Coffee After Midnight: Fannie Mae First Look, FHA Loans Changing? Mortgage Rates Up n’ Down
By: Bruno Mckenzie
What a weekend huh? A photo finish cost me $275,000 and a seat next to “Jimmy the Greek”. I danced with the devil under a pale blue moon. I met a girl with long golden blond hair glowing like the morning sun, in a pool hall. Yada’ yada’ yada’, you get the picture. What can I say? I had an eventful weekend.
I just brewed a 10 cup pot, I’m feeling like $275,000 and I’m ready to get back to business. Reviewing Friday afternoon’s actvities, Kathryn Davis wrote an article, not on Friday, actually yesterday, I thought had some real good info. Fannie Mae is doin’ a little something for people actually plannin to live in a home, to get first dibs on these bank owned properties. It’s called “First Look“. Fannie Mae is doin’ this program on their own, so this First Look deal applies to Fannie Mae owned properties only. Investors are going to have to start waiting a few weeks while real people have at it. Read the full story here.
It’s no secret FHA loans are hot. C’mon hardly any mullah down, your credit can be completely swamped, no wonder, it doesn’t take a rocket scientist to figure this thing out. News flash less than perfect credit no money wanting to buy a house guy and gal, new changes to FHA guidelines are on the way. Nick Patton, Supreme Lending’s 2008 Loan Officer of the Year, says in Friday’s piece on FHA Loans, and I quote, “they are wanting to create a tiered down payment structure based on credit risk. ” They is referring to FHA. Read the full story here.
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Finally, we come to mortgage rates. It was an up n down day Friday to close out a decent week. In the morning rates were up to almost 5%. Then in the afternoon as fast as they rose they dropped like a stone all the way down to 4.75%. Story here. As a secondary market analyst and world renowned mortgage rate guru, people are asking me my opinion on the direction of mortgage rates. I tell em’ getcha swimmies on, check the pool for poop, you might be floating for a while. Anybody asking me this, obviously isn’t satisfied with 4 and 3 4th’s, available today. Matter a fact, the pool might shut down while you’re still floatin in it.
I hope you enjoyed your COFFEE AFTER MIDNIGHT.
Sianara,
The Real Bruno Mckenzie