DesperateHouseWise.com

Although the numbers are improving, a third of loans modified by Fannie Mae and Freddie Mac early last year were delinquent after six months.
These loans were modified prior to implementation of Obama’s Home Affordable Modification Program.
DHW asks: Do you think loan modifications are making a difference?
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Tags: fannie mae, freddie mac, HAMP, home affordable modification program, loan modifications

Freddie Mac announced that the average 30-year mortgage interest rate hit a new record low this week at 4.71 percent. The driving force behind the rate’s decline is the government’s initiative to lower borrowing costs and strengthen the housing market.
The Federal Reserve is infusing $1.25 trillion into mortgage-backed securities in an effort to lower interest [...]

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The average interest rate for 30-year, fixed-rate mortgages fell more than a full percentage point from last year, matching a record low set in spring.
The Washing Post reported today:

30-year, fixed rate mortgages averaged 4.78% this week, the lowest it has been since the  week of April 30 (Freddie Mac has been tracking this rate since [...]

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Tags: 15 year mortgage, 30 year mortgage, freddie mac, interest rates, loan limits

Besides saving yourself money, using an FHA endorsed loan to purchase a home may be the most patriotic thing you can do.  Hear me out. In the late 1990s, the government correctly sought to increase homeownership. Naively, the government did not look to the FHA to take charge in this call to action. Instead, they [...]

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Tags: 203k, fannie mae, FHA, fha lenders, fha loans limits, freddie mac, home, purchase, refinace

During a speech to the National Association of Realtors in San Diego, FHA Commissioner David Stevens said his agency is not headed for the same fate as Fannie Mae, Freddie Mac or the subprime sector. Concerns about the FHA’s financial well being were raised last week when it was revealed in an independent audit that [...]

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From The Washington Post : ‘FHA’s cash reserves have dropped well below amount required by law, audit shows’
DHW asks: Do you think the FHA’s reserves will hit zero?
FHA loan limits in your area
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U.S. foreclosures sank for a third consecutive month in October, down 3% from the previous month. However, many feel this trend will not continue. Foreclosure notices were curtailed in many states due to temporary, legislative intervention. CNBC reported Nevada foreclosures “dropped 26 percent from the previous month because of new legislation requiring mediation before initiating [...]

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In a CNBC interview this morning, Realogy CEO, Richard Smith, called on FHA to increase its minimum required down payment of 3.5%. Mr Smith suggested the ‘risk profile’ will have to change to stave off foreclosures. This argument only perpetuates the myth that those who put less money down are somehow less attached to their [...]

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The Miami Herald reported the Federal Housing Administration (FHA) is temporarily relaxing underwriting guidelines for some condominium communities. The changes are intended to increase condo sales and put occupants in otherwise vacant units. 
DHW asks: Do you agree with the FHA’s decision to relax condo underwriting guidelines?
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Last week, CitiMortgage suggested in a USA Today article that 1 in 5 homeowners currently in default of their mortgage are doing so strategically or voluntarily. They cite Sharon Sakson as one of these ’strategic defaults.’ Ms Sakson was laid off as a television writer and producer. After losing her job, she ‘burned through her savings to [...]

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