Wow, check this out!

How Long Will Low Mortgage Rates Last?

DAILY REAL ESTATE NEWS | TUESDAY, JANUARY 03, 2012
For nine consecutive weeks, the 30-year fixed-rate mortgage has been hovering at or below record lows of 4 percent, pushing housing affordability for home buyers even higher.

But will these low rates stick around much longer?

The Federal Reserve has vowed to keep rates low through 2013 so rates likely will hang around for a few more months, at least, but whether mortgage rates will stay at the current record-lows, many experts say it’s unlikely.

The 30-year fixed-rate mortgage is expected to inch up to an average 4.5 percent for 2012 and increase to 5.4 percent in 2013, according to Freddie Mac economists’ forecasts.

While that forecast means rates are expected to move higher in the coming months, the rates will still be low by historical standards, economists told the Los Angeles Times. For comparison, 30-year rates averaged more than 16 percent in 1981 and 1982. What’s more, until 2000, rates typically were above 8 percent, Freddie Mac notes.

Despite the drop in rates, however, many home buyers have been unable to take advantage of the low rates. Lenders’ tightening of their underwriting standards for loans in the recent years following the housing crisis has shut some buyers who have poor credit, low down payments, or unsteady employment from securing a loan at today’s low rates. Freddie Mac had predicted home-purchase applications to comprise two-thirds of all mortgage applications by the end of 2011. But the Mortgage Bankers Associations says that instead about 80 percent of the mortgage applications came from home owners who wanted to refinance.

Source: “Low Mortgage Rates Likely to Continue Through 2012, Experts Say,” Los Angeles Times (Jan. 3, 2012)

New Team, new Tools, big 2012

Check out my new website. Joined a new team in November called Omahas Elite Real Estate Group at NP Dodge and I'm loving every minute of it. I can't believe the tools I now have to help you buy and sell Real Estate. 2012 is going to be HUGE!

website

www.jon.omahaselite.com

New FHA info, good stuff!

Minimum Credit Scores Announced for FHA Mortgages

On September 3, 2010, the US Department of Housing and Urban Development (HUD) released Mortgagee Letter 2010-29, Minimum Credit Scores and Loan-to-Value Ratios. This is in accordance with Federal Register Notice FR-5404-N-01, which proposes minimum credit scores and loan-to-value (LTV) ratios.

Effective October 4, 2010, borrowers with a credit score below 500 are not eligible for FHA-insured mortgage financing. Borrowers with a credit score between 500 and 579 are limited to 90 percent LTV, which requires a 10 percent down payment. Borrowers with a credit score of 580 or higher are eligible for maximum financing, which requires a minimum 3.5 percent down payment. Borrowers with nontraditional credit histories may be eligible for maximum financing.
FHA Announces Premium Changes

On September 1, 2010, the US Department of Housing and Urban Development (HUD) released Mortgagee Letter 2010-28, Changes to FHA Mortgage Insurance Premiums. HUD has the authority to increase annual premiums for Federal Housing Administration (FHA)-insured mortgages to 1.55 percent. However, the agency is not utilizing its full authority at this time. In this announcement, HUD is increasing the annual premium and lowering the upfront premium.

For all traditional purchase and refinance products the upfront premium is 1 percent. On 30 year loans with a 95 percent loan-to-value (LTV) ratio or lower the annual premium is .85 percent. On the 30 year loans with an LTV lower than 95 percent the premium is .90 percent. For all reverse mortgages, known as the Home Equity Conversion Mortgage, the upfront premium is 2 percent and the annual premium is 1.25 percent.

R you kidding me????? Rates in the mid 4's%

That's right, rates are between 4-4.75% right now. How on earth are you not thinking about buying and selling your home NOW. For more details about the rates, your home, and the current market....give me a call.

Jon Meier

Rates at all time lows

Wow, have you seen the rates lately? NIFA is down to 4.6% for the first time homebuyer. Conventional, FHA and VA are bouncing around between 4.6%-5%. No tax credit available but it's still a great time to buy with rates like this.

18032 Olive st NEW LISTING

what a great new listing. Super clean split level in Sunridge. Sits on a quite street just around the corner from the park. They upgraded the carpet, cabinets, lighting and added a patio just off the deck. Fenced in yard, large finished basement and a really deep garage are just a few of the nice things about this home. Priced well below market value to sell quickly.

18032 Olive st
$139,900

new listing in Arbor Gate $134,900

Popular floorplan in Arbor Gate. Fenced in back yard, large master bedroom, upgraded cabinets in kitchen are just a few of the nice little extra's in this home. Really a nice starter home!