Freddie Mac 2010 Conforming Loan Limits

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McLean, VA – Freddie Mac’s (NYSE:FRE) conforming loan purchase limits for 2010 are unchanged from those in effect for 2009 for all areas of the United States, according to the Federal Housing Finance Agency (FHFA). The loan limits set the maximum original loan amounts allowed on single-family conventional mortgages Freddie Mac can purchase...
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Existing-Home Sales Down Sharply

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Existing-home sales fell in January but are above year-ago levels, according to the National Association of Realtors®. Existing-home sales – including single-family, townhomes, condominiums and co-ops – dropped 7.2 percent to a seasonally adjusted annual rate1 of 5.05 million units in January from a revised 5.44 million in December, but remain 11.5 percent above the...
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Who Pays For Flood Insurance?

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What government insurance plans are subsidized by the taxpayers and available to everyone? Probably, the only answer is flood insurance. The Federal Emergency Management Agency (FEMA) oversees the flood insurance program. Over the past few years, FEMA has been hammered with insurance claims. In an effort to keep expenses under control, FEMA has been encouraging relocation...
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$2.7 million in Relief to PA Residents for Countrywide Financial Settlement

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HARRISBURG, PA – Foreclosure relief checks totaling more than $2.7 million have been mailed to several hundred Pennsylvania consumers as part of a multi-state settlement with Countrywide Financial Corporation. Attorney General Tom Corbett said the foreclosure relief is part of a broad-based package intended to assist borrowers in Pennsylvania who were allegedly misled by Countrywide...
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Help for the Hardest Hit Housing Markets

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Today, President Obama will announce funding for innovative measures to help families in the states that have been hit the hardest by the aftermath of the housing bubble. In each of these states, the average price for all homeowners in the state has fallen more than 20% from the peak. Home prices...
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Buyer Beware: Internet Real Estate Scams

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HARRISBURG, PA – Attorney General Tom Corbett today cautioned Pennsylvania consumers to be alert for possible scams linked to online ads for rental homes and apartments, along with Internet “for sale” ads and auctions for real estate, cars, motorcycles and other items. “Internet classified ads and auction websites are popular tools for bargain-hunters searching for...
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About FHA Mortgages

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93. WHAT IS A 203(b) LOAN? This is the most commonly used FHA program. It offers a low down payment, flexible qualifying guidelines, limited lender’s fees, and a maximum loan amount. 94. WHAT IS A 203(k) LOAN? This is a loan that enables the homebuyer to finance both the purchase and rehabilitation of a home through a...
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What Is Mortgage Insurance?

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88. WHAT IS MORTGAGE INSURANCE? Mortgage insurance is a policy that protects lenders against some or most of the losses that result from defaults on home mortgages. It’s required primarily for borrowers making a down payment of less than 20%. 89. HOW DOES MORTGAGE INSURANCE WORK? IS IT LIKE HOME OR AUTO INSURANCE? Like home or auto...
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Mortgages: Conventional Loans

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Talk to your lender about specific loss mitigation options. Work directly with him or her to request a “workout packet.” A secondary lender, like Fannie Mae or Freddie Mac, may have purchased your loan. Your lender can follow the appropriate guidelines set by Fannie or Freddie to determine the best option for your situation. Fannie...
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HUD And FHA Help You Buy Real Estate

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66. WHAT IS THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT? Also known as HUD, the U.S. Department of Housing and Urban Development was established in 1965 to develop national policies and programs to address housing needs in the U.S. One of HUD’s primary missions is to create a suitable living environment for all Americans...
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Real Estate Closing Settlement

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61. WHAT HAPPENS AFTER I’VE APPLIED FOR MY LOAN? It usually takes a lender between 1-6 weeks to complete the evaluation of your application. Its not unusual for the lender to ask for more information once the application has been submitted. The sooner you can provide the information, the faster your application will be processed....
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Mortgages: Finding The Right Loan For You

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54. HOW DO I CHOOSE THE BEST LOAN – PROGRAM FOR ME? Your personal situation will determine the best kind of loan for you. By asking yourself a few questions, you can help narrow your search among the many options available and discover which loan suits you best. Do you expect your finances to...
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RSS Greater Philadelphia Region

  • Concert To Benefit Haiti Children
    Hippies 4 Haiti: a Concert Benefiting Meds and Food for Kids (http://mfkhaiti.org/) Start Time: Saturday, February 27, 2010 at 3:00pm End Time: Sunday, February 28, 2010 at 1:30am Location: Third & Walnut Bar-Lounge, Lansdale, PA 19446 HIPPIES 4 HAITI will take place at the Third & Walnut Bar-Lounge in Lansdale, Pa. on Saturday February 27 about 3:00 […]
  • Have You Seen Martin?
    Martin Luther King Jr. Have you seen Martin? I know. That sounds like an odd question. But the truth of the matter is; we do see him in so many of the things we now take for granted and do without giving a second [...] No related posts. […]