To address increasing occurrences of the practice known as "buy and bail," FHA has issued Mortgagee Letter 08-25- Converting Existing Homes to Rentals- underwriting instructions.  FHA is instituting the following requirements for borrowers who purchase a new primary residence without selling their existing primary residence.  The term "buy and bail" refers to a developing trend where borrowers purchase a new primary residence either closer to their employment or in close proximity to their existing primary residence.  Once the new mortgage is closed, the borrower stops making mortgage payments on the original primary residence and allows the lender to foreclose.   Effective for loans with case numbers assigned on or after September 19.2008 and are temporary measures being implemented un... 09/23/2008

A week in History   There are three huge announcements that are changing the financial markets around the world.  First, fear over the safety of money in savings for many Americans. Banks are either folding or on the brink of collapse, bonds are losing some or all of their value, and stocks are dropping at an alarming rate, all causing fears and anxiety for investors. Second, Today Treasury Secretary Hank Paulson announced that the government will guarantee money market funds. This action is helping settle the markets and as a result stocks around the world have responded very favorably to this. Third, The SEC has placed a ban on short selling. The amount of greed is incredible.  Many short sellers have used currently illegal tactics such as "naked short selling.  This means they are sh... 09/19/2008

UPDATE: Starting today, all PMI company's have discountiued offering private mortgage for non owner occupied purchases.  This means 80% LTV max.  or at least 20% down on all investment property. About Us: With 7 years of experience working with Realtors, Investors, and most importantly BUYERS. Mortgages are what I do. The client always comes first.  As a Broker, I can provide the best rates, and fair closing cost.  My GFE's usually are spot on, and never are to be exceeded without written notice to the buyer usually weeks in advance of closing. My follow up with my clients and co marketing plans are welcomed by all my referral partners. My rates can change by the hour because I have direct real time bond market information all day long. Because I offer a free float down services when th... 09/18/2008

News is rolling out of Wall Street at a very high rate.  Volatility is the name of the game for now and lenders have to watch the market minute by minute.  Rates will be spiking up and down all day.  All and all expected 30 yrs fixed mortgage rates in Kansas to hold in the high 5's. Morning Market NewsThe Dow opens lower by 200 points as investors digest the bailout of AIG and the stability of financial system. Oil at $93 up $2. 8:40 AM ET - Housing starts fall 6.2%, the lowest in 17 years while building permits fall to a 26 year low down 8.9%8:18 AM ET - AIG gets bailed out by the government to the tune of $85 billion avoiding a catastrophe as the government has added insurance to its umbrella - it entered into the mortgage business last week with Fannie/Freddie. Mortgage Bonds slightl... 09/17/2008

I decided to sponsor this new Localism community because I need a place for my buyer clients to go to when they need info on home loans and mortgages in Lawrence Kansas and the surrounding area. Consumers wanting to buy a home need to know when a good time is to lock their rate or when to float (wait for the rates to drop a little more).  Consumers need to know which of all the Lawrence Kansas lenders to choose. Lawrence Kansas Homes for sale can be purchased with a variety of loan programs. Some loans are designed for first time home buyers, some are designed for consumers who have at least 20% down payment while other loans are no money down through down payment assistance programs. Some loans are for commercial properties and some are for investors.  Some Lawrence Kansas lenders may... 09/16/2008