I got so many email updates on news for buyers, sellers, and home owners this morning I'm just going to list it all out!
- Banks will go after people that walk away from mortgages or sell in short sales- they have up to 6 years in Oregon to take a former mortgage holder to court and get a settlement to pay the difference. Numbers of banks doing this actively will likely increase after the foreclosures ramp up this year.
- 20% of home buyers are single women, and they are focusing on eco-friendly homes- consider this when making upgrades or buying new appliances!
- Fannie Mae homes sold under the HomePath program will come with 3.5% of closing costs paid for buyers, and the option of using some of that money to buy new Whirlpool appliances. The sales must close by May 1st, way before the first time home buyer tax credit expires. This program works with the $8000 First Time Home Buyer tax credit, or the $6500 Moving Buyer tax credit.
- Interest rates have been hovering around 5% for FHA and VA loans, a little lower for conventional financing, but economists and loan officers expect them to shoot up to 6-7% this summer.
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