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Home Buying in Plain English Part 2 – Mortgage Lending 101

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Posted in General Real Estate

With Interest Rates This Low it is a Great Time to Buy

Mortgage interest rates have fallen to historic lows and there is a good supply of homes in the Page Lake Powell market, making now a good time to buy.

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Posted in Mortgage News

Start Your New Year Right – Find Out What Is On Your Credit Report

A survey by Public Interest Research Group found that 79 percent of credit reports contained an error, with 25 percent having a serious error that would disqualify the consumer from buying a house, opening an account, or getting a job (Source: Associated Press)

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Posted in Mortgage News

FHA Reserves to Drop Below 2%, Will See Tighter Restrictions

According to a  Washington Post  article yesterday, when the new audit report comes out in the next 2 weeks, it will show the FHA (Federal Housing Administration) reserves have fallen below 2%, which is their legally mandated minimum. FHA guarantees

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Posted in Mortgage News

HUD Announces $8000 Tax Credit Can go to Closing Cost, etc.

In a zippy, an unexpected twist, HUD announced today the $8000 tax credit can be used as a bridge loan to help cover closing costs as well as an addition to the 3.5 % required down payment.  First time homebuyers

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Posted in Mortgage News

Reminders on FHA Loan Limits for Coconino County, Arizona, and Kane County, Utah

With all there is in the news lately on the new $8,000 first-time homebuyer credit, I figured a  quick overview of FHA loan limits in the Lake Powell area was in order. Specific areas of the Housing Reform act of

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Posted in Uncategorized

Focus of TARP Could Shift to Housing

TARP ( you remember the bail – out and the unaccountability of the banks in receipt of the money?) TARP stands for Troubled Asset Relief Program and was initially 700 Billion dollars. The first chunk of money went to the

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Posted in Mortgage News

30 Year Mortgage Rates are at a Historic Low

From the Associated Press this morning: WASHINGTON Rates on 30-year mortgages fell to a record level for a fourth straight week, dropping to the lowest mark since Freddie Mac started tracking the data nearly 28 years ago. Rates have been

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Posted in Mortgage News

The bailout and Mrs. Polks of the country

Understanding the bailout is not going to be an easy task, for anyone. What exactly is being bailed out, who is going to get mortgage relief, and, and, and the list goes on. In the next week I’ll post some

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Posted in Mortgage News

Summary of the Emergency Economic Stabilization Act of 2008

As of 12:20 p.m. today this bill has failed to pass the House of Representatives. For general information below is a summary of the Act. Jay Thompson, the Phoenix Real Estate Guy, posted the entire draft of the Act on

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Posted in Mortgage News