Market Update Week Ending August 26, 2011

It was another volatile week for mortgage rates. The primary factors influencing rates roughly offset each other, though, and mortgage rates ended the week just a little higher.

A wide range of economic news caused investors to either add or reduce risk at a rapid pace this week. News which generally encouraged increased exposure to risky assets helped stocks and hurt mortgage rates early in the week, while the opposite took place later in the week. Mixed US economic data, continued concerns about European debt, a highly anticipated speech from Fed Chief Bernanke, and uncertainty about the impact of Hurricane Irene all contributed to the daily volatility.

In Friday’s speech, Fed Chief Bernanke gave no hint of any change in Fed policy, disappointing some investors hoping for looser monetary conditions. He stated that at its September meeting the Fed will consider whether additional monetary stimulus measures are called for, but that fiscal policy changes by lawmakers are needed to help the economy and the labor market. Following the speech, the consensus view is that the Fed is unlikely to make significant policy changes for a while.

Also Notable:

* Second quarter GDP was revised lower from 1.3% to 1.0%
* Continuing Jobless Claims fell to the lowest level since September 2008
* Moody’s downgraded the credit rating of Japan’s government debt
* The Fed’s Hoenig said that he doesn’t expect a double-dip recession in the US

The biggest economic report next week will be the important Employment data on Friday. As usual, this data on the number of jobs, the Unemployment Rate, and wage inflation will be the most highly anticipated economic data of the month. Before the employment data, Pending Home Sales, Core PCE inflation, and Personal Income will be released on Monday. Chicago PMI Manufacturing and ADP Employment will come out on Wednesday. ISM Manufacturing, Construction Spending, and Productivity are scheduled for Thursday. Factory Orders and Consumer Confidence will round out a busy week.

Panama City Beach Homes for sale

Owners, put my technology to work for you. If you are interested in selling your home or condo, contact me today (850) 774-6582 for a free no obligation Home value report.

Buyers, when you’re ready to purchase a Panama City Beach Gulf or Bay front condo for your vacation home, contact me directly (850) 774-6582 for the latest information and pricing on any of the Panama City Beach homes sale.

Jennifer Mackay
850-774-6582
Panama City Real Estate | Florida

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A VA home loan affords the average veteran an opportunity to purchase their own home, making it possible for them be able to afford the American dream of home ownership. A VA loan is designed as a long term loan instrument, at a much lower rate of interest, and in some cases allows veterans to make these purchases without a down payment. As long as the veteran is able to meet certain criteria set forth by the VA, they will have these types of loans made available to them. The following criteria will determine if a veteran will be able to qualify for a home loan…

• Veterans
• Qualifying Widows
• Active duty personal
• Reservists and National Guard members

After the veteran is approved for a loan, then they will need to obtain what is called a Certificate of Eligibility. Without this certificate, the veteran will not be able to obtain financing through any banking or mortgage institution. There are three different avenues for the veteran to take to obtain a certificate of eligibility including applying online, applying by mail and making an application through the actual lending institution itself.The total amount that a veteran can apply for when shopping around for a first home, is upwards of $400,000 dollars. This amount varies by state so you will want to contact your local VA center and determine the maximum amount that will be available to you for the purpose of your home loan.

As long as a veteran is pre-qualified for a home loan, the VA works with a local bank, Mortgage Company or other financial institution to help facilitate the home loan for the veteran. The VA is not actually providing the home loan funds to the veteran, but rather securing the loan so that the institution that is actually providing the loan for the veteran has the guarantee of the government behind the loan in case the veteran defaults for any reason.
One of the advantages of obtaining a loan through the VA is their pre-purchase counseling. This is a way for the VA to work with the potential home buyer to help educate them about all the particulars of the loan including such things as the actual buying process, managing your debt load, and who everyone involved in the actual buying process are and what their roles are in relation to helping you make the actual home purchase.

Closing costs associated with a VA loan are minimal at best. The veteran will not need any kind of a down payment and while the costs associated with the closing of this type of mortgage usually fall somewhere in the range of 3 to 5 percent of the loan. But a great thing with this kind of loan is that the VA actually allows the seller to pay for the closing costs up to a maximum amount of 6 percent of the total closing costs for the loan. And one other thing that is a definite advantage for the veteran looking to purchase a home is that they will not have to carry mortgage insurance. Mortgage insurance adds a significant amount of money to the monthly payment due on a mortgage every month.

About the author – Tim Ryan specializes in helping buyers find great deals on Naples foreclosures. Tim also offers Naples property management to homeowners.

Buyers, when you’re ready to purchase a Panama City home or condo, contact me directly (850) 774-6582 for the latest information and pricing on any of the Panama City homes sale.

Jennifer Mackay
850-774-6582
Panama City Real Estate | Florida

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The Senate has amended a bill to give homebuyers who were under contract on a home purchase by April 30 an additional three months to close the deal and claim the federal homebuyer tax credit.

Extending the deadline for closing from June 30 to Sept. 30 would allow lenders more time to clear a backlog of 180,000 homebuyers nationwide, said amendment sponsor Sen. Harry Reid, D-Nev.

The amendment to HR 4213, the “American Jobs and Closing Tax Loopholes Act of 2010″ — which primarily extends unemployment insurance benefits — was approved in a 60-37 vote Wednesday. The vote on the amendment was mostly along party lines, with only four Republicans in favor and one Democrat opposed. The Senate has not yet voted on the amended bill itself.

Read more here.

Panama City Beach Condos for sale

Owners, put my technology to work for you.  If you are interested in selling your home or condo, contact me today (850) 774-6582 for a free no obligation Home value report.

Buyers, when you’re ready to purchase a Panama City Beach Gulf or Bay front condo for your vacation home, contact me directly (850) 774-6582 for the latest information and pricing on any of the Panama City Beach condos for sale.

Jennifer Mackay
850-774-6582
Florida Real Estate | Panama City

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Thursday night by a vote of 67 to 28, H.R. 4899 Supplemental Appropriations Act, 2010 passed in the U.S. Senate.

The legislation will now move to a conference process with members of the U.S. House and U.S. Senate. Contained in this legislation as passed in the Senate is the authority needed to raise the guarantee fee in the USDA Section 502 Guaranteed Rural Housing Program to an amount not to exceed 3.50% of the loan amount.

Additionally, the legislation allows for funding authorization sufficient to meet all of the demand for the remainder of Fiscal Year 2010.

While USDA Rural Development has now implemented a process to issue loan approvals (Conditional Commitments: RD Form 1980-18) that are “subject to” Congressional action, this legislative action in the Senate takes the funding issue for the USDA Section 502 Guaranteed Rural Housing Program one step closer to a permanent solution for FY2010.

Owners, put my technology to work for you.  If you are interested in selling your home or condo, contact me today (850) 774-6582 for a free no obligation Home value report.

Buyers, when you’re ready to purchase a Panama City home or condo, contact me directly (850) 774-6582 for the latest information and pricing on any of the Panama City homes sale.

Jennifer Mackay
850-774-6582
Panama City Real Estate | Florida

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On April 21st, $694,119,068 of additional funding is now available for selected counties designated as disaster areas by FEMA in the country.   Florida has 20 counties that have received $129,202,000.  These counties are…Bay, Brevard, Collier, Dixie, Escambia, Franklin, Glades, Gulf, Hendry, Indian River, Lee, Martin, Okaloosa, Okeechobee, Palm Beach, St. Lucie, Santa Rosa, Taylor, Wakulla and Walton.

Want to know more about Rural funding?

Contact me today (850) 774-6582 for more information about this another loan programs available.

Owners, put my technology to work for you.  If you are interested in selling your home or condo, contact me today (850) 774-6582 for a free no obligation Home value report.

Buyers, when you’re ready to purchase a Panama City home or condo, contact me directly (850) 774-6582 for the latest information and pricing on any of the Panama City homes sale.

Jennifer Mackay
850-774-6582
Panama City Real Estate | Florida

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Credit
The Internal Revenue Service has clarified which documentation taxpayers need to submit to claim the first-time and move-up homebuyer tax credit.

While the IRS is still requiring the filing of Form 5405, it is not demanding that all parties’ signatures be on the HUD-1 settlement document in areas where requiring both the buyer and the seller to sign the document isn’t common.

The IRS clarification says: “In areas where signatures are not required on the settlement document, the IRS has clarified that it will accept a settlement statement if it is completed and valid according to local law. … The IRS encourages those buyers to sign the settlement statement prior to attaching it to the tax return.”

For repeat buyers, the IRS is seeking documentation that home buyers have lived in the previous property for a consecutive five of the past eight years. Proof can include property tax records, home owner insurance records, or mortgage interest statements.

Source: Washington Post (02/20/2010)

Remember, my team and I are here to help you when you need assistance with your Panama City Florida Real Estate purchase.

Jennifer Mackay
850-774-6582
Florida Real Estate | Panama City

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Additional FHA information can be found on the US. Department of Housing and urban development website.

For a list of local lenders, contact me directly.

Owners, put my technology to work for you.  If you are interested in selling your home or condo, contact me today (850) 774-6582 for a free no obligation Home value report.

Buyers, when you’re ready to purchase a Panama City Beach Gulf or Bay front condo for your vacation home, contact me directly (850) 774-6582 for the latest information and pricing on any of the Panama City Beach condos for sale.

Jennifer Mackay
850-774-6582
Florida Real Estate | Panama City

“Liked this post? Subscribe to my Panama City Real Estate blog RSS feed and get loads more!”