December 2009 
There are 2 blog entries for December 2009.
Mortgage Rates hit record low ...
Friday, December 4th, 2009 at 11:38am. 409 Views, 0 Comments.
The average interest rate for 30 year mortgages hit a new record low since Freddie Mac began tracking interest rates in 1971 !! The interest rate for a 30 year fixed rate mortgage dropped to 4.71%. So what does this mean in terms of a consumers buying power? The 4.71% gives a factor of $5.19 per every $1000 borrowed. This means that for a $100,000 loan, your mortgage payments would be just $519.
Of course, you need to remember that the banks will tack on a PMI fee (Private Mortgage Insurance) if you borrow more than 80% of the value of the property. And they will also add in escrow payments for your insurance and property taxes. But the bottom line is that these are great rates making it a terrific time to buy real estate. …
FHA Considering tightening Lending Policy
Thursday, December 3rd, 2009 at 10:54am. 433 Views, 0 Comments.
The FHA announced today that they are considering tightening their lending policies. Under current policy, borrowers can purchase a property with only 3.5% down payment as long as they have a credit score of 620 or higher. This has enabled many first time home buyers to purchase homes. Stay tuned for more information on this topic in weeks to come. I will post any changes as they are announced.