Looking Back at 2009
- January 21, 2010
- / Category Know Your Mortgage, Mortgage Industry, News, Real Estate Industry, Understanding Your Mortgage
- / Posted By Mortgage Master Luke
- / No Comments.
- 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.
- Share this:
- StumbleUpon
- Digg
Post Tagged with 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
Subscribe:
What are Rates Doing Today?
Connect with the Kunselman Team
