Hojin’s Southwest Orlando Real Estate Scoop

After getting a $11.5 billion line of credit from Bank of America, Countrywide announced it will layoff 12,000 employees which is 20% of their workforce. They then announced it will be giving Bank of America a minority stake in the company for another $2 billion dollar cash infusion. Up until this time, Countrywide had [...]

Popularity: 7% [?]

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The large national home building company Hovnanian reported a $80.5 million dollar loss for the third quarter of 2007. The president of the company, Ara K. Hovnanian, stated he expects the challenges in the housing market to persist throughout 2008. He attributes this decline to the tightening to the credit market reducing the number of [...]

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The life of a mortgage loan is not as simple as it once was. Up until about a decade ago, lenders made loans to homebuyers and held onto the loan until they were paid off, [...]

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Chairman Bernake announced the other day that the Federal Reserve will do everything necessary to protect the economy but he also went on to state that they are not going to bail out any homeowners. An estimated 2 million homeowners are at risk of losing their home due to rising payments because of an [...]

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The limit for FHA loans increased today to $268,850 in Orange, Seminole, and Osceola Counties. Since FHA loans are insured by the US Department of Housing and Urban Development agency, it allows buyers to get into a home with a down payment as little as 3%, lower closing costs, and makes it easier to [...]

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CNN’s Gerri Willis recently did a great piece on what to do during this mortgage crisis and she has four tips:

Know Your Lender-make sure the lender you are dealing with can provide the loan they promise and get a signed commitment letter
Minimize Risk-try not to wait more than the typical time of 30 days to [...]

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The Federal Reserve chairman Bernake lowered the fed funds rate by 50 basis points on Friday making it easier for banks to lend money to each other but not necessarily to consumers. The Federal Reserve has effectively made it cheaper and easier for banks to lend other banks money especially for loans of larger [...]

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The uncertainty and fear of the crash in sub prime mortgages are now affecting the jumbo loan market which are loans greater than $417,000. Numerous lenders are refusing these loans altogether and according to bankrate.com numerous lenders are charging exorbitantly high interest rates on such programs and really just pricing themselves out of the [...]

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According to an article in the Atlanta Journal on August 10, HomeBanc made the filing on Thursday in Wilmington, Del. Carol Knies, HomeBanc’s vice president of investor relations said it would sell its mortgage operations and related assets of its HomeBanc Mortgage Corp. subsidiary to Countrywide Financial. HomeBanc originates prime mortgage loans [...]

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According a recent report by cnn.com, buyers with good credit and a good down payment will make out well while all other mortgage applicants should be prepared to pay.  The stock market is going crazy. Hedge funds are going under. But for the average American looking for a home loan, the crisis in the subprime [...]

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