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The Fed Purchase Program is ending in March and the MBS (mortgage backed securities) market will be an open canvas to new investors. At the moment, the Fed is 92% complete with their program, and when they back out of it, this is going to attract investors that are going to require more yield. Well more [...] If you are a first-time homebuyer, have less than perfect credit, or simply just do not have a 20% down-payment, then an FHA loan may be for you. We know everything there is to know about FHA loans. While FHA has been the hot and “new” topic for the past [...] For the most up to date mortgage market news, and free financing tips and advice, follow me on Twitter. For the most current mortgage news, tips, and rate updates… CONNECT WITH ME ON TWITTER (via HUD) New FHA Mortgagee Letter: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, D.C. 20410-8000 OFFICE OF THE ASSISTANT SECRETARY FOR HOUSING-FEDERAL HOUSING COMMISSIONER January 22, 2010 MORTGAGEE LETTER 2010-04 TO: ALL FHA-APPROVED MORTGAGEES ALL HUD-APPROVED HOUSING COUNSELING AGENCIES SUBJECT: Loss Mitigation for Imminent Default The Helping Families Save Their Home Act of 2009 expanded the authority to use FHA Loss Mitigation to [...] Mortgage market is currently down 12 bps this morning, and equity markets are picking up the losses from last week. Existing Home Sales report came in around 16% lower in December at 5.45M, a lot lower than the 6M expected. The main thing in the news today is Ben Bernanke and his chances of a second term. [...] Long, but very helpful… Increases in FHA UFMIP, monthly MI factor, and reductions in seller paid closing costs Yesterday was a pretty big day, and this morning even more. The DOW is currently down about 133 points, and while several economic reports are out, the biggest one is, again, the Jobless Claims is in at 482k, that is the largest jump in claims in the past 8 months – a pretty big figure. What does [...] So I’m sitting here watching CNBC, and what do I hear? FHA changes UFMIP to 2.25% and Down Payments are being increased! If you recall, I have been writing about my outlook on FHA changes for a while now, and folks, I wasn’t that far off. The Federal Housing Administration has been in some financial trouble due to [...] Well, we had a nice run from Jan. 14-15, but rates are taking a break from getting better…at least for now. Mortgage bonds are currently down 16 bps, and mortgage rates should open a tad higher this morning. There are no economic reports for today, but tomorrow we got a hell of a lineup: Producer Price Index (PPI) |
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