For a lot of investors, YES!  As a measure of tightening up in the mortgage lending industry, most banks are now requiring a 640 minimum credit score.  This has increased from the most recent mandatory requirement of a 620 median credit score needed to qualify for a home loan.  These are referred to as “layered [...]

They sure are!  Freddie Mac’s weekly survey shows that the average 30 year mortgage rate still remains at a record low. The average 30 year fixed mortgage rate of 4.57% remains unchanged from a week earlier.  Last year this time, the average 30 year fixed rate was 5.14%.   15-year mortgages were lower of course, [...]

It’s official!  The tax credit extension has officially been passed allowing prospective home buyers that are currently in contract until  September 30th, 2010 to close. Originally the $8000 and $6500 tax credits were set to completely expire on June 30th, 2010 but the banks have experienced such an influx of applications both for short sale [...]

Contrary to what you may have read (or heard), the federal home buyer tax credit has not been extended past June 30, 2010. At least not yet.

Contrary to what you may have read (or heard), the federal home buyer tax credit has not been extended past June 30, 2010. At least not yet.

Re: Federal Tax Credit! Philadelphia Inquirer (06/17/10) The Senate has approved a measure extending the closing deadline from June 30 to the end of September for home buyers trying to tap a federal tax credit. The National Association of Realtors estimates that 180,000 buyers who had a contract in place by April 30 still would [...]

Back in the old, pre-financial market meltdown days, mortgages used to be among those products which benefited from these kinds of flight-to-quality moves. Today’s new securities, of course, have market and interest rate risks, but are built from mortgages comprised of much better borrower stock than those of a couple of years ago. This being [...]

The $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home buyers have expired. (However, service members who were on official extended duty outside of the United States for at least 90 days between Jan.1, 2009 and May 1, 2010, may qualify for a one-year extension.) For home purchases where [...]

California first time homebuyer tax credit of up to $10,000.  Governor Schwarzenegger signed AB 183 into law, offering a First Time Homebuyer Tax Credit to home buyers buying their first home or purchasing newly construction, previously unoccupied homes.  The credit will be extended from May 1, 2010 to December 31, 2010.   Last year, funds for [...]

Today’s home buyers should consider making offer sooner rather than later. Looking at the data, it appears the best time to have found a “deal” on a home may have been in February.