FHFA officially announced the changes to the conforming loan limits for 2009. http://www.fhfa.gov/webfiles/1279/CLLarra022309_final.pdf For the official documentation supporting the "Homeowner Affordability" plan, check out the following links: http://www.treas.gov/initiatives/eesa/homeowner-affordability-plan/ConsumerQA.pdf, http://www.ustreas.gov/news/index2.html, and http://www.ustreas.gov/news/index3.html
The WSJ reported this morning that "Home buyers who hoped for a $15,000 tax credit to buy a new home, as promised by the Senate, will be disappointed. A proposed $35 billion credit to support home sales was jettisoned in favor of a more modest $2 billion to $3 billion provision.
The proposal would eliminate the repayment requirement in an existing tax credit for first-time home buyers, and raise the credit to $8,000 from $7,500. Congressional aides cautioned Wednesday that the credit's size was still subject to negotiation."
http://online.wsj.com/article/SB123436825805373367.html?mod=todays_us_page_one
Below is a great Blog on whether to float your interest rate or lock it in.
http://www.mortgagenewsdaily.com/mortgage_rates/blog/49123.aspx
Fannie Mae just published their guidelines on streamline loan modifications. It is very interesting and smart. They adjust your payment for a 3 month trial period. The key highlights are on page 2 of the link below. You have to set up a new escrow account and any shortage will be funded by the loan servicer.
https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0833.pdf
This is a must read article below from The Wall Street Journal. Homes are more affordable and interest rates are low. Now is the time to buy!!!
"The new buyers are being lured in by home prices that are down about 25% from their peak levels in mid-2006, according to the S&P/Case-Schiller Index. In some markets, prices have dropped even further -- slumping around 40% in Phoenix, Miami and Las Vegas. Lower mortgage rates have also helped make real estate more affordable, and as houses languish on the market longer, more homeowners are willing to negotiate. With Congress considering plans to sweeten a tax credit for first-time home buyers, the picture could get even brighter.
"Buyers are now coming back into those hard-hit markets to take advantage," says Lawrence Yun, chief economist for the Realtors' association. "It's a buyer's market.""
http://online.wsj.com/article/SB123431356988570855.html?mod=todays_us_personal_journal
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