Fall 2008

Last Updated Wednesday October 1, 2008

My mother once told me that if you wait long enough, things that go out of fashion usually come back in style in about 10-20 years.  I can see now she is right... VA and FHA Home Loans are now the name of the game, and the teenagers these days look a lot like the kids of the 60's.

New for Fall 2008, FHA Secure home loan programs - for helping struggling home owners refinance out of high interest rate adjustable mortgages.  Also, Short Refinances under some FHA programs, and the FHA 203(b), allowing the purchase of an distressed foreclosure property, and provides funds for repairs after close of escrow.  Call For Details - 916-303-1130.

Wall Street continues to react to the frozen credit markets.  While the Treasury Bills are now selling and trading at yields (rate) near all-time lows, mortgage rates have resisted a coinciding dip.   The reason being a resistance by investors to purchase mortgage backed securites.

The proposed economic assistance act proposed by Congress is needed, if anything, to insert a bottom into the mortgage finance market.   Until mortgage finance recovers, there can not be a recovery in the real estate market.

Scott Johnson

Broker, Express Mortgage