New FHA Rule to Help Condo Sales

condo

In September, the FHA approved a rule change that permits government-insured mortgages for condos in mixed-use buildings containing commercial of up to 35 percent. That's up from a previous 25 percent limit. But the FHA says it may even be willing to grant exceptions to projects that have as much as … [Read more...]

Mortgage Waiting Periods

Mortgage Application

Mortgage Waiting Periods For Different Loan Types: Conventional Loan Waiting Period Bankruptcy: 4 Years Foreclosure: 7 Years Deed in Lieu: 3-7 Years Short Sale: 3-7 Years VA Loan Waiting Period Bankruptcy: 2 Years Foreclosure: 2 Years Deed in Lieu: 2 Years Short Sale: 2 Years FHA … [Read more...]

Interest Rates to Remain Low

low interest

 The Federal Reserve acknowledged that the economy is improving, especially the housing and household spending.  The Fed stated that they will continue the programs that are holding the interest rates on home mortgages low until further improvement and growth is seen. At the Federal Reserve’s … [Read more...]

Economists Believe the Worst is Behind Us

housing recovery

 Fannie Mae economists believe home prices hit rock bottom earlier this year, and now that prices and sales are steadily increasing as more consumers move up or enter the housing market; the worst is behind us. Economists with Fannie Mae are forecasting approximately a 9% rise in home sales this … [Read more...]

Luxury Home Buyers Choose Adjustable Rate Mortgages (ARM)

luxury home

ARMs were once blamed for the flood of foreclosures, and they are now rising in popularity again.  ARMs are offering super low interest rates for a set number of years before rising. ARMs make up 30-40% of the private jumbo loan market.  “Lenders say high-net-worth buyers face relatively … [Read more...]

Mortgage Debt Relief Act Set to Expire

mortgage debt relief

The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude “forgiveness of debt” as income.  This is debt reduced through mortgage restructuring as well as mortgage debt forgiven in connection with a foreclosure or short sale. Prior to this act, many distressed homeowners … [Read more...]

Foreclosure News

images

Foreclosures have gripped and consumed many people in the last few years, and foreclosure scams have been on the rise; and are likely to exceed the 2011 numbers.  These scams promise to negotiate a loan modification for a fee, or to sell the home to an investor.  In some cases, the homeowner not … [Read more...]

Foreclosures at a 5-Year Low

foreclosures

 Analysts had predicted that the number of foreclosures would continue to rise for 2012, but the opposite is occurring; they keep falling. Foreclosure filings in September fell 7% from August, and are down 16% from last September.  The number of foreclosures has reached their lowest level since … [Read more...]

Mortgage Rates at All-Time Lows

falling_rates

Fixed-rate mortgages set new all-time lows for the second consecutive week, Freddie Mac reports in its weekly mortgage market survey. Freddie Mac reports the following national averages with mortgage rates for the week ending Oct. 4: 30-year fixed-rate mortgages: averaged a new record of … [Read more...]

FHA Loans and Maui Limits

FHA

FHA loans are a great option for first time home buyers, and home buyers that may have some credit issues, such as previous foreclosures and/or bankruptcy.  The most popular FHA program is the fixed rate loan (203(b)).  This loan allows for financing up to 97% of the home value which keeps the … [Read more...]

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Alfy Sprenger, Principal Broker
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