The President of the United States and some of the top lending institutions in our country are announcing a new program to try to deal with the continued housing slump. This new program will help homeowners that are on the brink of losing their homes. Qualified homeowners facing foreclosure will be able to put the foreclosure process on hold for 30 days. This program will be available to homeowners with all types of mortgages, not just high-cost subprime loans. Hopefully, this initiative will do more than just pause the process. As details emerge, I will keep you posted.
We are living in a market where there is at least 1 foreclosure on every street in our area. Financial institutions around the country are starting to feel the heat.
In a move to help slow down the flooding of foreclosures, Countrywide is extending programs that assist borrowers. The assistance is even being extended to individuals that are behind in payments.
On February 10, 2008 at 12:00 PM, you are invited to an Open House at 14500 Swordale Lane in Bristow. If you are looking for a Single-family property in this area, don™t miss this rare opportunity to visit this magnificent property. For a preview of this Single-family property, check out my site at http://www.candiceskoby.com. Please do not hesitate to Contact Me if you have any questions or wish to schedule a private showing.
Fair Isaac Corp. is in the process of coming out with a different way to forsee consumers FICO credit scores as well as future default risks. Fair Isaac Corp. is the company that contructed the FICO credit score.
*The new design will predict how lenders can offer even more debt to consumers without taking on unnessary risks.
*The update revamps the old credit-scoring formula so that it penalizes consumers with a high debt load more than the earlier version. FICO 08 should increase predictive strength by 5 to 15 percent.
*This new design is expected to be better at determining if a person who has a past history of defaults and if they are going down a better path. It also addresses if these people should have higher scores.
*According to the company, this updated index can take a look at 3 people with a FICO of 700 and predict which of these individuals could take on an increase amount of debt without defaulting.
Engle Homes has filed for bankruptcy protection…They are selling new homes all over our area, including the Linton Crest subdivision off of Linton Hall Road. The builders who operate under the name Engle Homes are also known as Tousa Builders.
This is just another reason why it is SO important to have a realtor represent you when buying a new home.
This is the 2nd cut in just over a weeks time! The Fed. decreased the federal funds rate which impacts consumer loans. Today’s cut was 1/2 of a percentage point, and with last week’s 3 quarter point cut, the key overnight lending rate is now at 3%. This is the lowest point since the middle of 2005!
The Fed is also showing signs of cutting rates even more in the future. This is the type of aggressive action that we need to stimulate our countries economy!
Does all of the negative news from Wall Street have you down? Here is something that might brighten your day.
Interest rates on home mortgages are at their lowest points in a long time, and homeowners are taking advantage of it.
According to the Mortgage Bankers Association, home mortgage refinance applications are up 92% since November, and the average rate on a 30 year fixed rate mortgage is down to 5.49%.
Now is a great time to refinance, or upgrade to the home of your dreams.
I have a great resource in my office I can refer you to if you have questions about whether or not you should refinance, or if you have questions about financing that home of your dreams.
This morning, the Federal Reserve unexpectedly announced it was cutting the federal funds rate that effects consumer loans as well as the discount rate effecting bank loans by three-quarters of a percentage point each. This is a bold move which shows that Fed Chairman Ben Bernanke is following through on his promise to take “substantive action in a timely and decisive manner” to keep this country out of a recession.
Rate cuts typically stimulate economic growth over time by making it cheaper to borrow money for consumption or investment after banks follow the Fed™s lead and lower their prime lending rate for their best customers.
If you have been thinking about selling your home, and upgrading to a more expensive home, now is the time to do it. Homes in our area are selling for a bargain, and mortgage rates are already low and look like they will be going lower real soon.
On January 27, 2008 at 13:00 PM, you are invited to an Open House at 14500 Swordale Lane in Bristow. If you are looking for a Single-family property in this area, don™t miss this rare opportunity to visit this magnificent property. For a preview of this Single-family property, check out my site at http://www.candiceskoby.com. Please do not hesitate to Contact Me if you have any questions or wish to schedule a private showing.
Check out this new Single-family property that I just posted on my Web site. It is at 14500 Swordale Lane in Bristow. This Single-family property has 4 bedrooms and 3 baths. Beautiful colonial on large corner lot. Two story foyer.Living/Dining w/ lots of crown molding.Gourmet kitchen w/ upgraded appliances, w/ kitchen island and large pantry.Huge finished basement with rec. room and two additional rooms. Bath on every level. Master suite with his/her closets. Large custome deck overlooking landscaped yard. Freshly painted. Bank Owned. Call contact for combo.
Check out this new property that I just posted on my Web site. It is in Gainesville.
On January 27, 2008 at 13:00 PM, you are invited to an Open House in Bristow. If you are looking for a Single-family property in this area, don™t miss this rare opportunity to visit this magnificent property. For a preview of this Single-family property, check out my site at http://www.candiceskoby.com. Please do not hesitate to Contact Me if you have any questions or wish to schedule a private showing.
Residents that would like to be informed about Prince William School information such as: school closings (weather), teacher and staff announcements, school board briefs and news releases can sign up on line at http://www.pwcs.edu. (In the blue box, click “How do I” and select “Receive e-mail news”.
Appraisals are receiving much more scrutiny, and lenders are asking some buyers to provide more down-payment cash.
Today, everyone from highflying bond investors to loan officers want more assurances that new loans won’t add to the losses that the country has experienced in the current credit crisis.
When I asked a client about if the declining market makes him hesitate investing in real estate, I was given this answer…”No, you need a place to live….I will be here at least five years. I am not under the false assumption that I am going to get rich. When you are renting, your losses come out to be $20,000 a year in rent plus tax breaks…”
I think things are slowly beginning to look up for the market, and I believe this is a direct result of lenders checking themselves and their clients.
Radon is a colorless, orderless, radioactive gas.
Radon is a major factor homeowners have to face Northern Virginia. Radon is the 2nd leading couse of lung cancer in the US. There are things you can do to protect you and your family.
*One out of 15 homes in the US is estimated to have elevated radon levels.
*Do-it-yourself tests for radon can be purchased for $10 to $30. Radon can also be professionally tested.
*The average indoor radon level is about 1.3 picocuries per liter in the United States. The Environmental Protection Agency recommends homeowners take corrective action if the radon detected in a house is at or above 4pCi/L.
*Reducing radon levels involves installing a vent pipe through the basement slab and venting gass out of the roof. The cost for this is estimated at $800 to $2,500.