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 [...]
New FHA Flipping Regulations
December 27, 2011 by Jeff Thomas · Leave a Comment
Fairfax, VA – FHA lenders had reason for cheer and mirth at the end of last week. “In an effort to continue stabilizing home values and improve conditions in communities experiencing high foreclosure activity, Acting FHA Commissioner Carol Galante will extend FHA’s temporary waiver of the anti-flipping regulations.” With certain exceptions, FHA regulations prohibit insuring a [...]
What happens to my loan if the government shuts down?
July 19, 2011 by Jeff Thomas · Leave a Comment
Fairfax, VA – When was the last government shutdown? 1995 was the year. What happened? It was very painful to get through, but no one panicked. And we shouldn’t panic this time. I can assure you 1st Commonwealth Bank of Virginia has prepared all of the loans in our pipeline and we preparing for a [...]
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 [...]
I’ve Got 4 Key Questions about Your Home Loan Situation
June 13, 2011 by Jeff Thomas · Leave a Comment
Fairfax, VA – The start of summer is nearly here, which means things like baseball, hotdogs, and apple pie are on our minds. But that’s not all the arrival of summer means: 2011 is almost halfway over. That makes now the perfect time of year to make sure your home loan is working for you. [...]
Property Devastation – Don’t Let It Mean Financial Devastation
April 8, 2011 by Jeff Thomas · Leave a Comment
Fairfax, Virginia: Last month, the world watched in horror as another tsunami brought immense devastation, this time to Japan. In light of the tragic earthquake and subsequent tsunami, I wanted to discuss a topic that’s important to all homeowners: homeowners insurance. Let’s start with some important questions: Do you know what a typical homeowner’s insurance policy [...]
More FHA Changes Are On The Way!
February 16, 2011 by Jeff Thomas · Leave a Comment
FHA Refinance Changes Fairfax, Virginia: With Mortgagee Letter 11-11, FHA announces changes to refinance transactions. This ML provides guidance on the changes as well as clarification on existing refinance guides and it will be worthwhile to read this ML in its entirety as a refresher. Here are the 8 things you need to know about [...]
What’s Happening With Rates?
February 11, 2011 by Jeff Thomas · Leave a Comment
Fairfax, Virginia: Mortgage Rates Return To April 2010 Levels Mortgage rates are surging. Over the last week or two, interest rates on 30-year fixed mortgages have increased roughly a .25 percent. This is according to Freddie Mac’s weekly Primary Mortgage Market Survey. It is the largest one week jump in recent history. The national rate for [...]
Google Drops Real Estate Listings
January 28, 2011 by Jeff Thomas · Leave a Comment
Google doesn’t give up on much. But it did with this product. http://www.inman.com/news/2011/01/26/google-drops-real-estate-listings
Interest Rate Update – January 28, 2011
January 28, 2011 by Jeff Thomas · Leave a Comment
Interest Rate Update – January 28, 2011 Closing within 5-7 days: LOCK. Closing within 7-15 days: FLOAT, BUT LOCK LOANS THAT ARE CRITICAL; STILL BEARISH OUTLOOK. Closing within 15-30 days: FLOAT WITH CAUTION. Closing within 30+ days: FLOAT WITH CAUTION. (I realize the advice is redundant, but rates are static so advice doesn’t change) Fairfax, [...]
What’s Ahead For Mortgage Rates This Week : January 24, 2011
January 24, 2011 by Jeff Thomas · Leave a Comment
What’s Ahead For Mortgage Rates This Week : January 24, 2011 Fairfax, Virginia: Mortgage markets worsened last week in a holiday-shortened trading week. As the body of U.S. economic data continues to show slow, steady improvement, Wall Street is becoming a net-seller of mortgage-backed bonds. As a result, conforming mortgages rates in Virginia are rising. This [...]
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 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 [...]
