Reuters reports: Bank of America, Citigroup and Wells Fargo — three
of the biggest banks in the United States — said they could face
fines from a regulatory probe into the industry’s foreclosure
practices. This could slow or stop Foreclosures again!
http://news.yahoo.com/s/nm/20110226/bs_nm/us_banks_foreclosures;_ylt=Ao.hoiMa… Barry Bevis, Broker/Realtor
C-850-491-3600
F-877-870-9066
www.BevisRealty.com
Rates February 24th, 2011
Conventional 30 yr Fixed – 4.875% no points
Conventional 15 yr Fixed – 4.125% no points
Conventional 5/1 arm– 3.75% no points
Jumbo 30yr fixed – 5.875%
FHA 96.5%- 4.625% – 30 year fixed
VA 100%- 4.625% – 30 year fixed
All conventional loan rates are based on a middle credit score of 740 or higher and a loan amount of $150k or higher on a primary residence purchase. Max loan to value on all conventional loans is 95% due to mortgage insurance guidelines. (debt to income ratio is limited for mortgage insurance above 90% loan to value) All rates based on purchase money mortgages for primary residences.
Rates are subject to change based on market conditions and are intended to be used as a guide only. For APR and up to the minute rates, please call for a rate quote.
For more information on our loan programs or to make an application, please contact:
Tyler Oden
Office: 850 425-6716
Fax: 850 425-6730
Mobile: 850 294-6626
As Reported in Realtor Magazine…
Wells Fargo Says Credit Score of 500 OK
In a long-awaited shift, Wells Fargo is providing FHA mortgages to borrowers with credit scores as low as 500. The move comes after the National Association of Realtors® and FHA Commissioner David Stevens, among others late last year, criticized the country’s major banks for requiring credit scores as high as 650 in some cases before making loans. At NAR’s annual conference last year in New Orleans, Stevens said banks’ credit policies were out of sync with the FHA and artificially restraining home sales by as much as 20 percent. Under its new policy, Wells Fargo will accept borrowers with credit scores of 500 to 579 if those borrowers can make a down payment of at least 10 percent; gifted funds or other down payment assistance is not allowed. For borrowers with credit scores of 580 to 599, borrowers must put down 5 percent, with the same restriction on gifts and assistance funds. Borrowers with credit scores of 600 or higher can make a 3.5 percent down payment. The new policy took effect Jan. 15.
Isn’t this what got us into trouble before?
Barry Bevis, Broker/Realtor
C-850-491-3600
F-877-870-9066
www.BevisRealty.com
A very interesting article from the University of Arizona Law School.
A Modern Town home with fantastic views of Hilaman Golf Course from
two decks! Bar overlooking kitchen, Fireplace in Living Room, Large
deck in back with great view, Each Bedroom has its own bath with an
additional half bath downstairs, Tile in entry and kitchen. All
appliances stay!
For more information see:
http://www.bevisrealty.com/threelantern Barry Bevis, Broker/Realtor
C-850-491-3600
F-877-870-9066
www.BevisRealty.com
Data provided by Moody’s Analytics track the ratio of median home
prices to annual household incomes in 74 markets. By that measure,
housing affordability at the end of September had returned to or
surpassed the average reached between 1989-2003 in 47 of those
markets. Most economists believe the housing boom took off in 2003. Pair low prices with low interest rates and we look like we are
turning toward a recovery…
http://online.wsj.com/article/SB10001424052748703313304576132291585938656.htm… Barry Bevis, Broker/Realtor
C-850-491-3600
F-877-870-9066
www.BevisRealty.com
Suntrust just released Rate information and 30 year fixed mortgages
are just over 5%
Rates February 11th, 2011 Conventional 30 yr Fixed – 5.125% no points
Conventional 15 yr Fixed – 4.375% no points Conventional 5/1 arm- 3.625% no points
Jumbo 5/1yr arm – 4.5% FHA 96.5%- 4.875% – 30 year fixed (4.75% for first time home buyer)
VA 100%- 4.875% – 30 year fixed (4.75% for first time home buyer) All conventional loan rates are based on a middle credit score of 740
or higher and a loan amount of $150k or higher on a primary residence
purchase. Max loan to value on all conventional loans is 95% due to
mortgage insurance guidelines. (debt to income ratio is limited for
mortgage insurance above 95% loan to value) All rates based on
purchase money mortgages for primary residences.
Rates are subject to change based on market conditions and are
intended to be used as a guide only. For APR and up to the minute
rates, please call for a rate quote.
For more information on SunTrust loan programs or to make an
application, please contact:
Tyler Oden, Tyler.oden@suntrust.com www.tyleroden.com
Office: 850 425-6716 Fax: 850 425-6730 Mobile: 850 294-6626
The ten worst places to own a home.
Rank County State Mortgages under water 1 Clark Nev. 71.1%
2 Osceola Fla. 66.5% 3 Merced Calif. 63.1%
4 St Lucie Fla. 62.4% 5 San Joaquin Calif. 59.6%
6 Stanislaus Calif. 57.5% 7 Clayton Ga. 56.1%
8 Orange Fla. 56.1% 9 Solano Calif. 55.6%
10 Maricopa Ariz. 54.4%
http://www.usatoday.com/money/economy/housing/2011-02-04-under-water-chart_N.htm
Barry Bevis, Broker/Realtor
C-850-491-3600
F-877-870-9066
www.BevisRealty.com
on City Sewer or Septic.
You can have it inspected during your contingency period. Be sure to
use a licensed plumber or septic company.
The rule is simple- You can have it pumped but not repaired.
So if the drain field needs to be replaced or a take leaks you have to
abandon it and hook up to city sewer.
The average septic tank lasts a long time but drain fields will fail
in 12 to 20 years
That means a system on a house built in the 80’s is probably on its last leg.
If you can’t fix your problem with “Regular Maintenance” then you have
to hook up to the City of Tallahassee system.
It will cost you about 10K total to connect. http://www.klpsewer.co
Barry Bevis, Broker/Realtor
C-850-491-3600
F-877-870-9066
www.BevisRealty.com
Bevis Realty - Tallahassee Florida 