With all that is going on in the mortgage and banking world right now, don’t you wonder WHY? Why did this mess begin? What started it? Didn’t anyone see it coming? Yes – someone saw it coming. The New York Times actually reported it coming back on September 30th in 1999. How many years ago is that? Maybe it was while Clinton was President, not George Bush…. In 1999 Steven Holmes from the New York […]
Here are some interesting items from the new housing bill that you may not have heard yet…. When reviewing an article on www.BankRate.com, I noticed an article on More Regulations on Reverse Mortgages. A reverse mortgage is an advance against home equity. It’s for homeowners age 62 or older, and the reverse mortgage doesn’t have to be repaid until the borrowers die or move out. Because reverse mortgages are elderly borrowers, there is concern that […]
Have you been thinking about buying a home in the near future? You might want to do that sooner rather than later. A friend of mine in the mortgage business told me today that there will soon be a change in the cash investment required for FHA loans. Currently, a minimum 3 percent cash investment is required for FHA loans. Soon,
Among the many items in the Housing and Economic Recovery Act of 2008 that are designed to help real estate and the overall economic market is a temporary $7,500 tax credit for first-time homebuyers. Here is a fact sheet prepared by Gregory S. Brown, Assistant Staff Vice President for Government Affairs of
New guidelines from Fannie Mae are changing how buyers qualify for mortgages when they already own an existing primary residence and they want to purchase a new one while converting the old one to a second home or investment property.
Many buyers are being approved for FHA loans. It leaves a lot of you asking, “What is this?” Many others are not applying because they say “I already have/had a FHA loan” or “I am not a first time home buyer.” What does this new era of FHA loans mean? It means the days of the “dreaded” FHA loans are over! FHA loans are loans that are backed by the government. The Federal Housing Administration […]
If you have lived in Bryan-College Station for very long, you know that we have a booming market, not only in Real Estate, but as a whole. Recently, we have seen a decline in many industries, and though stronger than most every City in America, we too are starting to feel the decline. With interest rates back at the “all time lows” and all of these new tax advantages, how could we have any economy
Closing costs are simply this: the costs of borrowing money, establishing the loan, purchasing title insurance, establishing escrow charges, conducting pest inspections and preparing the necessary documents to finalize the sale. These costs may be significant and are easily overlooked by a first time buyer. The Costs of Borrowing Money. This includes what some lenders call “discount points,” a one-time charge to adjust the yield on the loan to what market conditions demand. Each point […]