Archive for the ‘Bank Owned properties’ Category

I just received this from the Mortgage Market Guide and it gives a little more information about the First Time Home Buyer Tax Credit included in the Stimulus Bill that was just signed into law. There will be a lot more information coming about what parts of the bill will be the most effective in helping people get back to work and working on the consumer confidence. There will also be more information coming later about plans to help the housing industry with the foreclosure problem. Read More

Foreclosures, how to buy them and maybe most importantly, when. I have been discussing how to use the FHA 203k Streamline as a great way to buy your personal residence and be able to fix it at the same time. Effective today, we have another program to help purchase foreclosures (or REO – Real Estate Owned) properties that are owned by Fannie Mae. This new program is called HomePath. This is an unusual program because it allows not just personal residences, but also second homes and investment properties as part of the program. Read More

Next in our series about buying a foreclosure using the FHA 203k Streamline Rehab loan has to do with selecting a contractor. So far, you have gotten pre-approved for a loan in a specific price range and you have developed a rapport with the Realtor® that is going to make sure you get the proper guidance and support you need. Now, let’s talk about the next very important thing you need to do, selecting the contractor or contractors for your rehab process. This is a very important aspect of your Oregon FHA 203K loan. There are things that you need to look for in the right FHA 203K contractor as they can mean the difference in a successful or unsuccessful FHA 203K renovation. Read More

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Foreclosures are a problem, not just for the person losing their home or for the lending institution that is now owning and marketing the home, but also for the person buying the foreclosed home. Now, I know that everyone thinks that buying a foreclosed property is the way to go in this market to be able to save a heap of money, but in reality it doesn’t work as well or as often as you might think. Read More

The latest news from the housing market continues to be mixed but with some definite upbeat news. Yesterday, the government announced that existing home sales were higher than expected and higher than the month previously. Today the consumer confidence came in lower than was expected and lower than the month before. It is the consumer confidence that shows that people are willing to start making purchases, not just homes, but appliances, cars and other than staple items. The Fed continues to purchase mortgage backed securities and mortgage rates are dropping below 5% again for a 30 year fixed. Additionally, according to the Mortgage Market Guide, “Harris Private Bank in Chicago Jack Albin says ‘worst is over in housing market’ and that home prices on a national basis are at ‘fair value’ when gauged against the Consumer Price Index.” Read More