A Box of Life for Valentine’s Day
When we think of Valentine’s Day, we usually think of flowers, a box of chocolates and a romantic dinner with the one we love. Those are very nice ways to show the special people in our lives just how much we love them. But I want to share with you a way that you can show your love, perhaps one you’ve never thought of. But before I do, let me share a couple of stories I have heard over the years from clients and other professionals. “About a year ago, I received a call from a very dear friend of mine. Her ...
Those Who Wait Will Pay Thousands More This Spring
Waiting a few extra days or weeks to purchase a home this spring could cost buyers thousands of extra dollars as the office of Housing and Urban Development (HUD) implements several changes for loans guaranteed by the Federal Housing Authority (FHA). Coming just weeks before the April 30 deadline for the Home Buyer Tax Credit and just days after the March 31 expiration of the Federal Reserve Board's mortgage backed securities purchase program (which has kept home loan rates artificially low for over a year), these FHA changes make it even more important to act now to save big. Here are a ...
Market Trends
Mr. Market seems to be wanting to move down for the second leg of the correction – I’d expect markets to continue to sell off here on the indexes, and with that will go a further drop in consumer confidence which could weigh heavily on housing in the months ahead. To see the existing housing data, click on Market Trends above.
New Home Search App for the I-Phone
Take your home search mobile - for FREE! The REALTOR.com® iPhone App Instantly access over 4 million homes View listings on an interactive map Share listings via Facebook & Twitter
Homebuyer Tax Credit and IRS Form 5404
Fairfax, Virginia: The Worker, Homeownership, and Business Assistance is the larger bill that included the homebuyer tax credit additions. Taxpayers wanting to take advantage of the first time home buyer credit (up to $8,000) or the new repeat home buyer tax credit (up to $6,500) can now get the revised IRS form 5405 to submit with their 2009 tax filing from the IRS website. Existing northern Virginia homeowners have been waiting for months for the revised form and instructions for months. The revised form is now posted on the IRS site. http://www.irs.gov/pub/irs-pdf/f5405.pdf - Please verify with your tax professional this is ...
90-Day Seasoning Waiver Expanded
90-Day Seasoning Waiver Expanded Fairfax, Virginia: This update from FHA Virginia Loans was released on Friday January 15th, 2010, as an excerpt from the CFR (Code of Federal Regulations) without a corresponding Mortgagee Letter and contains information about FHA's policies regarding the waiver of the 90-day seasoning required for sellers. Here are the 6 things you need to know about these changes: 1. Waiver takes effect February 1st, 2010 for a period of one year unless extended. 2. Investors are now exempt from the 90-day seasoning rule. 3. All transactions must me arms-length. 4. No identity of interest can exist between buyer and seller. 5. If sale ...
Tribute To Dr. Martin Luther King
Fairfax, Virginia From Dr. Martin Luther King Jr. In honor of Dr. Martin Luther King, I decided to dedicate this post to the incredible speech he gave on August 28, 1963. The speech gives you the opportunity to see compassion, enthusiasm, and the opportunity to inspire others into action, just as Dr. King did during his short time on earth. Here is a portion of Dr. King’s speech. “I Have a Dream" from Dr. Martin Luther King Jr. I say to you today, my friends, so even though we face the difficulties of today and tomorrow, I still have a dream. It is a ...
The Times They Are A Changing
What's ahead for home loans in 2010 This year could bring significant changes from 2009 for those seeking home loans. Over the last year, home prices fell to 2003 and earlier levels in many parts of the country. In addition, home loan rates declined to the lowest levels on record and this combination led to the highest home affordability levels ever recorded. Here's a recap of what happened in 2009 and what you need to know for the year ahead. Would You Like a Sweetener with that Rate? Interest rates throughout 2009 were artificially low. That's because in late 2008, the Federal Reserve ...
Interest Rates-When is the best time to lock?
I always advise my clients to lock in their interest rate at the earliest opportunity. Gambling with a client's interest rate is never advisable. In my business, I have a standardized system in place that we adhere to for all of our clientele. A mortgage loan cannot be closed without locking in a rate, and there are three main elements to take into consideration: • Interest Rate • Points • Length of the lock Locking in on a rate does not obligate the client to commit to the loan until the loan is actually closed. The lock simply eliminates any risk of the borrower being ...
Fannie Mae Unveils Underwriting Changes
Vienna, Virginia: Fannie Mae has updated its automated underwriting software recently. The changes are major and could affect how many potential home seekers actually become homeowners. Having a loan underwritten by an actual person are almost non-existent these days. Both Fannie Mae and Freddie Mac feel they are better served using their proprietary software programs. Desktop Underwriter® (DU) Version 8.0 has changes to credit score requirements and mortgage insurance coverage will include: Maximum Debt To Income Ratios (DTI). This is the ratio of how much of your monthly income is being consumed by your monthly debt. Maximum DTI lowered to 45%, with flexibilities offered up ...
2009-2010 Tax Credit Video
The Senate voted to extend the $8,000 first-time home buyer tax credit. Additionally, the new bill also includes a $6,500 credit for existing homeowners who have been in their current residence for at least five years. The tax credit has been extented to November 30,2010. Watch the video to see if you are eligible for the $8,000 tax credit. As always, please consult your tax advisor.
New Home Affordable Foreclosure Alternatives Program
Fairfax, Virginia: The Treasury Department released guidelines and updated forms on November 30, 2009 for its new Home Affordable Foreclosure Alternatives Program (HAFA). The HAFA program is supposed to compliment the HAMP program and applies to loans not owned or guaranteed by Fannie Mae or Freddie Mac. The intent of the HAFA program is to assist additional homeowners that are in distress while setting out clear guidelines for mortgage servicers and mortgage holders. The HAFA program also provides incentives to servicers. The HAFA program is for homeowners in connection with the following situations: A short sale A deed-in-lieu of foreclosure (DIL) ...
The Investment Property Dilemma
Here is just a few of the issues some of my clients have come across in the past few months. Client 1: Condo refinance in Vienna, Virginia A recently married client wanted to refinance his condo to a lower rate and get out of the adjustable rate loan program they currently have. Both borrowers had excellent income, job stability and money in the bank. The condo was converted to a rental unit when he married. Equity in the property: 30% or more, plus my client was willing to pay down the mortgage five percent more if needed. The investor concentration (number of units used as rentals) was ...
Why are FHA loans so popular?
Why is FHA so popular today? Credit score: FHA has always been a friend to the borrower with bruised credit. But up until roughly 1999 credit scores were not that integrated into the mortgage lending process. And FHA lenders were still manually underwriting loan files up intil the past few years. FHA does not have a minimum credit score written into its guidelines, but it has allowed lenders to set their own minimum scores and some lenders are using the threshold in the range of 620 to 640 minimum score for FHA Down payment: FHA currently has a minimum down payment ...
Taking 10 Seconds To Say Thanks To Those Who Serve
Farifax, Virginia: A family member sent this to me the other day and I thought it was pretty cool. XEROX IS DOING SOMETHING COOL If you go to this web site, www.LetsSayThanks.com you can pick out a thank you card and Xerox will print it and it will be sent to a soldier who is currently serving in Iraq. You can't pick out who gets it, but it will go to a member of the armed services. How AMAZING it would be if we could get everyone we know to send one!!! It is FREE and it only takes a second. Wouldn't it be ...
A Box of Life for Valentine’s Day
When we think of Valentine’s Day, we usually think of flowers, a box of chocolates and a romantic dinner with the one we love. Those are very nice ways to show the special people in our lives just how much we love them. But I want to share with you a way that you can show your love, perhaps one you’ve never thought of. But before I do, let me share a couple of stories I have heard over the... [Read more ...]
Those Who Wait Will Pay Thousands More This Spring
Waiting a few extra days or weeks to purchase a home this spring could cost buyers thousands of extra dollars as the office of Housing and Urban Development (HUD) implements several changes for loans guaranteed by the Federal Housing Authority (FHA). Coming just weeks before the April 30 deadline for the Home Buyer Tax Credit and just days after the March 31 expiration of the Federal Reserve Board’s... [Read more ...]
Market Trends
Mr. Market seems to be wanting to move down for the second leg of the correction – I’d expect markets to continue to sell off here on the indexes, and with that will go a further drop in consumer confidence which could weigh heavily on housing in the months ahead. To see the existing housing data, click on Market Trends above.
New Home Search App for the I-Phone
Take your home search mobile – for FREE! The REALTOR.com® iPhone App Instantly access over 4 million homes View listings on an interactive map Share listings via Facebook & Twitter
Homebuyer Tax Credit and IRS Form 5404
Fairfax, Virginia: The Worker, Homeownership, and Business Assistance is the larger bill that included the homebuyer tax credit additions. Taxpayers wanting to take advantage of the first time home buyer credit (up to $8,000) or the new repeat home buyer tax credit (up to $6,500) can now get the revised IRS form 5405 to submit with their 2009 tax filing from the IRS website. Existing northern Virginia... [Read more ...]
90-Day Seasoning Waiver Expanded
90-Day Seasoning Waiver Expanded Fairfax, Virginia: This update from FHA Virginia Loans was released on Friday January 15th, 2010, as an excerpt from the CFR (Code of Federal Regulations) without a corresponding Mortgagee Letter and contains information about FHA’s policies regarding the waiver of the 90-day seasoning required for sellers. Here are the 6 things you need to know about these changes: 1.... [Read more ...]
Tribute To Dr. Martin Luther King
Fairfax, Virginia From Dr. Martin Luther King Jr. In honor of Dr. Martin Luther King, I decided to dedicate this post to the incredible speech he gave on August 28, 1963. The speech gives you the opportunity to see compassion, enthusiasm, and the opportunity to inspire others into action, just as Dr. King did during his short time on earth. Here is a portion of Dr. King’s speech. “I Have a Dream”... [Read more ...]
The Times They Are A Changing
What’s ahead for home loans in 2010 This year could bring significant changes from 2009 for those seeking home loans. Over the last year, home prices fell to 2003 and earlier levels in many parts of the country. In addition, home loan rates declined to the lowest levels on record and this combination led to the highest home affordability levels ever recorded. Here’s a recap of what happened... [Read more ...]
Interest Rates-When is the best time to lock?
I always advise my clients to lock in their interest rate at the earliest opportunity. Gambling with a client’s interest rate is never advisable. In my business, I have a standardized system in place that we adhere to for all of our clientele. A mortgage loan cannot be closed without locking in a rate, and there are three main elements to take into consideration: • Interest Rate • Points •... [Read more ...]
Fannie Mae Unveils Underwriting Changes
Vienna, Virginia: Fannie Mae has updated its automated underwriting software recently. The changes are major and could affect how many potential home seekers actually become homeowners. Having a loan underwritten by an actual person are almost non-existent these days. Both Fannie Mae and Freddie Mac feel they are better served using their proprietary software programs. Desktop Underwriter® (DU)... [Read more ...]
2009-2010 Tax Credit Video
The Senate voted to extend the $8,000 first-time home buyer tax credit. Additionally, the new bill also includes a $6,500 credit for existing homeowners who have been in their current residence for at least five years. The tax credit has been extented to November 30,2010. Watch the video to see if you are eligible for the $8,000 tax credit. As always, please consult your tax advisor. [Read more... [Read more ...]
New Home Affordable Foreclosure Alternatives Program
Fairfax, Virginia: The Treasury Department released guidelines and updated forms on November 30, 2009 for its new Home Affordable Foreclosure Alternatives Program (HAFA). The HAFA program is supposed to compliment the HAMP program and applies to loans not owned or guaranteed by Fannie Mae or Freddie Mac. The intent of the HAFA program is to assist additional homeowners that are in distress while setting... [Read more ...]
The Investment Property Dilemma
Here is just a few of the issues some of my clients have come across in the past few months. Client 1: Condo refinance in Vienna, Virginia A recently married client wanted to refinance his condo to a lower rate and get out of the adjustable rate loan program they currently have. Both borrowers had excellent income, job stability and money in the bank. The condo was converted to a rental unit... [Read more ...]
Why are FHA loans so popular?
Why is FHA so popular today? Credit score: FHA has always been a friend to the borrower with bruised credit. But up until roughly 1999 credit scores were not that integrated into the mortgage lending process. And FHA lenders were still manually underwriting loan files up intil the past few years. FHA does not have a minimum credit score written into its guidelines, but it has allowed lenders to... [Read more ...]
Taking 10 Seconds To Say Thanks To Those Who Serve
Farifax, Virginia: A family member sent this to me the other day and I thought it was pretty cool. XEROX IS DOING SOMETHING COOL If you go to this web site, www.LetsSayThanks.com you can pick out a thank you card and Xerox will print it and it will be sent to a soldier who is currently serving in Iraq. You can’t pick out who gets it, but it will go to a member of the armed services. ... [Read more ...]
