Juicy Estates: Mortgage Blog

Breaking Mortgage News In 30 Seconds!

If you are looking to buy or sell a home in the Miami area here are some important headlines that will put you out ahead of the crowd and keep you among the well informed.  

As we all know information is a valuable commodity but so is your time therefore this post contains just the facts with some links to relevant resources for those of you with a desire for a more in depth look at these topics.

 

1.  FASB (Financial Accounting Standards Board) has voted to modify the “Mark-to-Market” accounting rule which will dramatically improve the balance sheets of most banks in the short term.  Read More Here.
2. Wells Fargo earmarks $400 million to fund warehouse lines for Mortgage Banking operations.  This marks the first return of a major bank into the warehouse line business since the inception of the liquidity crisis in the summer of 2007.  Read More Here.
3. No mortgage insurance available in South Florida for “attached” properties.  This latest development on the mortgage insurance front means that even those buyers looking to purchase attached town homes with a lot and block (i.e. not condominium) will need to make a 20% down payment.  *FHA and VA financing remain options for these properties with low down payment requirements.
4. Asset dissipation or depletion programs gain in popularity as affluent buyers lack necessary capital gains and/or cash flow in 2008 for qualifying purposes.   These programs involve a simple mathematical calculation and the hypothetical liquidation of an applicants assets to meet living expenses over a specific time frame.   Contact me at www.LegacyPMB.com for more information on this topic.

This entry was posted on Thursday, April 2nd, 2009 at 9:42 pm and is filed under Home, Mortgage News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

1. Rex Wilkinson said at April 3rd, 2009 at 8:31 am

   The elimination of available mortgage insurance for attached lot and block townhomes will hurt many first time homebuyers who are trying to get into the market and use the 3.5% down. So where does that leave people? You dangle an $8,000 tax credit in front of them but then tell them they need $30,000 down to buy a $150,000 townhouse – plus closing costs?

2. James R Venney CMPS said at April 3rd, 2009 at 9:35 pm

   Rex,

   I agree but the mortgage insurance companies are fighting for their lives so I don’t expect that they will be back in distressed markets in a meaningful way for sometime.

3. Ariel Segall said at April 10th, 2009 at 7:15 am

   Rex – However, please be aware that you can still buy a Townhouse with only 3.5% with an FHA program.

   The MI issues for attached properties only affects those agency conforming loans.

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