Finance

Each year limits are set on how much a conventional loan (non-government insured) can be and when a conventional loan exceeds the limit it is known as a jumbo loan.  Government loans (FHA insured) also have a limit and when a loan exceeds that limit the FHA will not insure the loan and therefore it [...]

{ 0 comments }

Have you heard the term “Reverse Mortgage”?  Many people have but it’s still a mysterious concept that many people don’t understand.   It’s really a pretty neat loan program and can be a very valuable tool under the right circumstances.  Like any financial tool, this product is not right for everyone, but, with the right guidance [...]

{ 0 comments }

Here we are at the end of October.  Summer is over, the leaves are turning beautiful colors and the temps are getting a bit cool.   We have a lot to be thankful for and the holiday season is on the way.  The business and investment climate is still a bit crazy, though. Early this month [...]

{ 0 comments }

The big news this morning is that the Federal Reserve Board moved to lower the federal funds rate overnight by ½%.  Five other central banks around the world also lowered key lending rates in a concerted effort to loosen up lending and pump money into the banking system. Of course, we’ve all heard about the [...]

{ 0 comments }

In a historic move yesterday, Treasury Secretary Carlson announced the government takeover of Fannie Mae and Freddie Mac. The two financial giants have been struggling over the past year due to an unprecedented increase in foreclosures which relate to falling home values and the subprime loan meltdown. If the two were allowed to fail the [...]

{ 1 comment }

Ken Mascia’s recent post on the Mortgage Relief Act resulted in some good questions about exactly what the new law does for home buyers. This week Ken was even featured on the front page of the Oakland Press, where he further opined on the topic. We are always delighted to see Ken’s name in the [...]

{ 3 comments }

Metro Detroit has it’s own celebrity foreclosure. It might not attract national media attention like Ed McMahon, but then we already have Mayor Kilpatrick garnering the spotlight from late night talk show comedians, so what more could we want? Wayne County Prosecutor Kym Worthy is doing a short sale on her home. Personally, I don’t [...]

{ 0 comments }

I think we can all agree the housing market needs a little kick in the pants right now! Well, your Federal Government to the rescue. This week congress passed a Housing Rescue Bill which will attempt to do a number of different things from foreclosure avoidance assistance, tax credits to some home buyers and financial [...]

{ 3 comments }

Breaking News! Fannie and Freddie are changing the rules on how payments on existing primary homes are treated when a buyer is purchasing a new home and plans to rent out the old house. In the past, we have been able to offset the payment on their existing home by showing a lease for the [...]

{ 6 comments }

I hesitate to write this post because I hate to put ideas in anyone’s head about how to commit fraud. The perpetrators are always one step ahead of the banks and “the system” and, just like with mortgage fraud, the rest of us will all end up paying the bill for the latest trend in [...]

{ 6 comments }

There has been a lot of buzz out there this year about how mortgage brokers created the current crisis in mortgage lending.  Say it isn’t so!  Well, it isn’t. Mortgage brokers can only work within the framework of guidelines set up by the investors (banks) who buy loans from them. The bank sets down rules [...]

{ 2 comments }