ARE WE HEADING FOR ANOTHER DIP IN THE R.E MARKET ?
Updated Oct. 9, 2013
A big question I keep getting asked is could we be heading for a "double dip" in the economy, taking us back into recession, as some of the Wall Street analysts predict?.  Another Question I have been getting is could the Federal Reserve's planned departure from the mortgage securities...

APPLE PIE AND MORTGAGES
Updated Oct. 9, 2013
Homeownership and American CultureRobert Shiller in the NY Times: Mom, Apple Pie and Mortgages. Shiller asks: [W]hat is the long-term justification for putting taxpayers on the line to subsidize homeownership? Is this nothing more than a sacred cow in American society — a political necessity because...

IMPORTANT DATES AHEAD
Updated Oct. 9, 2013
Tax Credit Expiration and Even More Important Dates for For First Time Home Buyers-Posted by Jeffrey Young at www.FHASUBMISSIONS.COMMarch 10, 2010 7:32 a.mI have been getting more and more questions about the tax credit lately so I figured I would list some updated information for...

NO MORE STATED INCOME LOANS
Updated Oct. 9, 2013
Stated income loans were mortgage loans made to borrowers without proving their income sources. They were largely removed from circulation after the 2007 mortgage meltdown. After that, loans made without income and sometimes without assets became extremely rare and coveted. Several intrepid portfolio...

GREAT TIME TO BUY
Updated Oct. 9, 2013
There are several reasons why buyers should want to be active todayIt is Nearly Impossible to Call the Bottom: After all, we only know that we have hit bottom after we are past the bottom. Some investors feel optimistic about the market moving forward, and believe we have already hit bottom. Fearing that they may...

WHAT ARE YOU WAITING FOR ???
Updated Oct. 9, 2013
The Federal Reserve has pushed mortgage rates to near half-century lows, but millions of U.S. homeowners haven't benefited from that because they can't--or won't--refinance.What are you waiting for you are missing the chance of a lifetime !!!. Falling home prices have left many owners with...

GREAT TIME TO MAKE THAT PURCHASE
Updated Oct. 9, 2013
Mortgage insurance claims are slowing as servicers continue to keep loans from moving into real estate owned (REO) status, according to the research firm Clayton Holdings.. When a bank repossess a property after foreclosure, the loan enters into REO, and the property is then marketed for resale. According to...

NO RESERVES = TROUBLE
Updated Oct. 9, 2013
As if the United States debt woes weren’t dire enough already, now Ben Bernanke and his evil henchmen are planning to eliminate reserve requirements in the banking system. Let’s be clear about what this means: the United States government has been borrowing its way out of every single crisis for...

HOUSING STARTS
Updated Oct. 9, 2013
Housing Starts -- Total housing starts were at 591 thousand (SAAR) in January, up 2.8% from the revised December rate, and up 24% from the all time record low in April 2009 of 479 thousand (the lowest level since the Census Bureau began tracking housing starts in 1959). Total starts had rebounded to 590 thousand in...

FORECLOSURE NEWS AND UPDATES
Updated Oct. 9, 2013
The Home Affordable Foreclosure Alternatives (HAFA) program will launch on April 5, 2010, and everyone from asset management companies to software providers are rushing new products to the front lines.I originally wrote this story on HAFA in October when the US Treasury Department announced the program....

F.H.A DEFAULTS NEAR 10%
Updated Oct. 9, 2013
Officials at the Federal Housing Administration take every opportunity they can to assure the public that the agency is weathering the housing downturn just fine. But the latest batch of numbers show that defaults on loans backed by the government insurer show no signs of slowing. Loan defaults crossed the 9%...

F.H.A LOANS HAVE EXTRA VALUE IN THE YEARS AHEAD
Updated Oct. 9, 2013
F.H.A LOANS HAVE ADDITIONAL VALUE AND HIDDEN POTENTIAL IN THE YEARS TO COMEDoes the assumability option on Federal Housing Administration loans offset their high mortgage insurance premiums? That is a great and very timely question. The value of assumability is as high as it is ever likely to be because of...

HOME AFFORDABLE REFINANCE PROGRAM EXTENDED TO 2011
Updated Oct. 9, 2013
  NEWS JUST OUT --. The Home Affordable Refinance Program (HARP) has been extended until June 30, 2011, according to the Federal Housing Finance Agency (FHFA). “FHFA has reviewed the current market situation and the state of mortgage insurance availability and has determined that the market...

ACT NOW OR YOU WILL BE SORRY !!
Updated Oct. 9, 2013
 It is my duty as a Mortgage Banker to inform you of changes ahead that can possibly affect some of you - Those of you who currently hold a (IO) Interest Only Loan need to realize that you are sitiing on a dinosaur in the Home Loan Product Industry.To be direct your loan will most likely no longer be available by...

It Wasn't a Mortgage Recession After All !!
Updated Oct. 9, 2013
The Great Recession wasn't the result of subprime mortgage madness, according to a new report from the National Bureau of Economic Research. It was just a plain old bank panic. Yeah, but weren't bank panics supposed to be a thing of the past, thanks to the creation of the Federal Deposit Insurance...

H.U.D AND F.H.A NEWS -
Updated Oct. 9, 2013
Tuesday, January 12th, 2010, 3:37 pm From the desk of Mr.Jeffrey Martino Young -. The US Department of Housing and Urban Development (HUD) launched an initiative to review Federal Housing Administration (FHA) approved mortgage lenders with high foreclosure rates.. In a conference call held Jan. 12, Kenneth...

NO MORE $$ ENOUGH IS ENOUGH !!!
Updated Oct. 9, 2013
Daddy, Daddy! Help me!”I ran into my daughter’s room. It was obvious that she’d just woken up from a nightmare. She was shaking and bathed in sweat.“Daddy, it happened again – the dream. A man and a woman named Fannie and Freddie were after me. Fannie told me that I owed her $15 billion...

GUESS WHO OWNS THE DELIQUENT LOANS - TOU !!
Updated Oct. 9, 2013
When Fannie Mae, Freddie Mac and the Wall Street mortgage-backed securities machine all went the way of King Kong and Godzilla last year, that left just one home finance giant standing: the Government National Mortgage Association, or Ginnie Mae. Ginnie Mae bundles together mortgages into securities, and...

MAMA'S APPLE PIE AND MORTGAGES
Updated Oct. 9, 2013
 Homeownership and The American Culture Mom, Apple Pie and Mortgages. [W]hat is the long-term justification for putting taxpayers on the line to subsidize homeownership? Is this nothing more than a sacred cow in American society — a political necessity because so many voters own homes and...

FIRST STEP IN THE LOAN PROCESS
Updated Oct. 24, 2014
Getting a Pre-Approval for a loan is helpful for many reasons.Please let me describe the top two reasons I feel everyone should make this their first step in the homebuying process. 1. - To make sure that you actually qualify for a loan sitting down and submitting your financial information with a F.H.A Approved...