On September 16, the House Financial Services Committee approved H.R. 6694 the "FHA Seller-Financed Down Payment Reform and Risk-Based Pricing Authorization Act of 2008' (Whew what a mouthful) Introduced by Rep AL Green (D-TX) will allow seller-funded down payment assistance to continue for certain borrowers only.
H.R. 3221, the Housing and Economic Recovery Act which became law in July 2008, actually prohibits Seller Down payment Assistance which began in October 2008. H.R. 6694 would allow seller-funded down payment assistance for borrowers with credit scores above 619. Borrowers with scores between 620-680 will be required to pay a higher up-front premium (3%) and higher annual premiums (1.25%. Those above 680 will not have to pay the higher fees.
** NAR Washington News Report September 22, 2008
Showing posts with label mortgage rates. Show all posts
Showing posts with label mortgage rates. Show all posts
Saturday, November 29, 2008
Wednesday, November 26, 2008
Sharp decline in Mortgage Rates This Week
Sharp Decline in Mortgage Rates This Week
Mortgage rates declined Tuesday after the Federal Reserve said it would spend $600 billion to support the mortgage securities market.
Rates fell to 4 7/8 percent, a 1 1/8 percentage point decline. David Beadle, president of BestInfo, said it was the sharpest one-day decline since 1988.
"I hope that the effect is that it brings more investors home to investing in housing," said Alfred DelliBovi, president of the Federal Home Loan Bank of New York. “[Investors] have had a sense in the markets that anything connected with a mortgage is bad" even though most people pay their home loans, he said.
Source: Reuters News, Al Yoon and Lynn Adler (11/25/2008)
Let The H Team help you get pre-approved with Christie Gabel. A full service loan officer with years of experience.
Mortgage rates declined Tuesday after the Federal Reserve said it would spend $600 billion to support the mortgage securities market.
Rates fell to 4 7/8 percent, a 1 1/8 percentage point decline. David Beadle, president of BestInfo, said it was the sharpest one-day decline since 1988.
"I hope that the effect is that it brings more investors home to investing in housing," said Alfred DelliBovi, president of the Federal Home Loan Bank of New York. “[Investors] have had a sense in the markets that anything connected with a mortgage is bad" even though most people pay their home loans, he said.
Source: Reuters News, Al Yoon and Lynn Adler (11/25/2008)
Let The H Team help you get pre-approved with Christie Gabel. A full service loan officer with years of experience.
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