"Consumers looking to buy with 100% financing better get approved, pick out a home and close immediately. By March 1, 2008, these loans will be near impossible to find. New credit score requirements, and lack of availability to get mortgage insurance on anything over 95% loan-to-value will rule the land. (FHA down payment assistance available but act quick)
WHAT DOES THIS MEAN: Simply put, lenders again are demanding quality people with some skin in the game (down payment). What were the old rules (pre 1999) are back again. FHA with a gift from your parents for down payment is already very popular again. " ... Death of 100% Zero Down Financing
"Today on yahoo I read Bush Acknowledges economic uncertainty AP. it stated that the loan limits will be temporarily increased to $729,750.00. Sounds good right?
Wrong... It turns out that the press seems to have it all wrong. This loan limit increase is not going to affect America on a national level as we are lead to beleive. The loan limits are going to be 417,000 or 125% OF MEDIAN HOME PRICES of an area - by county, with a cap of $729,750.00. (In Indiana loan limit won't increase, our median home values are too affordable)
This is good news for those of you live in a high value area, but for the majority of America this stimulus package will have no affect. " ... Loan Limit Increase Fact or Fiction or What?
"How long before inventories decrease to the point that an actual rebound is possible? There are still vast numbers of homes for sale, is the current market going to dampen the early spring rush to list a home? " ... Where's your seat belt our economy is ready to blast off!
First Financial Comments:
The economy didn't really recess in Northwest Indiana. Yes, the mortgage antics at the national level had an effect on our products, but for the most part we are back on track with those products. If you have a desire to buy a home, we are the place to get your options and make an educated decision.
In Northwest Indiana real estate inventories are already beginning to drop, speculative homes by builders as well, that means that soon prices will gain some traction and start to rise again. It's time to buy, now!
Call 219-762-7200 First Financial Trust Mortgage
President - James Snyder