loans
Why Is It Difficult for Investors to Buy Condos?
In the last several months I have seen my investor clients face some big challenges in purchasing condominiums. I have had two sales almost fall apart in the 11th hour – luckily both buyers were able to close with cash at the last minute. There are a few roadblocks investors need to watch out for…
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Congress Restores Higher FHA Loan Limits
It is official – Congress has voted to bring back the higher FHA loan limits. The measure, once signed by the President, will push the FHA conforming loan limit in the highest priced real estate markets (like California and New York) to $729,750 through 2013. The current limits cap at $625,500 in these markets; they…
Read MoreConforming Loan Limits to Get the Ax
On Friday the House of Representatives failed to extend the current conforming loan limits, which are set to expire on September 30. This was a big blow to the real estate market and to buyers and sellers. But does this mean the fight for extension is over? Let’s take a look at the situation so…
Read MoreDon’t Have a Big Downpayment? A Loan May Still Be Possible
These days it is more difficult than ever before to qualify for a loan. Lenders have such a tight grip on their money that they practically require you to sign over your firstborn to release it. Many buyers find themselves in tricky situations – first time buyers who might not have enough cash or credit…
Read MoreAre You Ready to Find a Home?
Have you been considering buying a home, maybe for the first time, maybe to move up or down? Have you been waiting for the market to hit bottom, for prices to fall, for loan rates to get lower? Guess what? It is that time. Yes, I am a Realtor, and my telling you this may…
Read MoreHow Will Loan Limit Changes Affect the Housing Market?
It’s one of the questions of the moment, and one that many real estate agents and mortgage brokers fear most at this time: what will happen to the housing market once the conforming loan limits drop at the end of September? How will buyers and sellers be affected, if at all? Let’s start at the…
Read MoreWeekly Real Estate News REcap 7/8/11
Obama Administration Extends Foreclosure Programs for the Unemployed. Those who are unemployed and have an FHA loan will soon be given up to a year of forbearance on their payments, giving them time to find a new job before losing their homes. This announcement arose from the fact that many Americans are unemployed for more…
Read MoreFannie Mae Will Pay Buyer Closing Costs
Fannie Mae just announced that it will help buyers purchase REO (lender owned) properties by providing up to 3.5% in closing costs through the HomePath program. In order to qualify buyers must submit their initial offer on or before April 11, 2011, with a mandatory closing date before June 30, 2011. The main restriction for…
Read MoreLenders Need to “Take it Like a Man” So We Can Move On
Mortgage servicers and House Republicans are complaining about proposed punishments for the robo-signing scandal. Surely the servicers didn’t expect a slap on the wrist for the role in initiating foreclosures illegally? Is it not enough that they are the only ones making money on foreclosures, that people are suffering all across this nation because they…
Read MoreLow Credit and Want to Buy…You May be in Luck
Wells Fargo recently announced that those who desire to purchase a home but have credit scores as low as 500 will be able to qualify for FHA mortgages. This announcement came after a slew of articles about how the major banks are stifling home purchases by cranking up the minimum credit score requirement in order…
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