First Time Homebuyer Tax Credit Extended & Expanded

November 9, 2009 by admin · View Comments 

If you feel like the first time homebuyer tax credit was a sweet deal that you missed out on, you’ll now have another shot, the program has now been extended through April 30, 2010. The Tax Credit was also amended to include move-up buyers who’ve been in their current home 5 consecutive years over the [...]

FHA Minimum Loan Down Payments May Raise to 5 Percent

October 2, 2009 by admin · View Comments 

Scott Garrett, a New Jersey Congressman, introduced legislation today in the US House of Representatives that would raise the minimum FHA loan down payments to 5 percent. Currently, the minimum requirement to obtain a federally backed loan is 3.5 percent. The move comes as record-high delinquencies drive the FHA’s reserve fund below 2 percent of [...]

Federal Tax Credit Used as Down Payment

May 22, 2009 by admin · View Comments 

At last week’s NAR Mid-Year Conference in Washington, HUD Secretary Shaun Donovan, said that the Federal Housing Administration (FHA) is going to permit its lenders to allow home buyers to “monetize” the $8,000 tax credit for first-time home buyers, to be used as a down payment. In his remarks to Realtors, Secretary Donovan indicated that [...]

Fed to buy $300 Billion in Treasuries: Rates Drop!

March 21, 2009 by admin · View Comments 

Nashville Mortgage rates have dropped significantly and should continue to do so over the next few weeks as the Fed buys treasuries along with Fannie/Freddie MBS. I had a request this week for $2.2 million loan for a purchase my regular quote was 1.25% lower on RATE than the competition, their private banker. On FHA [...]

FHA Plans to Wave 90 Resale Rule

June 16, 2008 by admin · View Comments 

The Federal Housing Administration (FHA) plans to lift a 90-day waiting period on resales of homes financed by FHA-guaranteed loans for one year in an attempt to prevent communities from being saddled with foreclosed and abandoned properties. “The action we take today will allow home buyers to purchase these homes in much greater numbers and [...]

HUD Releases New FHA, Conforming Loan Limits – Home Sales Stable

March 10, 2008 by admin · View Comments 

Last week, HUD published new FHA and conforming loan limits, based on median home prices as mandated by the Economic Stimulus Act signed by President Bush in February. The new loan limits for FHA, Fannie Mae, and Freddie Mac are now calculated at 125% of the HUD published median prices, with a floor of $271,050 [...]