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 Posted in Mortgage Topics on August 25th, 2010 at 4:57 PM


Interest rates continue to be low. The national average rate for a 30 year fixed rate residential mortgage is below 4.5%.

How low will they go? No one knows for sure, but what is known is that they will not stay this low forever. That makes this a great market to be a buyer.

Consider this: A $100,000 loan with a 4.5% rate (30 yr. term) is $506 per month. That is $60 per month cheaper than just a few short months ago when rates were commonly at 5.5%.   The other way to look at that is a buyer today can borrow $12,000 more towards the home purchase today and keep the same payment as a few months back. Couple that with the slide in prices and today's buyer can potentially afford $20,000 to $25,000 more house than in the spring.  Considerably more than what you got with the Federal Tax Credit!   


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 Posted in Events on February 18th, 2010 at 4:24 PM


Coventry Mall Home Show
 
Friday 2/26/10
Saturday 2/27/10
Sunday 2/28/10
 
Glocker and Company Inc. will be hosting a booth at this years Home Show at the Coventry Mall in Pottstown, PA.  The show will run during Mall hours for 3 days (February 26 to 28). Glocker Realtors will be on hand to provide information on the current tax credits, financing options, plus tips on getting the most for your home in a tough real estate market.
 
Join us along with other local tri-county businesses to gather great information on products and services for the homeowner. PLUS IT'S FREE!!!
 
 
 

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 Posted in Mortgage Topics on February 4th, 2010 at 5:06 PM


Looking to purchase a home don't have much cash to use as a down payment?

The US Department of Agriculture may have the right mortgage for you. 

 

The Rural Housing Home Loan program will finance up to 100% of the appraised value of the property, so no down payment is needed.  Additionally, the seller can some or all of the buyer's closing costs at settlement! There are stipulations however. First, the property's location must qualify. This includes most of Berks County, and parts of Montgomery and Chester (ask your Glocker agent if a home qualifies). Second, there are income limits on the buyer. This varies by county, so it is best to ask you Glocker agent.  Third, the property must meet certain condition requirements. These can include a good water test and septic inspection and certain safety items. Lastly, the property must be used as a primary residence.

 

This program is offered through many local mortgage brokers and banks.  To see if you qualify for the mortgage call any of our offices and ask to speak with one of our knowledgeable Realtors. They can answer your questions and recommend a qualified lender.

 

Plus...if you are a first time buyer you could qualify to receive an $8,000 dollar tax credit for buying the home!!!

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 Posted in Mortgage Topics on January 22nd, 2010 at 3:52 PM


The Federal Housing Administration has announced changes to their lending guidelines that will affect many of today's buyers.  Please speak with your Glocker Realtor or lender to see how these changes will affect your ability to purchase a home.
 

Announced FHA Policy Changes:

  1. Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending
    • The first step will be to raise the up-front MIP by 50 bps to 2.25% and request legislative authority to increase the maximum annual MIP that the FHA can charge.
    • If this authority is granted, then the second step will be to shift some of the premium increase from the up-front MIP to the annual MIP.
    • This shift will allow for the capital reserves to increase with less impact to the consumer, because the annual MIP is paid over the life of the loan instead of at the time of closing
    • The initial up-front increase is included in a Mortgagee Letter to be released tomorrow, January 21st, and will go into effect in the spring.
  2. Update the combination of FICO scores and down payments for new borrowers.
    • New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA's 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%.
    • This allows the FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well.
    • This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer.
  3. Reduce allowable seller concessions from 6% to 3%
    • The current level exposes the FHA to excess risk by creating incentives to inflate appraised value. This change will bring FHA into conformity with industry standards on seller concessions.
    • This change will be posted in the Federal Register in February, and after a notice and comment period, would go into effect in the early summer.
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