Are you in the market for a new home? This maybe the time to purchase that home. A new Federal Housing Administration program will let first- time home buyers use their $8,000 tax credit for down payments or closing cost.
Read more about it at:
Saturday, June 6, 2009
What's Going On With Mortgage Rates?
After speaking with my mortgage guru Dale Biaggi of Land/Home Financial Services INC. http://www.lhfinancial.com/ can reach him at dale@landhomeca.com
May 27, was the worse day for mortgage rates in a very long time. Fannie Mae pricing increased six times in oneday alone. Fannie Mae 30 year fixed rate jumped from 4.75% to 5.50%. Right now rates are in the range of 5.250% to 5.75%.
Don't get scared it is still a great time to purchase a home. Here are a few reasons why!
* First time homebuyers tax creditof $8,000
* Lowering Housing Prices
* There is a larger numbers of FHA lenders
* There is a lots of REO and Short Sale properties
* Rates are still at low
Take advantage of low rates. As always if you need help with your new home purchase contact S.A.C. Properties at info@s-a-c-properties.com
May 27, was the worse day for mortgage rates in a very long time. Fannie Mae pricing increased six times in oneday alone. Fannie Mae 30 year fixed rate jumped from 4.75% to 5.50%. Right now rates are in the range of 5.250% to 5.75%.
Don't get scared it is still a great time to purchase a home. Here are a few reasons why!
* First time homebuyers tax creditof $8,000
* Lowering Housing Prices
* There is a larger numbers of FHA lenders
* There is a lots of REO and Short Sale properties
* Rates are still at low
Take advantage of low rates. As always if you need help with your new home purchase contact S.A.C. Properties at info@s-a-c-properties.com
Saturday, May 16, 2009
Searching For Properties?
If your looking for properties check out this website. Here you will be able to search for properties in the New York, New Jersey area.....
http://www.searchingnyproperties.com
Have fun!
http://www.searchingnyproperties.com
Have fun!
First Time Home Buyer Questions Answered!
Thinking of buying your first home? But you have so many unanswered questions? Can I really afford a home? How can I find out how much I can afford? How do I start? Here are a few answers to your questions read the article below and check back for more answers to you questions:
New Apprasial Ordering Process
Starting May 1, 2009, no one involved in the mortgage process is permitted to select their own appraiser and are not permitted to tell the appraiser what value we need..... No one is permitted to ask an appraiser what he "thinks" the value may be befoe we order an appraisal for refinance.
This is not so bad for new purchases, because we must provide a copy of the contract. But for refinances there is no contract. There is no way to check values before spending the money on the appraisal. Most seasoned mortgage professionals have sites they can go n to get around about idea of values, but again there is no way to get the tru value with out spending money...
The new guidelines applies to Fannie Mae and Freddie Mac loans. It does not apply to FHA and some bank loans.....
Need a seasoned mortgage professional contact:
Dale Biaggi
Sr. Mortgage Consultant
Land Home Financial Services
Office: 800-648-2901
Cell: 831-600-6895
Email: dale@landhomeca.com
This is not so bad for new purchases, because we must provide a copy of the contract. But for refinances there is no contract. There is no way to check values before spending the money on the appraisal. Most seasoned mortgage professionals have sites they can go n to get around about idea of values, but again there is no way to get the tru value with out spending money...
The new guidelines applies to Fannie Mae and Freddie Mac loans. It does not apply to FHA and some bank loans.....
Need a seasoned mortgage professional contact:
Dale Biaggi
Sr. Mortgage Consultant
Land Home Financial Services
Office: 800-648-2901
Cell: 831-600-6895
Email: dale@landhomeca.com
Real Estate Tax Credit
Under a new FHA rule aproved lenders can allow first-time home buyers to use the 8,000 tax credit as a down payment. Otherwise, buyers wouldn't get the money until they receive their taw return.
The government wants to enable FHA consumers to access the homebuyer tax credit funds when they close on their home loans so that the cash can be used as a down payment.
The government wants to enable FHA consumers to access the homebuyer tax credit funds when they close on their home loans so that the cash can be used as a down payment.
Wednesday, October 22, 2008
WHAT IS A SHORT SALE?
A short sale occurs when the proceeds of a real estate sale fall short of the balance owed on the property.
In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank's loss mitigation department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale. Most Short Sales leave a deficiency balance for which the Mortgagor / Borrower is still liable. In 99% of all cases it is not a settlement-in-full. A deficiency balance will remain while the mortgage broker, real estate agent / broker, loan officers, title and closing agents still remain getting their profit. And no regulatory agency governs this hybrid transaction.
Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market climate and the individual borrower's financial situation.
A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. For the home owner, the advantages include avoidance of having a foreclosure on their credit history and the partial control of the monetary deficiency. Additionally, a short sale is typically faster and less expensive than a foreclosure. In short, a short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount. It does not extinguish the remaining balance unless settlement is clearly indicated on the acceptance of offer.
Short sales are common in standard business transactions in recognition that creditors are not doing debtors a favor but, rather, engaging in a business transaction when extending credit. When it makes no business sense or is economically not feasible to retain an asset businesses default on their loans (called bonds). It is not uncommon for business bonds to trade on the after-market for a small fraction of their face value in realization of the likelihood of these future defaults.
In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank's loss mitigation department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale. Most Short Sales leave a deficiency balance for which the Mortgagor / Borrower is still liable. In 99% of all cases it is not a settlement-in-full. A deficiency balance will remain while the mortgage broker, real estate agent / broker, loan officers, title and closing agents still remain getting their profit. And no regulatory agency governs this hybrid transaction.
Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market climate and the individual borrower's financial situation.
A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. For the home owner, the advantages include avoidance of having a foreclosure on their credit history and the partial control of the monetary deficiency. Additionally, a short sale is typically faster and less expensive than a foreclosure. In short, a short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount. It does not extinguish the remaining balance unless settlement is clearly indicated on the acceptance of offer.
Short sales are common in standard business transactions in recognition that creditors are not doing debtors a favor but, rather, engaging in a business transaction when extending credit. When it makes no business sense or is economically not feasible to retain an asset businesses default on their loans (called bonds). It is not uncommon for business bonds to trade on the after-market for a small fraction of their face value in realization of the likelihood of these future defaults.
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