Due to the difficult condo market, FHA (Federal Housing Administration) has changed their policy guidelines to be more lenient for financing effective December 7, 2009. Under the new modifications, FHA has now lowered the 51% owner occupancy requirement to 50%. The government has also reduced the pre-sale requirement from 50% to 30% of the total units. Lastly, the concentration limit has been increased from 30% to 50%, and may even be increased to 100% in established projects.
It’s that time of the year again, with most states experiencing their first snowfall by now. And if you live in Michigan, this is when the snow constantly melts and refreezes into ice. While the first snowfall is always pretty, it soon becomes a nuisance with shoveling snow and lugging around bags of salt. So to combat the work ahead, here are some tips on how to remove snow and ice.
With the holidays around the corner, you’re probably looking for gift ideas. And while we all have a good idea of what to get some people, there’s always the certain few that are hard to shop for. To help with that mental block, here are some unique ideas that might just be the perfect gift.
Last week low rates drove mortgage applications higher, according to the latest Weekly Mortgage Applications Survey, released today by The Mortgage Bankers Association (MBA).
Treasuries rallied yesterday following comments from Fed Chairman Bernanke that tempered some of the optimism in the market regarding the pace of the economic recovery. Bernanke is confident that the Fed will be paid back for the money pumped into the economy, and believes that there will be moderate economic growth in 2010 according to CNN Money.
While being green is ideal, spending more money to help the environment is often costly and unrealistic. However, when the government adds incentive to home improvements that will already save you money – there’s little reason left to hesitate on which type you should choose.
We hear about foreclosures, short sales, and bad news for the housing market all the time, but is it really doing that bad? As it turns out, the housing market has actually been recovering for quite some time now. Don’t believe me? Let’s look at the numbers:
Today’s economic calendar is extremely light, but this afternoon Federal Chairman Bernanke will be speaking in Washington. The market will be looking to glean additional insight on his thoughts on economic improvement and any updates on the departure from quantitative easing measures.
If you’re buying a home, chances are you’ve considered buying a point or two to lower your mortgage rate. But how do you know if buying is a good choice? How much does a point cost? And how much does a point lower your mortgage rate?
All eyes on this morning’s unemployment report which gave the market a first hand look at how businesses are reacting to the current economic conditions. Non-farm Payrolls were expected to drop -125k, an improvement from the -190k decrease in October. The actual number came in much stronger at -11k.