There is some good news in the real estate industry day, the first time homebuyer tax credit has been extended! It has also been extended to “move-up” buyers who would receive $6,500.00.
Under the measure, an $8,000 tax credit for first-time homebuyers would be extended for seven months and expanded with a $6,500 credit for some prospective homebuyers who already own homes. The legislation would extend the program through June of next year, as long as the buyer signs a contract by the end of April. It also offers a $6,500 tax credit to those who have lived in their current residence at least five years. The measure doubles the income ceiling for eligible individuals to $125,000. Homes must cost less than $800,000 to qualify. (credit: cnbc.com)
Please also keep in mind that the rate market has been fairly strong in the past few days, especially today after jobless claims came in higher than expected at 10.2%.
Additionally, starting November 17th, there will be changes to streamline refinances for FHA loans. If you are thinking of refinancing your FHA loan or know someone who may be thinking about it, their last chance to do it under the old guidelines will be Monday, November 16th.
We have changed a little bit in the past month, we are now a VA lender and can offer 100% cashout refinances and purchases to eligible veterans.
Please keep us in mind for future transactions. We have always provided the best possible service to our borrowers and excellent rates.
Quick Closings! Experienced and Knowledgeable Staff! Great Rates! Assured Does it All!
Well, the mortgage market took a bit of a hit this week and last week. Bonds moved off their bullish yields that were hovering around the 3.18% range. Overall pricing is still historically outstanding, but we are off our low rates from last Thursday, October 8th.
The first time home buyer credit is coming closer to its end. Most people going into contract right now are going to come perliously close to the deadline with a 30 day close. If you add all the wonderful HVCC stuff, 30 days is cutting things exceptionally close. There is legislation that is looking to extend the credit and even expand it to other buyers and increase it to $15,000. We shall see…
In other news, we are now VA approved and we are also running a bit of a purchase special for any buyers out there. Take advantage of our correspondent pricing and call today! 888-834-7021.
No extension yet for the tax credit. First time homebuyers have until November 30th to find a home, close and fund in order the reap the benefits of $8000.00.
Rates have yo-yo’d in the past week. We priced aggressively into the weekend and couldn’t hold those gains made in the market from Thursday last week. However, in the past day pricing has improved to a level close to our advertisement in the Sunday Press from 10/5/09.
Strong treasury auctions will buoy the bond although with stocks staying positive (aside from today) gains in the treasury market may be tough to come by. Stayed tuned because this market is moving on almost an hourly basis.
By the way, we are few short steps away from VA approval. So all of you veterans out there, give us a call.
Jobless claims came in higher than expected which sent the stock market into a selloff with the Dow down 200 points. Big day for the 10 year note as it broke free of its 3.28% resistance point. We’ll see if the gains hold with tomorrow’s data.
In other news, if your mortgage is owned by Freddie Mac and you may be underwater, we can refinance the loan. Call for pricing and with any questions you may have, 888-834-7021.
There will be a pricing update tomorrow morning around 11am.
Mortgage market started off a little weaker this morning but there hasn’t been much change in pricing. FHA rates are still extremely strong. The mortgage market has been helped by the Obama administration promising to inject another 35 billion into the housing market.
As of right now, the first time homebuyer credit looks like it will come to end in November. While there has been talk about extending the credit, nothing concrete has passed. Could it be that the 35 billion dollar injection into the housing market will go towards extending the credit?
I’ve mentioned time and again that I believe it would be advantageous for the government to extend the credit to those people who are looking to purchase second homes or investment properties. There is a lot of real estate that could be scooped up at the right price by investors or those looking to stop renting summer homes and actually own one.
The unemployment data comes out later this week. We are expected to have an unemployment rate of 9.8%. Watch this number closely as it may swing the market one way or another depending on how close the projections are to the actual numbers.
Wow! What an excellent price improvement today! For friends of the blog and of Assured Mortgage Bankers Corp please let friends and family know that for a limited time we are offering a 30 year fixed rate loan for an FHA purchase, refinance or streamline refinance at 4.75% (APR 5.395%) with 0 points!
Call or email today because this market has been changing every two hours! 888-834-7021
Attention all FHA home buyers! Right now, you can lock in for 30 days at 4.875% (5.522% APR) with NO POINTS!
Call today, 732-292-1477
Markets are starting off very strong with existing homes sales unexpectedly declining. Additionally, the Fed said that they would more than likely keep rates low for the foreseeable future as well as continue buying mortgage debt until at least March.
We are currently offering some very strong pricing to our customers. Call today about a NO COST FHA purchase or refi at 5.00% (5.59% APR)!
The Making Home Affordable program is up and running! We will do a rate/term refinance up to 125% of the value of the property. For people who bought their homes in the past few years this may be an excellent time to re-examine your mortgage to reduce your monthly debt service.
Call today to find out if you are eligible! 732-292-1477
In other news, there is another round of treasury auctions today and the Fed releases their statement on interest rates. The majority opinion is that rates will not move from the 0-.25% level they have been at for quite awhile.
Good Afternoon!
Starting Monday, September 21, 2009 we have a new product available to take advantage of the President’s Making Home Affordable Plan!
Is your mortgage owned by Fannie Mae? If it is, we have a refinance available up to 125% of the value of the property!
How does it work?
Well if you couldn’t refinance before because the value of your house had declined, now you might be able to refinance.
- If the home you own is worth $100,000 today you can refinance for up to $125,000.00!
- If the home you own is worth $225,000 today you can refinance for up to $281,250.00!
- If the home you own is worth $325,000 today you can refinance for up to $406,250.00!
Who is eligible?
Anyone whose mortgage is currently owned by Fannie Mae, if your mortgage is serviced by Flagstar Bank you may be eligible even if Fannie Mae doesn’t own your mortgage!
Please send this to anyone you may know who bought a property in the past 4 years or more and until now may have been unable to refinance because of the value of their property. Contact me via email or by phone (see numbers below) to discuss your options.
***We are currently offering FHA purchase mortgages and streamline refinances at 5.00% with 0 points! (5.730 APR)***
We look forward to hearing from you!
Michael Conti