“The average rate for a 30-year fixed loan sank to 4.69 percent this week, beating the low set in December and down from 4.75 percent last week, Freddie Mac said Thursday. Rates for 15-year and five-year mortgages also hit lows.” AP

For the entire article: OregonLive.com

 There is a large inventory of homes on the market in our area. Now is the time to take advantage of this opportunity to buy into historically low rates. Call me at 503-504-0083 to find the right home at the right price for you!

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FANNIE MAE is changing the “waiting period” (i.e. the amount of time that must elapse after the preforeclosure or short sale event) before home buyers can qualify for a loan. Several factors will impact these changes, including the required down payment or loan to value (LTV) for the transaction and whether extenuating circumstances contributed to the individual’s financial hardship (e.g. job loss). Charts under SEL-2010-05:

 CLICK this link for the full announcement from Fannie Mae.

The bottom line - Buyers who have experienced a short sale or deed in lieu of foreclosure may be elibigle for financing sooner than previously expected.

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