Mortgage rate update and Bank of America Loan mod stats for Las Vegas Real Estate Blog

(Las Vegas)

“Did You Know?” October 28, 2010

According to the Mortgage Bankers Association, 82% of all mortgage activity today, nationwide, is refinance activity.

You can visit the Mortgage Bankers Association website for news and media on this subject.

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From MarketWatch: “Rate on 30-year mortgages up second straight week”

For more info: Visit Market Watch on the web

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“Bank of America Completes 700,000 Mortgage Modifications; 16,500 Added in September


GOOD QUESTION I WAS ASKED THIS WEEK....

Q: “Can I get a VA loan if I have had a recent bankruptcy?”

The fact you and/or your spouse have been adjudicated bankrupt does not in itself disqualify you for a VA home loan. The following rules apply:

· If the bankruptcy was discharged more than 2 years ago, it may be disregarded

· If the bankruptcy was discharged within the last 1 to 2 years, it is probably not possible to determine that you and/or your spouse are a satisfactory credit risk unless both of the following requirements are met:

· you and/or your spouse have reestablished satisfactory credit, and

· the bankruptcy was caused by circumstances beyond your and/or your spouses control (such as unemployment, medical bills, etc.)

· If the bankruptcy was discharged within the past 12 months, it will not generally be possible to determine that you and/or your spouse are satisfactory credit risks.

GOOD QUESTION I WAS ASKED LAST WEEK....

Q “I’m a real estate agent new to short sale. Is there anything you can send me to help?”

A: “10 Tips to a Successful Short Sale” is an education guide that can be found at the Bank of America Real Estate Agent Resource Center, along with many more tools and resources to help you navigate the Bank of America Short Sale process.


Always FREE real estate consultations Short Sales, home loans, home buying, HARP refi, any refi, FREE home valuations when you Contact me. Please leave a property address and return email, have a blessed day!