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FHA Extends ‘Anti-Flipping Waiver’ to Speed Sales of REO Homes
The Federal Housing Administration (FHA) announced Friday that it is extending the suspension of it’s ‘anti-flipping rule’ through the remainder of 2011. FHA Commissioner David Stevens says the temporary waiver will accelerate the resale of foreclosed homes in neighborhoods that are overrun with abandoned properties and blight. The move is intended to help stabilize home […]
Federal Home Loan Bank (FHLBank) Funds are Available up to $7,500 Towards Down Payment and Closing Costs!
Starting yesterday January 2oth, Federal Home Loan Bank (FHLB) funds became available again. This first-time home buyer program (FHP) provides matching funds to qualified first-time home buyers. The FHP match contribution is 5-to-1. Specifically, for every $1 of contribution the home buyer provides; FHLBank will provide assistance, up to a maximum of $7,500. To receive the maximum contribution […]
Happy New Year! Happy House Hunting!
It’s now 2011! Will this be the year you finally start the process of purchasing your new home? I believe there will be great deals still available in 2011. Don’t wait until interest rates get to 6% before you decide now is the time to buy. My last client that settled on December 29,2010 received […]
Baltimore Housing Prices Saw Year-Over-Year Price Declines in Third Quarter
Baltimore was one of the 76 cities that saw year-over-year price declines last quarter, down 1.5%. But Washington, D.C., median home prices in the third quarter were up 4.3 percent from a year earlier, according to NAR (National Association of Realtors). The median price of $338,600 was still down 21 percent from peak prices in […]
Buyers What Are You Waiting For? 30-Year Mortgages Fall to 4.19%!
Can you believe it! 30- year mortgages has fallen to 4.19% The average rate on a 30- year fixed mortgage is now the lowest it has been in six decades. Freddic Mac’s weekly rate report says a 30-year fix fell to an average of 4.19 percent in the week ending October 14, down from 4.27 […]
Free Home Buyer Seminar at Na’Klectic Natural Hair Gallery and Spa Saturday September 11, 2010!
I will be conducting a free home buyer seminar on Saturday September 11, 2010, from 12-00pm- 2:00pm at Na’Klectic Natural Hair Gallery and Spa. The theme of the seminar is  “How to Buy A Home in the New Economy and Save Thousands of Dollars.” Some of the topics I will cover are 1. Understanding […]
Vacant Homes Pose Insurance Risks
As the U.S. housing market struggles to rebound, many homeowners are stuck with hard-to-sell properties longer than expected. Some frustrated home sellers who much relocate for a new job opportunity, want to downsize or simply want to buy a new place have left homes empty. Vacant or unoccupied homes can leave the homeowner exposed to […]
Fannie Mae Intensifies Penalties for Strategic Defaulters
Fannie Mae is boosting penalties for strategic defaulters by prohibiting them from getting a mortgage, backed by the company, for seven years from the foreclosure date. Fannie Mae says it will also take legal action to recoup debt and will be instructing services to monitor delinquent loans and recommend cases that need deficiency judgments. In […]
Senate Approves Extension of Tax Credit Closing Deadline
The U.S. Senate has passed an amendment that would extend the closing deadline of the homebuyer tax credit by three months. Right now, qualifying homebuyers who were under contract by April 3oth have until June 3oth to close the deal. But because of the large volume of applications for lenders to process, concerns have begun […]
Short Sales: When is Offer ‘Accepted’?
There has been some confusion about when a short sale offer is “accepted.” A short sale is a sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. The owner will request that the lender (third party) agree to take less and forgive the rest of what […]
