NEW YORK (CNNMoney) — Mortgage rates sunk to record lows again this week.
The average rate on the 30-year fixed mortgage fell to 3.94%, matching the all-time low hit in early October, according to Freddie Mac’s weekly mortgage rate survey. Meanwhile, 15-year fixed-rate loans hit a new record low of 3.21%, surpassing the record set on October 6.
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4 Keys To Saving For Your Future Home
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How Long After Foreclosure Does It Take Before You Can Buy Again?
How long after foreclosure does it take before you can buy again? Jay Brinkmann, chief economist for the Mortgage Bankers Association says that “It could be well over seven or eight years before walkaways are able to obtain a mortgage to buy a home again.”
For those that have either had a short sale, the time frame to qualify to buy another home can be considerably less. We encourage those home owners that are facing a foreclosure, to weigh all of their options, especially the short sale alternative.
After foreclosure: How long until you can buy again? « Rightways's …
After foreclosure: How long until you can buy again? May 28, 2010 — rightways. NEW YORK (CNNMoney.com) — Walking away from a mortgage you can still afford to pay has consequences; everyone knows that. Your credit score is shot and it …
Publish Date: 05/28/2010 3:49
http://rightways.wordpress.com/2010/05/28/after-foreclosure-how-long-until-you-can-buy-again/
Mortgage Rates To A New Low Providing Home Buying Opportunity
Attention: Home Buyers! Mortgage rates have fallen again. This means that it’s easier to qualify for the loan and you can get more house for the money.
Mortgage rates sink to lowest this year | KVAL CBS 13 – News …
Mortgage rates have fallen to the lowest level of the year as investors poured money into the safe haven of US government securities.
Publish Date: 05/27/2010 15:53
http://www.kval.com/news/business/95029004.html
Fannie Mae Closing Cost Assistance
New Closing Cost Assistance and Appliance Incentive
*Lenders may impose their own limitations on the use of the 3.5% incentive, so buyers should consult their lenders for guidance.
Buyers purchasing properties listed on HomePath.com that are closed within this time period may receive up to 3.5% of the final sales price for one of the following:
• Closing costs;
• The purchase of new Whirlpool® appliances by Fannie Mae; or
• A mix of closing costs and appliances, at the buyer’s discretion, up to the maximum 3.5%.
To be eligible for this incentive:
• Offers must be accepted on or after January 28, 2010
• Property sale must close before May 1, 2010
• Buyers must be owner-occupants, investors are excluded
Speak to a real estate professional or visit HomePath.com for more info.
Call 661-726-0696 for more info or email us here
Good News From Fannie Mae
Fannie Mae announced that it will cover the closing costs on purchases of its foreclosed properties. This means that buyers will receive 3.5% of the final purchase price. The money can be used towards closing costs or for new appliances.
Escrow or closing deadline is May 1, 2010.
Another incentive offered is to only require 3% down on home purchases through HomePath Mortgage. Fannie Mae finally realized that the best way to help the real estate market recover is to get the foreclosed properties off the market. Fannie Mae is hoping that many home buyers taking advantage of the federal tax credit available now will purchase a Fannie Mae home.
Buyers, especially first time home buyers, can score a home run by getting a great deal, receiving the first time home buyer credit of $8000 and also getting additional help from Fannie Mae on the purchase of a Fannie Mae property.
In order to take advantage of these incentives, Buyers must act now. Call 661-726-0696 or Email Us Here
90 Day No Flipping Waived For One Year
WASHINGTON – In order to spur economic real estate activity, the 90 Day No Flipping Policy will be waived by FHA for one year effective 02/01/2010.
With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver will give FHA borrowers access to a broader array of recently foreclosed properties.
The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities.
The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner. To protect FHA borrowers against predatory practices of “flipping” where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following general conditions:
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All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.
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In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will only apply if the lender meets specific conditions.
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The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.
Specific conditions and other details of this new temporary policy are in the text of the waiver, available on HUD’s website.