Tax Credit Almost Over

Potential home buyers, keep in mind that the tax credit ends April 30th. If you plan on purchasing a home the tax credit is a nice benefit. Receive $8,000 tax credit for a first time home buyer and $6,500 tax credit for repeat home purchases. Speak with your mortgage professional and realtor about specifics to the program. You can also contact me through the contact form on my blog.

Mortgage Rates Starting To Rise

Looks like mortgage rates are starting to rise. If you we're waiting to refinance you may want to think about move foward sooner rather than later. I'll start posting rates on a regular basis to help borrowers looking for quick rate information.

Existing Home Sales Fall while Supply Rises

Existing home sales dropped .06% in Feburary to 5.02 million annual rate. This is the third straight month that purchase market has fallen. It is also the largest decrease in 8 months signifying a slower than expected recovery. Adding to the issue, houses for sale increased 312,000 to 3.59 million from January. The increase marked the greatest increase in homes for sale since April 2008.

The increasing home inventory is having an adverse affect for borrowers attempting to refinance. Typically, the more inventory on the market the lower home values will go. As home values depreciate homeowners' equity will decrease. As a borrowers loan to value (loan amount/home value) increases, their refinancing options decrease.

Although, it may become exceedingly difficult for homeowners with high ltv's to refinance, it doesn't mean that it's impossible. There are still options available for homeowners with high ltv's such as FHA loans. Some borrowers can obtain financing up to 97% through the FHA loan program. Depending upon a borrowers specific situation there may be other options as well. 

Feel free to contact me about different options available to you.

Obama Foreclosure Ban - Refinance News Update!

The Obama Administration has recently been discussing placing a moratorium on foreclosures. Obama's plan would place restrictions on banks foreclosing on homeowners unless they have been considered for the Housing Affordable Modification Program (HAMP).

Banks would be required to contact borrowers that over 60 days or more late on mortgage payments to discuss qualifications for HAMP. This legislation is Obama's Administration's attempt to push the banks into providing more assistance to homeowners in trouble. Many banks have been circumventing Obama's request to provide more assistance to borrowers even though they previously received TARP money. Banks are also concerned that this legislation could potentially create additional costs by delaying the forecolusore process by 2 more months.


"I'm sorry Obama but don't you think you should of put this type of legisliation in place when you gave banks tax payer money. Its a little late to be trying to force them to help borrowers now - but I guess its still better late than never."