Latest News in Mortgages and Home Loans – June 23, 2009

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Money Begins Flowing for the Neighborhood Stabilization Program
Last summer, $6 billion was approved to help the Neighborhood Stabilization Program prevent blight caused by foreclosures. The money is designed to help state and local governments buy up foreclosed properties so that they can be offered to those with lower incomes, and others who might be locked out because of tighter lending. CNN Money [...]

Mortgage Rates Uncertain, Looking for Direction
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After a couple of weeks of heading higher, mortgage rates have dropped a bit. On the assumption that the economy would soon be picking up (leaders have been excited about “economic green shoots”), speculation about inflation has been seen. This speculation has been leading to higher mortgage rates. However, last week saw inflation [...]

Getting a Home Mortgage: Improve Your Credit Score
Image by Getty Images via Daylife
With home prices low, and mortgage rates still reasonably low, it’s a good time to buy a house. (Just don’t buy to buy, however. Make sure you can actually afford the home.) But the real question is whether or not you will be approved for a home mortgage loan. And [...]

Will New Regulations Force Mortgage Lenders to Be More Discerning With Their …
Yesterday, the Obama Administration put together a proposal (an 85 page white paper) offering suggestions for a regulatory overhaul of the financial system. Some of the key changes include:

Formation of a council comprised of regulatory agency heads.
More power to the Fed to supervise large companies.
Creation of a new agency aimed at protecting consumer interests in [...]

Senate Considers Boosting Home Buyer Tax Credit
Last week, the government announced that it is allowing home buyers to use their first-time home buyer tax credit toward closing costs and down payments. This news is likely to make it possible for more first time home buyers to afford homes. However, some lawmakers are concerned that there is too much focus on first [...]

Housing Starts Move Higher in May
Image by Diego’s sideburns via Flickr
The housing market may be on its way to improvement, after the latest numbers are in. Housing starts appear to have grown in May, recovering from record lows seen in April. The Street reports on the latest housing numbers:
Still, according to the U.S. Department of Commerce, building permits — what [...]

Rising Mortgage Trend: Rent-To-Own
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In my neck of the woods, I’ve seen an increase in rent-to-own signs. Selling is difficult right now, in part because mortgage lenders are being stingy with the qualifying. Would-be home buyers cannot get approved for home loans, and that means that sellers are not able to unload their homes. Rent-to-own provides a [...]

Applying the First Time Home Buyer Tax Credit to Your Down Payment
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Earlier this year, Congress passed an economic stimulus bill that included generous tax breaks for those buying a home for the first time. The first time home buyer tax credit is a true tax credit, of up to $8,000, designed to reward those who are purchasing a home for the first time. Now, [...]

Household Wealth Falls in 2009 Quarter 1
The Federal Reserve released its quarterly report on household wealth earlier this morning. In the first quarter of 2009, household wealth dropped. This represents the 7th straight quarterly drop, keeping in line with losses during the recession. MarketWatch reports on the drop in household net worth:
Household net worth fell at a 9.9% annual rate in [...]

Senate Passes Foreclosure Bill Aimed at Helping Those with Risky Credit
Image by Getty Images via Daylife
This morning, the Senate voted to pass housing bill that aims at helping to reduce the rate of foreclosure in this country. With foreclosures mounting again (following a moratorium over the holidays), government officials are scrambling to try to and do what they can to stem the tide of foreclosure [...]

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