Lora Graetzer's (lorasloans) Blog

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Mortgage and Lending - 1st Preference Mortgage - 214107
The Fannie Mae Homepath is a program used to help borrowers purchase homes that are currently owned by Fannie Mae as a result of foreclosure or other similar actions.  Highlights: •·         Property must be owned by Fannie Mae •·         Purchase only •·         95% max ltv •·         660 minimu...
ONE MONTH REPRIEVE FOR NEW FHA MORTGAGE INSURANCE PREMIUM STRUCTURE We were advised today that the new date for implentation of the mortgage insurance changes will not take effect until October 4, 2010 in order to have additional time to prepare all documentation and systems in working order to a...
I wanted to clarify before I made this posting and am glad to report some good news for a change!  Even though we anticipate FHA lowering the seller contribution from 6% to 3% from the "warnings" we've received, BUYERS CAN STILL REQUEST 6% SELLER CONTRIBUTION TOWARDS CLOSING COSTS!!! We're expect...
Here we go again folks!  FHA is making more changes with regards to the up front mortgage insurance premium and the rate charged on the monthly mortgage insurance.  You can read all about it in summary and in full using this link, http://www.govtrack.us/congress/bill.xpd?bill=h111-5981 In a nutsh...
On a brighter note, the interest rates are still low so all realtors should be using the extra time on their hand to call any customers that purchased in the last 4 years and just let them know that rates are down in case they closed with a higher interest rate and that you're simply watching out...
Today the news broke that the Senate passed yet another set of new financial regulations which will no doubt be signed by the President when it gets to him.  It's designed to prevent another bank meltdown and reportedly has 2300 pages contained therein. OH BOY!  We can't wait to get further detai...
We guess that time will tell soon as it appears the Federal tax credits for eligible buyers and sellers will come to a close as of next week, April 30, 2010, the last day to be under contract to purchase and be eligible to apply for the tax credit.  Even those who are lucky enough to get under co...
ALL FHA BUYERS!  You MUST have your lender pull an FHA case number by this FRIDAY, APRIL 2, 2010 in order to avoid the higher up front mortgage insurance premium.  It's increasing from 1.75% to 2.25% which is added on top of the mortgage therefore increasing the monthly payment.  It won't be outr...
Isn't it just like FHA to propose changes that will seriously impact new buyers ability to qualify/purchase when we count on them to help the mortgage industry recover? Some of the items listed below aren't finalized yet but if they are we're quite sure we won't see the influx of buyers in Spring...
Buyers and possibly sellers who are moving up or downsizing, take advantage of the Federal Tax Credit before it slips away.  You must be under contract no later than April 30, 2010 and close no later than June 30, 2010. Get prepared by getting pre-qualified for your mortgage.  Let us look at your...

Lora Graetzer

Licensed Loan Originator
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