The HomePath property buyer must meet the following qualifications to be eligible:

•    Buyers and/or selling agents (the agent representing the buyer) must request the incentive
upon submission of initial offer in order to be eligible.

•    The initial offer must be submitted on or after April 11, 2011 and close by June 30, 2011.
If an initial offer was made prior to the effective date, the offer is not eligible for the incentive.

•    The sale must close on or before June 30, 2011. No exceptions will be made to this
deadline.

•    Only buyers purchasing a HomePath property as their primary residence may receive up to
3.5% in closing cost assistance. Second homes and investment properties are excluded from
the incentive.

•    Buyer must sign the Owner Occupant Certification Rider to the Real Estate Purchase
Addendum.

•    If a buyer’s total closing costs are under 3.5%, the difference will not be available as a credit
to the buyer.

Note that this incentive will be clearly identified on the purchase
contract, and these loans must close by June 30, 2011.

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Check it out at:

Trulia – Rent vs. Buy Index (Q1 2011).

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The zero-down mortgage is still alive through the Agriculture Department’s rural-development housing program.

via Need a zero-down mortgage? Look outside the city – MSN Real Estate.

If I told you that there was a Conventional loan that had: NO down payment, NO monthly PMI, the seller is allowed to pay all reasonable closing cost and prepaids, and NO hit to the rate for the zero down, NOT a first time home buyer program and No rreserves needed, what would you think? If I told you also that this particular mortgage also has a unique feature that all reasonable closing cost and prepaids can be rolled into the mortgage without the seller actually “paying” the cost (as long as the house appraises for the increased loan amount)? Think about how useful that would be in negotiations of contracts, especially when purchasing a foreclosed property.

USDA/ RURAL HOUSING PURCHASE OPTION

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Based on 2000 Census (latest available)
© Zillow, Inc., 2008. Use is subject to Terms of Use

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We are already seeing some innovative wholesale lenders tightening the screws on third-party originators in order to get the loans they need with as little risk as possible. That’s translating into lower pay for front-line originators.

via The nation’s disconnect on loan officer compensation « HousingWire.

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• Housing Shaky as Lenders Tighten (online.wsj.com)

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http://money.cnn.com/2010/06/16/news/fannie_freddie_delisting/

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The factors combined to drop conforming mortgage rates to their lowest levels in 6 weeks.

It’s an unexpected development considering that mortgage rates were supposed to rise post March 31, 2010.  That was the day the Fed’s support for mortgage markets ended.

Since then, however, a month-long string of devastating economic and meteorological events within the Eurozone sparked a global flight-to-quality that benefited “safe” assets such as mortgage bonds.

May 2010 may not be so kind.

The week starts with news that Greece reached a $147 billion bailout agreement with the IMF Sunday. This is a plus for the Eurozone and mortgage market negative. Rates should rise on the bailout.

Also on Monday, the government releases Personal Consumptions and Expenditures data.

PCE is the Fed’s preferred inflation gauge and it’s expected to show an annual read of 1.3 percent. Anything higher and rates should rise.

Then, for the rest of the week, employment data takes center stage.

• Wednesday : ADP releases its private sector employment data
• Thursday : The government releases initial jobless claims
• Friday : The government releases April’s job report

Jobs are key to the U.S. economic recovery, tied to consumer spending, consumer confidence, and mortgage delinquencies.  If job growth is better than expected, mortgage rates should rise.  If job growth is worse, rates should fall.

There’s no “best day” to lock this week so keep an eye on the market.  However, if rates rise as quickly in May as they fell in April, you won’t have much time to act.

Washington Mortgage Rates, Gig Harbor Mortgage Rates, Seattle Mortgage Rates

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In addition, bank repossessions reached an all-time, quarterly record. Through the first three months of 2010, banks reclaimed more than 257,000 homes.

Nonetheless, 4 states dominated foreclosure activity nationwide.

California, Florida, Arizona and Georgia accounted for more than half of all bank repossessions. It’s a disproportionate distribution of foreclosures. Together, the 4 states represent just 23 percent of the overall U.S. population.

The RealtyTrac report revealed some other interesting statistics, too.

• Foreclosure activity was up in 40 out of 50 states last month
• Bank repossessions rose 9 percent versus the same quarter last year
• For the 13th straight quarter, Nevada topped the state foreclosure rate

Regardless of where you’re buying, foreclosures and REO are making a profound impact on pricing and product. Distressed homes are 35 percent of the overall resale market.

There’s excellent value in foreclosures out there if you know where to look, but keep these points in mind:

1. Buying bank-owned homes can take 120 days to close or more. Be flexible.
2. Foreclosures aren’t always listed for sale publicly. Some inventory is privately-held.
3. Bank-owned homes are often sold “as is”. There may be defects that render the homes mortgage-ineligible.

The REO market can be different from the traditional “existing home” market.  Therefore, if you have an interest in buying REO, be sure to talk with an experienced real estate agent first.

Seattle, WA Washington, Gig Harbor, WA

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