The first week of April 2009 is one more week for the economic history book. This week marked the easing of Mark to Market accounting and a potential end to the economic recession.  Friday Mortgage Backed Securities took it on the chin for the second day in a row.  The FNMA 30 YR 4.0% gave up another...

The Federal Open Market Committee voted to leave the Fed Funds Rate unchanged today, within the target range of 0.000-0.250 percent.  This doesn’t mean the Fed stood pat, however. On plan to resurrect the economy using “all available tools”, today, the Fed announced a new, $1.5 trillion...

As part of the stimulus package passed last week, Congress authorized a temporary increase to conforming loan limits in certain high-cost parts of the country. “High cost” is defined by a regions’ median sales price. With the temporary increase, a greater share of Americans can now...

Today was a surprise day for Mortgage Backed Securities; many prognosticators thought for sure we would see MBS plummet and start pushing Mortgage Rates towards 6% , with the signing of Obama’s Economic Stimulus.  The MBS (FNMA 30 YR 4.5%) acted in contrarian nature and posted a whopping 50pb...

Tax Credit for Homebuyers First-time homebuyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit.  Remember a tax credit is very different than a tax deduction – a tax credit is equivalent...

Fannie Mae rolled-back one of its least popular mortgage guidelines updates of the last 12 months. Effective March 1, 2009, real estate investors can once again own and finance up to 10 individual properties. The restriction reversal does come with new minimum requirements, however. Homeowners buying...

Lending is in an evolutionary phase as I type this; the way in which loans are done is evolving into a process of approval first, rate lock last, which is the opposite of how it used to be. In the past, we locked rates, even if we were not sure the loan could even be done, and then just tried to make...

YOU GET WHAT YOU PAY FOR If you are looking for the cheapest deal out there, understand that you are placing a hugely important process into the hands of the lowest bidder.  Best case, expect very little advice, experience and personal service.  Worst case, expect that you may not close at all.  All...

Image by respres via Flickr If you are planning on buying an foreclosure home it is imperative that you work with an Realtor that is well versed with foreclosure transactions. Each bank has their own set of guidelines and many to not acknowledge the Arizona Real Estate Purchase Contract so the...

Mortgage guidelines continue to change, add this to the New Mortgage Guidelines 2009 list. Lenders who sell their paper to Fannie Mae and Freddie Mac (the majority of Lenders) have implemented a new guideline for individuals who are prospective Mover Uppers and Investors. The three facets prospective...