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Archived Articles For Gilbert Real Estate news, look no further than Rick & Jennifer LeForce, your Gilbert Arizona realty experts! |
The following headlines and news items were compiled from a number of authoritative sources and industry experts including Fannie Mae, Freddie Mac, the National Association of Realtors, Realty Track and the Wall Street Journal. The next news update is scheduled to be released in the first quarter of 2011. New Buyer Incentives on HomePath® Homes - www.homepath.com
Fannie Mae is offering buyers up to 3.5% in closing cost assistance and a $1,500 bonus for selling agents on HomePath properties
through December 31, 2010.
Fannie Mae First Look Program Fannie Mae's innovative First Look period contributes to neighborhood
stabilization by encouraging home ownership. During this period, owner occupants, public entities, and their partners can
submit offers and purchase properties without competition from investor offers.
National Flood Insurance Extended through 2011; Senate Banking Committee Holds Reform Hearing
Congress unanimously approved a one-year extension of National Flood Insurance Program authority to September 30, 2011.
S. 3814 was first approved on September 21, 2010, by the unanimous consent of the Senate and two days later, by the voice
vote of the House of Representatives. The bill now heads to the President for his signature as soon as the week of
September 27, 2010. With program authority now extended for a year, it is expected that attention will now turn to
proposals to reform and ensure the financial soundness of the NFIP. While the House passed its reform bill (H.R. 5114)
earlier this year, it is unlikely that a reform bill will move until next year.
Fannie Mae Introduces Second Lien Modification Program Read our summary of this program on Page 2 of Realty News > > > Freddie Mac's Weekly Mortgage Market Survey (PMMS®) Freddie Mac's Weekly Primary Mortgage Market Survey® (PMMS®) is conducted on Mondays through Wednesdays with results reported on Thursdays. The survey is based on responses from 125 lenders to determine the average rates and points charged by each lender for their 30 and 15-year fixed-rate mortgages, 5/1 hybrid amortizing adjustable-rate and 1-year amortizing adjustable rate mortgage products. The mix of lender types used for the survey is approximately proportional to the level of mortgage business that each type of lender commands in the marketplace nationwide. This include thrifts, commercial banks and mortgage lending companies.
The survey is based on conventional conforming mortgages with a loan-to-value ratio of 80
percent for first-lien prime mortgage notes. The adjustable-rate mortgage (ARM) products are indexed to constant-maturity
U.S. Treasury rates. Lenders are asked to provide initial coupon rate, points and the margin on ARM products. For a breakdown of U.S. Regional Mortgage Rates, you may wish to visit the Official Freddie Mac website. |