December 2009
Interest Rates-When is the best time to lock?
December 17, 2009 by Jeff Thomas · Leave a Comment
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 [...]
Fannie Mae Unveils Underwriting Changes
December 10, 2009 by Jeff Thomas · Leave a Comment
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) [...]
2009-2010 Tax Credit Video
December 9, 2009 by Jeff Thomas · Leave a Comment
The Senate voted to extend the $8,000 first-time home buyer tax credit for home buyers in the Fairfax, Virginia and Alexandria, Virginia areaa. 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 [...]
New Home Affordable Foreclosure Alternatives Program
December 8, 2009 by Jeff Thomas · Leave a Comment
Fairfax, Virginia: The Treasury Department released guidelines and updated forms on November 30, 2009 for its new Home Affordable Foreclosure Alternatives Program (HAFA) for homeowners in Fairfax, Virginia and Alexandria, Virginia area. 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 Investment Property Dilemma
December 8, 2009 by Jeff Thomas · Leave a Comment
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 [...]
