Rates.
Well another week has gone by and rates are still in their comfy zone. We have now been in this zone with rates for over 6 months, with govie rates hanging around the 3.75% area and Conventional hanging around the 4.00% area.
It is thought that rates were to start climbing again, due to all of the good economic news out there, but Wall Street still isn't too confident in the recovery from the Great Recession.
Some number from this week:
The biggie of course is the unemployment, rate is unchanged at 8.3%, which we added 227,000 jobs last moth, and January and December's number were revised up by 61,000. These are pretty good numbers, but when you still consider that 351,000 people just LAST WEEK filed for 1st time unemployment, that 227,000 jobs created for 1 month just doesn't help.
Greece is looking up, most of their bond holders have agreed to take about a 50+% haircut on their investments. So this means if you purchased a Greek Bond for $100, it is now only worth $50, what a bargin!
Q4 Productivity was up 0.9%, nice number.
Feb. ISM expected to be 56 was up to 57.3, anything over 50 is good.
FHA
Well after last weeks tax increase by FHA, they decided to do something nice for people, but then the discriminated against some....
If you have a FHA loan, that was created BEFORE 5/31/2009, FHA has a bargin for you.
Typically with a FHA refinance, you would have to pay 1.75% in upfront Mortgage Insurance and then 1.25% monthly in Monthly MI.
Well that means people usually didn't qualify for the refinances, because FHA was charging so much in fees. So based on those fees and a rate of 3.75% on a $100000 your refinanced payment would be $577.21.
But FHA decided that if you got your loan BEFORE 5/31/2009, your Upfront MI would only be 0.01% and your monthly MI will only be .55%, so same loan, now the payment is $509.00, so a savings of $68.21!!
Now the catch, FHA is slow in updating their computers, so you will have to close after June 12, 2012.
And what happens if you loan closed 6/1/2009 or later, well you are hosed. And the famous phrase "No Soup for You"
So if you have a loan or know of someone that has a FHA loan, closed before 5/31/2009, and you haven't refinced, I would hurry up and do it, before FHA realizes what they just did and reverses it!
100% Financing
Did an unofficial survey out there amount some RE agents and borrowers, did you know 72% of them still didn't realize that there is 100% financing out there!!!
"So Let Me Be Clear" (since I seem to be quoting famous people today)
Rural Development = 100% Financing At ANY FICO over 580
VA = 100% Financing At ANY FICO over 620
FHA with an IHA Good Credit Reward 2nd, with a FICO over 680 = 100%
Preferred Risk (IHA Conventional) with an IHA Good Credit Reward 2nd, with a FICO over 680 = 100%
If you need more info, look at the flyers to the right in the "Flyer Box"
CLUE List
No this is not a list for the clueless...
If a house has had any damage, and a insurance claim has been filed, it will end up on the CLUE list. This is a list which insurance agents review when issuing an Homeowners Insurance Policy.
If the house has been or is on the CLUE list, you can expect quite a bit higher insurance, A LOT higher, matter of fact HUGE!
So if you have a house, and it has been disclosed to you that it has had water damage, fire damage, or some other damage, I would call my local friendly Insurance Agent and ask.