Posts Tagged ‘Real Estate’

Will the Government Shut Down Effect Homebuyers?

October 1, 2013 Leave a comment

The extent to which home buyers could feel the pain, depends largely on how long the budget impasse on Capitol Hill goes on.

The potential impact will be minimal as long as the hiatus doesn’t drag on for weeks, but buyers could see delays in getting their loans processed.

Lenders’ request income and Social Security number verifications from the IRS and Social Security Administration, which will cease issuing the records in the event of a shutdown.

Loans can’t close without the income tax transcripts, a requirement put in place after the mortgage crisis in an effort to fight fraud.

If we go two weeks or longer, I think it’s going to have an impact.

The Federal Housing Administration, part of the U.S. Department of Housing and Urban Development, insures home loans for low- and middle-income and first-time home buyers.

HUD said in a contingency plan this week that the agency would continue to endorse new home loans in the event of a hiatus, although with a drastically reduced staff of 68 on-duty employees in the housing office.

Loan officers can use FHA’s computer-automated system to get a case number, the first step in the agency’s process. But with a limited staff, FHA won’t be available to answer questions as the loan moves forward, he said.

Borrowers seeking loans guaranteed by Fannie Mae and Freddie Mac, which together own or guarantee nearly half of all U.S. mortgages, will see business as usual.

The U.S. Department of Veterans Affairs said it would continue to administer its loan guarantee program.

FHA-backed and VA-backed loans accounted for more than a third of new home loan lending last year, according to the Federal Reserve.

The Department of Agriculture’s Rural Development will put on hold on its loan program.

Much depends on where buyers are in the timeline of buying a house and when sales are scheduled to close.

Sellers will have to understand that it’s not a buyer or mortgage company’s fault that this is happening and that they would be accommodating in doing extensions appropriately.

The length of the shutdown would hurt not only buyers and sellers, but real estate agents, escrow and title companies, moving companies and others in the industry.

It could have quite a ripple effect – however, whatever happens should be a non-event or short-lived and we will continue to help buyers and sellers navigate this tenuous time.


Home Prices Are Back… To 1894’s Levels

February 14, 2013 Leave a comment

Six years after the onset of the traumatic US housing crisis, the optics are there that suggest a stabilization is occurring. Whether real or manufactured by record-low foreclosures, bank supply withdrawals, and fed-subsidized cash REO-to-rent trades, the sad truth is that jobs (and the GDP-enhancing multiplier effect that they create) are just not coming. Even Bob Shiller prefers the potential for 4% gains in stocks over housing risk in the medium-term as he points out that – inflation-adjusted – house prices are back at levels first seen in 1894… now that is a long-term investor

Weekly Primary Mortgage Market Survey – February 8, 2013

February 8, 2013 Leave a comment

How The New Higher Tax Rates Will Affect Luxury Housing

January 7, 2013 Leave a comment

Positive Rental Payment History May Help Build Credit

January 7, 2013 Leave a comment

Over the past five years, the number of renters has risen to 40 million, which is about 35% of the US population. Many of these individuals make their rent payments on time every single month, and show a responsible history, but until recently, it didn’t boost their credit rating.

Now, Experian, one of the three big credit bureaus, is reporting rental payment history on its credit report for those landlords and property management companies who utilize ClearNow, an automated service for collecting rental payments. For those who already participate in ClearNow, their history is automatically included on their credit report. Individual renters must coordinate with their landlords to sign up for ClearNow if they are interested in having rental information included in their credit file.

Experian collects this information every 24 hours, and houses it in its RentBureau database, which also assists other landlords in making tenant decisions.

A strong, positive rental payment history gives a boost to young adults who don’t have much credit because they can slowly demonstrate and prove they can be trusted with their financial management. A positive payment history can also help improve the credit scores of those with damaged credit due to the economy, a foreclosure, or other problems.

Presented by Shelter Mortgage

Weekly Primary Mortgage Rates – August 31, 2012

August 31, 2012 Leave a comment
Regional Breakdown 30-Yr FRM 15-Yr FRM 5/1-Yr ARM 1-Yr ARM
Average Rates 3.59% 2.86% 2.78% 2.63%
Fees & Points 0.6 0.6 0.6 0.4
Margin N/A N/A 2.74 2.76

From Freddie Mac

Flyfishing the Situk River – Lunch Break

April 17, 2011 1 comment

Paul preparing lunch

Dave enjoying lunch

Gary and Ed are a few minutes behind.

This is a 11 mile float trip from 9 mile bridge to the ocean. At the end of the day you are dropped off back at 9 mile  bridge and you float 2 miles downriver to a government cabin..I’ll post those pictures next week.
Dave & David Warner