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C.A.R. Mortgage Update
Help from Fannie and Freddie for foreclosed homes
Fannie Mae and Freddie Mac are offering financing incentives for buyers of foreclosed homes owned by Fannie and Freddie. Home buyers have until Oct. 30 to apply for Freddie Mac’s SmartBuy program, which started in July, and offers up to 3.5 percent of a home’s sale price to help cover closing costs.
To qualify, the home must be a principal residence and must be selected from Freddie Mac’s HomeSteps Web site (www.h... Read Full Story
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First time homebuyers? APPLY FOR THE MORTGAGE PROTECTION PROGRAM! This is a FREE program that provides you up to $1,500 a month for up to six months in the event of job loss to help pay the mortgage; a $750 monthly benefit also is available for a qualified co-buyer. There is NO cost to you! To qualify, buyers must be first time home-buyers – haven’t owned a home for the last three years; has opened escrow on or after April 2, 2009 and closed escrow before December 31, 2009; use an active Cali... Read Full Story
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Beyond the Headlines
C.A.R. Mortgage Update
This week’s C.A.R. Mortgage Update contains information about changes to FHA lending standards; Obama administration’s steps to shore up the Federal Housing Administration program; three large banks issuing more than half of U.S. residential mortgages and its impact on taxpayers; changes to mortgage interest reporting; and the possibility of a new wave of foreclosures as many option ARMs reset to higher rates.
FHA will tighten credit standards
Alth... Read Full Story
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C.A.R. Mortgage Update
This week’s C.A.R. Mortgage Update contains information about changes to the Truth in Lending Act and the potential impacts on borrowers.
New law may cause delays for borrowers
Changes to the Truth in Lending Act took effect last month; requiring lenders to provide certain disclosures about mortgages fees and helping borrow
ers make better-informed loan choices. However, some in the industry believe the new regulations could create further delays in the lending proce... Read Full Story
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C.A.R. Mortgage Update
This week’s C.A.R. Mortgage Update contains information about FHA mortgages, mortgage rates, jumbo loans, foreclosure scams, and mortgage modifications.
The appeal of 3.5% Down: FHA mortgages increase in popularity
A recent survey by Zillow.com found that more than one-third of buyers do not plan to make down payments larger than 10 percent, while nearly one-fifth do not plan to issue a down payment. Since loans insured by the Federal Housing Administration (FHA) onl... Read Full Story
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This week’s C.A.R. Mortgage Update contains information about finding a home loan, reverse mortgages, FHA loans, and current mortgage rates.
Best way to find a home loan
During the height of the real estate market, most borrowers who applied for a mortgage received one. However, in today’s lending environment, consumers should be more cautious about where they apply for a loan and from which Web sites they receive quotes.
Borrowers should be cautious about sites that request a Social ... Read Full Story
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The Pacific West Association of REALTORS® Charity Foundation is helping first-time home buyers with the HOA Assistance Program to provide HOA dues for up to one year to first time home buyers!
HOA's
“Oftentimes, HOA dues can present a barrier to first time buyers. We are proud to have raised enough money to include an HOA dues assistance program this year, in addition to the down payment assistance grants that we will award,” said Michael DeLeon, President of the PWR Charity Foundation Board... Read Full Story
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Obama signed into law a great new program that the (NHTSA) National Highway Traffic Safety Administration has named (CARS) the Car Allowance Rebate System. This is a government program that helps you purchase a new, more fuel efficient vehicle when you trade in a less fuel efficient vehicle. See the Frequently Asked Questions for more details.
Criteria:
Your vehicle must be less than 25 years old.
Only purchase or leases of new vehicles qualify
Trade-in vehicles must get 18 or less MPG (... Read Full Story
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This week’s C.A.R. Mortgage Update contains information about lawmakers urging Fannie Mae and Freddie Mac to relax standards for mortgage on new condominiums, the Mortgage Bankers Association cutting its forecast of home-mortgage lending for the year, challenges homeowners face in reaching approval for loan modifications, and how mortgage lending rules will impact real estate.
Changes urged to rules on condo loans In a letter to the chief executives of Fannie Mae and Freddie Mac, Reps. Bar... Read Full Story
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Data for March 2009.
Please drop by regularly for new Data.
The only tool that gives you a real edge in gathering real estate data and keeps you updated. These statistics is the only product that gives you complex-graphs-made-simple. With these statistics you get an exclusive view of inventory in months’ supply, comparing results from city-to-city, the ability to provide to you local and nearby competitive circumstances, confidence to list it at the right price from the beginning, or va... Read Full Story
