>

St Louis Real Estate Search

Local Rehab Loan Program Allows Buyers To Take Advantage of Distressed Sale Bargains

Would you like to buy one of those foreclosure or REO bargains, but don’t have the cash to have the necessary work done? There’s a new rehab loan program in St. Louis that will help homeowners do just this! This program allows buyers to buy Bank Owned or Foreclosed Property (let’s call them “distressed homes”) […]

HUD Announces Emergency Homeowners’ Loan Program

The U.S. Department of Housing and Urban Development (HUD) announced last week, the launch of the Emergency Homeowner’s Loan Program (EHLP) to help homeowners who are at risk of foreclosure. This program is available in 27 states and is available to homeowners who have experienced a reduction in income due to:

[…]

‘Special’ Loans Available to Veterans 24/7

Recently, I heard a radio commercial on the radio about “special” financing for certain veterans. The ad continues to imply this “special” loan is available for a limited time only. The good news is that the VA offers loans to members of the armed forces who have generally served for two years in peace […]

George Washington University Study Finds That FHA Loan Limits Are Too High

“FHA still could serve 95 percent of its historic targeted market even if the maximum FHA loan limits were reduced by nearly 50 percent.”

Last week, George Washington University released a report, “FHA Assessment Report: The Role and Reform of the Federal Housing Administration in a Recovering U. S. Housing Market,” in which it […]

REO’s and Shadow Inventory are Roadblock to Recovery of Housing Market

A report issued yesterday by Equifax reveals just how severe the impact of shadow inventory (homes that have been, or should be, foreclosed on but have not been put back on the market for sale yet) and REO’s (properties owned by lenders after acquiring through foreclosure) are on a housing market recovery.

[…]

Report shows declining foreclosure rate; lenders showing delay in foreclosing

A report issued by Lender Processing Services, one of the countries largest loan servicers and aggregators of loan performance data, shows that while mortgage delinquencies continue to decline, lenders are taking longer to foreclose resulting in a drop in foreclosure sales. In fact, there are still significantly fewer foreclosure sales than there were before […]

Borrowers should know their ‘no’; St. Louis Mortgage Interest Rate Update

Applying for a mortgage loan can be a nerve-wracking experience,” says Ruth E. Battle, Senior Vice President of Paramount Mortgage Co. “Even after completing all the paperwork and complying with document requests; the lender rejects the loan. Why does this happen?” Consumers should know their “no.”

Battle says some of the “basic reasons loans […]

St. Louis Foreclosure Rate Declines in April; Mortgage delinquencies down significantly

Dennis Norman

The St. Louis foreclosure rate in April was 1.66 percent, down slightly from 1.71 percent the prior month, but up almost 17 percent from a year ago, according to a report published by CoreLogic. The report shows that the St. Louis Mortgage Delinquency rate (Serious delinquency, 90+ days delinquent) decreased to […]

Consumer organization blasts House Appropriations Committee on recent vote; fear return to policies that allowed predatory lending

This week, in response to the House Appropriations committee voting to slash funding for the newly formed Consumer Financial Protection Bureau (CFPB) and to subject the new agency to a “politically-charged” funding process, Mike Calhoun, President of the Center for Responsible Lending, made the following comment: “the House Appropriations Committee yesterday voted for a […]

Obtaining a home mortgage getting harder and harder; St. Louis Mortgage Interest Rate Update

In the past 18 months, massive legislative changes have affected the mortgage landscape. What does that mean for consumers? It means people seeking a mortgage can expect to do more paperwork when planning to purchase or refinance a home. Listed below is pertinent information regarding the new law changes.

[…]

Mortgage Delinquencies and Foreclosure Inventory Decrease In May

A “first-look” report issued by Lender Processing Services, one of the countries largest loan servicers and aggregators of loan performance data, shows mortgage delinquencies decreased 0.1 percent in May from the month before and down over 18 percent from the year before. Other good news in the report is the U.S. foreclosure pre-sale inventory […]

Is this a good time to refinance?; St. Louis Interest Rates Update

Yes, but there are some considerations..

First of all, ask yourself how long do you plan on remaining in your current home? There are fees to consider that are incurred by refinancing. So if you only plan on being in your home a short time, you may not recoup the fees. To ensure you […]

Down-payment funds available to qualified home-buyers under NSP Program

The Neighborhood Stabilization Program (NSP) was established as a result of the Housing and Economic Recovery Act (HERA) of 2008. It’s purpose is to allow state and local governments to purchase and redevelop abandoned or foreclosed properties in areas in the greatest need of help.

The NSP program is designed to help low, moderate, […]

New Limits for First Time Home Buyers Down-payment Assistance Program; St. Louis Interest Rates Update

First-time home buyers receive a forgivable 3% cash assistance loan for down payment and closing costs.

Missouri Housing Development Commission (MHDC) provides a competitive interest rate on a safe 30-year fixed rate 1st mortgage. Your 3% advance loan is treated as a 2nd mortgage completely forgivable after five years of continuous occupancy. New, Constant […]

St Louis Homeowners with Negative Equity Increases Slightly in First Quarter of 2011

A report released today by CoreLogic shows that 17.10 percent (97,772) of all St. Louis homeowners with a mortgage were in a negative equity position in the first quarter of 2011, up slightly from 17.0 percent the prior quarter. Negative equity is also referred to as being “underwater” or “upside down” and refers to […]

St. Louis Foreclosure Rates Declines in March; 3rd consecutive monthly decline

Dennis Norman

The St. Louis foreclosure rate in March was 1.73 percent, down slightly from 1.78 percent the prior month, but up over 21 percent from a year ago, according to a report published by CoreLogic. The report shows that the St. Louis Mortgage Delinquency rate (Serious delinquency, 90+ days delinquent) decreased to […]

Advice for consumers looking to purchase a home or refinance their mortgage; St. Louis mortgage interest rate update

Thinking of purchasing a home or refinancing a mortgage? Here are some tips to help make the process smooth:

Know your current situation. Be aware of your credit history; your credit report may contain out of date, or inaccurate items. Carefully review your credit report and make a note of items that should be […]

Should you get pre-qualified for a mortgage before buying a home?

Should you talk to you mortgage professional before house hunting?

Absolutely!

Even if you haven’t so much as selected a Realtor®, it’s important to talk with your mortgage professional first. Why?

[…]

Mortgage Delinquencies Increase in April

A “first-look” report issued by Lender Processing Services, one of the countries largest loan servicers and aggregators of loan performance data, shows mortgage delinquencies increased 2.4 percent in April, changing the downward trend we have seen in the prior few months. The good news in this report is that the U.S. foreclosure pre-sale inventory […]

New disclosure form aims to make home mortgage terms easier to understand

The newly formed Consumer Financial Protection Bureau (CFPB), one of the newest agencies under the Federal Government, created “to make markets for consumer financial products and services work for Americans”. Hmm, sounds good, but as usual, I was skeptical. However, thus far, I’m pretty impressed with the CFPB’s approach to changing mortgage disclosure statements in […]

Loan-level price adjustments and how they affect home-buyers; St Louis Mortgage Interest Rate Update

“Ballparking” mortgage rates just is not the same anymore. Home buyers who obtain online quotes from popular websites are receiving nothing more than a starting point for what their final mortgage rate will be. This is due to a government-led pricing scheme called loan-level pricing adjustments or LLPAs.”

[…]

Report Shows Little Improvement in Underwater Homeowners

Negative equity is the dominant factor driving the real estate market according to CoreLogic in it’s “U.S. Housing and Market Trends” report that was released today. According to the report, as of the 4th quarter of 2010, over 11 million (23 percent) of U.S. homeowners with a mortgage were in a negative equity position, […]

Mortgage Loan Delinquency Rate Decreased for 5th Consecutive Quarter; Mortgage Loan Demand down as well

The national mortgage delinquency rate for homeowners that are 60 or more days past due decreased in the first quarter of 2011 marking the fifth consecutive quarterly decline according to a report released today by TransUnion. The report shows mortgage delinquencies for the first quarter of 2011 were down 3.4 percent from the […]

What First-Time Home Buyers Need to Know; St Louis Mortgage Interest Rate Update

What a great time to be a First Time Home buyer! Historically low interest rates and great home prices! However, the home buying “process” can be a difficult if the borrower is not prepared and have not done their homework.

Before making offers and writing contracts, talk to your mortgage lender and get Pre-Qualified […]

Mortgage Relief and Foreclosure Moratorium for Missouri Homeowners Impacted by Recent Storms

Spring storms in April caused 8 areas of the U.S. to be declared a National Disaster area, and another 9 more so far in May. As a result of tornadoes, severe storms and flooding on April 19th, five counties in Missouri, Butler County, Mississippi County, New Madrid County, Saint Louis County, and Taney County, were […]

St. Louis Foreclosure Rates Decrease Slightly in February; still up 26 percent from year ago

Dennis Norman

The St. Louis foreclosure rate in February was 1.78 percent, an increase of over 26 percent from a year ago, and just a slight decrease from January’s rate of 1.79 percent, according to a report published by CoreLogic. On a positive note, the report shows that the St. Louis Mortgage Delinquency […]

No Money Down Home Loans for Rural Areas; St Louis Mortgage Interest Rate Update

The USDA Rural Development loan program helps rural communities and individuals by providing guaranteed home loans. Funding is available for single family, owner occupied homes with favorable rates, 30-year fixed terms, and no down payment.

Loan amounts are limited only by the applicant’s ability to repay and the property’s appraised value. No minimum credit […]

Report shows foreclosure inventories on the rise; 8 times higher than normal levels

A report issued by Lender Processing Services, one of the countries largest loan servicers and aggregators of loan performance data, shows that while mortgage delinquencies continue to decline, an enormous backlog of foreclosures still exists and is expected to continue for some time. As of the end of March, foreclosure inventory levels stand at […]

FHA 203(k) financing helps buyers take advantage of as is bargains; St Louis Mortgage Interest Rate Update

Most mortgage financing plans provide only permanent financing. That is, the lender will not usually close the loan and release the mortgage proceeds unless the condition of value of the property provides adequate loan security, When rehabilitation is involved , this means the lender requires improvements to be finished before a long-term mortgage is concerned.

[…]

First Time Home Buyers Down-payment Assistance Available; St Louis Mortgage Interest Rate Update

First-time home buyers receive a forgivable 3% cash assistance loan for down payment and closing costs.

Missouri Housing Development Commission (MHDC) provides a competitive interest rate on a safe 30-year fixed rate 1st mortgage. Your 3% advance loan is treated as a 2nd mortgage completely forgivable after five years of continuous occupancy. New, […]