Mortgage News

Mortgage Rates Head for 6 percent: 5 Reasons They Might Retreat
Luke Mullins, US News and World Report
June 11, 2009

What the Fed's Decision Means for Mortgage Rates
June 24, 2009
By Luke Mullins

Owner Financing - 5 Reasons Sellers Accept Payments on Real Estate - By Tracy Z Rewey

Why would a seller agree to accept payments from a buyer for the purchase of property?

Here are five reasons sellers consider owner financing property rather than requiring the buyer to obtain a bank loan:

1. Reduced Marketing Times

What is the first thing real estate agents do when a property is not moving and has been on the market for 60 to 90 days? They reduce the price and add the tag line "price reduced" to all advertising and signs.

By John W. Schoen
msnbc.com
07-16-2009

The long national banking nightmare may be over — but only for a select few banks.

For the second time this week, a major banking giant has jolted Wall Street with surprisingly strong earnings. On Thursday, JPMorgan Chase & Co., bolstered by strength in investment banking, reported a 36 percent increase in second quarter profit that beat analysts' expectations.

I was told yesterday (6/18/09) that FHA will now require a property to be seasoned for at least 90 days after recording of deed before they will finance. If deed takes 2 months, that's 5 months before reselling. Also told that Fannie/Freddie property must be seasoned at least 6 months.

I'm meeting w/ my mortgage guy this morning, but wanted to see if anyone else could verify this info. It would kill a flip from the way I see it.

Thanks,

Robbie Inks
Eternal Equity Investments
[email protected]

June 4, 2009 Interest rates are headed up as US Government interest rates increase. Read the full article http://www.reuters.com/article/gc04/idUSTRE5535AO20090604

I want to know what kind of loans everyone is doing or getting. please share.

By ALEX VEIGA, AP Business Writer 19 minutes ago

LOS ANGELES - IndyMac Bank's assets were seized by federal regulators on Friday after the mortgage lender succumbed to the pressures of tighter credit, tumbling home prices and rising foreclosures.
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The bank is the largest regulated thrift to fail and the second largest financial institution to close in U.S. history, regulators said.

Check out eFanieMae.com
they have recently come out with new guidelines for several different mortgages. I was trying to help some of my low income buyers qualify so I could find them a house in my area in Ca. The MyCommunityMortgage (MCM) offers 97% Max LTV (including financed MI) and can be combined with a Community Seconds for CLTV of 105%. FICO has to be 640 or higher for 1-2 units or 680 for 3-4 units. The median income in LA county is 65,100 according to HUD. So low income is lower than this. We are going to the bank tomorrow. I'll tell you what happens.
jrgnsn

http://www.housingwire.com/2008/05/30/april-workouts-move-higher-evidenc...