Weekly Mortgage Update

From Ryan Halldorson, our friend at Smart Mortgage, comes this week's mortgage update...

"Interest Rates held steady again this week. This may say sound like a broken record but this will be the last time you hear about it because………

Next week is the last week that you can register buyers to use FHA Down Payment Assistance programs such as AmeriDream. Once registered, the borrower needs to have final loan approval by September 30 at the absolute latest. This leaves a very, very small window of time to get buyers into homes without needing a 3.5% down payment from their own funds. Gifts from family members and loans from a 401k will still be allowed as acceptable down payment money after October 1. Also, sellers will still be allowed to pay for the buyers closing costs and prepaids."


Ryan also reminds us that:


"HOPE established a temporary housing program within FHA to assist distressed borrowers that are unable to make their mortgage payments. The voluntary HOPE Program is authorized to insure up to $300 billion in mortgages.


Eligibility Requirements:

*Mortgager must be the owner-occupant and the residence must be the principal residence and the only residence in which the mortgagor has any present ownership interest.

*The mortgage being refinanced must have been originated on or before Jan 1, 2008.

*Maximum loan amount is set at $550,400 (132% of the 2007 Freddie Mac conforming loan rate).

*Current mortgagees must waive or forgive any prepayment penalties and delinquency fees that are associated with refinancing the mortgage."


If you know of someone who is at risk of default or facing foreclosure, please have them call Angela McDonald at (602) 369-6409 for more information on how this program can help them.