Larry Iest's (larryi) Blog

Fannie Mae is releasing a new initiative call "Loan Quality Initiative" (LQI). This has many aspects and impacts to the mortgage business. One of the most important begins today. Beginning today a buyers credit has to be re-ran at closing and any new debts or inquiries must be factored in and the...

Now the Federal tax credit is behind us it is time to dive into the CA homebuyer credit. This credit is for the purchase of new homes or for First time home buyers purchasing an existing home. -Valid for closings after May 1, 2010 until the end of the year. If you have a contract signed by Decemb...

As I have written before the homebuyer tax credit is coming to an end. to be eligible you must be in contract by the end of this month and close your transaction by the end of June 2010. The homebuyer tax credit has been extended for one year for members of the military and certain other federal ...

Upcoming Important Dates for anyone interested in Mortgage Financing 3-31-10 the Federal Reserve will end its mortgage backed security program. This could lead to an increase in mortgage rates since the program has been very successful at keeping mortgage rates artificially low   4-5-10 all FHA l...

Tax Credit for Homebuyers First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000. Sing...

Weekly thoughts: The FHA said last week they will not request funds from the Federal Government if their reserves fall below 2% (the minimum required) they are currently at 3%. In 2007 they were 6.4%. The scary aspect is the currently 7.8% of all FHA loans are late by 90 days on their mortgage pa...

Housing Market Snapshot August, 31, 2009 The Federal Reserve has been purchasing treasuries and mortgage backed securities for most of this year which helping mortgage rates stay at artificially low levels. As we near Fall these programs are going to begin to wrap up. The Fed will stop their Trea...

Pres Obama's Homeowner Plan and the Stimulus Package home-buyer credit   It was a big week for the government and the new President. Two huge plans were unveiled last week with the hopes of stabilizing our economy and housing market. First the Economic Stimulus Plan for 2009, was finally approved...

FHA loans are a big buzz in the mortgage industry today. In actuality they have been around and available for years. FHA loans lost their luster and their popularity declined during the recent surge in sub-prime lending. Now that the sub-prime loan industry is virtually non existent many loan off...

Here is the Mortgage Rate Update for the week of December 1, 2008 brought to you by Larry Iest of Hemet Mortgage. LAST WEEK I hope you enjoyed a wonderful Thanksgiving weekend with friends and family. I certainly have much to be thankful for, including many wonderful clients and friends like you....