Finance

30-year fixed mortgage rate still low

Rates for 30-year home loans edged up this week, remaining above record lows reached over the spring.
The average rate for a 30-year fixed mortgage was 5.42 percent, up from 5.38 percent a week earlier, mortgage company Freddie Mac said Thursday.
“ M i x e d e c o n o m i c reports on the state of the housing market helped hold mortgage rates fairly flat,” Frank Nothaft, Freddie Mac’s chief economist, said in a statement

Federal tax credit could tip consumers into buying mode

If orange juice wasn’t on your shopping list when you went to the grocery store, a good sale may tempt you to buy. If on top of that you were offered a rebate, there might not be anything to stop you reaching for your wallet.

Florida’s housing market offers a similar enticement, especially for first-time buyers. With prices discounted 40 percent or more off peaks from three years ago, there’s a sense that homes are on sale. On top of that, the American Recovery and Reinvestment Act includes a tax credit of up to $8,000 for first-time home buyers

2009 Homebuyer Tax Credit

The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser’s income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser

Bankruptcy filings surge despite laws to curb them

Last month, 130,831 sought bankruptcy protection — an increase of 46 percent over March 2008 and 81 percent over the same month in 2007.

Mortgage rates tick up from record lows

Rates on 30-year mortgages inched higher this week after two straight weeks of record lows, but still remained at attractive levels for borrowers looking to refinance their home loans.
Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages rose to 4.87 percent this week from an average of 4.78 percent last week. That was the lowest in the history of Freddie Mac’s survey, which dates back to 1971

USDA Income and Property Eligibility

This site is used to determine eligibility for certain USDA home loan programs. In order to be eligible for many USDA loans, household income must meet certain guidelines. Also, the home to be purchased must be located in an eligible rural area as defined by USDA.

Unlock your IRA to take advantage of Bargain Priced Real Estate

With the stock market in the doldrums, many people worry about the returns available from traditional stocks and bonds. At the same time, savvy investors recognize that now may be the best time to take advantage of bargain priced real-estate, foreclosures and other investment opportunities.

Fannie Mae Offering New HomePath REO Loan

Fannie Mae Offers New HomePath REO Loan Buy a home for only 3% down or an investment property for only 10% down!

Fannie Mae, the agency sponsored by the U.S. government to help make housing more affordable to all Americans, now offers HomePath, a special new home loan to finance the sale of its current reale-state owned (REO) properties across the country.

REVERSAL OF FORTUNE

The real estate downturn that has ravaged Northwest Florida’s economy also has pummeled the area’s banks. Five of the 10 banks chartered in Okaloosa County
recorded negative income in 2008, reports f i l e d w i t h the Federal Deposit Insurance Corporation show.

Reverse Mortage Calulator

These pages provide estimates of benefits from three popular reverse mortgage programs. These estimates do not reflect local cost variables, are not an offer to make anyone a loan, nor do they qualify anyone to obtain a loan.