by joswald
3. June 2009 14:46
Here's what you'll see in this week's Post:
1. What the heck is up with the rates? Geesh!
2. FHA giving the New Home Buyer Tax Credit at time of closing?
Say it isn't so, Johnny!
3. HOMEOWNER BEWARE: Fake Check Scams Alert!!!
Ever been lost on a little, bitty boat in the ocean?
You can't see the land on the horizon and there really isn't any
rhythm to the waves...you're tossed to the left, right then
front and back, and then up and down. Well, that's pretty much
what's going on with the rates right now. They shot up most of
the week last week and then gave a little back on Friday of last
week...only to head back up yesterday.
What's causing all the volatility, you ask? That list could be
too long to type here. Suffice it to say that there are some
'Big Boys' on Wall Street that are big into risk avoidance right
now and they feel that Mortgage Backed Securities (MBS) and the
Bond market show too much risk for them. That is, until the Fed
dumps gobs and gobs of money into buying those bonds or MBS,
like they did last Friday. Blah, blah, blah, right? I know...boring stuff.
Without boring you with the details, just know that we're going
to see extreme swings in mortgage rates over the next few weeks.
There is some evidence that rates will continue to trend
upwards through the rest of the year. Let's keep our fingers
crossed that isn't the case! Otherwise, we'll be talking with
Wilson on our little self-built raft on the deep blue for longer
than I care to be.
You may not have to wait until next year to pocket the $8,000
from the Government.
CNNMoney.com was the first to report that First-time home buyers
may no have access to cash to help them with their down
payments. Here's the link to read the CNNMoney.com article.
http://tinyurl.com/kjr4lp
Before, the HUD tax credit would have been sent when you
completed your 2009 taxes (early in 2010).
However, now it appears that HUD is working on providing a
couple of options for first-time home buyers to use that $8,000
tax credit to close on the house.
The details are not completely out yet, but I have verified that
they are close as shown by the attached Mortgagee Letter from
HUD to lenders.
I spoke with a couple of our bigger banks and they had heard
rumblings but said nothing was set up yet.
I'll give you the updates as I receive them...but in the
meantime, if you know ANYONE that is currently renting or
looking for a home please, please, please (no, I'm not
begging...just suggesting strongly *smile*) have them give me a
call. It could cost them THOUSANDS if they don't!
FRAUD ALERT!!!
We've all received those 'real looking' checks in the mail from
time to time. Well, apparently there is a new 'fake check scam'
hitting the streets out there.
Here's the scary part...if you deposit that phony check into
your bank account you'll be liable for the money...even if you
didn't know it was a fraud!
It's happening more than you'd think so don't play around with
this one. Check out this link and find out how your can make
sure the check you're cashing isn't going to come back and bite
you in wallet!
http://tinyurl.com/mfy5je
As always, I'd love to help your friends, family, or even
enemies out with home financing. If you know of anyone that
could use our friendly, transparent services...please give me
their name and I'll give them a call. I'd love to meet more of
your friends!
