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Did You Know That FNMA...

• Is the largest purchaser and servicer of home loans in the country

• Sets the loan qualification guidelines for all mortgages provided by lenders intending to send loans to FNMA

• Changed the guidelines at least four times since the industry imploded in 2007, making it harder to qualify for a mortgage each time

• Sets the FICO score tiers which can increase interest rates and costs of mortgages across the country

As they say, “he who has the gold, makes the [golden] rule”

Home Buyer Tax Credit Extended

As a continued effort to stimulate the U.S. housing market, Congress passed new legislation that:

• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010

• Expands the tax credit to current homeowners purchasing a new home or existing home from November 7, 2009 through April 30, 2010 for up to $6,500

Both of these tax incentives have income level and time constraints which might apply to the individual. Please check with your attorney and tax advisor for the most current information.

FHA to Change Guidelines

More than 30% of all home loans are currently with the FHA, up from 3% in 2006. Is the Administration taking precaution to avoid the FHA from becoming the new sub-prime mortgage…or is it too late?

Secretary Shaun Donovan addressed Barney Frank and The House Committee on Financial Services about proposed changes to the FHA guidelines that will decrease the eligibility of thousands of potential homebuyers. Possible changes:

•    Down payment requirements will be increased to 5%
•    Third party contributions to homeowners will be reduced 3%
•    Minimum FICO scores will be increased
•    and Mortgage Insurance Premiums (MIP) will go up


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The New Rules For Mortgages is the latest and most current book on how to get the best mortgage and the lowest interest rate out there…..but it is very different!

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Pros & Cons of Credit Unions

Feb 02 |00:00

Special Report Thursday

credit_union

A record number of Americans switched their accounts from banks to credit unions recently. Credit unions offer a number of benefits that may not be offered by banks, such as lower usage fees and improved customer relations.

While there may be a number of advantages of removing your money from the big banks, credit unions also have their own set of disadvantages. It is important to assess the pros and cons in order to determine the best choice for your banking needs.

Dale Speaks to You

Dale Robyn Siegel is available as a keynote speaker, at corporate conferences and small groups. Never boring and always informative, she will empower you with the right stuff to know about all things real estate.

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