March 11, 2008: 02:26 PM EST
NEW YORK (Associated Press) - The loan you qualify for on Monday might be out of reach on Tuesday.
Bankers and lenders are rapidly changing their requirements as home sales and prices plummet and delinquencies and defaults rise. Problems in the mortgage market are spilling into other lending markets as customers struggle to keep up with payments on other loans, such as auto and credit card payments.
March 06, 2008
Daylight savings begins March 9th and it’s time again to move your clocks forward one hour. You’ve heard that every six months when you "spring forward", it’s a good time to change the batteries in your smoke or carbon monoxide detectors, schedule an exterminator to spray for unwanted pests, flip your mattresses and repair any leaks around your house. But did you also know that computer experts recommend changing your passwords to critical computer and online areas twice a year as well?
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For Immediate Release
March 06, 2008 |
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TEMPORARY CONFORMING LOAN LIMITS RELEASED FOR HIGH COST AREAS |
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Washington, DC – The Office of Federal Housing Enterprise Oversight (OFHEO) today released the maximum conforming loan limits that will be in effect through year-end as a result of The Economic Stimulus Act of 2008. That legislation permits Fannie Mae and Freddie Mac to raise their conforming loan limits in certain high-cost areas. The new jumbo limits are a function of median home prices as estimated by the U.S. Department of Housing and Urban Development (HUD).
The maximum for temporary jumbo conforming loan limits, which apply to loans originated in the period between July 1, 2007 and December 31, 2008, are as high as $729,750 for one-unit homes in the continental United States. Two, three and four-unit homes have higher limits as well. Alaska, Hawaii, Guam and the Virgin Islands also have higher maximum limits.
There are two data sources reflecting the new maximum limits. The first, on OFHEO’s Web site, available at www.ofheo.gov/media/hpi/AREA_LIST.pdf, reports only those counties and Metropolitan Statistical Areas (MSAs) that are affected by the new loan limits. Data for all areas are available on the HUD Web site at https://entp.hud.gov/idapp/html/hicostlook.cfm.
Seventy-one Metropolitan and Micropolitan Statistical Areas are affected including 245 counties and cities not in counties. In addition, there are 21 counties outside of Metropolitan or Micropolitan areas that show increases, plus Guam and four municipalities in the Marianas Islands. The newly increased limits range from $417,500 in Greeley, Colorado to the highest of $793,750 in Honolulu, Hawaii.
In support of HUD’s calculation of county median home prices, OFHEO provided HUD rural house price indexes for 48 states. HUD used these indexes, which reflect price changes for homes outside of Metropolitan Statistical Areas, to estimate median prices in counties for which sales price data were sparse. OFHEO has made these indexes available at: /hpi_download.aspx.
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Wednesday February 27, 12:37 pm ET
AP
Fed Chief Signals Another Rate Cut
Wednesday February 27, 12:37 pm ET
By Jeannine Aversa, AP Economics Writer
Fed Chief Signals Rate Cut to Help Wobbly Economy, Must Keep Eye on Inflation
WASHINGTON (AP) -- Federal Reserve Chairman Ben Bernanke warned Congress that the nation is in for a period of sluggish business growth and sent a fresh signal Wednesday that interest rates will again be lowered to steady the teetering economy.
www.hud.gov/news/ August 31, 2007
“Bush Administration to Help Nearly One-Quarter of A Million
Homeowners Refinance, Keep Their Homes”
FHA to implement new "FHASecure" refinancing product WASHINGTON- President George W. Bush today announced that HUD's Federal Housing Administration (FHA) will help an estimated 240,000 families by enhancing its refinancing program.
NOTE: September 19, 2007 Federal Reserve lowered rates for the first time in 4 years by .5%
You may benefit from significantly lower monthly payments on a new secured fixed-rate 1st mortgage. You may also get home repair funds, and/or cash-out. This government sponsored low interest loan does not require a good credit score to qualify.
Many Other Fixed Rate and Low Payment Option Programs Available.
