Mortgage Update

Construction/renovation loan options are limited at the moment. Below is a synopsis of the current landscape. Meanwhile rates are back to May levels, purchase volume is up, affordability is up, and prices are still declining - Sounds like the basics for a good market are here. Make it a good week...

It is time to create new financial beginnings. Roughly 25% of mortgages are underwater, real estate markets may have bottomed, and loan modification possibilities will soon dwindle. For those negatively affected, and who have not already done so, this is might just be the time to make definitive ...

Seller concessions are not used enough. All too often people are tight for money at time of close, PMI could have been avoided, or buyers could have benefited from the use of lower payments by way of a (2/1) buydown. More below. // Market alerts seem to point to higher rates. Consider locking now...

Prequals are not enough. Prequals serve their  purpose, namely to confirm approximate mortgage loan qualification - Probably ok as a first step. To support an actual offer to purchase, I now recommend full (property specific) pre-approvals - to eliminate ever possible upfront doubt. There are too...

Construction and rehab loans are available for virtually all scenarios. Planning is important: Underwriting criteria, loan structure, and pricing vary. Call me early on. //  Conventional and FHA loans are still available at less than 600 Fico. // The new appraisal code continues to create havoc. ...

I don't like delivering bad news, and I know you don't like receiving it (I get unsubscribes). At the same time I want to tell you what I see: There are some serious (additional) problems right now, directly affecting real estate. It looks to me like it's going to get a lot worse worse before it ...

Next week I am launching the Homebuyer Scouting Report, a fabulous homefinding service for prospective homebuyers. It is a feature-rich online service that presents all MLS listings in real time and (only!) your contact info. A great way to firm up relationships with your prospects, and my relati...

span lang="EN">Meltdown 101: Where do home prices really stand? Is the historic U.S. housing market crash close to being over, or is the end still far, far away? Good read.   Home Buyer Tax Credit could expand A first-time home buyer tax credit of up to $8,000 has helped to move housing inventory...

FHA lending criteria have become stricter, and the trend will continue I think. The divergence between FHA and Fannie/Freddie is still significant. and F/F are not likely to lower their standards! /// And now the surging demand for FHA loans is putting the program at risk. US watchdog warning. //...

Rates are headed for 6.00%. In just 2 1/2 weeks much of the Fed's work to drive rates lower has unraveled. 5 reasons they might retreat - and why they might not. /// The homebuyer tax credit may be expanded in a number of ways. Let's also hope the Nov 30 deadline gets extented (See below) /// Yo...