FHA Streamline Refinance Update

This update contains the pertinent changes to FHA Streamline Refinance guides as outlined in Mortgage Letter 2009-32 and are effective on November 17th, 2009.. Here are the 11 things you need to know about these changes: 1. Current loan must have 6 months payment history. 2. Current loans with 6 to 12...

Time Is Running Out! Adios First-Time Home Buyer Tax Credit Program

If you plan to use the First-Time Home Buyer Tax Credit program, time is running out.  The program expires November 30, 2009 and closing on a home can take up to 60 days. That leaves you 6 weeks from today to find a home and go under contract. The First-Time Homebuyer Tax Credit program was passed as part...

Rent vs. Own $70 National Spread (video)

Statistics show the National average of Owning vs. Renting will only cost consumers an additional $70 a...

Using the $8,000 First Time Homebuyers Tax Credit as a Down Payment. – NOT So FAST!

I am sure you have heard all the Hype about the new ability about Using the $8,000 First Time Homebuyers Tax Credit as a Down Payment.  Not so FAST! As a lender on the Broker side I am all over this; I have queried multiple lenders and have included there response. In short not one lender has implemented it...

Mortgage Rates May 18, 2009 – Weekly Forecast

Hopefully rates do not follow the trend of Monday.  Mortgage Backed Securities shed roughly 31bp which translates into an increase in consumer Mortgage rates. This week, there isn’t much data to watch and, because of Memorial Day, trading will be very light towards Thursday and Friday. It’s...

Mortgage Rates Week Review May 4 – 8, 2009 (Chart)

The first week of May is officially over, and Mortgage backed securities once again sold off at the end of the week giving up a total of 30bp this week (FNMA 30 YR 4% Chart). The selloff pushed Mortgage Rates higher for the first week of May. May 2009 Mortgage Rates. This week we saw the economy shed...