Teachers home loan programs 09/10/2010
This is an interesting pdf link for teachers to get a special financed home loan. http://www.ohfa.org/HDT/Bond1/Types/teachers.pdf
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The Section 184 Indian Home Loan Guarantee Program is a mortgage product specifically for American Indian and Alaska Native families, tribes, Alaska Villages or tribally designated housing entities. Congress established this program in 1992 to facilitate homeownership in Native American communities. With a Section 184 mortgage borrowers can purchase a home with a low down payment, no monthly mortgage insurance and flexible underwriting. I found a website that explains how it all works and has a list of participating tribes: http://www.hud.gov/offices/pih/ih/homeownership/184/
Home selling prices stayed constant in July 09/10/2010
DSNews.com - fewer sellers cutting home prices
For the first time in five months, fewer home sellers cut the asking price of their home in August, according to the online real estate marketplace Zillow. As of the end of last month, the company says just over one-fourth, 28.8 percent, of all listings on Zillow had at least one price reduction. That’s a decrease from the 30.1 percent of listings that had a price reduction as of the end of July. Price reductions peaked last September, when 32.6 percent of listings on Zillow had at least one price cut. Zillow also reported that the amount of the price reductions remained flat in August, with the asking prices nationally being slashed by a median of 7 percent, unchanged from July.
According to Dr. Stan Humphries, Zillow’s chief economist, home value depreciation stayed constant in July with home values registering a 0.2 percent decline from June and a 3.2 percent decline over the past one year. Out of 125 metropolitan markets included in Zillow’s home price study, 85 saw negative year-over-year change in home values in July, 13 saw flat annual change, and 24 saw positive annual change. Humphries points out that home price depreciation has consistently improved since last December, before going sideways in July. “Considering home sales fell 27 percent between June and July, sideways really doesn’t seem that bad,” Humphries said, referring to the National Association of Realtors’ latest existing-home sales report, which showed buying activity was the lowest it’s been in more than a decade. Zillow reports that foreclosure resales as a percentage of all sales in July notched up slightly to 18 percent, up one percentage point from June. Foreclosures in the month as a percentage of all homes remained at its record high rate of 0.11 percent, according to the company’s market data.
For the first time in five months, fewer home sellers cut the asking price of their home in August, according to the online real estate marketplace Zillow. As of the end of last month, the company says just over one-fourth, 28.8 percent, of all listings on Zillow had at least one price reduction. That’s a decrease from the 30.1 percent of listings that had a price reduction as of the end of July. Price reductions peaked last September, when 32.6 percent of listings on Zillow had at least one price cut. Zillow also reported that the amount of the price reductions remained flat in August, with the asking prices nationally being slashed by a median of 7 percent, unchanged from July.
According to Dr. Stan Humphries, Zillow’s chief economist, home value depreciation stayed constant in July with home values registering a 0.2 percent decline from June and a 3.2 percent decline over the past one year. Out of 125 metropolitan markets included in Zillow’s home price study, 85 saw negative year-over-year change in home values in July, 13 saw flat annual change, and 24 saw positive annual change. Humphries points out that home price depreciation has consistently improved since last December, before going sideways in July. “Considering home sales fell 27 percent between June and July, sideways really doesn’t seem that bad,” Humphries said, referring to the National Association of Realtors’ latest existing-home sales report, which showed buying activity was the lowest it’s been in more than a decade. Zillow reports that foreclosure resales as a percentage of all sales in July notched up slightly to 18 percent, up one percentage point from June. Foreclosures in the month as a percentage of all homes remained at its record high rate of 0.11 percent, according to the company’s market data.
FHA Insurance premium increase 09/10/2010
FHA insurance increases on FHA Loans:
In August, the Senate approved a bill that would allow the FHA to raise insurance premiums on the mortgages it backs. The changes take effect Oct. 4. The upfront premium will be cut to 1% from 2.25%, while the monthly yield was increased to 0.90% from 0.55%. The FHA claims the new policy will add $300 million a month to the insurance fund. FHA Chief Risk Officer Bob Ryan said that it would be "the biggest contributor" to getting the fund back to a 2% capital ratio as mandated by Congress.
In August, the Senate approved a bill that would allow the FHA to raise insurance premiums on the mortgages it backs. The changes take effect Oct. 4. The upfront premium will be cut to 1% from 2.25%, while the monthly yield was increased to 0.90% from 0.55%. The FHA claims the new policy will add $300 million a month to the insurance fund. FHA Chief Risk Officer Bob Ryan said that it would be "the biggest contributor" to getting the fund back to a 2% capital ratio as mandated by Congress.
FHA FICO scores changing 07/19/2010
Hud during the second quarter of 2010, indicated that no FHA-insured loans were issued to borrowers with sub-500 scores. And, in fact, less than 1% of borrowers were below 580; most loans went to borrowers with scores above 620.
The initiative is part of an ongoing effort to reduce default risk to the FHA loan portfolio and to boost the reserves that back those loans, according to HUD Commissioner David Stevens. "These are the latest in a series of changes to allow the FHA to manage its risk better while continuing to support the nation's housing recovery," he said. "By protecting FHA's capital reserves, we can continue providing affordable, responsible mortgage products and will remain the nation's largest source of home purchase financing for underserved communities."
The initiative is part of an ongoing effort to reduce default risk to the FHA loan portfolio and to boost the reserves that back those loans, according to HUD Commissioner David Stevens. "These are the latest in a series of changes to allow the FHA to manage its risk better while continuing to support the nation's housing recovery," he said. "By protecting FHA's capital reserves, we can continue providing affordable, responsible mortgage products and will remain the nation's largest source of home purchase financing for underserved communities."
$8000 tax credit closing date extended 07/05/2010
$8000 tax credit closing date extended
On Friday 7-2-2010, President Obama signed a law giving consumers three more months to close and still get a popular tax credit from the government . Homebuyers with contracts signed by April 30 now will have until September 30 to complete their purchases. The Senate approved the measure on Wednesday just hours ahead of the earlier deadline and one day after the House of Representatives approved the measure.
"The IRS reminds taxpayers that special filing and documentation requirements apply to anyone claiming the homebuyer credit," the Internal Revenue Service said.
On Friday 7-2-2010, President Obama signed a law giving consumers three more months to close and still get a popular tax credit from the government . Homebuyers with contracts signed by April 30 now will have until September 30 to complete their purchases. The Senate approved the measure on Wednesday just hours ahead of the earlier deadline and one day after the House of Representatives approved the measure.
"The IRS reminds taxpayers that special filing and documentation requirements apply to anyone claiming the homebuyer credit," the Internal Revenue Service said.
Click below to read additional information on the reality of how this proposed legislation and health care reform really affect the housing market and tax issues.
Get Information About the American Clean Energy and Security Act (Cap and Trade)
(http://www.realtor.org/government_affairs/gapublic/american_clean_energy_security_act)
Get Information About the American Clean Energy and Security Act (Cap and Trade)
(http://www.realtor.org/government_affairs/gapublic/american_clean_energy_security_act)
I don’t have all of the exact details on this new program yet but it sounds like there may be a source of loan funding that will cover down payments for qualified buyers through a lot of this year. Read below or call Gilda 918-808-0224 for more info.
Oklahoma HFA To Release $75M In Mortgage Revenue Bonds
in News > Residential Mortgage
By MortgageOrb.com on Monday 12 April 2010
In one of its largest single distributions in recent years, the Oklahoma Housing Finance Agency (OHFA) will release $75 million in mortgage revenue bonds on April 27 through its OHFA Advantage program.
The OHFA Advantage program provides low-interest 30-year, 5.65% fixed-rate home loans for qualified buyers in the state's 77 counties. OHFA Advantage also provides 3.5% down payment assistance for mortgage loans combined with Federal Housing Administration (FHA), Veterans Affairs (VA) and U.S. Department of Agriculture-Rural Development (USDA-RD) loan products.
OHFA anticipates releasing a total of $300 million of market-rate home loans this year through utilization of the New Issue Bond Program, which was established under the authority provided by the U.S. Treasury and government-sponsored entities (GSEs).
“With this much money available, I’m thrilled that OHFA can provide continuous lending for the entire state,” says Lee Ann Smith, director of OHFA’s single-family programs. “This year, there will always be money available to first-time home buyers for home loans and down payment assistance.”
SOURCE: Oklahoma Housing Finance Agency http://www.ohfa.org/OHFA/new/About/pressreleases/2010%20Releases/April10-Bond.htm
Oklahoma HFA To Release $75M In Mortgage Revenue Bonds
in News > Residential Mortgage
By MortgageOrb.com on Monday 12 April 2010
In one of its largest single distributions in recent years, the Oklahoma Housing Finance Agency (OHFA) will release $75 million in mortgage revenue bonds on April 27 through its OHFA Advantage program.
The OHFA Advantage program provides low-interest 30-year, 5.65% fixed-rate home loans for qualified buyers in the state's 77 counties. OHFA Advantage also provides 3.5% down payment assistance for mortgage loans combined with Federal Housing Administration (FHA), Veterans Affairs (VA) and U.S. Department of Agriculture-Rural Development (USDA-RD) loan products.
OHFA anticipates releasing a total of $300 million of market-rate home loans this year through utilization of the New Issue Bond Program, which was established under the authority provided by the U.S. Treasury and government-sponsored entities (GSEs).
“With this much money available, I’m thrilled that OHFA can provide continuous lending for the entire state,” says Lee Ann Smith, director of OHFA’s single-family programs. “This year, there will always be money available to first-time home buyers for home loans and down payment assistance.”
SOURCE: Oklahoma Housing Finance Agency http://www.ohfa.org/OHFA/new/About/pressreleases/2010%20Releases/April10-Bond.htm
FHA Mortgage Insurance Premium to rise 03/30/2010
As of 04/05/10, FHA will collect an upfront MI premium of 2.25%.
It was 1.75%, now it will be 2.25%, which will be added to the loan amount.
It was 1.75%, now it will be 2.25%, which will be added to the loan amount.
New FHA Loan Rules as of 1-29-2010 01/29/2010
The Federal Housing Administration (FHA) has plans to increase insurance premiums, tighten downpayment requirements and reduce seller contributions.
Borrowers who make a 3.5 percent down payment in connection with an FHA-insured loan will be required to have a credit score of at least 580, according to HUD letter No.10-016. Credit scores less than 580 will require a 10 percent down payment.
Borrowers who make a 3.5 percent down payment in connection with an FHA-insured loan will be required to have a credit score of at least 580, according to HUD letter No.10-016. Credit scores less than 580 will require a 10 percent down payment.
