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Rates plunge - Negative equity - DPAs back? - More 1st time homebuyer grant info

Good new for once. In the wake of the Fannie/Freddie bailout confidence in the bond markets renewed, resulting in lower rates across the board. I achieved reductions of as much as 0.75% for my clients this week. Good news on the loan modification front also. Lenders are increasingly willing to reduce rates and forgive parts of loans to adjust to market conditions and ability to pay. My Entrust team connects with the right people within lending institutions, and knows how to get the best possible deal, quicky. As always, please contact me if you know someone who could use my help. Have a good week folks!.... Paul

Mortgage rates plunge!
"Interest rates for 30-year fixed are down almost 0.6% in the wake of the Fannie/Freddie bailout and the renewed confidence in mortgage backed securities. Freddy Mac rate surveys
1-3 week trend: Down 21+ days: Flat Market commentary
Refinance vs. loan modification
Loan modifications can only be negotiated if a refinance is not possible. Common reasons include (a combination of) negative equity, ARM that has or will re-set at a high rate, insufficient qualifying income, and mortgage arrears in the last 12 months.
Don't tell me - Zero down coming back?
The House Financial Services Committee has scheduled HR 6694 for mark up on Tuesday September 16, 2008. This bill will reinstate DPA. Read more

Nearly one in 10 mortgages in arrears nationwide
As the federal government (that is, we the taxpayers) came to the rescue this week of Fannie Mae and Freddie Mac, it’s worth noting what’s happening on the ground that makes all this necessary. Statistics put out at the end of last week by the Mortgage Bankers Association showed that 9% of mortgage holders nationwide were behind on their mortgages (6.2%) or already in foreclosure (2.8%) in the second quarter of this year. Read more

$7,500 tax credit for 1st time buyers now available
Further information and the regulations regarding this tax credit are now available. If you have an interest in the program, here are some basic facts.
10 cities where jobs, home prices are growing
Forbes magazine identified cities that aren't overbuilt and have an ample supply of good-paying jobs. Albuquerque, N.M. tops the list.
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Posted Friday Sep 12