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  2. Mortgage 411
    3. (Page 3)

Mortgage 411

10 States with Pricey Closing Costs

Closing costs have risen an average of 36.6 percent compared to 2009, according to Bankrate.com’s annual survey. The big increased was caused by the U.S. government requiring lenders to provide accurate good faith estimates of closing costs. Previously, lenders weren’t penalized for a bad estimate. On average, the origination and third party fees on a […]

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Fannie, Freddie Will Not Forgive Underwater Debt

Despite rumors to the contrary sweeping Wall Street and Washington, D.C., the White House says it is not planning to order Fannie Mae and Freddie Mac to forgive a portion of the mortgage debt of millions of people who owe more than their homes are worth. “The administration is not considering a change in policy […]

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It’s a Great Time for Housing Deals

Paying off an underwater mortgage and buying a better home could be the best tactic in this troubled market. “If you are trading up, what better time than when interest rates are at record lows and the cost of the trade-up is much less than it used to be?” says Christopher J. Mayer, a Columbia […]

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GA Dream Programs…

Ga Dream Rates are at a Historic Low!!!! This is great news for our first-time homebuyers, with 2 different down payments assistance programs available.  I would be happy to tell you more about the standard Ga Dream program and the Rewards program, offering you $5-$7,500 in down payment funds!

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Tight Credit Standards Halt Some Buyers

Lenders continue to reject borrowers with otherwise good credit when they diverge from the standard approval checklist. Would-be borrowers facing the most problems include the self-employed. One reason bankers are so nervous are the standards held out by Fannie Mae and Freddie Mac. Not only are Fannie and Freddie demanding credit scores above 720, they […]

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FHA Program Offers Purchase, Renovation Aid

The Federal Housing Administration is encouraging use of its little-known 203(k) loan program. The 203(k) lets an owner-occupant borrow money for both the purchase and renovation in one loan, and put down only 3.5 percent. The program requires the use of credentialed contractors and can include cosmetic improvements as well as major renovations like replacing […]

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Sam Thompson Mortgage Update: “Get Over it! Please”

I could hear the frustration in the agent’s voice when he left me the following  voice message this week:  “Sam, it seems like every house that my customer is looking at in his price range needs some kind of work.  One has the electrical ripped out of the attic and the other needs a foundation repair of about $6,000.” […]

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FHA Expands Role in Financing Homes

The Federal Housing Administration’s involvement in mortgage financing is likely to grow, HUD Secretary Shaun Donovan told a Philadelphia audience last week. “While we prefer to have the private market be more involved, we have asked . . . to expand our authority to provide $400 billion more for the FHA insurance program,” he said. […]

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Fidelity Mortgage offers JOB LOSS PROTECTION

I received great news this weekend;  Fidelity Mortgage is offering Job Loss Protection! This is a wonderful option to ease the fears of many first time home buyers afraid to take the plunge due to the uncertainty of the economy. Here are some details of the program: JOB LOSS PROTECTION We are now offering a program that […]

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Industry Lobbies to Extend Buyer Tax Credit

Key organizations in the housing industry are urging Congress to increase the $8,000 home buyer credit to $15,000 and make it available to all home buyers instead of just those buying a first home. “What is being billed as a recovery is not showing up in the cash register yet,” says Richard A. Smith, CEO […]

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