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The VA Lending Program is for active military, reserves and retired military.
Find out if you are eligible for a VA Home Loan
If you are considering a VA Home Loan the fastest and easiest way to find out if you qualify is by connecting to a VA Home Loan Specialist who can help to determine your eligibility, qualification level and let you know what your options are.
It doesn’t cost you anything and there is no obligation.
You May Be Eligible If Any One of the Following are True:
- Served 181 days during peacetime (Active Duty)
- Served 90 days during war time (Active Duty)
- Served 6 years in the Reserves or National Guard
- You are the spouse of a service member who was killed in the line of duty.
Get connected with a VA Loan Specialist who can help you maximize your VA benefits and let you know what you qualify for.
FHA Plays a Critical Role in Home Financing
The Federal Housing Administration plays a critical role in the nation’s housing financing system, providing safe, affordable mortgage financing to consumers in all markets during all economic conditions, the National Association of REALTORS® said in testimony today.
Click to read more: REALTOR® Magazine-Daily News-FHA Plays a Critical Role in Home Financing.
Are Dual Agency Realtors Acting Ethically?
Click the link here:Are Dual Agency Realtors Acting Ethically?.
What is the Fed Thinking? When will rates rise?
The recent decline in rates is built on the view that the softer economic outlook will keep the Fed from increasing interest rates until at least the 1st Q of 2012. The Fed is unlikely to increase rates with little inflationary fears now, but does that in itself justify present low interest rates? The recent decline is mostly a safety move; with equity markets not advancing, commodity price increases are over for the moment, and borrowing demand very weak. Every technical indicator we use in our near term forecasting is bullish, from a trading perspective we are bullish, from a fundamental longer outlook we are not so optimistic. We expect the end is closing in on these low levels, that said we are not expecting a rapid increase in rates—-a slow grind higher. For now take advantage of the gifts mortgage rates are providing.
Look What’s New for Maine Real Estate Financing!
Happy Friday the 13th,
It’s still a great time to refinance and the purchase market couldn’t be better for a buyer.
These rates are based on no points, rate and term refinance or a purchase, with qualifying income, loan to value and fico scores. **
FHA 30 Year Fixed 4.50%
FHA 15 Year Fixed 3.875%
30 Year Fixed 4.75%
15 Year Fixed 4.125%
Jumbo 15 year Fixed 4.50%
Jumbo 30 year Fixed 5.125%
What’s New?
Here’s a couple of neat things we can do or do better!
With the current economy and a lot of people struggling, some new products have become available to help these borrowers.
1. FHA loans with FICO scores as low as 540.
2. FHA loans with up to 2 mortgage late payments in last 12 months.
3. Conventional loans 620 minimum fico, 1 mortgage late in last 12 months
4. Conventional loans with only 3% down or 97% LTV, NO monthly mortgage insurance
5. Jumbo Loans In house at great rates (see above)
6. We now have Maine State Housing
7. We now do everything under one roof! Appraisal Ordering, Processing, Title, Underwriting and Closing!
For a FREE evaluation contact me today!
-Seth
Distressed Sales Put Pressure on Prices
The national median existing single-family home price was $158,700 in the first quarter, down 4.6 percent from $166,400 in the first quarter of 2010. The median is where half sold for more and half sold for less. Distressed homes typically sold at a discount of about 20 percent, accounted for 39 percent of first quarter sales, up from 36 percent a year earlier.
Lawrence Yun, NAR chief economist,said lower priced homes have seen the best sales performance. “The biggest sales increase has been in the lower price ranges, which are popular with investors and cash buyers,” he said. “The preponderance of sales activity at the lower end is bringing down the median price, so what we’re seeing is the result of a change in the composition of home sales.”
Although sales are slightly below a year ago, the volume of homes sold for $100,000 or less in the first quarter was 8.9 percent higher than the first quarter of 2010, creating a downward skew on the overall median price.
The share of all-cash home purchases rose to 33 percent in the first quarter from 27 percent in the first quarter of 2010.
How is Portland, Maine holding up?
Well ending March 31st 2011.. a total of 102 home and condo transactions transpired compared with 136 in 2010 and thus representing a somewhat significant volume decrease of 25% year over year! Despite the volume drop.. median prices continue to remain strong and actually showed a statistical 8% jump from $206,000 in the first quarter of 2010 compared with $222,000 this previous quarter. Buyers “from away” coupled with still many first time home buyers in the marketplace continue to help keep our market strong overall.
Retail Jobs Picking Up
Employment in April was up across the band of specific jobs; retail jobs increased 57,100 the largest increase since April of 2000; manufacturing +29K, goods producing +44K, service-providing +224K, government jobs down 24K. Those unemployed fro more than 27 weeks declined to 5.839 mil frm 6.122 mil in March. The U-6 unemployment rate at 15.9%; U-6 measures total unemployment, plus all personnel marginally attached to labor force and total employed part time plus all persons marginally employed.
Rate on 30-year fixed mortgage falls to 4.71%, lowest of 2011
Fixed mortgage rates dipped to the lowest level of the year this week. The third straight weekly decline comes at the start of the peak buying season. Freddie Mac said Thursday the average rate on the 30-year loan fell to 4.71% from 4.78% the previous week. That matched this year’s low reached in January. But it is above the 40-year low of 4.17% hit in November.
