Tuesday, August 4, 2009

Today's Mortgage News from Dale Vermillion

Dale Vermillion, author of the book Navigating the Mortgage Maze, shared some great news this morning

FHA announces Modification program effective August 15, 2009:
Similar in scope to the MakingHomeAffordable program – good news for those in foreclosure –

New Federal Housing Administration Loan Assistance (Associated Press) To help lower their payments and avoid foreclosure, financially strapped homeowners who have an FHA-insured loan will be able to apply for a modification starting on Aug. 15 under a parallel program to the Making Home Affordable initiative. Under the plan to be announced on July 30, lenders that take part in the FHA program will receive an incentive fee of as much as $1,250 and can be reimbursed up to $250 in costs. Lenders have agreed to adjust 500,000 loans by Nov. 1.

Rates drop again: 30 year fixed avg down to 5.33% and 15 year fixed at 4.89% per bankrate.com – It’s still a good time to refinance for those qualified.

Home values see increase for first time in almost 3 years, but still long way to go before we will see any real improvement in home values: (Wall Street Journal) After 34 consecutive monthly declines, the Standard & Poor's Case-Shiller index show a 0.5-percent rise in home prices in 20 metropolitan areas during the three months ended in May, although prices were down 17 percent year over year. Experts say the report does not signal that a rebound is on the horizon, given that consumer spending remains weak and unemployment is on track to hit 10 percent this year. Some believe a drop

Government making full disclosure requirements targeted for Jan. 1, 2010: This will mean easier to understand loan documents and legislation on restricting loan fees.

As always, Dale brings everything back to Scripture. The verse he shared with me this morning was Matthew 25:29a, "To those who use well what they are given, even more will be given, and they will have an abundance." (From the New Living Translation)

To hear today's interview click here or scroll down to the media player below.

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