Minnesota mortgage and home loan info for first time buyers, MN down payment assistance and more
The million dollar question for thousands of home buyers in Minnesota is “How long after a short sale do I have to wait before I can buy a home again?” There has been a lot of confusion about the answer to this question.
Fannie Mae announced their updated guidelines related to this on April [...]
This past week one of the three titans of mortgages, Freddie Mac, announced they agree with my assessment that mortgage rates will be going up in 2010. Now I am only waiting for Fannie Mae and FHA to announce that they think I am right too. (If you didn’t notice my name in any of [...]
The 2009-2010 version of the home buying tax credit has passed through Congress and the bill should be signed tomorrow by President Obama CNBC.com is reporting.
The details did not change much from the last posting I wrote. Here are the basics:
The tax credit will apply to purchase agreements accepted on or before April 30, 2010 [...]
Tonight Calculated Risk is reporting the details of what the final negotiations have pulled together. Citing a report on Bloomberg Calculated Risk is reporting the following details in this new version of the tax credit:
Income eligibility for first-time home buyers stays at $75,000 for individuals and $150,000 for couples.
For move-up buyers, income eligibility is $125,000 for [...]
Behind the scenes the pieces have been moving into place for a Congressional showdown about extending or amending the current $8,000 first time home buyer tax credit. Right now the options being proposed are the same as they have been for weeks:
Extend the current credit longer–until June or July seems to be the standard time [...]
(10/5/09) On Friday the bad employment news was good for interest rates. Today the bad news is spilling over to something maybe even better for potential home buyers: extending the home buying tax credit. CNBC.com has an article already questioning if the Democrats are in trouble for the next elections–13 months from now–because of the increasing [...]
This is HUGE! 3% down Conventional mortgages are back for first time buyers in the Twin Cities. Smaller down payments on Conventional loans are welcome news to anyone who has had their offer rejected because they were using FHA financing.
The ability to do anything less that a 5% down payment on a Conventional mortgage (not [...]
The employment report that came out today (10/2/09) showed a much bigger loss in jobs during September than was expected. On CNBC.com they have a story by Reuters detailing all the exact numbers. Here’s a brief excerpt:
US employers cut a deeper-than-expected 263,000 jobs in September, lifting the unemployment rate to 9.8 percent, according to a government [...]
Alex Stenback over at Behind The Mortgage picked up an interesting story by The Washington Post about the Making Home Affordable Refinance program. According to the Post:
…only 93,070 borrowers have been helped since the effort was launched in April…
The refinancing program is part of the Obama administration’s massive housing program, known as Making Home Affordable. The [...]
Triple Whammy: a more hip way of describing the over used phrase “The Perfect Storm.” (Unfortunately these three storms can all be seen off the coast already. )
Today Bloomberg had an article about three issues that are all going to come up at about the same time. All three have been mentioned here at one time [...]
