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 4, 2011
January 4, 2011 by Jeff Thomas · Leave a Comment
ECONOMIC OUTLOOK. 5-7 days: LOCK. 7-15 days: FLOAT, BUT BE CAUTIOUS; NOT LIKELY RATES WILL DECLINE MUCH WITH BULLISH 15-30 days: FLOAT. 30+ days: FLOAT WITH CAUTION. Treasuries opened flat this morning, mortgages bonds are up 4/32 (.12 BP – basis points) at 9:00. Mortgage bonds are still trading in a 25 basis point yield range. [...]
Housing Inventory Snapshot December 28, 2010
January 3, 2011 by Jeff Thomas · Leave a Comment
Housing Inventory Snapshot December 28, 2010 Average List Price Median List Price Average Days On Market District of Columbia (DC), DC Single Family under $1M $367,934 $315,000 126 Single Family over $1M $3,180,091 $2,295,000 149 Condo/Townhome under $600K $286,070 $269,900 125 Condo/Townhome over $600K $1,351,996 $939,500 140 Arlington County, VA Single Family under $1M $660,087 [...]
Interest Rate Info – December 30 2010
December 30, 2010 by Jeff Thomas · Leave a Comment
Movements in the economy, good or bad, up or down, move interest rates up and down through out each trading day. Jobless claims is one of the reports that moves interest rates up or down. Today’s jobless claims number came in significantly lower than expected. Jobless claims came in at 388,000 lower than the expected [...]
Interest Rate Info – December 29, 2010
December 29, 2010 by Jeff Thomas · Leave a Comment
Fairfax, Virginia: There was no driving news overnight and there is no economic data today; the only thing of importance is the last of the three auctions today, the $29 billion auction of 7 year notes at 1:00 PM. The markets were slammed hard yesterday when the results of the 5 year auction were released. [...]
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 [...]
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 [...]
The Credit Crunch and Student Loans
June 15, 2010 by Jeff Thomas · Leave a Comment
You’ve heard about the Credit Crunch and its tightening effect on lending guidelines in the mortgage industry, but what does it mean to millions of Americans who need student loans to help pay their college tuition? The student loan market looked pretty bleak during the first quarter of 2008. Not only did the reduced benefits [...]
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 [...]
The First Two Steps in Buying a Home
June 1, 2010 by Jeff Thomas · Leave a Comment
Fairfax, VA – Statistics suggest that the Internet is the first destination and source of information for potential home buyers. In fact, nearly 80% of potential buyers reportedly begin their home buying process online. And why not? The Internet has a wealth of information and resources that can aid in the beginnings of the home [...]
Home Buyer Tax Credit Extended for Military Personnel
June 1, 2010 by Jeff Thomas · Leave a Comment
Fairfax, VA – The popular Home Buyer’s Tax Credit has expired for all Americans, except for three very deserving groups: the brave men and women of the uniformed services of the U.S military, members of the Foreign Service of the U.S., or employees of the intelligence community who are actively serving outside of the U.S. [...]
Taxes Are Your Biggest Expense!
March 19, 2010 by Jeff Thomas · Leave a Comment
Fairfax, Virginia: Do you realize that your biggest expense every month is TAXES? If you don’t believe me, just look at your paycheck and see how much you earned versus how much you are actually bringing home! As you strive to save more money, eliminate debt, and build a successful financial future, minimizing your tax [...]
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 [...]
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 [...]
