November 2009
Why are FHA loans so popular?
November 24, 2009 by Jeff Thomas · Leave a Comment
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 [...]
Taking 10 Seconds To Say Thanks To Those Who Serve
November 20, 2009 by Jeff Thomas · Leave a Comment
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 [...]
FHA Streamline Loan Program Changes
November 20, 2009 by Jeff Thomas · Leave a Comment
Federal Housing Administration (FHA) has implemented significant changes for streamline refinances . These changes will affect all FHA streamline loans across the country and in the northern Virginia area, Vienna, Virginia, Alexandria, VA, Fairfax and the surrounding cities and county’s. These changes take place on all FHA case numbers ordered on Wednesday, November 18, 2009 [...]
Mary Had A Little Plan
November 14, 2009 by Jeff Thomas · Leave a Comment
What factors determine your credit score?
Payment history – 35%
Amounts owed – 30%
Length of credit history – 15%
New credit – 10%
Types of credit used – 10%
Obviously the single most important factor is your record of paying your bills on time. As delinquent accounts age they factor less into the calculation of your credit score. Here is [...]
Converting A Primary Home To An Investment Property
November 13, 2009 by Jeff Thomas · Leave a Comment
I have clients all over the northern Virginia area. Recently two similar calls from clients that live in Alexandria and Vienna . Both had a question about keeping their current home as a rental when buying another primary home. As simple as this question may seem, it is much more complicated when trying to qualify for a [...]
Fed Meeting and Interest Rates
November 11, 2009 by Jeff Thomas · Leave a Comment
Mortgage Backed Security prices are down -1/32 (FNMA 30-yr 4.5 at 100.26), above 9:45 et pricing of -5/32. There was little interest rate reaction to the Federal Reserve announcement. October In Supply Management Services came in a little lower than expected. The Treasury will auction a record $81 billion in 3-yr, 10-yr, and 30-yr Treasuries [...]
Many Changes to FHA Since 2000
November 5, 2009 by Jeff Thomas · Leave a Comment
With over 1,000 changes to FHA programs since 2000, it is important to work with someone that understands how the “new” FHA loan works. In the last 5 years there have been significant changes made to FHA guidelines designed to make it much easier to originate these loans. but that has not actually been the case. [...]
Senate Passes Unemployment Extension, Home Buyer Tax Break
November 5, 2009 by Jeff Thomas · Leave a Comment
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.
read article»
NAR summary and comparison
Summary:
The Refurbished Home Buyer Tax Credit Details
Current
Existing $8,000 tax credit is through [...]
