Mortgage interest rates continue to remain attractively low - generally below 5.0% for 30 year fixed rate. Of course rates are affected by many variables including a buyers credit score and fluxuate daily just as stock prices change daily, so be sure to discuss your needs with a mortgage professional.
If you are interested in more information regarding a mortgage, please call Jodi Hillmar to discuss your needs today!
Inman News – To encourage distressed borrowers to agree to deeds-in-lieu of foreclosure, Fannie Mae is reducing the waiting period — from four years to two years — for them to become eligible for a new mortgage. The new policy, which will apply to loan applications submitted after June 30, requires a minimum down payment of 20 percent from borrowers who have agreed to a deed-in-lieu within the past two years. Borrowers with a deed-in-lieu in the past two to four years will be required to put 10 percent down to be considered for a Fannie Mae-backed loan.
Logically looking at the variables that go into the sale of a house, one has to look at the following elements: Location, Price, Market and Condition.
Location is the most straight forward element, as it cannot be changed and there is nothing one can do about it.
Price can be changed to reflect for the shortcomings of the other elements, but comes at the cost of lost monies.
Market is twofold and consists of the conditions existing in the marketplace, i.e. mortgage rates, consumer confidence, etc., which once again one has no control over. The second is the marketing efforts for exposure of the property to prospective buyers. Making the home available for prospective buyers to easily schedule showing appointments is very important. A seller may only get once chance with a prospective buyer and one never knows if that buyer was “the one”!
Condition is the one element that most have control over and which one can readily do something about to make improvement. Carpet can be replaced, walls can be painted, landscaping can be inproved to create “curb appeal”, appliances can be updated, etc.. Cleaning, staging and preparedness are virually cost free conditions that every seller can do.
Get more tips and ideas on how you can prepare your house for sale so you can get the best possible price and terms when selling. Our video is available by DVD or download and contains much more detailed information. Here’s a sample clip:
Mortgage lenders facing increased regulation and revised paperwork required by the US Department of Housing and Urban Development (HUD) are advising potential home buyers that time is running short for the home buyer tax credits.
Qualified 1st time home buyers are eligible for a tax credit of up to $8,000 for a home that they are buying provided that they have entered into a binding contract on or before April 30, 2010. The buyer has until June 30, 2010 to complete the purchase or complete settlement on their purchase.
Qualified Repeat Home Buyers are eligible for a tax credit of up to $6,500 for a home that they are buying provided that they have entered into a binding contract on or before April 30, 2010. The buyer has until June 30, 2010 to complete the purchase or complete settlement on their purchase.
The new Truth in Lending Act (TILA), new Good Faith Estimate (GFE) and HUD-1 Settlement forms, Real Estate Settlement Procedures Act regulations and the Fannie Mae Home Valuation Code of Conduct (HVCC) governing the appraisal process, are all industry changes affecting the time necessary for the mortgage lender to process and approve a mortgage loan. The amount of time necessary to complete a “clean” mortgage loan has risen to approximately 60 days. Complications could extend the amount of time significantly and place a buyer’s chances of meeting the timelines for the credit in jeopardy.
Therefore many lenders are advising buyers to enter into a binding contract to purchase a home by April 01, 2010. Be aware that every day of delay beyond April 01, 2010 increases the chances of failing to meet the timelines of qualifying for the tax credit.
Annapolis, MD – A recent HoweStreet.com article, The Debt Bomb, chronicles that one hedge against the coming inflation is to invest in real estate. Below is the link to the article:
Our site will be bringing you lots of information about Annapolis and the surrounding area including photos, video, property search engines, real estate finance and neighborhood profiles.
