News Alerts!
1/22/10 - FHA Makes Impactful Change in Lending Policy - MORE DETAILS...
11/09/09 - First Time Home Buyer Tax Credit is Extended - MORE DETAILS...
10/16/09 - TAx Credit Tips for First Time Home Buyers - MORE DETAILS...
4/17/09 - Mortgage Insurance: Friend or Foe - MORE DETAILS...
2/25/09 - Soft Market Classification - MORE DETAILS...
11/13/08 - FHA Loan Limits Changing - MORE DETAILS...
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Dates of Interest:
April 5th- FHA Contracts dated after 4/5 will see the following changes:
- Upfront MIP that is can be financed into base loan amount increases from 1.75% to 2.25%
- Monthly MIP will increase from .5% to .75%
- Seller paid concessions are REDUCED from 6% to 3%
April 30th- Contract must be dated for buyers to realize the tax credit.
June 13th- Freddie Mac does away with interest only conventional loans. Expect Fannie Mae to follow in Freddie’s footsteps. I predict that by Labor Day the mortgage industry will no longer offer interest only products.
June 30th- Purchases must be closed to realize the tax credit.
A Quick Look at Trends from Q1 2010:
Rates
Fixed rates are still below 5% on most days. Still hovering around 40 year lows. Beginning to see renewed interest in mid range arms. IF fixed rates move to mid 5’s look for mid range ARMS to really become appealing. SunTrust mid range ARMS are simply the best in Atlanta!
Mortgage Programs
- FHA still growing in popularity because most lenient on credit standard and down payment can be a gift.
- VA is still best program going because 100% financing with no monthly PMI. Ask your clients if they have VA eligibility.
- USDA funds beginning to run low. Some suggest USDA funds could be exhausted by end of April so call me to check on availability.
Foreclosures
Expect foreclosures to continue increasing as banks work hard to clear their books in 2010 and consumers still struggle to keep current on mortgage payments. Great deals that I never imagined exist….in all price ranges. Beginning to see more luxury homes being discounted deeply by the banks. Speed- Almost everyone wants to close ASAP. The banks want to sell fast. Buyers want to close before tax credit expires. My SunTrust team has the capability, talent, and desire to close loans fast, VERY FAST. Please give my team a chance to a speak with your client and close the transaction fast!
Buyer’s Market
With low rates, deep discounts on home prices, and a the government paying buyers to purchase home with the tax credit, it is a buyer’s market like we might never see again.
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