Saturday, August 1, 2009
Monitor Bank Rates Link
Check out the link to monitorbankrates.com. I found this to be a good website with current information.
Tuesday, July 28, 2009
Credit Solutions?
Simple solutions to improving your credit score
As a homebuyer or homeowner, your credit score has a direct effect on qualifying for a mortgage loan and the interest rate you will receive.
Community One Financial provides a centralized process of helping optimize and improve your credit score. In most cases you will see results in the form of positive credit score gains and improved credit reports.
If you want more information on how to improve your credit score contact Chris Johnston at 253-229-2562 or Cjohnston@CommunityOneOnline.com. The cost is $99 per person.
Tax Credit Update
First-time Home buyers can receive up to $8000 if they purchase (close)on a home before December 1, 2009. There are a few restrictions like income limitations and it must be your primary residence. If the home is sold within three years of purchase the entire amount of the credit is recaptured on the sale.
This is an excellent opportunity and the market is full of homes priced in the low $200,000 and below. If you have a family member or friend that is looking to get into the real estate market please give me a call. Or, email me with their information and I will contact them directly! My email address is kathyricks@johnlscott.com
Wednesday, January 7, 2009
MORTGAGE NEWS
Mortgage Rates at Record Lows
Rates on 30 year fixed-rate mortgages have fallen to record lows in the last few weeks causing loan applications to surge to their highest level nationally in more than five years. The drop was spurred by the Federal Reserve's pledge to channel billions into the troubled U.S. housing market. The obvious benefits of lower rates include:
More first-time homebuyers are able to qualify for a loan.
Move-up buyers can get more home for the same monthly payment.
A general increase in consumer optimism. (Hopefully)
New Conforming and FHA Loan Limits Now in Effect
New loan limits for both conforming (The Federal Housing Finance Administration—aka Fannie Mae and Freddie Mac) and Federal Housing Administration (FHA) went into effect January 1, 2009. Although similar in counties and cities with higher cost housing, there continue to be significant differences in the loan limits between the two programs.
New FHA Down Payment and LTV Details
Borrowers using FHA loans are now required to have a 3.5% down payment, based on the lesser of the sales price or appraised value (it went up from 3%). Good news—FHA 203(k) rehab loans still only require a 3% down payment.
Rates on 30 year fixed-rate mortgages have fallen to record lows in the last few weeks causing loan applications to surge to their highest level nationally in more than five years. The drop was spurred by the Federal Reserve's pledge to channel billions into the troubled U.S. housing market. The obvious benefits of lower rates include:
More first-time homebuyers are able to qualify for a loan.
Move-up buyers can get more home for the same monthly payment.
A general increase in consumer optimism. (Hopefully)
New Conforming and FHA Loan Limits Now in Effect
New loan limits for both conforming (The Federal Housing Finance Administration—aka Fannie Mae and Freddie Mac) and Federal Housing Administration (FHA) went into effect January 1, 2009. Although similar in counties and cities with higher cost housing, there continue to be significant differences in the loan limits between the two programs.
New FHA Down Payment and LTV Details
Borrowers using FHA loans are now required to have a 3.5% down payment, based on the lesser of the sales price or appraised value (it went up from 3%). Good news—FHA 203(k) rehab loans still only require a 3% down payment.
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