Jun
19
Posted under
How to buy a house,
Mortgage Purchase Loans Below is information outlining HOW the $8K Federal Tax Credit works. Obama is not giving you a hand out of cash for you to do what ever you want with it. Get your facts straight. I’m sorry that I have to say this because there are too many people out there regurgitating information incorrectly. So please read the information below and if you don’t understand a word, post me a message!
FHA Allows Tax Credit As Down Payment
The Federal Housing Administration (FHA) laid out the details of a new policy [Mortgagee Letter 2009-15] on Friday that will allow first-time home buyers to apply the $8,000 federal tax credit toward the purchase costs of an FHA-insured home. HUD Secretary Shaun Donovan said he expects the action to stimulate home sales across the country.
The American Recovery and Reinvestment Act of 2009, enacted under President Obama, offers home buyers a tax credit of up to $8,000 for purchasing their first home before December 1, 2009, but the credit can only be accessed after filing an amended tax return with the Internal Revenue Service (IRS). However, the new FHA rules allow first-time home buyers using FHA-backed financing to obtain a short term loan from state housing finance agencies and certain non-profits for 10 percent of the home’s price, up to the full amount of the tax credit.
The Federal Housing Administration (FHA) laid out the details of a new policy [Mortgagee Letter 2009-15] on Friday that will allow first-time home buyers to apply the $8,000 federal tax credit toward the purchase costs of an FHA-insured home. HUD Secretary Shaun Donovan said he expects the action to stimulate home sales across the country.
The American Recovery and Reinvestment Act of 2009, enacted under President Obama, offers home buyers a tax credit of up to $8,000 for purchasing their first home before December 1, 2009, but the credit can only be accessed after filing an amended tax return with the Internal Revenue Service (IRS). However, the new FHA rules allow first-time home buyers using FHA-backed financing to obtain a short term loan from state housing finance agencies and certain non-profits for 10 percent of the home’s price, up to the full amount of the tax credit.
Home buyers must come up with the initial FHA-required 3.5 percent down payment themselves, and can then use the tax credit loan to make a larger down payment or cover other closing costs – which in turn could help them qualify for a lower interest rate. The loan is repaid a few months later, after the buyer receives the tax credit from the IRS.
Donovan called the tax credit down payment a win for everyone and an important step toward accelerating the recovery of the nation’s housing markets. “Families will now be able to apply their anticipated tax credit toward their home purchase right away,” Donovan said. “[The new tax credit allowance] will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing.”
The Federal Housing Administration (FHA) laid out the details of a new policy [Mortgagee Letter 2009-15] on Friday that will allow first-time home buyers to apply the $8,000 federal tax credit toward the purchase costs of an FHA-insured home. HUD Secretary Shaun Donovan said he expects the action to stimulate home sales across the country.
The American Recovery and Reinvestment Act of 2009, enacted under President Obama, offers home buyers a tax credit of up to $8,000 for purchasing their first home before December 1, 2009, but the credit can only be accessed after filing an amended tax return with the Internal Revenue Service (IRS). However, the new FHA rules allow first-time home buyers using FHA-backed financing to obtain a short term loan from state housing finance agencies and certain non-profits for 10 percent of the home’s price, up to the full amount of the tax credit.
Home buyers must come up with the initial FHA-required 3.5 percent down payment themselves, and can then use the tax credit loan to make a larger down payment or cover other closing costs – which in turn could help them qualify for a lower interest rate. The loan is repaid a few months later, after the buyer receives the tax credit from the IRS.
Donovan called the tax credit down payment a win for everyone and an important step toward accelerating the recovery of the nation’s housing markets. “Families will now be able to apply their anticipated tax credit toward their home purchase right away,” Donovan said. “[The new tax credit allowance] will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing.”
Donovan added that the agency was also putting safeguards in place to ensure home buyers are protected from unscrupulous lenders. He said that unlike seller-funded down-payment assistance, which was a vehicle for abuse, the new program will allow home buyers to shop for the best home price and services using their anticipated tax credit.
For every FHA borrower who is assisted through the tax credit program, FHA said it will collect the name and employer identification number of the organization providing the service, as well as associated fees and charges. The agency said it will use this information to track the business closely and will refer any questionable practices to the appropriate regulators.
Sincerely,
The Federal Housing Administration (FHA) laid out the details of a new policy [Mortgagee Letter 2009-15] on Friday that will allow first-time home buyers to apply the $8,000 federal tax credit toward the purchase costs of an FHA-insured home. HUD Secretary Shaun Donovan said he expects the action to stimulate home sales across the country.
The American Recovery and Reinvestment Act of 2009, enacted under President Obama, offers home buyers a tax credit of up to $8,000 for purchasing their first home before December 1, 2009, but the credit can only be accessed after filing an amended tax return with the Internal Revenue Service (IRS). However, the new FHA rules allow first-time home buyers using FHA-backed financing to obtain a short term loan from state housing finance agencies and certain non-profits for 10 percent of the home’s price, up to the full amount of the tax credit.
Home buyers must come up with the initial FHA-required 3.5 percent down payment themselves, and can then use the tax credit loan to make a larger down payment or cover other closing costs – which in turn could help them qualify for a lower interest rate. The loan is repaid a few months later, after the buyer receives the tax credit from the IRS.
Donovan called the tax credit down payment a win for everyone and an important step toward accelerating the recovery of the nation’s housing markets. “Families will now be able to apply their anticipated tax credit toward their home purchase right away,” Donovan said. “[The new tax credit allowance] will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing.”
Donovan added that the agency was also putting safeguards in place to ensure home buyers are protected from unscrupulous lenders. He said that unlike seller-funded down-payment assistance, which was a vehicle for abuse, the new program will allow home buyers to shop for the best home price and services using their anticipated tax credit.
For every FHA borrower who is assisted through the tax credit program, FHA said it will collect the name and employer identification number of the organization providing the service, as well as associated fees and charges. The agency said it will use this information to track the business closely and will refer any questionable practices to the appropriate regulators.
According to estimates by the National Association of Home Builders, the administration’s home buyer tax credit will stimulate 160,000 home sales across the nation – 101,000 of which will be first-time buyers who will receive the credit, and 59,000 existing homeowners who will be able to buy another property because a first-time buyer purchased their home. Given FHA’s current market share, HUD estimates that thousands of families will be able to snag their American dream by applying the anticipated tax credit toward their purchase of an FHA-insured mortgage.
Some individual states, including Colorado, New Jersey, New Mexico, Ohio, and Pennsylvania have already instituted their own programs which provide down payment loans for the federal tax credit. Home builders and Realtors alike have been strong proponents of a more widespread initiative, such as has been put in place by the FHA.
The Federal Housing Administration (FHA) laid out the details of a new policy [Mortgagee Letter 2009-15] on Friday that will allow first-time home buyers to apply the $8,000 federal tax credit toward the purchase costs of an FHA-insured home. HUD Secretary Shaun Donovan said he expects the action to stimulate home sales across the country.
The American Recovery and Reinvestment Act of 2009, enacted under President Obama, offers home buyers a tax credit of up to $8,000 for purchasing their first home before December 1, 2009, but the credit can only be accessed after filing an amended tax return with the Internal Revenue Service (IRS). However, the new FHA rules allow first-time home buyers using FHA-backed financing to obtain a short term loan from state housing finance agencies and certain non-profits for 10 percent of the home’s price, up to the full amount of the tax credit.
Home buyers must come up with the initial FHA-required 3.5 percent down payment themselves, and can then use the tax credit loan to make a larger down payment or cover other closing costs – which in turn could help them qualify for a lower interest rate. The loan is repaid a few months later, after the buyer receives the tax credit from the IRS.
Donovan called the tax credit down payment a win for everyone and an important step toward accelerating the recovery of the nation’s housing markets. “Families will now be able to apply their anticipated tax credit toward their home purchase right away,” Donovan said. “[The new tax credit allowance] will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing.”
Donovan added that the agency was also putting safeguards in place to ensure home buyers are protected from unscrupulous lenders. He said that unlike seller-funded down-payment assistance, which was a vehicle for abuse, the new program will allow home buyers to shop for the best home price and services using their anticipated tax credit.
For every FHA borrower who is assisted through the tax credit program, FHA said it will collect the name and employer identification number of the organization providing the service, as well as associated fees and charges. The agency said it will use this information to track the business closely and will refer any questionable practices to the appropriate regulators.
According to estimates by the National Association of Home Builders, the administration’s home buyer tax credit will stimulate 160,000 home sales across the nation – 101,000 of which will be first-time buyers who will receive the credit, and 59,000 existing homeowners who will be able to buy another property because a first-time buyer purchased their home. Given FHA’s current market share, HUD estimates that thousands of families will be able to snag their American dream by applying the anticipated tax credit toward their purchase of an FHA-insured mortgage.
Some individual states, including Colorado, New Jersey, New Mexico, Ohio, and Pennsylvania have already instituted their own programs which provide down payment loans for the federal tax credit. Home builders and Realtors alike have been strong proponents of a more widespread initiative, such as has been put in place by the FHA.
Lawrence Yun, chief economist for the National Association of Realtors (NAR), says he expects to see more buyers step off the sidelines and enter the market now that they can use the $8,000 tax credit as a down payment. While he doesn’t anticipate an immediate pickup in the coming months, Yun believes early summer will be a critical indicator of homebuyers’ response to the new allowance.
“The home buying process takes time,” Yun said. “This summer will gauge the success of the first-time home buyer tax credit.”
Several House lawmakers have expressed their support of the home buyer tax credit and recently introduced bills that would expand its benefits. NAR said it commends these individual efforts but has not endorsed any particular approach, suggesting that taken together, all three bills would have advantageous effects on housing conditions nationwide.
Rep. Eddie Bernice Johnson (D-Texas) has introduced H.R. 2606, which would offer the credit to all home buyers, not just first-timers. The bill also extends the credit through the end of 2010 and eliminates the repayment mandate applicable to the $7500 tax credit from 2008.
H.R. 2619 has been put forth by Rep. Kenny Marchant (R-Texas). Marchant also wants to make the credit available to all purchasers and push out the expiration date, to June 30, 2010. In addition, this bill provides a temporary $3,000 tax credit that would refund the closing costs associated with refinancing a mortgage, as long as the new loan amount was no more than the original outstanding balance.
Rep. Ron Kind (D-Wisconsin) has proposed H.R. 2562, which would extend the tax credit through December 1, 2010, for those home buyers who served in the military for at least three months during 2009.
May
30
Posted under
Credit / Your Fico Score,
Foreclosures / Bank Owned / REOs,
Mortgage Refinance Can’t sell your house? Can’t modify your loan? Have you thought of asking a family member to help you out? Read this question from Craig -
DEAR BENNY: I am looking into refinancing my Texas home from a 5/1 adjustable-rate mortgage to a fixed-rate. During this process my mother stated that she would lend me the $150,000 to pay off my existing loan and I would pay her back at the current market rate for a 30-year fixed. This would provide her a stable investment, and I can forgo the closing costs, paperwork, appraisal, etc., associated with a refi.
What are the legal implications of this transaction? If I pay off my current loan do I assume title? What paperwork do I have to sign with my mom to validate the transaction and where do we file it? She would have to claim the income; can I still write off the interest as I would do with any other home loan? Is this transaction as simple as it sounds? –Craig
Read full article - http://www.clientdirect.net/news/default.asp?PUB=6694&AID=2596002
May
21
Posted under
Foreclosures / Bank Owned / REOs The NATIONAL ASSOCIATION OF REALTORS® (NAR) today announced that the Obama Administration has added new incentives and uniform procedures for short sales under its new Foreclosure Alternatives Program (FAP), part of the administration’s Making Home Affordable plan.
Loan servicers may consider short sales or deeds-in-lieu of foreclosure for borrowers who do not qualify to have their loans modified on a permanent basis under the Making Home Affordable Loan Modification Program.
· Borrowers/homeowners qualify under the FAP if they meet minimum eligibility requirements for the Home Affordable Modification program, but don’t qualify for a modification or do not successfully complete the three-month trial period. Before proceeding with a foreclosure, servicers must determine if a short sale is appropriate.
· Incentives include: $1,000 for servicers for successful completion of a short sale or deed-in-lieu of foreclosure; $1,500 for borrowers/homeowners to help with relocation expenses; and up to $1,000 toward the cost of paying junior lien holders to release their liens (one dollar from the government for every $2 paid by the investors to the second lien holders).
· The program will include streamlined and standardized documents, including a Short Sale Agreement and an Offer Acceptance Letter. The goal is to minimize complexity and increase use of the short sale option.
· Servicers will independently establish both property value and minimum acceptable net return, in accordance with investor requirements. The price may be determined based on an appraisal or one or more broker price opinions (BPOs), issued no more than 120 days before the date of the short sale agreement.
· In the Short Sale Agreement, servicers must give borrowers/homeowners at least 90 days to market and sell the property, or up to one year, depending on market conditions. Property must be listed with a licensed real estate professional with experience in the neighborhood. No foreclosure may take place during the marketing period (at least 90 days) specified in the Short Sale Agreement.
· The Short Sale Agreement must specify the reasonable and customary real estate commissions and costs that may be deducted from the sales price. The servicer must agree not to negotiate a lower commission after an offer has been received.
· Servicers may not charge fees to borrowers/homeowners for participating in the FAP.
· The program is in effect through 2012.
· Servicers have the option to require the borrower/homeowner to agree to deed the property to the servicer in exchange for a release from the debt if the property does not sell within the time allowed in the Short Sale Agreement (plus any extensions).
Copyright © 2009 CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)
Apr
09
Posted under
Home Ideas Ever wondered where all our trash is dumped? Gosh of course you don’t know. Why would it matter? Out of sight out of mind.
Where ever it is, it has made our world is a cess pool of biodegradable trash. And do you know what happens when it rains? The water runs all over this pile of trash and that same water flows into our rivers and sea that we swim in and streams and ponds where we get our drinking water.
Here’s an idea – How about using our water supply more sparingly so more money can be spent right now to clean up our trash. We all need to contribute to the health of our planet. If we keep dishing out our trash, this earth that we live on is going to give up on us…
In February Governor Schwarzenegger declared a state of emergency because of severe drought and warned of possible water rationing.
Please people, use our water sparingly. Check out this site for ideas to help you get started www.wateruseitwisely.com/index.php
Apr
09
Posted under
Credit / Your Fico Score,
How to buy a house,
Mortgage Purchase Loans Everyone is throwing this three letter word around, ‘FHA’.
What does that mean to you? Well, lower downpayment requirements. As of January 09, the borrower must put a downpayment of 3.5% of the purchase price towards the loan making the loan 96.5%. Further more the money must come from their own assets. If you need help towards paying closing costs, the Seller can contribute up to 3.5% of the purchase price towards helping you, the borrower, pay for recurring and non-recurring closing costs.
FHA loans are fully documented loans, the best kind in my oppinion. No nonsense, everything up front kinda loan.
If you looking for more information, you can give me, Holly, a call at 619-370-2417 or attend this free FHA webinar ‘Think FHA Thursday’ series hosted by CAR (California Association of Realtors).
This FHA webinar series presented by Nancy West, U.S. Dept. of Housing and Urban Development marketing and outreach specialst has been so successful I felt it neccessary to share this information with all of you.
Not to worry if you’ve missed the first two sessions as you’ll find recordings for the earlier sessions when your register at http://www.car.org/education/FHA/ for the next webinar on April 16th
REALTOR and Sr Mortgage Consultant
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Apr
04
Posted under
Credit / Your Fico Score,
How to buy a house,
Mortgage Purchase Loans,
Mortgage Refinance If you haven’t jumpped on the bandwagon to buy a home today…. now is the time to do so. Interest rates are at an all time low of 4.25%. Guess what, i can get you that rate.
Read more on this exciting news, then call me to set up an appointment to start looking for homes.
http://hosted.ap.org/dynamic/stories/M/MORTGAGE_RATES?SITE=CARIE&TEMPLATE=BUSINESS.html&SECTION=HOME
REALTOR and Sr Mortgage Consultant
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Apr
04
Posted under
Credit / Your Fico Score,
Foreclosures / Bank Owned / REOs,
How to buy a house,
Mortgage Purchase Loans,
Mortgage Refinance C.A.R. launches mortgage protection plan for first-time home buyers
The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today launched the C.A.R. Housing Affordability Fund Mortgage Protection Program (C.A.R.H.A.F. MPP), for first-time home buyers.Through the Housing Affordability Fund Mortgage Protection Program, first-time home buyers who lose their jobs due to layoffs may be eligible to receive $1,500 per month, for six months, to help make their mortgage payments. A qualified co-buyer also can participate in the program, and receive a monthly benefit of $750 per month for up to six months. Program benefits also include coverage for accidental disability and a $10,000 death benefit.
C.A.R.’s Housing Affordability Fund is dedicating $1 million toward its Mortgage Protection Program, and estimates that as many as 3,000 families will benefit from the program this year.
To qualify for the Mortgage Protection Program, applicants must:
· Be a first-time home buyer – someone who has not owned a home in three
or more years
· Open escrow April 2, 2009, or later, and close on or before Dec. 31, 2009
· Use a California REALTOR® in the transaction
This is where I come in CALL HOLLY 619-370-2417<–
· Purchase the property in California <– CALL HOLLY
· Be a W-2 employee (cannot be self-employed)
To apply for the program, home buyers must request an application for the H.A.F. Mortgage Protection Program from their REALTOR®.
REALTOR and Sr Mortgage Consultant
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Jan
20
Posted under
Foreclosures / Bank Owned / REOs When a real estate transaction involves a property in foreclosure, knowing the foreclosure timeline helps you as the real estate agent to assess whether you have enough time to close escrow before the foreclosure sale. Starting September 8, 2008, California has a special foreclosure timeline for loans originated between 2003 and 2007, inclusive, which are secured by owner-occupied residences. Indeed, loans involved in short sales are likely to be owner-occupied loans from the years 2003 to 2007, which was the heyday for subprime lending. The special foreclosure timeline does not apply if the borrower has filed for bankruptcy, surrendered the property, or contracted with a person or entity whose primary business is advising people, who have decided to leave their homes, on how to extend the foreclosure process and avoid their contractual obligations. The special foreclosure timeline will remain in effect until January 1, 2013. (Cal. Civ. Code § 2923.5.)
FORECLOSURE TIMELINE FOR OWNER-OCCUPIED REAL PROPERTY LOANS (made from 2003 to 2007)
The approximate minimum time frames for the non-judicial foreclosure of owner‑occupied real property loans made from 2003 to 2007 are as set forth below. In California, most lenders elect to foreclose non-judicially by conducting trustees’ sales, not by judicial foreclosure.
Pre-Foreclosure Period
A lender may initiate the foreclosure process when a borrower defaults on a loan, such as by missing a mortgage payment. However, a slight delay may not justify acceleration and foreclosure by the lender. Hence, in practice, lenders generally wait a few months after a missed payment before starting the foreclosure process.
Day 1: Lender Contacts Borrower
For owner-occupied loans from 2003 to 2007, a lender initiating the foreclosure process must generally contact the borrower by phone or in person to assess the borrower’s financial situation and explore options for avoiding foreclosure. During the conversation, the lender must inform the borrower of the right to meet with the lender within 14 days. The lender must also give the borrower the toll-free number for finding a HUD-certified housing counseling agency.
Day 31: Filing of Notice of Default
For owner-occupied loans from 2003 to 2007, the lender may file a notice of default 30 days after contacting the borrower to explore options for avoiding foreclosure. The notice of default must be filed in the county where the property is located and a copy must be mailed within 10 business days after recordation to the borrower and all other persons who have requested such notice. The notice of default informs the borrower of the default. It must also include the lender’s declaration that it has contacted the borrower to explore options for avoiding foreclosure, tried with due diligence to contact the borrower, or the borrower has surrendered the property.
Day 121: Filing of Notice of Trustee’s Sale
Three months after the filing of the notice of default, the lender may record a notice of trustee’s sale setting forth the date, time, and place of the upcoming trustee’s sale. Because of the gravity of a notice of trustee’s sale, it must be widely disseminated. The notice of trustee’s sale must be recorded, posted, mailed to the borrower and others, as well as published once a week for three consecutive weeks in a newspaper of general circulation.
Day 145: Deadline to Cure Default
Up to five business days before the trustee’s sale, the borrower may reinstate the loan by curing the default or paying the missed payments plus allowable costs. After the reinstatement period expires, the borrower still has the right to redeem the property by paying the entire debt, plus interest and costs (not just the arrearage), before the bidding begins at the trustee’s sale.
Day 152: Trustee’s Sale
Although California law allows a trustee’s sale to take place 20 days after the posting of the notice of trustee’s sale, lenders customarily wait at least 31 days instead to help protect against federal tax liens. At the trustee’s sale, the property is sold through a public auction to the highest bidder. Title is transferred to the successful bidder by trustee’s deed.
USING THIS FORECLOSURE TIMELINE
A foreclosure timeline helps you as a listing agent ascertain whether you have enough time to market and sell the property as a short sale. Depending on the stage of foreclosure the homeowner is in (“Foreclosure Stage”), the chart below gives you the total time frame you have, at a minimum, to sell a property as a short sale before the trustee’s sale occurs (“Minimum Time Left to Sell”).
|
Foreclosure Stage
|
Minimum Time Left to Sell
|
|
Homeowner just missed making mortgage payment for the first time.
|
About 6 to 8 months total
|
|
Homeowner has just been contacted by the lender to explore options for avoiding foreclosure.
|
About 5 months total
|
|
Notice of default has just been filed.
|
About 4 months total
|
|
Notice of trustee’s sale has just been filed.
|
Date of trustee’s sale is on notice of sale
|
As an example, if a notice of default has just been filed, you have a minimum of about four months to sell the property before the trustee’s sale may occur. That’s four months not only to find a buyer, but also to get the lender to approve the short sale and close escrow. The short sale lender may agree to postpone the trustee’s sale in some situations (such as when there’s an accepted offer), but be sure to get any agreement for a postponement in writing.
FORECLOSURE TIMELINE FOR OTHER TYPES OF LOANS
For loans that are not secured by owner-occupied real property or not made from 2003 to 2007, lenders are not required to contact the borrowers to explore options for avoiding foreclosure. For these loans, the total minimum time for the foreclosure process is roughly only 122 days, not 152 days. If the lender is not required to contact the borrower, the foreclosure process takes a minimum of about 4 months from the filing of the notice of default to the day of the trustee’s sale.
Copyright© 2008, CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) Legal Department
REALTOR and Sr Mortgage Consultant
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Jan
20
Posted under
Uncategorized The Internal Revenue Service (IRS) recently announced it will expedite its process of providing relief from federal tax liens for distressed homeowners. With over one million current federal tax liens against real and personal property, the IRS announcement should help REALTORS® and their clients resolve federal tax lien issues in their sale and loan transactions.
As background, a homeowner seeking to sell or refinance a property must generally pay off an existing federal tax lien. However, during the current economic downturn, many homeowners don’t have the cash or equity to do so. Hence, for a refinance, the homeowner may request that the IRS makes its tax lien subordinate or secondary to the lien of the refinancing lender. For a sale, the homeowner may, under certain circumstances, request that the IRS discharge its claim. The IRS’s processing time for subordination or discharge requests has been about 30 days. The IRS is currently working to expedite that time frame to help distressed homeowners. For IRS instructions on requesting relief from federal tax liens, go to the IRS Publication 783 for discharges and Publication 784 for subordinations at www.irs.gov.
Copyright © 2009 CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)
REALTOR and Sr Mortgage Consultant
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Dec
18
Posted under
Uncategorized Looks like another mad rush for borrowers desperate to refinance to a lower interest rate.
With the banks still not cooperating and denying modifications, borrowers are left with little or no choice but to foreclose and go into bankruptcy.
Having been in the Real Estate industry for some time now, I’ve begged my clients time and time again to consult with a Real Estate attorney if none of the tradtional methods work in their favor. Instead most prefer to wait to the bitter end and face the music then.
Anyone reading this blog, please do yourself a favor - prepare, take notes, learn the facts and take action before the bank takes action on you. Don’t jump on the next wave of refinancing only to find that you still can’t afford to make the payments.
For those of you who have families with children, it’s a no brainer. Don’t put yourself into a situation where you have no money to even put food on your table.
Thinking of all your out there. Be safe and have a blessed Christmas and New Year.
Source - Mortgage rates fall
http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=AP&date=20081218&id=9139901
Holly Leano - REALTOR and Sr Mortgage Consultant
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