- The $8000 first time home buyer tax credit that didn’t have to be paid back is introduced.
- Foreclosures declined but short sales were on the rise.
- Stated income loans went away, making it difficult for self-employed income borrowers to get a new mortgage.
- New mortgage guidelines tightened up.
- Large investors (unless they are cash buyers) got bumped out of the market.
- Resurgence of the small/first-time investor.
- Resurgence of the USDA 100% financing mortgage for rural areas.
- The Government injected lots of capital into the mortgage backed securities keeping interest rates low.
- The Government injects billions into the banks in the form of the TARP (Troubled Asset Relief Program) with the intent to modify existing mortgages. The banks modify only a very small percentage of these mortgages.
- Fannie Mae and Freddie Mac introduce the DU Refinance + and the Home Access Programs designed for home owners to refinance who initially had 20% equity when they first got their mortgage and have seen their home values decline. Program is a moderate success.
- Rates went up and rates went down.
- The Home Valuation Code of Conduct (HVCC) is introduced in May. Appraisals must now be ordered through Appraisal Management Companies (AMCs). Many reports indicate this system is very flawed and has lead to higher costs to the borrower in obtaining a new mortgage.
- The Mortgage Disclosure Improvement Act (MDIA) is introduced in August. It gives borrowers more information upfront before any money can be collected, but adds costly time to the mortgage process.
- The Government extended the $8000 First Time Home Buyer Tax Credit to June ’10 and added a $6500 repeat home buyer tax credit. Experts say there will not be any more extensions.
Looking Back at 2009
January 21st, 2010 by Mortgage Master Luke Leave a reply »Posted in Know Your Mortgage, Mortgage Industry, Real Estate Industry, Understanding Your Mortgage
Tags: 1st Time Home Buyer 1st Time Home Buyer Tax Credit 6500 Credit 8000 credit Applying for a mortgage Difficult to Get a Mortgage Federal Reserve Board FHA FHA Rules Changing First Time Home Buyer First Time Home Buyer Tax Credit Getting a Mortgage GFE Good Faith Estimate Home Valuation Code of Conduct HVCC MDIA Mortgage Broker Compensation Mortgage Disclosure Improvment Act Mortgage Industry Move-Up Home Buyer New Mortgage Repeat Home Buyer RESPA Stimulus Package Tax Credit The Kunselman Team Tighter Guidelines Tips to getting a good mortgage Truth In Lending Disclosures Yield Spread Premium YSP
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.
Advertisement
