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Amount of Home Loans Increased as Rates Slides Downward

Amount of Home Loans Increased as Rates Slides Downward

According to Freddie Mac and the Mortgage Bankers Association, there has been an increasing request for loans as rates flow downward. Freddie Mac released a result of the latest Primary Mortgage Market Survey; it showed an average of 3.40% on rates of 30-year fixed-rate loans when September closed, much lower than the 3.49% recorded for third week of September, and a 4.01% one year before. Last time Freddie Mac recorded a rate this low was way back year 1971.

For 15-year fixed-rate loans, rates downed to 2.73% from 2.77% on the third week, and a 3.28% a year ago. This rate can equate to the value that was recorded last 1991.

Five-year ARM loans hit an average of 2.71% from 2.76% on the third week of September, and a 3.02% as recorded last year. The percentage 2.69% was a record-breaking event that is equal to what was recorded last July of 2005.

A year ago, one-year ARM loans were 2.83%. Now, the rates have recorded an average of 2.60%. This rate is parallel to the rates recorded from 1984, which have never been this low before.

Frank Nothaft, chief economist of Freddie Mac, said that the continuing decline of fixed mortgage rates is because of the purchases of mortgage securities by the Federal Reserve and the continuing progressive real estate market. Homes sold last July and August were its strongest since March and April 2010.

Federal Reserve announced last September 13 that it would dive into its third cycle of quantitative easing “QE3” by adding its procurement of mortgage-backed securities as assured by Fannie Mae and Freddie Mac.

Other Articles to Read:

Why Closely Monitoring a Gainesville Short Sale is Important

Gainesville Short Sale Agent and Attorney Communication

Tips to assure approval of your property from lenders

Pricing of your Gainesville Short Sale

Call Stephanie Anson today at 352-535-0620 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

Military Homeowners To Get Short Sale Assistance

Short Sale Policy Information for Military Homeowners

Federal Housing Finance Agency (FHFA) acting director, Edward DeMarco, announced short sale policy changes for active-duty military homeowners.

With this new set of rules, military homeowners can now short sale their homes without having to take a loss. This means they will be free from any deficiency judgments— no cash contribution or promissory note at closing. Plus, they don’t have to default on their loans to qualify.

This policy applies to military homeowners with Permanent Change of Station (PCS) order whose mortgage is backed by Fannie Mae or Freddie Mac. Furthermore, the home must have been bought on or before June 30, 2012.

PCS orders usually require a quick move. This creates hardship for military homeowners who are underwater but couldn’t sell their homes without significant losses. FHFA developed this new policy to provide military homeowners with access to immediate and automatic full range of foreclosure alternatives.

Extending short sale assistance to men and women serving in the armed forces is in the best interest of everyone as they would be able to focus more in their duties to defend the country, rather than worry about the maintenance and leasing of a property in another jurisdiction.

Last year, PCS orders have been considered a qualified hardship for forbearance and loan modifications by Fannie and Freddie.

Other Articles to Read:

Why it is Important to Understand the Short Sale Process

3 mistakes to avoid when short selling your Gainesville home

Gainesville Short Sale Agents Rent To Buy Scheme

Determining if you have a Financial Hardship

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

30-year FRM hits record low at 3.66%

30-year FRM hits record low at 3.66%

Short-term mortgage rates to remain unchanged, according to 50% of experts polled by Bankrate.com. Experts who account 17% of the poll foresee further drops, while the remaining 37% predicts an increase.

The average U.S. loan interest rate for a 30-year fixed mortgage fell this week to a record low for the 7th time in just 8 weeks. Cheap mortgages take the credit for the modest recovery of the unstable housing market.

Freddie Mac disclosed that the average interest rate on a 30-year loan dropped to 3.66% from its previous rate of 3.71%. This is the lowest interest rate since the long-term mortgages began back in the 1950s.

Meanwhile, the average interest rate for a 15-year mortgage declined to 2.95% from its previous rate of 2.98%. The current rate is just a little higher than the record low of 2.94% hit two weeks ago.

Since December of 2011, the rate on the 30-year loan has been down by a good 4%.

Low rates help the economy if more people refinance. Refinancing at lower rates allow borrowers to pay less interest on their loans and have more cash to spend.

Other Articles to Read:

Gainesville Homeowners – Have an FHA Loan – Help on the Way

Gainesville Residents are Not Scared by the Housing Crisis

Gainesville Short Sale Agents Rent To Buy Scheme

When Can you Own a Home Again After Foreclosure?

Call Stephanie Anson today at 352-535-0620 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

Is the Nation ready to lose Fannie Mae and Freddie Mac?

Is the Nation ready to lose Fannie Mae and Freddie Mac? Mortgage giants Fannie Mae and Freddie Mac fears total phase out as a federal housing regulator plans to scale them back, the same way as Obama’s administration pressures the taxpayer-backed companies to extend more support and assistance to homeowners.

The Federal Housing Finance Agency, which manages Fannie and Freddie has been planning to shut down the companies by increasing fees charged to borrowers who terminates mortgages. If the cost of receiving a taxpayer-backed mortgage rises, more borrowers will seek private lenders. In this case, loans are not backed by the government.

Obama’s administration intends to increase the government’s role and control in housing; this is in conflict with measures taken by Fannie and Freddie.

The administration has already released a white paper commanding for a gradual phase down of Fannie and Freddie a year ago, after its risky home loans cost taxpayers more than an astonishing $130 billion.

This is contrary to the White House’s request to Fannie and Freddie before, to take measures to help homeowners so as to raise home values, circulate cash in the economy and to generally help borrowers avoid losing their homes.

Government officials have asked both companies to reduce the debts owed by homeowners and to offer refinancing at lower interest rates. But these measures entail the companies to take new risks with the taxpayer money, this in turn will make the housing market more dependent on the government.

The FHFA, which regulates the firms in a legal arrangement known as conservatorship, has declined taking means that would burden Fannie and Freddie with more taxpayer losses.

Though wind-down is at hand for these two firms, Fannie and Freddie continues to receive requests to do more. This is now a challenge for FHFA as a conservator.

Fannie and Freddie are essential driving force in the $10 trillion housing finance market. They operate through a banking system which connects investors around the globe with Americans looking to buy homes. They have more than enough cash reserves available to fund mortgages, thus, allowing buyers to get affordable homes.

These companies, along with the Federal Housing Administration, have ruled over the housing market in the past four years. During that time, banks stopped lending due to the economic fall down.

The private market has not yet recuperated from the loss together with the rest of the economy. The risk to the taxpayers concerns the policymakers as the government takes its role in the large footprint in the mortgage market. Obama’s administration continues to make plans on restoring the housing financing, and will publish more of its details when available.

However, Rep. Scotty Garrett believes that the housing sector will continue to be a hindrance to the economy’s recovery until the current housing finance system is changed to a purely private market solution. He points out that the marketplace could suffer if Fannie and Freddie gets wind down.

But many disagreed. Top administration advisers and other economists stressed that the government must still play a significant role in the housing system.

The FHFA is now coming up with a new mortgage system and they also came up with an idea of pooling loans into bundles and selling them to investors. Moreover, they are studying what Fannie and Freddie can do to help decrease the foreclosure crisis of the nation while not increasing the taxpayer losses. This includes facilitating short sales and deeds-in-lieu.

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Where will the mortgage settlement fund go?

Gainesville – Distressed Sales Still Depress Home Prices

Fast Gainesville Short Sale Approvals on Fannie Mae Loans

Gainesville – Short Sale Banks are Offering Incentives

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

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Gainesville Short Sales – Freddie Mac Relief Save Your Home

Gainesville Short Sale – Freddie Mac LP Relief Program Can Save Your Home

If you are a homeowner in distress with your Freddie Mac loan – you currently have an upside down mortgage or currently have an adjustable rate mortgage where payments continue to increase, then the Freddie Mac LP Relief Program is just what the Dr. ordered.

Gainesville short sale agents reveals the insider information on the new Freddie Mac Relief Refinance Mortgage, it is the Home Affordable Refinance Program (HAFA). It offers aid from simplified appraisal requirements, standard mortgage insurance, and no maximum loan to value ratios.

For borrowers who make on-time payments yet are unable to refinance because of declining Gainesville property values, the Freddie Mac LP Relief Program may save your day by helping you to refinance into a better mortgage so you will be eligible for long term successful home ownership.

Gainesville homes for sale showcases this new program and its new extensions:

Eligibility requirements for mortgage:
You must be a first lien, owned by Freddie Mac.
Your Freddie Mac closing must be on or before May 31, 2009.
You must be seasoned for a span of three months.
The mortgage being refinanced is eligible for refinancing if it has mortgage insurance.
The mortgage being refinanced is ineligible for refinancing if the mortgage has recourse, indemnification or other credit enhancements.

Benefit for borrower (must result in one of the given benefits)
You will receive a reduction in interest rate.
You will receive a replacement of an ARM.
You will receive a reduction in the amortization term of the first lien mortgage.
You will receive a reduction in the monthly principle and interest payment of the first lien.

No maximum LTV (Loan to Value) ratio for fixed-rate mortgages
For ARMs, the maximum LTV ratio is 105 percent.
For mortgages with LTV ratios lower than or equal to 80 percent, the maximum TLTV or (HTLTV High Loan to Value) ratio is 105 percent.
For mortgages with LTV ratios higher than 80 percent, no maximum TLTV and HTLTV ratios will exist.

Other Articles to Read:

Gainesville Florida Lease Deposits During Foreclosure

Gainesville Florida Renter Rights During Foreclosure

Short Sale Top 10 Questions

Do I Have to Pay for the Real Estate Agents Commission?

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents