Temecula CA home loans, real estate loans, home finance information – George Moring

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FHA changes, Rate fluctuations, Happy New Year!

January 21st, 2010 11:15 AM

George Moring Rate update- Over the last week rates stayed pretty consistent with just a little improvement overall. Stay dry, it's another wet one. January 21 at 10:21am

George Moring Three reasons why these first few months are going to be a great time to buy:
Changes coming from HUD http://money.cnn.com/2010/01/19/real_estate/fha_loan_requirements/index.htm

home-buyer tax credit going away (offer accepted by 4/30)

fed's planned backing out of the mortgage buying market (rates expected to rise) http:...//online.wsj.com/article/SB126291088200220743.html January 21 at 10:41am

Harder to get an Uncle Sam mortgage

money.cnn.com

Looking to shore up its weakening finances, the Federal Housing Administration is imposing stricter standards. The agency, which insured nearly a third of home purchases in 2009, will increase the premium ...

George Moring It is true, FHA is removing their 90 day flip rule temporarily starting 2/1/10. Not clear what exactly has to happen after 2/1/10, but assume that contracts written after that date. The only stipulation is that if the sales price increases by more than 20% of the "seller's acquisition cost" then a second appraisal with an "appropriate explanation of the increase" and home inspection are needed. Tue at 11:29am

George Moring

questions on the language- You bet, it is HUD. What exactly can be counted in the sellers acquisition, and what is an appropriate explanation of the increase in sales price. Hud just released this last Friday so now we will see how the investors interpret it.

Tue at 11:31am ·

George Moring A real tragedy happened in financing late last year. The last major investors pulled out of manufactured home financing within a 2 week period of eachother. When it happened in November they said it may be temporary, but nothing new yet. Yes this does affect the 433 foundation manufactured homes. Any sources that anyone knows of would be helpful to me. January 15 at 12:00pm

George Moring Rates did a little improving this last week, but not catching up to those low levels of a few weeks ago. Rate guru's are putting out their predictions for the year. With a turbulent environment it is no surprise that expert opinions range from "staying about where we are in the low 5% range" to "seeing fundamental changes over the year that will see rates in the high 6% or even 7%" (I paraphrased, not exact quotes). January 12 at 12:21pm

George Moring Any lenders out there? This new GFE is gonna be fun. who ever thought that giving a borrower less information was better?? In the words of my wise mentor I have to ask ask: What is HUD spelled backwards? January 5 at 1:37pm

George Moring I wish everyone a Happy New Year Celebration! Also, to keep you updated- Rates have been performing HORRIBLE the last week and a half. We are way off the lows of 2009 at this point. Have buyers complaining that their rates went up? Make sure your recommended Loan Officer has their finger on the pulse and doesn't just "hope" for improvements. December 31, 2009 at 10:21am

George Moring FHA delays their version of HVCC (the appraisal lottery, we can't choose our own expert appraiser rule). It was set for 1/1/09, but has been extended to 2/15/2010. The conventional rule started a year ago has been blamed for longer closing periods, more expensive fees and frustration from buyers, agents and lenders. Hopefully FHA is reconsidering the rule. December 23, 2009 at 11:14am

George Moring Rates have been on a bad path this last week. Mainly due to being overbought, so lots of profit taking from the bond market and MBS, and putting the money in the stock market (so I read). We did lose about .25 in rate this last week so when the "avg rates" come out (based on last weeks rates) it'll already be old news. Have a great rest of the week. December 22, 2009 at 1:06pm

Posted by George Moring on January 21st, 2010 11:15 AMPost a Comment (0)