Mortgage Update

The most self-evident credit score cures often accomplish the opposite. If you are on a mission to improve credit (quickly), you need at least a little bit of direction to make sure you are doing the right thing. See below... /// FHA has lifted the 90-day flip rule. See below... /// Again, a remi...

There's a rush to get under contract by April 30th by purchasers who want to take advantage of the home buyer tax credits. I recommend fast closes to avoid the stresses of meeting the June 30 deadline. /// The USDA home loan program is drying up early this year (see below). /// Reminder: The FHA ...

Surprisingly rates are declining, despite expert opinions consistently projecting the opposite.  That, in combination with the home buyer tax credits (must be in contract by end of April and close by the end of June) makes homes more affordable than at any time the last 30 years or so. Life is go...

Building a perfect credit profile is a little like losing weight or lowering cholesterol. You need to do the right things for long-term effect. It can take 3-6 months, up to a year even to "get there". Having said that, we can often achieve drastic credit score improvements in as little as 5 days...

FHA spot approvals are out the door. Just like Fannie Mae, HUD has for the most part delegated project approvals to the lenders. While the procedures have changed a bit, it is business as usual. We can lend on any property that meets the criteria: FHA to 97.5% and conventional to 95% LTV, condos ...

HUD is looking to increase down payment requirements, mortgage insurance premiums, reduce the allowable seller concession from 6% to 3%, among other things. Read more. /// The good thing about risk-based pricing is that much lower rates can be obtained with high credit scores. Better yet, we can ...

Market assessment The 30yr fixed is expected to go up to around 6% as the Fed stops buying mortgage backed securities in March, the home buyer tax credit program will expire the following month, and foreclosures are expected to flood the market. Prices are expected to drop. Prices may come down, ...

I want to thank you for the privilege of working with you this year, and I look forward to more of the same in 2010. I hope you'll enjoy the festivities, family time, and all the trimmings ;)   I also hope you think about, and reach out, those less fortunate than us (including the financially cha...

Lenders are subject to extreme scrunity at the moment. Above average defaults can have drastic consequences - and no lender is immune. This has led to over the top caution and excessive documentation and underwriting requirements. Well, it is what it is, so to deal with it I have improved my serv...

Rates reach record lows, then spike! On Friday the 30-year fixed jumped to 5.5% then eased somewhat. Are we seeing the end of record low rates? Read more. /// Saturday Dec 13 Fannie Mae will implement significant underwriting changes. (See below). /// Loan modifications are in the news a lot. It'...