$8000 home buyer credit heads to President Obama’s desk

The House and Senate have passed a bill to extend the buyer credit until April 30th, 2010.  Buyers who have lived in their current home for 5 of the past 7 years will also qualify for a $6500 credit.  Call me for details 512-431-5223

$8,000 First time buyer credit ready to be renewed

The credit that has stimulated home purchases appears to be set up to renew. Read more about it here http://www.nytimes.com/2009/11/04/us/politics/04cong.html?_r=3

HomePath Details

For those of you wishing to buy a home with minimal down payment, this new way to buy a Fannie Mae  (REO) owned home may be your ticket.

3% down payment, NO appraisal needed, NO mortgage insurance required, you must make this home your primary residence.

  If the home is in disrepair, you will need to have the cash to fix the property up.  I’m linking you to an example of  a property in the Austin area that will look enticing  to many.  You can call me at 512-431-5233 to determine if you qualify ( minimum 680 credit score)

http://bit.ly/5Aibh  Here a quality Steiner Ranch property held for sale by Fannie Mae at $239,900.  With the superior financing package, this should move fast.  I love this idea for moving bank owned property (REO) and hope that more banks and Freddie Mac will come up with similar programs!

There are also some financing specials for investors….check back tomorrow for details!

HOME PATH

Details tonight no later than 9PM. This is a FABULOUS fannie mae program to clear the books of bank owned property!

Emerging India and a pictoral comparison to the US

I try to understand how changes in the economies of India and China are/will impact the U.S.    Here is a graphic display that helps.

 

http://www.ritholtz.com/blog/2009/09/india-vs-the-us-a-visual-comparison/

Austin hits top 10 list for Projected returns on Real Estate Investment

Another great report on Austin real estate potential , Tucson?  Kinda suprised by that one!

Top 10 US Real Estate Markets For 2009

Published on:

Wednesday, August 26, 2009

Written by:

Housing Predictor

The top ten US real estate markets for 2009 are not large metropolitan areas, but rather small communities with strong prospects for growth. The following list of high potential housing markets may not appreciate in the short term, but have the highest likelihood of long term appreciation. See the top ten list put together by Housing Predictor for what may be the best real estate markets to invest in for 2009.

The hottest buyers housing markets are places you may find comfort in the worst housing crash since at least the Great Depression. The top 10 buyers markets listed by Housing Predictor at mid-year are markets that aren’t necessarily big arts and entertainment centers, mostly found in smaller communities.

Amarillo, Texas takes the first position as the nation’s top buyers market in 2009 with the highest likelihood of housing inflation over the next few years. Austin, Texas and Tucson, Arizona are the largest metro areas to be named to the list possessing the highest probability of growing through the recessionary economy over the next few years. As a high-tech hub, Austin will have what it takes to not only sustain the downturn but see home values inflate.

All 10 markets hold the promise of prosperity in the near future. In the current economic environment there are few areas of the country that will see appreciation this year. The markets named here represent cities that are the most likely to experience housing inflation over the next few years, despite the downward economy and are the best places forecast to buy real estate to make a profit.

The financial crisis dealt a severe blow to the national economy that will take many years to overcome. Unlike any other downturn in real estate since the Great Depression, markets have seen home values decline at record levels. Times have changed as a result, and real estate inflation will take years to return in most areas. Investing for the long term, considered to be 10 years or longer is the best protection for those who choose to take the risk.

Listed from highest forecast appreciation to lowest.

10 Hottest Buyers Markets:

 

1. Amarillo, TX
2. Sioux Falls, SD
3. Biloxi, MS
4. Logan, UT
5. Bismarck, ND
6. Bozeman, MT
7. Baton Rouge, LA
8. Austin, TX
9. Casper, WY
10. Tucson, AZ

This article has been republished from Housing Predictor. You can also view this article at Housing Predictor, a real estate analysis and forecasting site.

 

Return to my web page at www.janhillmortgage.biz

Mortgage Interest Rate Environment

Long term bond rates have remained stable.  Many are calling for a stock market sell off (even though the overall stock market has been up the past several sessions, there is “fatigue” setting in). 

Should the market tumble, I can imagine some days ahead where interest rates might  decrease.  We may enter a refinance period once again.

Remain in touch and call me with any questions 512-431-5223.    To those of you shopping for a home, grab one, things in the first time buyer price range are flying off the shelves if they are priced right.  If you own a home $250,000 or below, you just might want to get your property into the mix.

Go to www.janhillmortgage.biz to gain more info and insite on me!

Good news from ABOR about Austin home values

Austin-area home sales volume continues momentum, reaches 2008 pace for July Austin Board of REALTORS® releases July 2009 real estate statistics August 20, 2009 – According to the July 2009 Multiple Listing Service report by the Austin Board of REALTORS®, the volume of Austin-area home sales reached 2008 levels for the first time this year. In July 2009, 2,069 homes were sold, statistically unchanged from the 2,068 homes sold in July 2008. The median home price for Austin in July 2009 was $191,500, a two percent decrease from the same month the prior year. “The sales volume momentum in Austin continues, now reaching 2008 levels. That’s good news, but I think it’s even better news that we’ve achieved that increase while maintaining a steady median home price,” said Jay Gohil, chairman of the Austin Board of REALTORS®. “Throughout 2009, the median price has fluctuated only slightly compared to 2008. Looking back further, prices have remained above 2007 levels, one of the most lucrative years of the last decade in Austin real estate. That long-term price stability, particularly in the face of market fluctuations, bodes well for Austin’s future.” July 2009 Statistics $508,810,549 was the dollar volume of single-family properties sold $191,500 was the median price, a two percent decrease from one year ago 2,069 was the number of homes sold, unchanged from July 2008 The Austin Board of REALTORS® is a non-profit, voluntary organization representing more than 8,000 licensed REALTORS® in Central Texas. For more, please contact Angela Brutsche at 512/454-7636.

Lending Regulation Changes

NEW MORTGAGE DISCLOSURE IMPROVEMENT ACT (MDIA)

 

Things that could change the APR and cause the Lender to have to re-disclose to the buyer include, but are not limited to, the following:

* Change in the closing date
* Change in the Sales Price
* Appraised Value coming in lower than anticipated
* Change in the Loan Amount or Loan Program
* Interest rate change – including rate lock extensions
* Change in fees that have an affect on the APR.  These fees include certain lender fees, title company fees and other third party vendor fees, Seller paid contributions and how they are allocated to fees that have an affect on the APR.

 

WHAT’S DIFFERENT?
Effective with loan applications taken on or after July 30, 2009 for all purchase and refinance transactions on primary residences, second homes and investment properties.  Lenders will be required to comply with specific disclosure time frames throughout the loan process.  This could mean added time from Contract Date to Closing Date.  If you have a client who has made loan application on or after July 30th, they will not be able to close in less than 7 business days from Application Date with us.  Business days are defined as all calendar days including Saturday but not Sundays and Federal Holidays.

 

During the process of the loan, if any changes occur that cause an increase in the APR by .125 on fixed rate loans or by .25 on ARM loans, we are now required to re-disclose.  Buyers must wait an additional 3 days after re-disclosure, before closing the loan.

 

This is not a guarantee of financing.  All borrowers must meet certain underwriting and credit criteria.  WR Starkey is an equal housing opportunity lender.  www.janhillmortgage.biz

Interest rate update the week of 8/10/2009

Feds are stating that they will stop buying US Treasuries this fall.  This announcment may come as soon as next week.

Here is a link to understand more about this:  http://bit.ly/ydq27

When the feds announced the purchase program mortgage rates fell.  With this announcement next week rates are very likely to rise.  Call me to lock 512-431-5223