Fannie Mae Offers Closing Cost Assistance and Appliance Incentive

Welcome Back Readers!   It’s been a busy month in real estate, so many things happening both locally and nationally it seems everyday there is something new!  That’s actually the becoming the normal state of affairs nowadays and I don’t mind as it gives me lots of things to write about!

I wanted to let you know about a program announced today by Fannie Mae.  Fannie Mae has a little problem, namely 50,000 homes they now own through the foreclosure process and they are looking to move them.  You can see a list of what’s there at www.homepath.com (there are 19 Fannie Mae Foreclosures in Lancaster County Pa as of today).

That’s not the announcement though, the announcement is that Fannie Mae is now offering 3.5 % of the home’s purchase price as an incentive to buyers!  Read on after the jump to find out more! Continue reading

The Trouble with Tribbles or Why Loan Modifications are Failing to Solve the Foreclosure Problem

Welcome Back Readers!  I put up a post the yesterday about how FHA has recently changed their policies to allow loan modifications for qualifying borrowers before they miss a payment .  This is a great policy and I sincerely hope it will help more people stay in their homes.  The problem though is that in many cases it won’t.  Loan modifications nationwide are failing to help avoid foreclosures.  Why is that?  What does it have to do with Tribbles again?  Read on after the jump to find out! Continue reading

FHA Allows for Loan Modifications for Homeowners Who Haven’t Yet Missed a Payment

Welcome Back Readers!  It was a busy week last week in the real estate world, the Lancaster County PA Real Estate Market is moving quickly.  I apologize for the shortage of posts recently due to this but you can expect a little more consistency in the coming weeks.  I wanted to start of  this week with a nice change announced by HUD last Friday.

Until HUD made this change to the rules for FHA loans, in order to qualify for a loan modification, struggling homeowners had to actually MISS payments.  So, if you knew you were going to be in torouble, you had to let it happen before you were eligible for loss mitigation.  Check out the release from HUD on the details of the program.

The complete press release from HUD is after the jump Continue reading

Did FHA Just Throw First Time Buyers in Front of the Bus for a PR Gain?

 Welcome Back Readers! 

I apologize in advance for the negative tone of this post, but it is information that people who plan on buying this year need to have.  Let me start with this:  There are many solutions available to FHA’s problems, and there are other programs that allow cash poor buyers to still purchase homes.  It is not the end of the world, FHA is still a fine program, but I have an issue with their changes not offering a solution to their problem. 

Call me if you want to find out how low money down programs can still benefit you, in the meantime please be aware of the following info.

FHA has announced policy changes today that will potentially have a negative impact on the housing market.  Read on after the jump to see excerpts from a release by NAR: Continue reading

It Isn’t a Question of “If” Waiting Will Cost You, but Rather “How Much?”

3204081744_d411eab054Waiting.  Sometimes a wise strategy, sometimes a foolish one.  When it comes to home buying, waiting will surely cost you.  There are a number of reasons why, but before I go into that, let’s get one thing clear…. if you aren’t in a positions to buy, if you truly can’t afford it, don’t do it.  But if you are unsure, if you are “thinking about it”, if you are planning to “start looking” in a few months, you need to hop off the fence and start now.  Waiting is a mistake.  Here’s why:

Continue reading

HUD Secretary Donovan woke up this morning and got himself a gun……

close up … and he plans to use it to take out the US Housing Market!

I know, very dramatic.  Maybe even a little uncalled for.  On the other hand, there is really no other way to describe how potentially dangerous the policy changes that  HUD Secretary Donovan is proposing this week.  What are those changes? Continue reading