Why do we need Grant Money? Low Income Housing Needs Skyrocket. "Worst Case" Worsens

	Mortgage News Daily

Low Income Housing Needs Skyrocket. "Worst Case" Worsens

Posted to: MND NewsWire
Wednesday, February 02, 2011 1:37 PM

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HUD's definition of Worst Case Housing Needs (WCN):  unassisted very low-income renters who either (1) pay more than one-half of their monthly income for rent; or (2) live in severely inadequate conditions, or both. HUD defines "very low-income" as below 50 percent of the local area median income (AMI) and "extremely low-income" as below 30 percent of AMI.
In its Worst Case Housing Needs report to Congress, the Department of Housing and Urban Development said the number of people classified as "Worst Case" grew by nearly 1.2 million households, or 20 percent, from 2007 to 2009 and 42 percent since 2001.  The two-year increase was the worst in at least 20 years.

[Mortgage Rate Watch] - How Did the Employment Report Affect Mortgage Rates?

	Mortgage News Daily

How Did the Employment Report Affect Mortgage Rates?

Posted to: Mortgage Rate Watch
Friday, February 04, 2011 3:53 PM

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It finally happened.  The range has been officially broken.  In the wrong direction.....
The RANGE that has been the topic of so much conversation here has finally been broken.  Over the past 6-8 weeks, we've sat through an extremely stagnant market in terms of mortgage rate movements.  The only volatility we've experienced was seen in the closing costs associated with obtaining a "Best Execution" mortgage rate.

Homeownership Rate Hits 10 Year Low. Watch Out for Rent Inflation

Homeownership Rate Hits 10 Year Low. Watch Out for Rent Inflation

Posted to: MND NewsWire
Monday, January 31, 2011 3:10 PM

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The Census Bureau has released its survey of Residential Vacancies and Homeownership for the fourth quarter of 2010. 
Homeowner Vacancy and Rental Vacancy statistics are from the Housing Vacancy Survey, which is a supplement to the Current Population Survey. The homeowner vacancy rate is the proportion of the homeowner inventory which is vacant for sale. The rental vacancy rate is the proportion of the rental inventory which is vacant for rent. A housing unit is vacant if no one is living in it at the time of the interview, unless its occupants are only temporarily absent. In addition, a vacant unit may be one which is entirely occupied by persons who have a usual residence elsewhere.
Quick Recap.....
Total Housing Units in the United States:  130.85 million vs. 130.19 million in Q4 2009
How Many Are Occupied: 112.45 million (85.9% of total) vs. 111.37 million in Q4 2009

• How Many Are Owner-Occupied: 74.78 million (57.2% of total) vs. 74.81 million in Q4 2009
  

TILA Change Implementation Halted

In a decision that has drawn praise from the Mortgage Bankers Association, the Federal Reserve has announced that it likely won't finalize a trio of pending regulations involving the Truth in Lending Act, since most of the regulations would come under the control of the Consumer Financial Protection Bureau later this year.

Fannie and Freddie raise Mortgage fees for borrowers with less than 740 credit scores

Article Title:
Fees for home mortgages increase
To view the contents on from the www.rgj.com, go to:
http://www.rgj.com/apps/pbcs.dll/article?AID=/201102021350/BIZ/110202032

IRS not looking at 2010 taxes until February 15, 2011

With 8000 tax laws changed within the last 3 months of 2010, IRS will NOT begin looking at 2010 taxes filed by taxpayers until February 15th. 

What this means for self employed borrowers:

•   If I need to see 2010 taxes (for length of employment or income purposes), the 4506T (tax transcript from IRS) which I need to submit to final underwriting will be delayed.  

• My best guess for the delay will be 1 month from filing taxes for receipt of the 4506T.   

What used to be March 1st for approximate time frame for receipt of the 4506T after Tax filing in years past, is now moved out to April 1-15th, 2011 (a delay of 1 to 1.5 months). 

You have taken such good care of us during our home buying and refinancing-Closing on September 28, 2010

You have taken such good care of us and I'm so glad Tami referred us to you! I've been so appreciative of all the help that you and your team has given to Nate and I during our home buying and refinancing experiences.

Nate and Aloha Reynolds

The Case For Expired and FSBO Listings

As a seller of Real Estate, this article describes the quality of agent I work with and can refer without reservation to help you sell your home (in case your listing has recently expired or you are attempting to sell your home FSBO).

The agents who I work with and recommend are simply the best salespeople in the real estate industry (as stated below in this great article).  Call me if you are a seller who needs help and a referral to a Realtor I trust implicitly and would wholeheartedly recommend. 

If you are a Realtor, enjoy this great article which talks about the dollar value of working with Expired and FSBO sellers!  :)

The Case for Expired and FSBO Listings

If you’ve been in the real estate business for any time at all, you’ve probably already sensed that many agents have a preconceived negative impression of expired listings and for-sale-by-owner or FSBO listings. They act as if these listings represent second-hand goods not worthy of an agent’s interest and ability.

They can also look down on agents who do work them as being beneath them. As a result, they turn their backs on tremendous revenue potential and literally thousands of annual listings. That’s great news for agents like you who can reap great success by converting expireds and FSBOs to new listings for your business.


I’d go so far as to make this bold statement: I honestly believe that agents who work or have worked expireds and FSBOs with successful outcomes are the best salespeople in the real estate industry.

Locate HUD-approved housing counseling

For the vast majority of programs Private Mortgage Insurance companies offer insurance for (on Conventional Loans), borrowers are no longer required to undergo pre-purchase counseling.

However, I understand that many home buyers may still find such counseling useful, and studies show that loans to borrowers who have taken 8 hours of face-to-face home buyer education perform better -- a benefit to both lenders and borrowers.

To help locate a community organization that may offer prospective home buyer education, here is a website which provides information regarding HUD-approved housing counseling agencies throughout the country. 

Find Homebuyer Education in your area today!

FHA Suspends 90 Day Flipping Rule for 12 Months

HOUSING: Feds suspend anti-flipping rule

On Feb. 1, the Federal Housing Administration will place a one-year moratorium on its anti-flipping rule, which will allow buyers with FHA-backed loans to purchase homes that have been held for less than 90 days, officials said Friday.
The move will open a new pool of homes to first-time homebuyers who have been losing bids to cash buyers, but shouldn't have much effect on home prices, analysts said.

Really, Really quick processing time!- Closing January 12, 2011

Marty, we appreciated the really, really quick processing time to meet our short contract closing date!  We visited with 3 other Loan Officers during and after we met with you and they told us that it couldn't be done.  And you did it.  Thank you! 

We had a great experience working with you and thank you too for the competitive interest rate and closing costs which you provided along with the quick closing time!  We will definitely refer you to our friends and family who need Professional Mortgage services. 

Sincerely, Rooke and Debi McKee