Tag Archives: mortgage

Fannie Mae to Become National Landlord? New Policy Allows Home Owners to Rent

Written by: - November 10, 2009

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10 November 2009 –Fannie Mae is primed to become a landlord on a national scale. Last Thursday, Fannie Mae announced a new program that would allow current home owners in foreclosure to stay in their homes by signing a 1-year rental agreement. After the lease expires, homeowners could then enter a month-to-month lease. This would […]

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Today’s Mortgage Rates; MBIA Stock Struggles

Written by: - November 10, 2009

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10 November 2009 ?Bonds are currently at a day change of up 9bps after opening up slightly higher than yesterday. The $40 billion auction of 3-year notes yesterday was successful in strengthening mortgage bonds and the much maligned dollar. Strengthening the dollar has been the focus of foreign and domestic investors who hope to limit […]

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Obama Signs Tax Credit Extension for Home Buyers

Written by: - November 9, 2009

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Obama Signs Tax Credit Extension for Home Buyers

On Friday, President Obama signed into law an extension and expansion of the home buyer tax credit. To qualify, buyers must sign a contract before April 30, 2010 and close on the property by June 30, 2010.

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Fed Keeping Interest Rates Low

Written by: - November 4, 2009

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4 November 2009 ?Bonds opened today 3bps up and have ceded some ground this afternoon. They ended the day down 6bps. After the highly anticipated Federal Open Market Committee meeting, the Fed announced it will keep the Fed Funds Rate low for an extended period of time. Many economists predict the rates will stay close […]

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CPS Grants a Perk for Chicago School Teachers

Written by: - October 27, 2009

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CPS Grants a Perk for Chicago School Teachers

Did you know that CPS teachers are eligible for a grant of up to $7,500 that can be used toward closing costs of a home purchase? What a great way to give back to the teachers of Chicago who spend their days educating today?s youth.

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Credit Score to Rise to 640 for a Mortgage Loan

Written by: - October 13, 2009

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13 October 2009 ? If you thought it was tough getting a loan before? well? it just got tougher. For those in the market to purchase a property the job of doing so just got more difficult. Due to the financial meltdown and poor loans given out in the past, Fannie Mae and Freddie Mac […]

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What’s the Minimum Credit Score for a Mortgage?

Written by: - September 3, 2009

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What’s the Minimum Credit Score for a Mortgage?

Do you know what the minimum credit score is to qualify for a home mortgage? Currently it?s a mid credit score of 620, but this may change very soon to 640. In fact, some banks have already stopped taking loan applications with a 620 mid score. What’s a Mid Credit Score? When applying for a […]

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Illinois “Finally Home” Program Finally Works for More Chicagoans

Written by: - August 12, 2009

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Illinois “Finally Home” Program Finally Works for More Chicagoans

Finally Home, a mortgage program designed to help Illinois residents buy a home or keep their existing homes from going into foreclosure, changed a key guideline that will allow more Chicago home buyers and home owners to take advantage this state program. The program raised the qualifying average median income (AMI) from 115% to 150%. […]

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Today’s Mortgage Rates in the Low 5’s Despite Bond Drop

Written by: - July 29, 2009

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29 July 2009 – Today the bonds opened up 29 bps. However by noon the bonds were up 12, which is a decrease of 9bps. By 12:15 the volatility hit that I discussed in yesterday’s update and the bonds are now down 10, which is a 31 bps drop for the day. This auction results […]

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Today’s Mortgage Rates are in the 5% to 5.25% Range for Qualified Buyers

Written by: - July 22, 2009

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22 July 2009 ? Bonds had an excellent rally yesterday ending up 69 BPS which helped to gain back some of the previous losses. The bonds were pressured by the stock markets that had gains over the past week?the S&P and the Dow both had nice gains. Today the bond market opened down 9bps and […]

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The Hazards of Buying and Selling Short-Sale Properties

Written by: - July 22, 2009

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The Hazards of Buying and Selling Short-Sale Properties

Not since the post-1987 stock market, have so many sellers been ?upside down? on their mortgages. Unlike this early 1990?s real estate market, when sellers commonly would bring money to closing to make up the difference, banks are now commonly willing to forgo part of what is owed to them to get the liability off […]

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Today’s Mortgage Bonds Up Slightly

Written by: - July 20, 2009

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20 July 2009 ? Today the mortgage backed bonds opened down 6bps and continued to trend down before finally rebounding. They are currently (2 p.m.) up 13bps, which is an improvement of 31bps for the day. Again we are watching closely as the market may improve or at least hold steady during the next four […]

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Today’s Mortgage Rates Still in the Low 5’s for Qualified Buyers

Written by: - July 17, 2009

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17 July 2009 – Bonds opened down 16 bps and then quickly continued the downward slide to 38bps. However in the past hour (11:00 to 12:00) they have rebounded to come back to down 16bps. This is important as we need the bonds to stabilize so that mortgage rates stay in the low 5?s. Housing […]

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