The Fed announced today that in a Global Effort - they are lowering the discount rate to 1.5% from 2.0%. Most of those few people who are looking for a new home will conclude that mortgage rates are going to dive.
NOT SO FAST! The stock market has taken a bath in the last few days […]
Lots of folks have heard that purchasing foreclosed property is a HUGE opportunity right now - and they are right.
The problem is that it is DIFFICULT to find loans for these investments. Because it’s Investment property - and a bank already lost money on the home… it is considered a VERY VERY high risk loan, […]
This is an historic moment… The House did not pass the Bailout, and on the Economic blog posts I’m reading - most are happy.
Me? Not so much. I think it makes it even harder for the next President to pull us out of this sooner than later.
It doesn’t look like (at least initially) the bill’s […]
Lending rules for purchasing and financing Investment Property is changing.
At least one of our investors notified us that:
Borrowers financing an investment property MUST reside in the state where the subject investment property is located, EXCEPT when the property is located within a 100 mile radius of the borrower’s primary residence.
· If the subject investment […]
Virgin Money recently sent me a package on their “family” lending program. The idea is that if Aunt Sarah has $150,000 she can lend it to you and Virgin (yes it’s a spin off of the airlines and music mogel) will process the payments and help you with the paperwork (for a nominal fee). No […]
I might be wishful thinkin’ here… The new Housing Bill has a $7500 tax credit (for more info on this click here) for First Time Homebuyers! This is great news, if it leads this group of folks to feel more comfortable buying.
We need qualified first time homebuyers to get off the benches and buy that […]
The Home Energy Rating System was designed to work in a similar way to “miles per gallon.” It’s a consistent, and unbiased way to rate a home’s energy efficiency. The report is required by HUD if you are applying for an Energy Efficient Mortgage (EEMs). The EEMs gives homebuyers incentives to “remodel” their existing homes to […]
For the past many months we’ve been watching gas prices (and lemons, and muffins, just about everything) soar!
We’ve been trying to figure out what we could do, as a mortgage company to reduce our dependant, almost addictive habit of waste. As a company we met with area Waste Management experts, and Energy Experts from Green […]
In the last 2 weeks we’ve talked to several people hoping to build a new home on property they already own.
Because there are multiple places to purchase lots, in subdivisions, where you can “bring your own” builder - it’s becoming an increasingly popular option.
With the number of homes in this area that are ALREADY built […]
Stated Income Stated Asset loans are the ones that are now considered the “head winds” of the Mortgage Meltdown.
But are they “BAD” loans? No… if you are in a business that has a ton of “paper” writeoffs, if you work multiple jobs, if you are commissioned and those are moving quickly to the higher side […]