Mortgage Update

Mortgage applications for home purchases have fallen to the lowest level in 12 years. The Nov 30 deadline for tax credit deals caused an increase in applications through mid-October, followed by a remarkable decrease since of course, but the housing market is still facing major hurdles. /// Both ...

Fannie Mae is again raising lending criteria:  DTI to 45%, Fixo to 620, financing 5 years following foreclosure with 680 Fico, higher PMI requirements, 75% ltv max for 2-unit+ investment property, higher reserves, the official retirement of construction-to-permanent financing!, and more. /// Fann...

Home buyer tax credits have been extended and improved! Up to $8,000 for qualified first-time home buyers purchasing a principal residence is available. And up to $6,500 for qualified repeat home buyers. Details. Make it a good week folks! - Paul   What will your business look like in 12 months f...

I am pleased introduce the The Homebuyers Scouting Report. The Home Buyers Scouting Report is the "MLS for buyers" - a contact capture and conversion system. It is a revolutionary new system that can drastically improve your sales volume. (See below). /// It looks like the home buyer tax credit w...

Fannie Mae is raising the minimum Fico to 620 from 580. Fannie pricing is also more dynamic (higher score, lower rate), has more restrictive program criteria: 680 needed for PMI, more reserves needed, and more. Count on FHA tightening up as well. Read more. /// Make it good week folks! - Paul   "...

The Fed is buying less mortgage backed securities for the 5th consecutive week. And this is why you care: The gradual effect may be a rise in interest rates. Read more. /// Basically 1 week left for sales that need to close by Nov 30th to take advantage of the tax credit! /// Make it good week fo...

There are new FHA condo rules. Just like with the new Fannie rules you will be disappointed if you think it will make things easier. Details. // Speaking of FHA, it looks like the minimum down payment may go to 5%. // Rates eased yet further this week. // Basically 2 weeks left for sales that nee...

There are new Fannie condo rules. If you think it will make things easier you will be disappointed. Details. FHA is also introducing new rules. More on those next week. /// Rates are still edging downwards. /// Time will soon be running out for November closes (tax credit)!! /// Make it good week...

The Fed is now buying up to 80% of ALL mortgage backed securities.   The Fed started buying billions of MBS in January to support the housing market, and says it will phase out the program over the next 6 months. This could lead to drastic rate increases. Read more. ///  Lenders are upping Fico s...

The industry standard for FHA loans remains at 620 - for now.  It appeared for a little while the standard would be raised to 640, 660 even. (Regardless, I do have FHA and other solutions for scores as low as 500). /// You can still count on FHA standards increasing however. /// 203(k) loans rema...