Mortgage Discussion for the Panhandle area

I hope everyone who reads my blog had a great Independence Day and is well rested after the fireworks. There are a lot of things happening and we need to take notice. First time homebuyers are still the driving force behind the new sales. It seems some of the public is taking notice of the $8,000.00 credit for anyone who has not owned a home in the past three years. Purchases need to take place before November 30th so time is running out. I still beleive the best advertisement we can do is making the consumer know about this tax credit. I can tell you most people I meet on the street do not know of the tax credit and that is missed opportunity for all of us.

Rates are holding steady in the low 5's and government loans are the normal closings. U.S.D.A. (Rural Development) and VA are still closing 100% loans and FHA's 3.5% downpayment is still very affordable. So get the news out and let us close some of these deals.

On another front the refinance market may strengthen soon. This may not seem very important to realtors but may I suggest those who can refinance will not walk away from an upside down property and further deflate the market. Fannie Mae has issued new guidelines for 125% LTV refinances. These loans will not allow cash out but will only service those people who are upside down and need to refinance due to an adjustable rate, balloon or just to lower their current rate. This new product is only hours old at this time and will not be available for some time but as soon as I get news of it I will share it with all. This may be the foundation our real estate market needs to truly turn around. Keep watching for updates.

June was a great month for me and I hope the trend will continue for July. Let us help you close more deals with happy customers.