A recent and very important change in lending guidelines regarding cash out refinances is starting to rear its ugly head.  Bottom line is that cash out refinances are now not allowed within the first six months of a purchase transaction for all occupancy types.  How does this affect potential buyers?  Properties that are priced to sell are receiving multiple offers, especially REO’s.  Many buyers, whether buying a property as an investment, second home, or even principal residence, are deciding to...continue reading...

In a somewhat surprising move today, House Financial Services Committee Chairman Barney Frank reported that Congress's Economic Stimulus Package would include an overhaul of the FHA mortgage insurance program and an increase in the conforming loan limit set forth by Fannie Mae and Freddie Mac. The current conforming loan limit of $417,000 along with the FHA limit of $362,000 has made it difficult for homeowners and buyers to obtain favorable terms amid the credit crunch. The plan will allow Fannie...continue reading...