Money Today That Matters Tomorrow
The maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac has significantly from last year, per Federal Housing Finance Agency (FHFA) guidelines as shown in the table below. The conforming loan limits (CLL) are established under the terms of the Housing and Economic Recovery Act (HERA), and are …
With interest rates on 30 year fixed-rate mortgage loans below 4%, the lowest level since the 1950s, many borrowers are keen to refinance their home loans and other mortgages. By any long-term measure, current rates are a great deal and could result in tens of thousands of dollars in savings …
I sometimes ponder where I would move if I had to leave my current state (VA). And more and more, Texas seems to come to mind. This is because of three main factors – strong employment, housing affordability and quality of life (good weather, diverse cities, lower taxes etc). And clearly …
With the Fed’s aggressive actions in raising rates to tackle inflation, economists are predicting that rates will continue rising for the remainder of the year. This is based on the dramatic rise of the 10 year Treasury yield over the last month to which mortgage rates are loosely tied. The …
Government sponsored/owned entities Fannie Mae and Freddie Mac have announced that they will no longer be purchasing certain mortgages as directed by their regulator and in compliance with the Consumer Financial Protection Bureau’s (CFPB) qualified mortgage (QM) and Ability-to-Repay (ATR) requirements. This is effective from Jan 10, 2014 and covers …
Thanks to recent announcements by the Federal Reserve around cutting back on buy back programs interest rates have been rising, with the forecast for even higher rates by year end. Based on the latest rates have been rising consistently of late with the 30-year fixed rate averaging over 4.1%. That’s up from …
The NY Fed has a great set of maps that show the dynamic return of the US housing market with home prices posting year over year double digit gains in many areas. Some experts are even saying that home prices in states like California, Florida and New York are rising …
My realtor who helped with buying my home a few years ago occasionally sends me newsletters on the state of the US housing market. For the most part this is marketing material looking for referrals and to keep her in mind if when I decide to sell or upgrade. But …
I recently received the following question from Brian on my post that detailed the many versions of the first time home buyer tax credit: I purchased a home in January 2009. This is my primary residence after having purchased my first home in March 2002. My CPA put me in …
When someone mentioned this proposal to me, I thought it was nuts. Selling the right to live in America for $500,000? But then a quick search revealed that the Senate is indeed considering such an idea as part of a larger bipartisan provision of immigration measures (VISIT-USA Act), co-authored by …
[Updated for 2016] – The Home Affordable Refinance Program (HARP) has been extended to the end of 2016. Under this program home owners may be able to reduce their mortgage payments by as much as $3,500 each year. The program benefits those with little to no equity in their home homes (LTV>80%) and are struggling …
Many homeowners with good credit are ditching their old 30-year fixed rate mortgages for the 15-year or 20-year versions. This is primarily to leverage historically low rates for these shorter duration loans and benefit from the significant interest savings over the life of the loan. In fact, a friend of …
Many of us dream about how it would feel to not have a monthly mortgage payment. Owning your home free and clear is the aspiration of numerous homeowners. But even without – in most cases – that hefty payment leaving your checkbook every 30 days, there are actually some reasons …
Two new tax changes were implemented in recent legislation that may affect a number of tax payers filing 2010 returns in 2011. One affects landlords who now need to disclose all payments made above $600. The other affects people with certain assets outside the US, who now have to formally …