Mortgage & Finance

Apr
11

Mortgage Monday: New FHA Inspection Requirements

Posted In: For Buyers, Mortgage & Finance
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Attention FHA buyers.  It seems there are new changes to FHA Inspection Requirements, meaning if you are a buyer who is using an FHA loan for financing, these changes will affect you.  This information is from an email from Tirso De Ubago of Castle Rock Inspections. The New FHA Inspection Requirements With the FHA loans becoming extremely mainstream due to [...]
Mar
24

Bank of America Makes a Huge Move : Principal Forgiveness

Posted In: For Sellers, Foreclosures & Short Sales, General Real Estate News, Mortgage & Finance
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Bank of America announced today that it will introduce “principal forgiveness” program designed to help some troubled mortgage borrowers relief from the possibility of foreclosure.  The program will look to reduce loan balances of qualifying distressed homeowners with adjustable rate mortgages or subprime loans in an effort to make their payments more affordable.  The homeowners must be at least 60 [...]
Feb
15

FHA-Backed 203(k) Rehab Loans Can Make All The Difference.

Posted In: For Buyers, Foreclosures & Short Sales, General Real Estate News, Home Improvement, Mortgage & Finance
FHA rehab what? You mean there are still loans available to help fix up a house? S-WEET!Here is the scoop: The FHA-backed 203(k) rehab loan is an increasingly popular option in today’s market because so many available properties, especially foreclosures, are in need of repair. And let me tell you, I have been in plenty of them. The bones may [...]
Feb
13

High Rates + Low Rates = TIME TO REFINANCE

Posted In: Mortgage & Finance
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Get rid of your interest-only and high interest rate loans now!  Check it out… My husband and I are in the process of refinancing our house into a 5%, 30-year fixed loan with no upfront costs.  Killer!  We are also refinancing our rental from a 10-year interest only loan into a fixed loan as well, for very little cost.  Sweet!   In talking with [...]
Feb
01

FHA Changes to the Condo Guidelines

Posted In: Mortgage & Finance
This just in from mortgage guru, Chet Gohd, RPM Mortgage in Berkeley. “Today, February 1st, is the beginning of the new FHA Condo project guideline changes. From this point, any FHA loan for a condo will require an approval from HUD. This means that in order to do the loan, the financials from the Condo Project will need to be [...]
Dec
04

Qualifying Factors For FHA and Fannie Mae Loans Are Changing Dec. 12th

Posted In: First Time Home Buyers, General Real Estate News, Mortgage & Finance
I am getting many updates from my favorite mortgage brokers about the changes to the qualifying factors that are about to come on Dec. 12th to the Fannie Mae and FHA world.  I am also receiving updates from mortgage brokers I don’t have contact with, and some of the updates are inaccurate.  To spell out the changes, here is what one [...]
Nov
17

Weekly Interest Rate Overview

Posted In: First Time Home Buyers, For Buyers, Mortgage & Finance
Current Indices For Adjustable Rate Mortgages Updated November 13, 2009 Daily Value Monthly Value 6-month Treasury Security 0.16% 0.16% 1-year Treasury Security 0.32% 0.37% 3-year Treasury Security 1.36% 1.46% 5-year Treasury Security 2.28% 2.33% 10-year Treasury Security 3.45% 3.39% 12-month LIBOR 1.234% (Oct) 12-month MTA 0.544% (Oct) 11th District Cost of Funds 1.272% (Sept) Prime Rate 3.25% (Dec) Looking for [...]