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Jul 25

Home Values Rise 0.8% In May 2012

The housing market's bottom is 9 months behind us. Home values continue to climb nationwide. According to the Federal Home Finance Agency's Home Price Index, home values rose 0.8% in May on a monthly, seasonally-adjusted basis. May's reading marks the sixth time in seven months that home values rose. Values are now higher by 4 percent since the market's October 2011 bottom. As a DC home buyer or seller, though, it's important to understand what the Home Price Index measures. Or, more … [Read more...]

Nov 22

Maximum FHA Loan Limits Restored To $729,750

After a brief return to lower, pre-2009 levels, FHA loan limits have been restored. As signed into law last Friday, maximum FHA loan limits are -- once again -- as high as $729,750. The move creates additional mortgage financing possibilities in more than 650 U.S. counties, and promises to increase the FHA's mortgage market share, which has grown from 6% in 2007 to roughly 30% today. The change in FHA loan limits also marks the first time that FHA loan limits exceed those of conventional … [Read more...]

Nov 16

Government Releases Additional HARP Guidance For Underwater Homeowners

Tuesday, Fannie Mae and Freddie Mac unveiled lender instructions for the government's revamped HARP program, kick-starting a potential refinance frenzy across District of Columbia and nationwide. HARP stands for Home Affordable Refinance Program. The updated program is meant to give "underwater homeowners" an opportunity to refinance at today's low mortgage rates. In the two-plus years since its launch, HARP's first iteration helped fewer than 900,000 homeowners. HARP II, by contrast, is … [Read more...]

Oct 05

Home Values Rose For the 4th Straight Month

The government is confirming what the private sector has already shown --  home values are on the rise. The Federal Home Finance Agency's Home Price Index shows home values rose 0.8% in July. July marks the fourth straight month that home values climbed and the FHFA's Home Price Index is the latest in a series of "rising home values" reports -- an encouraging trend for buyers and sellers in District of Columbia and nationwide. Last week, the S&P Case-Shiller Index showed home value … [Read more...]

Jul 26

Is An FHA Mortgage Better Than A Conforming One?

The FHA is insuring a greater percentage of loans than during any time in recent history. In 2006, it insured roughly 5 percent of the purchase mortgage market. Today, it insures one-quarter. "Going FHA" is more common than ever before -- but is it better? The answer -- like most things in mortgage -- depends on your circumstance. Like its conforming counterpart, an FHA-insured mortgage is available as a fixed-rate loan and as an adjustable-rate one. Payments are made monthly and come … [Read more...]