07.11.08
Posted in First Time Homebuyers, Foreclosures at 1:30 pm by Administrator
Good news is coming for first time home buyers. The Senate is in the process of passing a bill to give first time home buyers up to an $8,000 tax credit for buying a home. This is a great time for first time home buyers as rates are still low, prices have come down substantially and are now affordable, with this new tax credit. Homeownership is within reach for a lot of first time home buyers and we are seeing many of them taking advantage of the low prices. This bill is primarily focused on helping current homeowners that are in foreclosure or are on the brink of foreclosure. It will allow more Americans to stay in their homes and work with the current lender to make that happen. It won’t fix all the problems but it’s certainly a start. Some might say too little to late but at least the government is finally showing up to the party. The article below reports on this bill.
By JULIE HIRSCHFELD DAVIS, Associated Press Writer
WASHINGTON – Struggling homeowners who can’t afford their mortgages and banks facing big losses would get government help under a foreclosure rescue that has broad bipartisan support.
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Posted in Mortgage News at 1:19 pm by Administrator
Things are tough in the mortgage market and government intervention seems imminent. The past week major things have happened to the 2 biggest companies that keep the flow of mortgages going within this country. Fannie Mae and Freddie Mac have been on the front of the news all week with whispers of not being properly capitalized. This has caused both companies stocks to plummet this week and now Wallstreet is screaming for government intervention. This is huge news in an already tumultuous market and can really cause another leg down in the Real estate market. The next week will be critical and we will be watching. Below is an article that reports on this very news.
NEW YORK – Shares of Freddie Mac and Fannie Mae lost about half their value in premarket trading Friday as Wall Street became more convinced that the government may need to bail out the nation’s key mortgage financiers.
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Posted in Foreclosures at 1:06 pm by Administrator
Thursday July 10, 5:00 am ET
By Alan Zibel, AP Business Writer
Foreclosure filings continue to rise as US housing crisis drags on
WASHINGTON (AP) — The number of homeowners stung by the rout in the U.S. housing market jumped last month as foreclosure filings grew by more than 50 percent compared with June a year ago, according to data released Thursday.
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04.05.08
Posted in Foreclosures at 3:57 pm by Administrator
A lot of homeowners are experiencing tough times right now and one of the questions that I get all the time is about loan modifications. What is it? Should I do it? Will it save my home? If you are currently behind on your mortgage in this current market, it is very tough to refinance to catch up with your mortgage. Lenders have made guidelines very strict and these types of loans are getting harder and harder to find. And if it’s not the lenders, many homeowners have seen the equity in their house drop 15-20% in this past year. If you don’t have equity in the house, you are very limited with options to Refinance.
This is where loan modifications come into play.
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Posted in First Time Homebuyers at 3:14 pm by Administrator
I came across this article from Ted Owen about First Time Homebuyers. At Approved Team Lending, we focus on helping homebuyers purchase their very first home so this article hit home with me. Right now is a great time for first time homebuyers due to low interest rates as well as reduced rates on Purchase Price. Although this article speaks about the California market, Florida has experienced almost identical market conditions so I found it as relevant. Low rates, low Listing Price, and motivated sellers make right now a prime time for first time homebuyers. If you would like more information about buying your first home in Florida, go to www.approvedteamlending.com
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