Tax credit can be used as down payment on FHA Loans !!

The government today gave the green light to the financing of bridge loans of up to $8,000 to first time home buyers who qualify for tax credits under the Obama Administration’s economic stimulus plan. The new mortgagee letter stipulates that government agencies, non-profits and FHA-approved lenders can give advances on the tax credits. Housing secretary [...]

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U.S. to pay off mortgage investors

Treasury Department announces new mortgage incentives for lenders, which will reduce monthly payments for millions of borrowers.   WASHINGTON (Reuters) — The U.S. Treasury Department will Tuesday tap a $50 billion housing rescue fund to pay off mortgage investors and reduce monthly payments for millions of borrowers, said a senior administration official. Mortgage servicers that own a small [...]

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30-year fixed-rate hits at least 37-year low

30-year fixed-rate hits at least 37-year low December 19, 2008 11:40 AM By Inman News Inman News Rates on 30-year fixed-rate mortgages are at their lowest since Freddie Mac began tracking them in 1971, the mortgage financier said in releasing the results of its weekly primary mortgage market survey. Frank Nothaft, Freddie Mac vice president and chief economist, attributed [...]

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Low prices boost valley home sales.

Foreclosure sales drive valley’s third quarter Coachella Valley home sales during the third quarter of 2008 jumped 51.5 percent compared to 2007, driven predominately by buyers nabbing foreclosures and other distressed properties that have been sharply discounted. The rise in sales is a dramatic turnaround from 2007, when third-quarter housing sales were down 23.3 percent from the [...]

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Palm Springs Real Estate

Desert Estates Network Members Honored For Corporate Achievements Several members of The Desert Estates Network, a consortium of high-profile, top- producing REALTORS and brokers of high-end estate properties in the Coachella Valley for 19 years, have been honored for professional achievements in the real estate industry. Brenda Rudman of Prudential California, a founding member of The Desert [...]

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