FHA Fico still at 620, but... - HB Tax Credit gridlock on the horizon - Rates down again

The industry standard for FHA loans remains at 620 - for now. It appeared for a little while the standard would be raised to 640, 660 even. (Regardless, I do have FHA and other solutions for scores as low as 500). /// You can still count on FHA standards increasing however. /// 203(k) loans remain the single best (and virtually only) option for rehab/renos. New alternatives are expected soon. Stay tuned. /// There is gridlock on the horizon due to the homebuyer tax credit which requires sales to close by the end of Nov. 30th. Get your mortgages fully pre-approved to minimize the chances of delays! /// Make it good week folks! - Paul

Federal incentives coming for short sales, deeds-in-lieu/default
The mortgage servicing industry in coming weeks will see details of an incentive program aimed to prevent foreclosures by encouraging servicers to pursue short sales and deeds-in-lieu of foreclosure. Read more

Homebuilder confidence up

Low mortgage rates are aiding new home construction. Housing starts for single family homes have increased consecutively over the five past months ending in July, although starts eased slightly in August. Moreover, homebuilder confidence improved for the third straight month in September, with all four regions showing positive gains, according the National Association of Home Builder’s Housing Market Index

Long-term rates down for 3rd consecutive week
"Interest rates for fixed-rate mortgages eased for the third consecutive week and remained at 3-month lows," said Frank Nothaft, Freddie Mac vice president and chief economist. "Interest rates for 30-year fixed-rate mortgages have averaged just above 5% through mid-September, which is roughly 1% below last year’s average and suggests that 2009 may reach a record annual low since the Freddie Mac rate surveys started in 1971.

Available

- Direct lender for FHA, Fannie, Freddy, VA, USDA, Jumbo, and other loans

- Same day loan decision (pre-approvals)
- 30-day closes (45-days for FHA)
- Condo (conversion) financing services. Information

- FHA loans down to 560 Fico

- 50-70% LTV stated income loans (600-700 Fico needed)

- 90% LTV Fannie Mae condo loans

- Loans for non-residents

- Rehab and construction loans

- Non-warrantable property loans

- Reverse mortgages

- Commercial loans

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"What is not started today is never finished tomorrow"
Johann Wolfgang von Goethe (1749-1832)

Posted Sunday Sep 20