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If you are a Veteran and looking into purchasing a home in Texas, then a VA loan is perfect for you. Because VA Home Loans are guaranteed by the Veterans Administration, they are easier to qualify for, require no down payment (yes 100% financing is still here), and most importantly don’t require perfect credit. VA Purchase Loans 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 [...] Currently up 25 bps on the day. Recommend locking all and any transactions with these gains. The Treasury Auction is coming out later today, but I would not suggest risking your purchase/refinance on those results. October 9, 2009 Mortgagee Letter 2009-39 TO: ALL APPROVED MORTGAGEES ATTENTION: Single Family Servicing Managers SUBJECT: Updated Claim Filing and Delinquency/Default Reporting Requirements For FHA’s Making Home Affordable Modification Program (FHA-HAMP) The purpose of this Mortgagee Letter is to provide updated claim filing and delinquency/default reporting requirements for the FHA Home Affordable Modification Program [...] When will YOUR housing market recover? Pundits love to make predictions as to when home prices will stabilize in U.S. housing markets. But even well-respected forecasters and analysts may disagree, and even if a forecast proves true nationally, your local market may behave in a wildly different way. This disconnect between broad-stroke forecasts and [...] In a previous post of mine, I outlined a problem that FHA has been currently dealing with, and today, on the front page of Yahoo, I found an article from the New York Times that gives a nice little update. I wanted to repost it so please take a moment to read this, as its VERY [...] If you are vacating a residence that will remain occupied by the co-borrower, he/she is required to obtain a NEW FHA mortgage loan. Acceptable situations are: 1.) Instances of divorce, after which the vacating spouse will buy a new home, or - Just this morning, I was reading an article that I came across regarding a couple things that are going on with the Federal Housing Administration (FHA)….and it wasn’t pretty. Basically what’s going on right now is that there are justifiable rumors that the FHA’s reserves (capital) are hovering around dangerous levels. Congress requires that the magic number [...] By Kenneth R. Harney The IRS has an urgent message for would-be home purchasers: Make the most of the $8,000 first-time-buyer tax credit before it disappears Dec. 1 — if you qualify. But if you don’t truly qualify, don’t try to play games with the credit. The IRS already has 24 criminal investigations of suspected fraud underway [...] Here’s an excerpt from one of my favorite movies, A Bronx Tale. Please follow closely: Sonny: Get this over with, Mush. Mush: Come on, dice. Baby needs a new pair of shoes. Come on, seven! Mush: Come on! Come on, dice! Sonny: I don’t even have to look. (Spectator) And seven! Mush: Craps! I’m out! Sonny: Get him out of here! Man [...] |
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