of Realtors. They also stated that homes between $700,000 and a million were up 29% from last year.There is no question that high unemployment and concern about the economy is pressuring the housing market at all price points, but it is clear that the ultra-low mortgage rates are having a dramatic impact on the highest end of the price … (1 comments)
waterstone mortgage prime equity group: HomePath Mortgages by Fannie Mae
- 07/29/10 07:55 AM
In today's challenging real estate market, more buyers are looking at REO properties. Foreclosures are presenting both realtors and lenders new challenges. To help, Fannie Mae's HomePath® program is designed to move Fannie Mae REO properties.
For the homebuyer, HomePath could be just what you or your client needs to move into a new home: • Low down payment and flexible mortgage terms (fixed-rate and adjustable) • No Mortgage Insurance
• No Appraisal Fee • Borrowers may qualify even if their credit is less than perfect • Available for owner-occupied, second and investments • Single-family, condo, duplex, 4-plex all … (4 comments)
waterstone mortgage prime equity group: EU Bank Stress Tests
- 07/28/10 09:17 AM
Only 17 out of the 91 European Union's banks failed their stress test. The ultimate goal of the stress test was to give the global markets more confidence in the EU. The results were released last week and so were the criteria. No one expected the criteria to be so tough.These tests ran a bank's balance sheets through a series of worse case scenarios. A bank fails the stress test if its Tier-1 capital ratio is below 6% under two scenarios: Adverse scenario and adverse scenario plus sovereign risk. The adverse scenario assumes that the bank must face an economic climate that … (0 comments)
waterstone mortgage prime equity group: Fannie Mae gets tough on 'strategic' mortgage defaults
- 07/20/10 08:05 AM
Borrowers who walk away from mortgages they can afford to pay - making "strategic defaults" - are running increasing risks that they'll be penalized for doing so. Starting in October, Fannie Mae says, strategic defaulters will be disqualified for new Fannie Mae-backed loans for seven years after their foreclosures. Fannie also says it will go to court where it can to recoup outstanding mortgage debt from borrowers who strategically default. Under a bill that's passed the House and awaits Senate action, the Federal Housing Administration would be barred from insuring mortgages for those who previously ditched a mortgage they had the … (1 comments)
waterstone mortgage prime equity group: Foreclosure Rates Fall Again
- 07/20/10 07:21 AM
U.S. foreclosure rates fell for the third straight month according to RealtyTrac's new report. New foreclosure fillings in June dropped 2.81 percent from the previous month and 6.98 percent from the previous year. While foreclosure rates are falling, they are still at high levels with 16 straight months of readings of over 300,000. Still 410 out of every 411 homes are not in foreclosure, so there is still some strength in the housing market. … (1 comments)
waterstone mortgage prime equity group: Second Summary of Mortgage Related Provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (H.R. 4173)
- 07/16/10 11:55 AM
As signed by the Conference of the House and Senate on June 29, 2010, passed by the House of Representatives on June 30, 2010 and pending Senate action BACKGROUND - This summary describes the key points in H.R. 4173, the Dodd-Frank Wall Street Reform and Consumer Protection Act, agreed to by conferees from the Senate and House of Representatives on June 29, 2010, that are relevant to MBA members. The Conference Report on the bill was passed by the House of Representatives on June 30, 2010 by a 237 to 192 vote. It is anticipated that the Senate will take … (1 comments)
waterstone mortgage prime equity group: Why are so many people listing their houses now?
- 07/13/10 04:33 AM
Once the tax credit expired (new contracts had to signed by April 30th) everyone expected that listings would go down. But they haven't...they have gone up. With all of the negative media attention on housing it would be easy to consider that it is because the sellers are distressed in some way. Maybe they lost their job or they are trying to sell the home before it goes into foreclosure.But here is the real reason why listings are up: Interest rates are at an all-time low. Despite the constant bombardment of negative media coverage, the vast majority of existing homeowners are … (3 comments)
waterstone mortgage prime equity group: Home Sales Up In Idaho's Treasure Valley
- 07/13/10 04:20 AM
Home sales rose slightly in June in the Treasure Valley, according to sales data released Monday. The Intermountain Multiple Listing Service said 940 homes were sold in June in Ada and Canyon counties, compared with 933 in May, a less than 1 percent increase. Ada County logged 630 sales last month, compared with 625 in May. Canyon County reported 310 sales in June, up from 308. The median sales price in Ada County in June was $157,000, up 2.3 percent from May. Canyon County saw a slight dip in the median price to $99,900, compared with $100,000 the previous month. … (0 comments)
waterstone mortgage prime equity group: The Home Buyer Tax Credit Extension has been extended to 2011 for Military
- 07/08/10 06:54 AM
The much-talked about $8,000 tax credit for first-time homebuyers recently expired for most people, But if you're military or a certain government employee, this fantastic opportunity has been extended to 2011! You still can qualify for a tax credit of up to $8,000 even if you're not a first-time homebuyer. Briefly, if you sold a home because of "orders" between 1-1-09 and 4-30-10 and served at least 91 days extended duty, you will qualify for the homebuyer tax credit as long as income, sales price and age (18 years) requirements are met. You need to sign a contract by April 30, … (2 comments)
waterstone mortgage prime equity group: President Signs 3-Month Extension of Tax Credit
- 07/06/10 08:25 AM
On Friday, President Obama signed a law giving home buyers three extra months of the wildly popular tax credit that gives first-time home buyers $8,000 and previous owners $6,500. These only apply to primary residences.The catch? This still only applies to purchase contracts that were executed prior to the April 30th deadline. This just gives those individuals extra time to close. It does not enable today's signed contracts to qualify. … (0 comments)
waterstone mortgage prime equity group: Closing Deadline Extension For Homebuyer Tax Credit Loans Passed
- 07/02/10 05:25 AM
The Senate by unanimous consent passed a House-passed measure that would extend the deadline for closing loans that qualify for the homebuyer tax credit until September 30, 2010. The extension affects the closing deadline only; contracts still have to have been executed by April 30, 2010 to be eligible. The measure now goes to the President for signature, who is expected to sign it upon receipt. … (0 comments)
waterstone mortgage prime equity group: Mortgage Rates Drop to Record Low
- 07/02/10 05:22 AM
30 year fixed mortgage rates dropped to their lowest levels in 39 years according to a new survey released by Freddie Mac, the second largest mortgage finance company.Interest rates on 15 year fixed rates and hybrid adjustable rate mortgage rates reached fresh lows as well. While record low rates and high housing affordability helped the housing market gain ground over the last year, the sector is struggling since the popular home buyer tax credit expired on April 30th.According to a Freddie Mac survey, the average 30 year fixed rate for conventional (non-FHA and VA) mortgages averaged 4.69 percent for the week ended … (0 comments)
waterstone mortgage prime equity group: How to Monetize Facebook (without annoying your friends and family)
- 06/16/10 05:40 AM
To Idaho Real Estate Agents: This is an invitation to a Lunch N Learn Class that Shanna and I are sponsoring next week. It's a class that focuses on Facebook marketing strategies that really work for Realtors... and that really work in Treasure Valley. The name of the class is "How to Monetize Facebook (without annoying your friends and family). Included are the best strategies from various social media trainings we've attended distilled down to the most effective strategies for our local market! This is not a traditional "How to do Facebook" class or a "Why Social Media" class... it is a class that talks about … (0 comments)
waterstone mortgage prime equity group: Idaho first time home buyers have an option that is even better than FHA!
- 06/14/10 08:55 AM
The Idaho Housing and Finance Association (IHFA) have launched a new program to make homeownership a reality through its IdaMortgage program. The new Affordable Advantage Loan offers a down payment as low as $1,000, and has no mortgage insurance requirement, saving qualified borrowers money on the mortgage payment every month. "This IHFA exclusive financing option is a great tool for homebuyers as the housing market in Idaho continues its recovery," said Gerald Hunter, IHFA president and executive director. "It offers another affordable lending option for low- to moderate-income homebuyers across the state." Features of the Affordable Advantage Loan include: As little … (1 comments)
A pending home sale is simply a signed contract on a home that has not yet closed. The National Association of Realtors reported that we continued to see gains in home sales for the third consecutive month. The index rose 6.0% last month and 22.4% when compared to April 2009. The April increase follows a 7.1% in March and a 8.3% increase in February.While certainly some of the gain … (0 comments)
First-time Homebuyers really need to be taking advantage of record low interest rates and home values. Mortgage Interest deductibility has not changed and, if anything, tax rates will go up, which makes the present buying situation extremely attractive for the first-time buyer and one of many compelling reasons to buy a home now.
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