Should you be worried about the failure of the “bailout bill” ? Does it make you think that it may be harder to obtain that home, auto or electronic store loan? Yes, folks it should but we are all going to be just fine. The credit crisis has caused banks to define strict lending standards [...]
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7 Things you need to know about FHA Announcement
This update establishes guidelines for situations where people buy one home with the intention of defaulting on their current residence, which is known as “buy & bail”. These changes delineate the circumstance in which an underwriter may include the income documented from a valid rental agreeement for the current residence. Here are the 7 things [...]
Gwinnett County Mortgage Market Update
This was a historic week in financial markets. One major investment bank declared bankruptcy, another sold itself, and the world’s largest insurance company needed a government bailout. Central banks around the world had to inject hundreds of billions of dollars into the banking system to calm the markets. Through all this, mortgage rates ended a [...]
Lending Integrity Seal Of Approval
For the first time ever, home buyers have a simple, legitimate way to access a mortgage professional – a sign that they can look for before they even step foot in the door. It’s called the Lending Integrity Seal Of Approval, and those that display it have been through a rigorous validation process. They’ve pledged [...]
Wow, Georgia Mortgage Rates Drop!
As predicted last week, Lehman Brothers filed for bankruptcy after not being able to find buyers for it’s businesses. This action has raised significant concerns in the financial sector and has many fearing that more collapses could be coming soon. The Bond Market is benefiting from this news as investors are seeking a safe haven [...]
Gwinnett County Mortgage Market Update
What a week! Last Sunday Fannie Mae and Freddie Mac were taken over by the government. What does this mean for you? The fact that the US government is backing Fannie and Freddie’s mortgage debt has had a positive effect on mortgage rates. We dropped a half of a percent on Monday but rates have [...]
Five Factors that can Influence your Credit Score
Credit scores are comprised of five factors. Points are awarded for each component, and a high score is most favorable. The factors are listed below in order of importance: Payment History – 35% Impact Outstanding Credit Balances – 30% Impact Credit History – 15% Impact Type of Credit – 10% Impact Inquiries – 10% Impact [...]
When is the Best Time to Lock?
I ALWAYS advise clients to lock in their interest rate at the earliest opportunity. Gambling with a client’s interest rate is never advisable. I have a standardized system in place that we adhere to for all of our clientele. A mortgage loan cannot be closed without locking in a rate, and there are three main [...]
This is Not Your Father's FHA!
FHA lending is exploding right now. It now represents more than 30% of all loans being written in the country. FHA is appropriate for almost any type of home buyer. FHA is really geared for first-time home buyers, buyers who have little-to-no money down, buyers with less than perfect credit. It also allows for non-occupying [...]
Down Payment Assistance Expiration Date Drawing Near
On October 1, 2008, a new government ban will terminate most down payment assistance programs in the United States. The ban on these programs is part of the Housing and Economic Recovery Act of 2008, which was signed into law on July 30th. Buyers will not be able to use seller funded down payment assistance [...]