Jude's Real Estate Rumblings

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FHA raises fees, tightens loan standards

FHA raises fees, tightens loan standards - The Federal Housing Administration is raising fees and tightening lending standards to shore up its strapped finances and avoid a taxpayer bailout.  A healthy FHA is vital for the housing market because it insures roughly 30% of new loans, and is the largest backer of mortgages to first-time buyers.  Under the changes, homebuyers will: 

* Pay an upfront mortgage insurance premium of 2.25% of the total loan amount, up from the current level of 1.75%.  Borrowers will still be able to wrap these fees into the total amount borrowed.
* Need a credit score of at least 580 to qualify.  Borrowers with a score lower than 580 will need a down payment of at least 10%.

http://www.msnbc.msn.com/id/34944202/ns/business-real_estate/

 

What's Your Home Worth? - Click Here to Find Out

0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • January 20 2010 10:23AM

Fixed-Rates Down Slightly While ARMs Are Mixed

Fixed-Rates Down Slightly While ARMs Are Mixed - The 30-year fixed-rate mortgage averaged 5.06% with an average 0.7 point for the week ending January 14, 2010, according to Freddie Mac's Primary Mortgage Market Survey.  Last week, it averaged 5.09%, and a year ago it averaged 4.96%.  "Interest rates for fixed-rate mortgages eased a little further this week, while ARM rates were mixed," said Frank Nothaft, Freddie Mac vice president and chief economist.  "With fixed mortgage rates staying near a record low, many homeowners are taking the opportunity to refinance.  For instance, over the past three-and-a-half months, on average more than 75% of conventional mortgage applications were for refinance transactions, according to the Mortgage Bankers Association."
http://realtytimes.com/rtpages/20100115_rates.htm
0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • January 15 2010 01:11PM

Metro Denver EDC releases 2010 economic forecast

Metro Denver EDC releases 2010 economic forecast - Chief Economist Patty Silverstein discussed key economic activity in 2009 and gave her outlook on the economy for the coming year.  Positive rankings throughout 2009 suggest Metro Denver has maintained the solid fundamentals necessary to support growth once the nation's economy recovers including:
  • Denver ranks 1st among the nation's most desirable places to live, according to a 2008 poll by the Pew Research Center
  • A 2009 poll by Harris Interactive showed Denver tied for second place with San Francisco on a list of the nation's favorite places to live
  • Forbes called Metro Denver one of 10 "Best Cities for a Housing Recovery" and the nation's best metropolitan area in which to buy a home
  • Real estate correspondents with NBC's "Today" show named Denver the U.S. city most ready for a housing rebound
  • Builder magazine named Denver among five housing markets likely to recover quickly
    •
http://www.metrodenver.org/news-center/metro-denver-news/metro-denver-edc-releases-2010-economic-forecast.html

What's Your Home Worth? Click Here to Find Out!

0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • January 15 2010 01:09PM