2012 Is Here
January 6, 2012 by Jeff Thomas · Leave a Comment
Forecasting What May Be Ahead for Home Loan Rates Fairfax, VA – The good news–despite what the Mayan calendar may say–is that the world probably won’t be coming to an end in 2012. But like 2011, this coming year may bring some significant challenges here in the US and around the world. Read on to [...]
Preparing to Buy Again after BK, Short Sale or Foreclosure
September 6, 2011 by Jeff Thomas · Leave a Comment
Fairfax, VA – You will most likely need to wait. Unless you can find a local program that allows a BK, small bank, or credit union that will hold the mortgage on their books.The BK guidelines have become more strict over the past couple of years since the losses started to mount for FHA, VA and [...]
When the property is an FHA “flip”
July 19, 2011 by Jeff Thomas · Leave a Comment
Fairfax, VA – When the property in question is an FHA flip. Seller has been on title for less than 90 days. If the sales price is 20% or more above seller’s acquisition cost and the increase in value is due to improvements/renovation to the property: 1. The appraiser is required to verify the repairs [...]
What Should You Expect in 2011, Part 1
January 10, 2011 by Jeff Thomas · Leave a Comment
Forecasts for the Economy and Employment – Their Impact on the Housing Market Fairfax, VA – The economy and housing markets have seen some rough times the last couple of years. But the good news is last year we saw some stabilization in 2010 – and 2011 should continue on the road to recovery. To [...]
Interest Rate Update – January 3, 2011
January 3, 2011 by Jeff Thomas · Leave a Comment
If closing is in: 5-7 days: LOCK 7-15 days: FLOAT, BUT BE CAUTIOUS; NOT LIKELY RATES WILL DECLINE MUCH WITH BULLISH ECONOMIC OUTLOOK 15-30 days: FLOAT 30+ days: FLOAT WITH CAUTION <><><><><><><><><><><><><> Last Friday in thin trading the bond and mortgage markets had a nice end of the year with good price gains (lower interest [...]
Bonds Started Lower Again Today
December 13, 2010 by Jeff Thomas · Leave a Comment
The 10 yr note overnight it 3.39% +7 basis points from Friday’s close, a little improvement by 9:00, at 3.36%. Mortgage prices at 9:00 down 6/32 (.18 basis points) from Friday’s close. Looks more and more likely that the 10 yr may eventually drive to 3.50%. The exit from fixed income investments at those low yields is not over [...]
Combined Loan-to-Value Requirements for Refinance Transactions
August 19, 2010 by Jeff Thomas · Leave a Comment
Fairfax-VA. The ML 2010-24 is guidance for Combined Loan To Value (CLTV) refinance transactions – only. The new policy and guidelines are more restrictive than the old FHA policies guidelines. In the past FHA policies did not have a restriction on minimum equity limits (LTV and CLTV in loan talk), but Wall Street and the [...]
Federal Housing Administration Reform Act
August 11, 2010 by Jeff Thomas · Leave a Comment
Fairfax, VA – The House of Representatives approved the Federal Housing Administration Reform Act. The purpose of FHAR is to bring stability to the FHA lending program. Currently, FHA loans make up about 30 percent of the loans originated in the US. This is a far cry from early to mid 2000’s when real estate [...]
FHA loans – Changes are here
August 2, 2010 by Jeff Thomas · Leave a Comment
Fairfax, VA – With the increased role FHA has taken in the lending world since 2007, FHA has experienced an increase of foreclosures which caused FHA to tighten lending guidelines, increase down payment requirements and institute minimum credit score requirements to qualify for an FHA loan. Here are some changes that have been made or are on [...]
FHA seller concession rules
June 2, 2010 by Jeff Thomas · 2 Comments
The Federal Housing Administration (FHA home loans in Virginia) is eliminating one of the mainstays to its program sometime this summer. Gone will be the 6 percent seller concession and in will be the 3 percent seller concession. The reason for eliminating the concession according to FHA is the 6 percent seller concession exposes them [...]
Age Old Debate: Payoff Your Mortgage or Invest?
March 23, 2010 by Jeff Thomas · Leave a Comment
Why Payoff Your Mortgage Fairfax, Virginia: Homeowners have been arguing this point since the invention of mortgages many years ago. Should a homeowner payoff their mortgage faster in order to save interest? Or should the homeowner invest that money into 401-K and other retirement vehicles to accumulate more money for retirement? The true answer lies [...]
USDA Zero Down Home Loan In Jeopardy!
March 17, 2010 by Jeff Thomas · Leave a Comment
Fairfax, Virginia: Although USDA loans are not a big deal in the northern Virginia area, but they are HUGH deal in the outlying counties of Fauquier, Prince William and Loudoun. It was recently been announced that the USDA 100% (zero down) loan program will be out of money by the end of April 2010. Typically [...]
Life After Bankruptcy
March 14, 2010 by Jeff Thomas · Leave a Comment
Fairfax, Virginia – Bankruptcy is an uncomfortable subject for a variety of reasons. I have been talking with clients since the economy and housing crisis began over two years ago about bankruptcy. But because I am in the mortgage business and filing for bankruptcy affects one’s ability to get a mortgage I get tons of [...]
Home Buyer’s Tax Credit About to End
February 28, 2010 by Jeff Thomas · Leave a Comment
Fairfax, Virginia You’re probably up to your neck by now in forms and paperwork as the April 15th income tax deadline approaches. Maybe you’ve already completed your taxes, paid your bill, or are awaiting your refund check. Either way, now is the perfect time to revisit the extended and expanded Home Buyer’s Tax Credit.Why? Because [...]
Write-offs to Remember
February 12, 2010 by Jeff Thomas · Leave a Comment
Deductions in the Loan Process For Homeowners in Fairfax, Virginia Write-offs are the government’s way of rewarding taxpayers when they’ve done something the government likes. And to judge by the write-offs, the government likes it when people borrow money to buy a house. There are write-offs aplenty, many of which people often forget. Fairfax, Virginia [...]
