Panama City Mortgage Information

Market Update Week Ending April 20, 2012

Thanks to Jackie Fowler at Regions for this mortgage market update

Investors saw little this week to cause much movement in mortgage rates. The Spanish debt auctions received surprising demand, and disappointing US economic results were not weak enough to shift investor sentiment toward safer assets. In the end, mortgage rates finished the week with little change.

In a market looking for positive economic momentum, this week's data provided little encouragement. With the exception of Industrial Production, every measure announced reflected a slowdown in its rate of economic growth. The growth rate of manufacturing activity saw the biggest drop. Retail Sales growth slowed from last month and Industrial…

Recently, the FHA (Federal Housing Administration) made an announcement: Starting April 1 FHA will no longer insure mortgages to borrowers who have an ongoing credit dispute of $1,000 or more on their file.

Consideration for an FHA-backed loan, requires borrowers either:

• Have to pay the remaining balance on the credit dispute or
• Enter into a payment plan, making at least three payments on it.

Any payment plans need to be fully documented and submitted to the FHA, to be included in the debt-to-income ratio for the new mortgage.

Excempt from the FHA’s new rule are:

• Disputed credit accounts from more than two years ago or
• Any accounts related to reported identity theft.

According to FHA, the…

Many visitors to the Panama City Real Estate site often question whether they can qualify for a home loan.

Each time I'm asked this question, my answer is the same - "You don't know unless you ask"!

The FHA loan program is one means for those with mid level credit scores to take advantage of todays low housing prices.

Here are a few items of interest for those interested in FHA programs:

• Credit score 580 - 619 (Overlays apply call for details)
• 3.5 % Down payment                                                                        
• Fixed rate loans
• 100% Gifts from family member to cover down payment and closing costs
• Seller can pay up to 6% towards buyers closing costs and prepaid
• Non-traditional Credit

If you want to take advantage of…