FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today. Under the guidance, FHA-approved lenders can develop [...]
The following is a press release which announces that the Obama Adminstration has setforth guidelines to make short sales a little easier and should help us in Nevada County in speeding up short sales. For anyone with economic problems regarding their home, this is welcome news. Banks tend to prolong a short sale because of their [...]
Bank of America has created a new website called Bank of America Home Loans for borrowers that includes a calculator that determines not just what size loan people can qualify for, but how much they can spend without being stretched too thin. “We wanted to change the conversation to ‘How much house can I comfortably [...]
This is Listing… with panoramic views in Seattle, Washington. But, on with the story. An increasing number of lenders are going after borrowers who sell their homes for less than they owe – known as a short sale – in order to recover more of the difference between the amount owed and the sale price.Lenders say [...]
What the figures show for April of this year is that residential sales are about the same number as it was for April of last year. However, we’ve had a further decline in medium residential home prices of minus 23 percent. Here are the stats for sales in Nevada County. There were 67 residential [...]
Fannie Mae and Freddie Mac will once more begin buying “super-conforming” mortgage loans of up to $729,750, which will bring rates down for borrowers with good credit seeking loans previously classified as jumbo. Currently, loans greater than the $417,000 conforming limit in “normal” housing markets — or the super-conforming limit of up to $625,500 in [...]
The post I wrote entitled “Shall I Walk Away from my House” drew some real good comments both pro and con. Shall I walk away from my home? If you are backed against a wall and have no choice, then of course the answer is yes, if you have no other choice. But If you [...]
Are the banks holding off putting some of their foreclosures on the market? It looks like they might be to keep the prices of the real estate market from plunging further. Another reason could be that it helps them appear more solvent then they really are. According to the San Francisco Chronicle “Lenders nationwide are [...]
Using a reputable mortgage broker can save you time and remove some of the hassle in obtaining a loan. However according to a study by the Department of Housing and Urban Development published last year, you may wind up paying more for your loan. According to the study, borrowers paid about $300 to $425 [...]
I was recently asked by an Eastern Bank to do a brokers professional opinion (BPO) as to the listing value of a property. This is not an appraisal, but a value based on six properties that are similar, three recently sold and three that are active that would compete for the property for which the [...]
