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 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...

Mortgage Rates April 29, 2009 – FED Minutes (Video)

The Federal Reserve adjourned from its two-day meeting this afternoon.  It’s one of 8 scheduled meetings each year for the Federal Open Market Committee. Although the FED announced to keep the FED Funds target unchanged, MBS gave up ground with the 30 YR FNMA 4.0% pulling back 22bp.  Mortgage Rates...

Mortgage Rate Week Review April 24, 2009

Mortgage rates ended the week of April 24, 2009 lower.  The MBS FNMA 30 YR 4.0% finished up 21bp higher for the week (higher is better for the MBS, price and interest are inverse).  The historically low rates for both conforming and FHA products are intended to help stimulate the economy by giving home...

What Is A Reverse Mortgages

With reverse mortgages seniors now have some additional cash-flow alternatives. This type of loan allows mature borrowers to convert their home equity into tax-free income without leaving their current home or making mortgage payments – and they do not need an existing income to qualify. How does a...