Source: Associated Press
Payments could be cut for those struggling after death of service member
Mortgage giant Fannie Mae plans to give military families a break on their home loan payments if they are struggling because of the death or injury of a service member.
The Washington-based company says it will reduce or suspend borrowers' monthly payments up to six months. Fannie Mae is the largest buyer and backer of U.S. home mortgages, owning or guaranteeing about $3.2 trillion in home loans.
Fannie Mae also says it would suspend reporting to credit bureaus for up to six months to minimize the impact on the borrower's credit score.
To determine whether they are eligible, military members or their surviving spouses should contact their mortgage company. Or, they can call a special military phone number: 1-877-MIL-4566.
Monday, September 27, 2010
Wednesday, September 22, 2010
The Fastest & Easiest Path to Loan Approval
Source: Bank of America
If you prepare carefully before you apply for a mortgage (ideally, before you have found the house you want to make an offer on), and are further prepared for requests for additional information after you apply for the mortgage, you can greatly increase the chances that your loan approval experience will go smoothly and well.
Here are several steps you should take before you apply for a loan.
1. Check Your Credit Report
Go to the website annualcreditreport.com for instant free reports. Check the reports very closely to make sure there are no factual errors, like data mistakenly imported from someone else who happens to have the same name, but a very different payment record. Did you know there are errors found in nearly one in four reports? Credit-reporting agencies will work with you to clear up any errors. It’s better to get this done before you apply for a loan, since it can result in better credit reports and scores. You can also check your credit score at various sites (including myfico.com and www.IdentityGuard.com but they do charge a fee.
2. Collect All Your Information
Pull together all the many documents that your lender will need for rapid processing of your application. These may include specific records for the past two years at your current address (employer name, address, phone number, W-2 statements, federal income tax returns, with all schedules); 30 days’ worth of pay stubs; written verification of any other income (such as social security, alimony, annuities, etc.); check and savings bank statements for the past two months or most recent quarter; and the names and addresses of all your creditors with account numbers, balance and monthly payments for all fixed, installment and revolving debts.
Our Mortgage Application Checklist provides a detailed list of all items which, depending on your personal situation you may need to have on hand when starting a loan application. Your Loan would be happy to review this checklist with you to make sure you understand the specific documents requested.
3. After You Have Applied For Your Loan
Having negotiated to purchase a home, you need to be prepared to put together any additional requested documentation as quickly as possible, such as a letter explaining a late payment. This is the main cause of delays in the qualification process.
An important reminder: DO NOT take out any other financing or make large purchases during the mortgage qualification process. These can result in changes in your credit reports and credit scores. The confusion could cause delays and any changes could impede your qualification.
For A List of Lenders in Your Area, Contact us Directly at nyrealestateinfo@gmail.com
If you prepare carefully before you apply for a mortgage (ideally, before you have found the house you want to make an offer on), and are further prepared for requests for additional information after you apply for the mortgage, you can greatly increase the chances that your loan approval experience will go smoothly and well.
Here are several steps you should take before you apply for a loan.
1. Check Your Credit Report
Go to the website annualcreditreport.com for instant free reports. Check the reports very closely to make sure there are no factual errors, like data mistakenly imported from someone else who happens to have the same name, but a very different payment record. Did you know there are errors found in nearly one in four reports? Credit-reporting agencies will work with you to clear up any errors. It’s better to get this done before you apply for a loan, since it can result in better credit reports and scores. You can also check your credit score at various sites (including myfico.com and www.IdentityGuard.com but they do charge a fee.
2. Collect All Your Information
Pull together all the many documents that your lender will need for rapid processing of your application. These may include specific records for the past two years at your current address (employer name, address, phone number, W-2 statements, federal income tax returns, with all schedules); 30 days’ worth of pay stubs; written verification of any other income (such as social security, alimony, annuities, etc.); check and savings bank statements for the past two months or most recent quarter; and the names and addresses of all your creditors with account numbers, balance and monthly payments for all fixed, installment and revolving debts.
Our Mortgage Application Checklist provides a detailed list of all items which, depending on your personal situation you may need to have on hand when starting a loan application. Your Loan would be happy to review this checklist with you to make sure you understand the specific documents requested.
3. After You Have Applied For Your Loan
Having negotiated to purchase a home, you need to be prepared to put together any additional requested documentation as quickly as possible, such as a letter explaining a late payment. This is the main cause of delays in the qualification process.
An important reminder: DO NOT take out any other financing or make large purchases during the mortgage qualification process. These can result in changes in your credit reports and credit scores. The confusion could cause delays and any changes could impede your qualification.
For A List of Lenders in Your Area, Contact us Directly at nyrealestateinfo@gmail.com
Tuesday, September 21, 2010
FHA Mortgage Insurance Premium Going Up
Lock in Before October 4th 2010
FHA is giving homebuyers until October 4 to lock in a low monthly insurance premium. After this date premiums will go up 63 percent. A homebuyer purchasing a $200,000 home using a $193,000 FHA mortgage before October 4 would pay an insurance premium of $88.46 per month. The same buyer waiting until after October 4 would pay $148.01. Although the upfront mortgage insurance premium is going down, there is an actual net increase in out of pocket costs because the monthly premium is going up by 63 percent.
FHA is giving homebuyers until October 4 to lock in a low monthly insurance premium. After this date premiums will go up 63 percent. A homebuyer purchasing a $200,000 home using a $193,000 FHA mortgage before October 4 would pay an insurance premium of $88.46 per month. The same buyer waiting until after October 4 would pay $148.01. Although the upfront mortgage insurance premium is going down, there is an actual net increase in out of pocket costs because the monthly premium is going up by 63 percent.
Friday, August 6, 2010
Is Now a Good Time To Sell?
Join The Discussion at Zip Community ForumsWelcome to ZipCommunity!
This is the place to be for answers to questions and to exchange ideas, info and opinions with other real estate buyers and sellers. Come join a conversation or start one of your own.
The ZipCommunity is a friendly discussion forum. As in any community, mutual respect and cooperation are keys to success. Remember that the ZipCommunity consists of people from different cultures, beliefs, and varying levels of expertise, and keep in mind that well-meaning people may make mistakes
Click on this Link To Access....
Tuesday, June 29, 2010
NYS Home Sales Rise For 3rd Straight Month
Source: New York State Association of Realtors (NYSAR)
Statewide sales of existing single-family homes in New York State increased nearly 5 percent in May from April and nearly 13 percent compared to May 2009, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS. The statewide median sales price also rose by more than 8 percent compared to May 2009.
“New York State’s housing market continues to show growth as we enter the typically active summer season,” said Duncan R. MacKenzie, NYSAR chief executive officer, noting that sales have increased from year-ago totals for five consecutive months, and from prior-month sales for the past three months. “The federal homebuyer tax credit continues to drive the monthly sales total as buyers close on homes placed under contract before the April deadline.
“We expect the June sales figure to be strong also as buyers taking advantage of the homebuyer tax credit must close before the final deadline of June 30,” MacKenzie said. He added that buyers who have missed the tax credit can still take advantage of historically low mortgage rates and a good selection of available inventory.
New York REALTORS sold 6,545 existing single-family homes in New York State during May 2010, a 12.8 percent increase compared to the May 2009 sales total of 5,801. May sales also increased from April 2010 when 6,285 homes were sold.
The May 2010 median sales price in New York State of $194,900 represents an increase of 8.3 percent compared to the May 2009 median of $180,000, and increased by 1 percent from the April 2010 median of $193,000.
Complete data is available at http://www.nysar.com/content/Press.htm
Statewide sales of existing single-family homes in New York State increased nearly 5 percent in May from April and nearly 13 percent compared to May 2009, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS. The statewide median sales price also rose by more than 8 percent compared to May 2009.
“New York State’s housing market continues to show growth as we enter the typically active summer season,” said Duncan R. MacKenzie, NYSAR chief executive officer, noting that sales have increased from year-ago totals for five consecutive months, and from prior-month sales for the past three months. “The federal homebuyer tax credit continues to drive the monthly sales total as buyers close on homes placed under contract before the April deadline.
“We expect the June sales figure to be strong also as buyers taking advantage of the homebuyer tax credit must close before the final deadline of June 30,” MacKenzie said. He added that buyers who have missed the tax credit can still take advantage of historically low mortgage rates and a good selection of available inventory.
New York REALTORS sold 6,545 existing single-family homes in New York State during May 2010, a 12.8 percent increase compared to the May 2009 sales total of 5,801. May sales also increased from April 2010 when 6,285 homes were sold.
The May 2010 median sales price in New York State of $194,900 represents an increase of 8.3 percent compared to the May 2009 median of $180,000, and increased by 1 percent from the April 2010 median of $193,000.
Complete data is available at http://www.nysar.com/content/Press.htm
Tuesday, June 8, 2010
Job Openings Rise to Highest Level in 16 Months
Private employers account for the entire gain as census bump is ending
Source: Associated Press
Job openings jumped in April to the highest level in 16 months, a sign that private employers may boost hiring in coming months.
The number of jobs advertised at the end of April rose to 3.1 million from 2.8 million in March, the Labor Department said Tuesday. That's the most openings since December 2008.
Private employers accounted for the entire net gain. The government's advertising for jobs decreased, despite the hiring of hundreds of thousands of census workers in May.
The department's report, known as the Job Openings and Labor Turnover survey, or JOLTS, follows a disappointing employment report Friday that found private employers added only 41,000 jobs in May. Temporary census hiring accounted for 411,000 jobs. The unemployment rate fell to 9.7 percent from 9.9 percent in April
For the Full Article, Click on this Link....
http://www.msnbc.msn.com/id/37571735/ns/business-eye_on_the_economy/
Source: Associated Press
Job openings jumped in April to the highest level in 16 months, a sign that private employers may boost hiring in coming months.
The number of jobs advertised at the end of April rose to 3.1 million from 2.8 million in March, the Labor Department said Tuesday. That's the most openings since December 2008.
Private employers accounted for the entire net gain. The government's advertising for jobs decreased, despite the hiring of hundreds of thousands of census workers in May.
The department's report, known as the Job Openings and Labor Turnover survey, or JOLTS, follows a disappointing employment report Friday that found private employers added only 41,000 jobs in May. Temporary census hiring accounted for 411,000 jobs. The unemployment rate fell to 9.7 percent from 9.9 percent in April
For the Full Article, Click on this Link....
http://www.msnbc.msn.com/id/37571735/ns/business-eye_on_the_economy/
Gas Prices Appear to be Leveling Off
Down 20 Cents in Past Month to Average $2.72 a Gallon Nationwide
Source: Associated Press
After dropping 20 cents in the past month, gasoline pump prices are leveling off.
Retail gasoline prices fell 0.3 cent Monday to a national average of $2.724 per gallon, according to AAA, Wright Express and Oil Price Information Service.
Lower gasoline prices reflect a steep drop in oil prices over the past month. Gas prices topped off at $2.93 per gallon on May 6, three days after oil prices reached an 18-month high of $87.15 per barrel.
Prices may drop a few more pennies at the pump, but the big drops are over unless worries that the country is falling back into recession gain steam, said OPIS' Tom Kloza. Still, by the time summer officially arrives later this month, gas likely will be below where it was a year ago. Right now gasoline prices are 11.3 cents higher than last year.
For the Full Article, click on this link.....
http://www.msnbc.msn.com/id/37555882/ns/business-oil_and_energy/
Source: Associated Press
After dropping 20 cents in the past month, gasoline pump prices are leveling off.
Retail gasoline prices fell 0.3 cent Monday to a national average of $2.724 per gallon, according to AAA, Wright Express and Oil Price Information Service.
Lower gasoline prices reflect a steep drop in oil prices over the past month. Gas prices topped off at $2.93 per gallon on May 6, three days after oil prices reached an 18-month high of $87.15 per barrel.
Prices may drop a few more pennies at the pump, but the big drops are over unless worries that the country is falling back into recession gain steam, said OPIS' Tom Kloza. Still, by the time summer officially arrives later this month, gas likely will be below where it was a year ago. Right now gasoline prices are 11.3 cents higher than last year.
For the Full Article, click on this link.....
http://www.msnbc.msn.com/id/37555882/ns/business-oil_and_energy/
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