landmark mortgage: FHA 90 day Flipping Rule Waived!
- 01/15/10 12:45 PM
Hud announced today that as of February 1st, 2010 they are waiving the 90 day rule for sellers to be in title to a property, also know as the "flipping rule". This is good for 1 year and does have positive influence in the market place!! As long as the buyer and seller are not related and as long as the seller is not increasing the sales price by more than 20%, there are no other requirements or restrictions to this waiver. If a seller has increased the price by more than 20%, the lender has to 1)document by a … (2 comments)
landmark mortgage: 8000 Tax Credit
- 08/18/09 04:10 AM
Reminder- that the First Time Homebuyer Tax credit of 8000 expires on December 1, 2009. Let's back into this timeline- At the time of year that this expires it falls right after the Thanksgiving weekend. Title/Escrow companies and Lenders all take a 4 day weekend for the Thanksgiving Holiday so my advice is to close on a home purchase by November 25th, 2009 to be on the safe side. Many people are out looking for that first time house to take advantage of this credit. As more people find homes, the industry surges with business, now that is a good thing … (2 comments)
landmark mortgage: Investor Alert!
- 08/17/09 09:00 AM
For all you investors out there, here is a great opportunity, just when you thought the investment opportunities were gone! www.homepath.com This website has homes owned by FannieMae that are for sale. These homes qualify for special financing for all investors. The minimum required investment is only 10% down. Yes, really only 10%!!! Mortgage insurance is not required on these propertis and an appraisal is not required. Now, just a few of the disclaimers, borrowers can not have more than 4 financed properties on this program, credit score must be 660 and you must qualify with the full payment with no … (0 comments)
landmark mortgage: Salem in the top 10!
- 08/17/09 08:59 AM
Good News for Salem, We have hit the top 10 list for Forbes prediction for a fast housing market recovery!! 10. San Jose, Calif. 9. Santa Barbara, Calif. 8. Redding, Calif. 7. Denver, Colo. 6. Bremerton, Wash. 5. San Luis Obispo, Calif. 4. Salem, Ore. 3. Colorado Springs, Colo. 2. Lincoln, Neb. 1. Miami-Ft. Lauderdale, Fla.
Here is a link to the article: http://www.forbes.com/2009/08/13/recovery-cities-homes-lifestyle-real-estate-housing-recovery-cities.html I would be interested in your comments after you read the article. karen@landmarkmortgage.com or comment below. Thanks!
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landmark mortgage: Many Changes
- 07/31/09 03:30 PM
Change in the lending industry is our new favorite word. It seems as though we get one new process under our belt (HVCC-appraisals) and now we have new changes to learn and digest as well. July 30, 2009 the new HERA law and the MDIA disclosure processes have become effective. In a nutshell, the new dislcosure process tells us when we can order the appraisal for a borrowers transaction and collect fees for the appraisal. We must wait 3 days from when your lender sends out your initial truth in lending statement (TIL) before we can request your appraisal and collect … (0 comments)
landmark mortgage: FHA and use of FIrst Time Homebuyer Tax Credit
- 06/01/09 08:55 AM
Many have heard about the rumor that HUD and FHA will allow the use of the First Time Homebuyer tax credit for purchasing a new home. Well- yes and no. The new rules have been released and they are as follows: Borrowers MUST have their 3.5% into the transaction, the tax credit can NOT be used for the down payment. The borrower may use the tax credit for closing costs, buying down the mortgage rate or additional down payment. The tax credit is "purchased" by an entity or individual for no more than 2.5% of the actual credit so for example, … (1 comments)
landmark mortgage: 2009 Best of Mid Valley
- 04/03/09 07:48 AM
2009 Best of Mid-Valley April 3, 2009 I was told today that I was on the 2009 Best of MidValley nomination list for Best Mortgage Broker, this on the Statesman Journal website. Voting continues through April 10, 2009. http://community.statesmanjournal.com/bestof/vote.php?cat=81 Thank you to whomever nominated me as "Salem's Best Mortgage Broker". This is a great honor and I am very touched by this. This nomination is overwhelming and means a great deal to me. Thank you!! … (2 comments)
landmark mortgage: Be Careful of Scams
- 03/16/09 04:24 PM
I have answered several phone calls since Obama's new "Making Home Affordable" plans that have been introduced in regards to these two programs on refinancing and modifications. One client in particular said that he received a phone call from a company that will help him with his modification for a fee, of course. Please be careful and wary of any one that calls you and says that they can help you modify your mortgage for a fee. Lenders will do this for you for FREE. It can take a while for this process to happen because lenders do not have all their … (2 comments)
landmark mortgage: Modification?
- 03/04/09 06:59 AM
Mortgage Lenders Urged To Take Part In Housing PlanU.S. bank regulators want lenders to participate in the new program to support home loan modifications,_ in order to ease downward pressure on house prices and foreclosures. http://www.cnbc.com/id/29508073/ Here are links to several sites to help us understand the highlights of Obama's plan to stem foreclosures and to modify existing loans that may be in trouble. http://treasury.gov/news/index2.html http://www.financialstability.gov/ I have some concerns on whether this will truly work or not. 1. Lenders are only "encouraged" to participate. It is not mandatory. 2. Do borrowers have to be late currently or just about to be? … (0 comments)
landmark mortgage: First Time Home-Buyer Tax Credit
- 02/26/09 03:13 AM
I just received the following information (Thank you Carolyn Jackson, CPA, Salem, OR) in regards to the First Time Home Buyer Tax Credits. 2009 is definitely the year to buy your first home (or a home if you haven't owned one in the last 3 years). This year the credit will be a true credit and not an interest free loan like 2008. Expanded Tax Break Available for 2009 First-Time Homebuyers IR-2009-14, Feb. 25, 2009 WASHINGTON - The Internal Revenue Service announced today that taxpayers who qualify for the first-time homebuyer credit and purchase a home this year before … (0 comments)
landmark mortgage: Market Updates
- 02/26/09 03:12 AM
It has been a few weeks since I have had a moment to post anything. I apologize for that but as the lending industry is still changing on a daily basis, I must keep up. Lenders are still trying to slow their volume. Some lender are having issues with their credit lines and either reaching their limits or having the holders of the credit lines auditing files and putting stricter restrictions on the files before they will allow the funds to be disbursed. This is a new review of files that are delaying loans even further. In the "good ‘ole days" … (0 comments)
landmark mortgage: 5 Things you should know to Refinance.
- 02/09/09 02:28 PM
With mortgage rates dropping to record lows, it's no surprise that more and more homeowners are looking to refinance. But while some borrowers will be able to turn these compelling rates into real savings, not everyone can get in on the action. To better understand the refinancing process, here are five things you need to know to refinance in today's market. 1. Despite the attractive rates, you will have to thoroughly review your financial position before determining whether or not now is the time to refinance. A good rule of thumb is if your mortgage rate is a full percentage point … (0 comments)
landmark mortgage: Reverse Mortgages
- 01/30/09 03:59 AM
http://www.katu.com/amnw/segments/38566642.html Here is an interview that one of Landmark Mortgage's owners gave on AM Northwest about Reverse Mortgages. Curt Lawrence and Bill Tucker have been doing reverse mortgages since 1996. They are extremely well versed in all aspects of this loan product and are happy to answer all questions. A Reverse Mortgage is a great option for our senior citizens that are on a fixed income if they own their home. Please call 503-585-1105 or email if you have any questions. karen@landmarkmortgage.com … (0 comments)
landmark mortgage: Yes, There is Money to Lend!
- 01/28/09 01:38 PM
This morning my alarm went off and as I am lying there trying to decide if I really want to wake up, the morning show crew begins a dialog. Guess what that dialog is about? You guessed it, one of them is refinancing his house! Well immediately I am up, (the quickest I have got up out of bed in a very long time) he starts by saying that he doesn't think that lenders are lending money because it is taking so long to get his easy refinance of his first and second that is under 80% completed. I want to … (1 comments)
landmark mortgage: Changes
- 01/25/09 05:35 AM
"The only constant is change." Who said that? In my search, I found several people have said similiar quotes. The theme is that change will always happen. Whomever we give credit to, is absolutely correct, especially in the world of lending. The last 18 months have seen constant change. Most of it good. There are some continually tightening rules that seem to be too far in the spectrum though. I will highlight a few of those here. Fannie Mae and Freddie Mac are imposing pricing adjustments for certain loan to values, types of loans, credit scores and if a borrower is … (0 comments)
landmark mortgage: Is the New Year Here?
- 01/11/09 02:54 PM
Wow! What an interesting time in the lending world. The first two weeks of the year have been incredibly busy. Rates are approaching their all time lows and yet with the economic data and the Fed's puchasing mortgage backed securities (MBS), rates should even be lower. There is much discussion and theories among analysts that the reason rates are not lower are possibly two fold. One, lenders are extremely busy and they need to slow the volume down to be able to beef up their staff to handle the volume. Second, the spread between what rates should be and what they … (1 comments)
landmark mortgage: Market Recap and Forecast
- 12/29/08 11:33 AM
The purchase of U.S. Treasury bonds was slowed by successful auctions of billions of dollars in government debt last week as the Treasury Department continues to sell bonds to finance its multiple programs. Nevertheless, with bleak economic news making the rounds and less-than-rosy corporate outlooks, the demand for Treasuries remained strong. Investors -- both private and corporate -- keep coming back to the safe haven of U.S. Treasuries, because it is the one safe place to put their money. In fact, according to a Lehman Brothers index, this year Treasuries have provided a 14.3% return on investment, while the S&P 500 … (0 comments)
landmark mortgage: What A Day!
- 12/18/08 02:30 AM
Yesterday was an incredible day in the mortgage industry. We saw the opening rates at 4.375% for some scenarios first thing in the morning. Which after the Fed meeting and lowering the Fed Fund rate is incredible all in itself. In normal economic times, historically, mortgage rates increase after a Fed Cut and then we recover a few days to weeks later. However, we all know that we are not in normal economic times are we? Lenders web sites crashed, Fax lines were busy all morning long. By the time the dust settled, we ended the day at 4.75-4.875% depending on … (2 comments)
landmark mortgage: Rates Approach Record Lows
- 12/15/08 03:17 AM
Since the Fed announced a plan to purchase $500 billion of mortgage-backed securities on November 25, mortgage rates have moved progressively lower, and the trend continued last week. Conforming fixed-rate mortgage rates dropped to levels last seen in 2003. Weak Retail Sales data and low inflation figures released during the week also supported the move lower. As the government strives to offset the current weakness in the economy, its actions have exerted a much stronger than usual influence on mortgage rates. Programs to purchase mortgage-backed securities and to provide capital to financial institutions have been favorable for mortgage rates, while a … (0 comments)
Hud announced today that as of February 1st, 2010 they are waiving the 90 day rule for sellers to be in title to a property, also know as the "flipping rule". This is good for 1 year and does have positive influence in the market place!!
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