Fall Mortgage Strategy for 2008

The central bank, which left its benchmark rate at 2 percent yesterday, said "downside risks to growth remain,'' dropping a reference in June's statement to "diminished'' dangers. The Fed also said price increases are of "significant concern.''

"What this means; Lock your HELOC 2nds before end of year" ~Erick Strobel

Major FHA Lending Changes:
It is almost certain that ALL 100% purchase programs will END on October 1st! There less than two months for buyers to purchase new homes taking advantage of home buyer programs. It is important to move quickly if this is what you or someone you know is looking to do.

Tax Credits:
First-time home buyers who purchase their primary residence between April 9, 2008 and July 1, 2009 are eligible for up to $7,500 in tax credit, as long as they haven't owned a home in the last three years. The credit is actually a generous interest-free loan, so we'll have to talk about some income parameters and payback terms. But if you're a new home buyer – or know someone who is renting or in the market to buy – this is a huge benefit that we should discuss.

Lower rates for larger loans:
In the past, mortgages of $417,000 or more have been considered "jumbo" loans that were more expensive to finance. Thanks to recent provisions, however, those jumbo loans were able to qualify for better financing rates in some parts of the country. Although those provisions were set to expire, they are being extended–with a minor change to the maximum amount eligible. This is great news that may save you a ton of cash, so call me to find out how this impacts our area, and if it could help you.

By Erick Strobel
www.HomeLoansOnline.tv