Archive for the 'First-Time Homebuyer' Category

Rates are even lower and tax credits may be extended

July 1st, 2010

Written by Frost Mortgage

It’s a busy week in the news for potential homebuyers.

First, both 15-year and 30-year loans hit record lows for the second week in a row.

Second, as Reuters reports, the tax credit extension has passed a key hurdle:

The House backed by a vote of 409-5 a measure to extend the closing deadline to September 30 for buyers who already met the April 30 deadline to have a signed contract. The current deadline requires those buyers to close the transaction by June 30 to receive the $8,000 tax credit for first-time homebuyers.

The measure must also go before the Senate for approval.

Rates are dropping and home sales are also down.

What this means is an exceptional window of opportunity for those looking for a new home. Please contact one of our loan officers today and allow us to help you find out what is available to you. We think you’ll be glad you did.

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FHA: A range of creative options for borrowers

June 30th, 2010

Written by Frost Mortgage

The Federal Housing Administration (FHA) helps prospective borrowers in a wide range of ways. Frost Mortgage is a huge fan of the FHA program; in 2009, for instance, we were named No. 2 in America for FHA fundings by Mortgage Originator Magazine, and we’ve consistently been the top FHA lender in our home state of New Mexico.

CreditLoan.com has a great article on some of FHA’s main programs, including loans for

• First homes,
• Fixer-uppers,
• Reverse mortgages,
• Energy efficiency, and
• Manufactured or mobile housing.

We can help you with any of these needs–we’re FHA experts. Please call one of our experienced loan officers today for more information on how FHA programs can help you fund your next move.

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New home sales surge

April 28th, 2010

Written by Frost Mortgage

New home sales rose by almost 27 percent in March, the second consecutive month of growth and the biggest one-month jump in 47 years.

The U.S. Census Bureau and the Department of Housing and Urban Development (HUD) made the announcement recently, releasing figures showing a seasonally adjusted annual rate of 411,000.

We’ve said before that you can’t try to “time the market” when it comes to housing. This news, though, must be seen as a positive sign for the economy. And if you’re considering a Branch Partner Opportunity, this could be an encouragement. We hope to talk with you soon.

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Housing in 2009: Better than you may have thought

April 12th, 2010

Written by Greg Frost

The housing market has been fighting some particularly strong headwinds. We have unemployment hovering at the double digit levels, disruptive appraisal requirements, more challenging loan underwriting and in some areas, foreclosure or distress sales exerting their negative influence. Despite all this, the overall results for 2009 were not as devastating as the media would have you believe. Here are a few points to ponder:

First, while falling values predominated across the country, there were only three states where values fell by double digits. Many other states saw only fractional or small declines and a few even saw nominal appreciation.

Second, the financial news media likes to focus on the very significant rebound in the stock markets last year yet only rarely reports that over the last 5 or even 10 years an investment in the S&P 500 has gone nowhere. Conversely, all but 6 states have shown appreciation in home values over the last 5 years with many exceeding 20% and a few even totaling over 30%.

Finally, over time, home prices in all states have risen at average annual appreciation rates ranging from the high 3’s to over 7.5%.

From California to Florida, if you’re looking for a loan officer, we’re here to help. Frost Mortgage: Find out today why we don’t just close mortgages, we open doors.

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GFE and transfer tax questions continue for HUD

April 8th, 2010

Written by Frost Mortgage

The Department of Housing and Urban Development is getting an earful from the mortgage industry about the new Good Faith Estimate (GFE) form, which took effect earlier this year with the Real Estate Settlement Procedures Act (RESPA).

As we’ve written before, RESPA creates paperwork for lenders and confusion for buyers. You can now add to the confusion questions about the real estate transfer tax, according to a recent article by National Mortgage News (subscription required).

At a regional mortgage banking trade show in Atlantic City, HUD’s RESPA director, Ivy Jackson, was “bombarded” by questions about the GFE. Jackson’s answers included:

• RESPA allows the use of a “worksheet,” but it can’t look like the new GFE.
• The lender is responsible for the GFE in a wholesale transaction, not the mortgage broker.
• The industry will have to learn to navigate the new HUD-1 forms.

You can contact us today whether you’re a homebuyer concerned about what the GFE form means for you or you’re a producer looking for a net branch opportunity with a company that’s continuously working to make transactions easier for consumers. We’re following the changes closely, and we bring decades of experience in the industry.

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First-time homebuyers: the majority of our FHA loans

April 7th, 2010

Written by Greg Frost

First-time homebuyers make up 81 percent of Frost Mortgage’s Federal Housing Administration loans, according to our latest information. Of them, 51 percent are minority borrowers.

I am very proud that we are bringing this value to our community.

From California to Florida, if you’re looking for a loan officer, we’re here to help. Or, if you have other questions about FHA or VA mortgages or you’re interested in a Branch Partner opportunity with the best in the business, we can help with that as well. Frost Mortgage: Find out today why we don’t just close mortgages, we open doors.

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Existing home sales spike

April 6th, 2010

Written by Frost Mortgage

The Albuquerque Journal reports today that sales of existing homes rose “sharply” both in our home base of New Mexico and across the country (subscription required). The National Association of Realtors index rose by 8.2 percent; it had been expected to decline slightly. The measurement often points to a trend, since a signed sales agreement can trail a final deal by one to two months.

If you’re in the market for a home, Frost Mortgage is the place to turn. We’ve been helping homebuyers with FHA and VA mortgages since 1991, so please call us today and let us show you why we don’t just close mortgages, we open doors.

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Homebuyer tax credit extended for military personnel

March 31st, 2010

Written by Frost Mortgage

The homebuyer tax credit is about to run out for most of us, as we recently mentioned. Military personnel, however, will have an extra year to take advantage of it.

You can read more about the conditions at the National Realtors Association’s blogs and via the Internal Revenue Service itself, or you can contact us today. We’re long-time supporters of those who serve our nation, with expertise in Veterans Administration loans as well, and we would be proud to assist you as you look for funding for your next home.

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Homebuyer tax credit: Less than a month left

March 30th, 2010

Written by Frost Mortgage

CNN Money notes that the chance for first-time homebuyers to get up to $8,000 in tax credits ($6,500 for changing homes) will expire in 30 days. This is the second go-round for the credit and is likely to be the last.

CNN suggests evaluating the particular housing market you’re considering before jumping to make a decision, and we of course agree. Even within housing markets, though, there’s a lot of variability, especially when you factor in the many types of FHA, Veterans Administration and USDA loans and mortgages available. As our CEO Greg Frost Sr. recently wrote, the news has been exceptionally complicated lately, and trying to “time the market” rarely makes sense.

Frost Mortgage has been a leader in the industry since 1991. Please, call us today and let us help you as you consider your next home.

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Mortgages are available despite confusing news

March 15th, 2010

Written by Greg Frost

We’re watching a slew of housing news from around the country and seeing mixed outlooks. National Mortgage News Online reports (here; subscription required) that housing starts were up slightly nationally, pointing to increased stability. In places like Southern California, where Frost Mortgage has several branch partners, home prices were up for January compared with last year, but still down from December. Here in our home base of Albuquerque, New Mexico, home sales are showing signs of “modest recovery.”

What does this mean to you as you look for a Veterans Administration (VA), Federal Housing Authority (FHA), 203k Rehab or USDA Rural Home Loan? From our perspective, the recovery news is likely to remain unclear for some time. Only after the fact will we be able to tell that real recovery has begun. In the meantime, life must go on, and despite the doom and gloom we see every day, conditions are actually great for borrowers. Rates are at historic lows, however, government withdrawal from mortgage backed securities in the coming weeks could precipitate a modest increase.

In short, as I wrote recently, it’s just not possible to “time the market.” We’ve seen a lot of ups and downs since we opened in 1991, and we’ve learned that what works best in the long run are the time-tested rules. And so, if you’re looking for a loan, please call me today at (800) 659-3767 and I’ll help you figure out what makes sense for you today.

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