Monday, September 29, 2008

3 Weeks of False Hope?

The House shot down the $700 billion Fannie and Freddie bailout and the Dow took the biggest dump since 9/11 closing 777 points lower today. Rates have stayed put for the day as investors put their money into treasuries vs. bonds. Still a waiting game to see what and if anything is done to stop the bleeding. IMO the bailout was a band-aid and we need a tourniquet, yet the amputees are going to have to live with their loss. I have been glued to Fox News and C-Span over these last few weeks and am trying to take it all in. I certainly don't have all the answers but hindsight is indeed 20/20, this clip is a must see. I will continue to remain hopeful as I too have another mortgage payment due in 2 days ; )

Tuesday, September 9, 2008

Teaching our kids about money

Ginnie Mae has a great website to better educate kids about money and the importance of managing it. Definately a great resource, I encourage you check it out. Who knows? You might learn a little something too : )

Monday, September 8, 2008

My Compilation of Freebie REO Links

I get a lot of questions about where to find REO properties (Real Estate Owned) being in this profession and so far this is my best answer: If you are serious I can recommend a local Realtor otherwise if you are just curious try YahooRealEstate. Here you can search out NOD's (Notice of Default) and foreclosures but when you want more info, such as an address, you will have to pay for it.
I'm cheap so when I come across free I take note : )

Oregon Dept of Veteran Affairs
VA Properties (and more)
USDA Rural Properties
Fannie Mae HomePath Properties
Freddie Mac HomeSteps Properties
HUD/FHA Properties
FDIC Properties
IRS Seized Real and Personal Property
US Marshall's Office Seized Real and Personal Property

As I come across any additional links (feel free to enlighten me) I will most certainly post them here.

Investors Buy Into Fed Bailout

Mortgage Rates dropped sharply this morning, so far so good... except for we are buying time in my opinion with taxpayer money no doubt.
Let's see how long this will last! I am off to call a few fencesitters : )

Sunday, September 7, 2008

Fannie Freddie Bailout

The bailout is hoping to spark lower rates and greater availability if you are not of those plagued by marginal credit, otherwise expect tighter standards and the continuation of increased fees and rates. CNN Money has some decent reading for the layman. What has already tightened in recent months? For one, Down Payment Assistance for FHA Loans has been banned as of October 1 2008, but lenders have already curtailed its existence. Although Nehemiah isn't going away quietly. Upfront and monthly mortgage insurance premiums have increased on loans terms greater than 15 years. Increased limitations regarding investment properties, non-occupying co-borrowers, and tougher appraisal requirements are also becoming mainstream amongst lenders. Two programs however that continue to make 100% financing available at lower rates and without MI: VA loans and USDA rural development loans. Contact me if either of these are of interest to you, I would be happy to see if you may qualify.

Tuesday, September 2, 2008

Ten things I learned during my summer hiatus from blogging.

In no particular order whatsoever... I have been focusing on a few other things in the most recent months and blogging has definately been put on the back burner. The list might give you some insight, if not feel free to ask... No, I didn't have any more kids :)

1. Family + Money = Bad Combination

2. During a crisis you find out who your friends really are. Thank you, tremendously.

3. Good things do happen to good people.

4. There is some wheelin' and dealin' to be done in this market!

5. VA Loans ROCK!

6. Pricing kitchen cabinets at IKEA or anywhere for that matter is better done without the kids.

7. Taking time to wander down to the ol swimmin hole with the fam when it's 103 is a good thing.

8. Always clean excess mastic from inbetween tiles before it dries.

9. I will take refinished 40 year old hardwood floors over newly installed anyday.

10. Never, and I really mean never, flip a lightswitch on whilst holding a steel wool pad in the same hand.