New 5% Down Conventional Loan Product

Many lenders are introducing a 5% down Conventional loan as an alternative to the FHA 5 % loan. Conventional loans traditionally have a higher interest rates compared to FHA loan products so this product is not for everyone. FHA restructured their loans in June 2013 so that the PMI remains in place for the life of the loan un-like this new Conventional product.   

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USDA Changes also coming your way!

On March 26, 2013, the President signed “H.R.933 – Consolidated and Further Continuing Appropriations Act, 2013” which provided funding throughSeptember 30, 2013. The Bill also extended the eligible rural areas that were in effect as of September 30, 2012 until September 30, 2013.  Barring any Congressional action, eligible areas will be modified on October 1, 2013.  This change means that certain areas that were previously eligible will not be after October 1st.  The map below shows the eligible areas in white.  Eligibility maps can be viewed on the USDA Eligibility web site at: http://eligibility.sc.egov.usda.gov.  The site allows you to enter the address of your property and it will tell you if it is in an eligible area.

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Huge Loan Changes Coming in Novenber 2013

There are big changes coming to loans in November Fannie Mae and Freddie Mac will no longer offer a 3% down loan product. Buyer’s who are under contract and close by November 16th will be able to finance with FHA at  3%. However, PMI will no longer be able to be bought down or go away if value increases this has been in effect since June of this year. Buyer’s have counted on 3% financing and now a 5% loan will be the replacement. This could stall the housing market while buyers re-group and save for a larger deposit. This combined with the interest rate trend upwards could mean some buyers are now looking at reduced buying power. 

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BIG FORECLOSURE CHANGES COMING IN 2014

I had one go to foreclosure on Monday had brought the buyer in. BIG foreclosure changes coming in FEB 14 Fannie Mae, Freddie Mac pushing all remaining shadow inventory out to head off these changes so many Short Sales with good offers are going to go South sadly between now and then.

  • Emily Torgan-Kheradi I will add that Johnna Devereaux JAD Consulting has saved one hopefully two for me post foreclosure sale thx to procedural errors. She may take from RE Commission but she is worth every penny in my opinion.
  • I had one go to foreclosure on Monday had brought the buyer in. BIG foreclosure changes coming in FEB 14 Fannie Mae, Freddie Mac pushing all remaining shadow inventory out to head off these changes so many Short Sales with good offers are going to go South sadly between now and then.
    Emily Torgan-Kheradi Sadly lenders still rule the Universe even though they caused this mess its all about their bottom line and getting these sales off their books fast there is no logic so don’t expect it.
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