Mortgage Rates

What Will Happen When The Fed’s Raise Interest Rates?

We fully expect the Fed’s to raise the Federal Funds Rate 0.25% at either their October 28th meeting or December 16th meeting. This is both good and bad for mortgage rates.

The federal funds rate is the interest rate at which depository institutions actively trade balances held at the Federal Reserve—called federal funds—with each other. That’s the technical definition — but simply put, it’s the interest rate charged by commercial banks to other banks who are borrowing money, usually overnight. Banks use the Fed funds rate to base all other short-term interest rates such as interest rates paid on deposits, bank loans, credit cards, and adjustable-rate mortgages.

How it relates to long term 30 year fixed Mortgage Rates is tricky. The Fed’s raising the Fed Funds Rate signals to us that the end of ultra-low interest rates is upon us. And we will be entering an environment of both a stronger economy and raising interest rates.

A 1/4 point increase in the Fed funds rate could slow growth and prompt a decline in the stock markets. Money flowing out of the stock market will flow into the bond market creating more demand for mortgage bonds and thus lower interest rates.chart

The targets for appropriate federal funds rates by FOMC participants is plotted in a chart that has come to be known as the “dot plot.” – Sept 17th “dot plot”

Regarding when the FED will raise rates, Fed Chair Janet Yellen said at her Sept 17th Fed Meeting “Inflation continues to run below target;” “International development will continue to exert downward pressure on inflation;” “A rate hike will come from further improvement in the labor market and when we are confident that inflation will return to 2%.”

We predict in the short term interest rates to Roller Coaster. Even at times going lower than where they are at today and other times raising 0.25% to 0.375% very quickly, maybe even in a matter of days. In the next 90 days we expect a lot of volatility in the bond markets, stock markets, and oil markets. We expect the longer term trend of higher mortgage rates.

 

 

 

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Today’s Rates 7-31-2015

Today’s Rates Look Great! Click on the image below to get a customized Rate Chart. Hurry before the FEDS Raise Rates.

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30 Year Mortgage Rates as Low as [shortcode_magic id=”2557″]

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“Everything went smooth. We are definitely happy with our rate of 2.875%. We will be recommending you to anyone looking to buy a home”

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headshot“Thank you. Out of all the mortgage people that I spoke with you were the most personable. Thanks for helping with my refinance”

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“Anthony got us a better rate than we could find anywhere else. He even reduced our closing costs by over 1/3! It was our best mortgage experience”

Donovan Gross, Salt Lake City Utah

Mortgage rates are once again at record lows – Call 801-206-4343 before it is too late

Anthony VanDyke
Utah Mortgage Rate Specialist
801-206-4343

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15 Year Mortgages On Sale

You may be one of the many people rush around on Black Friday every year to take advantage of specials on some gifts and electronics. While that can save you a few dollars, if you’re a homeowner, or buying a home, you should be aware of one of the great bargains available today. That is the current interest rate on 15-year fixed mortgages.

Understanding the Value of Historically Low Rates

Mortgage lenders traditionally price the rates for 15-year conventional mortgages at around .5% below the rate for 30-year loans, as they present a lower risk. However, we are now seeing a situation today where the shorter-period loan has an unusually high differential of .76%

Anyone who understands the time value of money will appreciate just how much difference such a seemingly small amount in your interest rate makes over the life of a mortgage. For example, if you take out a $200,000 conventional fixed mortgage today for 30 years at the prevailing 3.75%, you will pay $926 a month in principle and interest.

However, the same $200,000 on a 15-year fixed mortgage is available for only 2.99%. This would mean you have a monthly principle and interest payment of $1,380. That small increase in your payment has very significant meaning to you as a homeowner. Instead of paying nearly double for your home over the 30 years, or $133,433 in interest, you only pay a total of $48,436 in interest on the 15-year home loan.

Doing the Numbers

If you’re a savvy shopper and always look for the best discounts, these numbers are worth understanding fully. For example, the $85,000 you save in real interest costs means you are effectively saving more than $472 a month if you spread that savings over the 15 year period. That alone is more than the increased monthly payment, so you can look at it as a form of tax-advantaged savings.

However, the advantages go far beyond this significant amount of savings on interest paid. A major factor is the ability to totally pay off your home 15 years early. Stop and consider what your retirement fund would look like if you continued to make that mortgage payment to yourself over the next 15 years. At even a conservative rate of return of 6%, that would accumulate to more than $400,000, twice the original amount of your mortgage!

Plus, your home is paid off, meaning that instead of making a payment for 30 years to pay off your $200,000 mortgage (and giving your banker $133,000), you end up with a debt-free home (at its increased value) plus $400,000 in your retirement account.

In just about anyone’s book, that is called a big win-win scenario. Even if you’re currently paying on a current longer-term mortgage, we can help you evaluate the economics of refinancing to take advantage of these unprecedented rates. Of course, rates change daily, and, like your favorite shopping time, it’s important to take advantage of these bargains while they’re still available.

Call Anthony VanDyke today and we’ll respond promptly to any of your questions. You can reach us at 801-206-4343 and we can help you take advantage of a great rate on your own 15-year mortgage. Don’t miss out on what this will mean to your financial status today and in the future.

 

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Obama Lowers FHA Mortgage Insurance by 0.5%

obama fhaIf you were afraid that you had been left out of the housing market, your situation may have been changed dramatically with President Barack Obama’s announcement Jan. 8 in Phoenix of a 1/2 percentage point reduction in the premium new borrowers pay for FHA mortgage insurance.

This is exciting news for anyone who has been contemplating purchase of a new home. Effectively, it means that buying power has been increased substantially, the average buyer’s payment will be reduced by about $90 a month. In practice, a buyer who previously qualified for a $200,000 loan could now be approved for a $220,000 mortgage, for the same payment.

It is also good news for those who entered into a loan during the past three years. Refinancing now with the new rate would result in a savings of more than $1,000 a year. The new premium rate will become effective towards the end of January.

The action reflects a healthier U.S. housing market, in addition to the improved condition of the FHA single family mortgage insurance fund, which has increased in value by $21 billion over the past two years. Castro noted in his announcement that this reduction in rate is a “prudent measure” that will keep the FHA on a “positive financial trajectory.” The rates were initially increased in 2009 in response to the country’s severe housing crisis, action taken in an effort to stabilize the MMI Fund. Observers had previously predicted that the president would recommend lowering FHA premiums. The Obama administration has reportedly been seeking a way to jump-start the U.S. housing market once again, even considering moves that would sidestep Congress. Whether this is the only such action to be taken remains to be seen.

This week’s action is expected to allow more than two million Americans to realize the dream of affordable home ownership over the next three years. While the whole subject of home pricing, mortgage lending and recovery after the housing bubble burst is complicated, this is seen as a positive move, particularly in areas like Phoenix which have yet to regain the robust values and sales records of the past. Traditional housing market rebounds have signaled economic recovery; that has not occurred during this downturn and it is hoped that this action will help to spur a renewed interest in home ownership, and lead to a new home buying surge.

If you have any questions about what this means to you as a prospective buyer, or if you have an existing loan that might benefit from refinancing, contact me at your earliest convenience to discuss the options. More details will become available in the coming weeks, but as a professional mortgage loan officer specializing in FHA financing, I have my eyes on the pulse of the market and will be happy to discuss possibilities with you.

 

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Solving the Mystery of the Reverse Mortgage

Happy mature couple outdoors.The term “reverse mortgage” is one that most Americans have heard, yet many may know little about. Unlike refinancing a regular mortgage loan, this type of loan product usually allows homeowners to convert part or all of the equity they hold in their homes to cash without moving out of the home or making payments.

However, because there is more than one type of reverse mortgage loan, it has become a confusing topic. Keep reading for some detailed information designed to remove the mystery and help Salt Lake City residents determine whether a reverse mortgage is right for them.

Understanding the Three Types of Reverse Mortgage

  • Single purpose reverse mortgages are typically offered by some type of government agency or nonprofit organization and limited in scope, usually for the purpose of assisting with property taxes, home improvements or some other type of repair or need
  • The second type, sometimes called a Home Equity Conversion Mortgage, or (HECM), is a type of reverse mortgage that is federally insured through the United States Department of Housing and Urban Development and has no usage or income requirements
  • The third type is called a proprietary reverse mortgage, and is actually a type of private loan, specifically backed and developed by individual companies

Cash Out Payment Options

Since the single purpose reverse mortgage is taken out for a specific purpose, it does not usually include a payment plan to the homeowner. The HECM and proprietary reverse mortage, however, both include payment options that the homeowner should understand.

HECM Payment Options

  • a monthly cash payment that is fixed for a certain amount and period of time
  • a monthly cash advance on a tenured plan for the length of time the homeowner remains in the home
  • a line of credit option that can be accessed as needed, until the full amount is drawn
  • a combined option that includes a monthly payment plan, plus an accompanying line of credit

In most cases, these payment options can be changed at any time after the loan is in place for a nominal fee.

Considerations That Homeowners Should Understand Before Taking Out a Reverse Mortgage

Borrowers should be familiar with possible risks and issues that can be part of the reverse mortgage process, including, but not limited to, origination fees, closing costs, service fees and interest accrual. In addition, homeowners should understand that they will continue to be responsible for upkeep, taxes, utilities and other expenses normally incurred by homeowners even after the reverse mortgage has been taken out.

Is a Reverse Mortgage Right For You? 

Because each homeowner’s situation is different, it is important to seek the guidance of a trusted loan professional when exploring the possibility of a reverse mortgage.

As a professional mortgage loan specialist serving the Salt Lake City area, I take my client’s needs seriously and use my knowledge and experience to help them determine if a reverse mortgage, or any other type of home loan product is the right move for them.

Call or come see me soon, and let’s work together to see if a reverse mortgage is right for you!

 

 

 

Source: http://www.consumer.ftc.gov/articles/0192-reverse-mortgages

 

 

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Recent FICO Credit Score Changes Help Borrowers

main-image-FICO-standardThe Fair Isaac Corp., better known as FICO, is the most widely recognized and used credit score in the nation. They have recently adjusted their metrics in a way that helps borrowers qualify for loans much easier than in the past, since the recession. This action should help Salt Lake City Realtors sell more property, as mortgage money will be more available and more buyers will qualify.

The Primary FICO Changes

FICO carefully protects its algorithms and formulas to thwart people from “beating the system.” However, the major changes announced recently are more straightforward and clear than the consistent “tweaking” that FICO typically makes in its calculation formula.

The significant changes center on two issues that have been debated for eons, it seems.

  • FICO will no longer consider paid collections in their credit score calculations. Consumer credit scores have historically been hurt by collections even after these collections were paid in full.
  • FICO will now apply less weight to unpaid medical bills that have been given to collection agencies. In the past, FICO penalized consumers for even the smallest unpaid medical bills.

For decades, consumer supporters and experts have argued these points with anyone or entity that would listen. They have maintained that penalizing consumers for unpaid medical bills of a few hundred dollars, often just the patients’ health insurance deductibles, the same as having a delinquent $40,000 auto loan or a six figure home mortgage loan, was unfair.

Similarly, penalizing borrowers settling their debts, whether in full or for less than the full outstanding balance, was equally unfair and excessive. It appears that lenders and the CFPB agreed with this position.

FICO either will no longer penalize consumers, in the event of paid collection debts, or greatly reduce score penalties on the over 64 million Americans that have one or more medical collection accounts on their credit report, or the over 100 million consumers that have a collection account on their report, if the collection has been paid or settled.

These enhancements help lenders because they result in greater precision. At the same time, the median FICO Score for consumers whose only major derogatory references are unpaid medical debts is expected to increase by 25 points. This is good news for people trying to get a loan. They will either receive better interest rates or now they will qualify when they didn’t qualify before.

Effect of FICO Changes

These changes should elevate the credit scores of millions of prospective borrowers, allowing them to qualify for loans and mortgages previously unavailable since the recession. You won’t be surprised that critics of the new features are exercising their dissension.

At least one critic chacterized these changes as something like a “sharp knife–if you don’t know how to use it, you can cut yourself.” Most critics fear that more consumers, inexperienced or uneducated in managing debt, will only dig deeper holes in their debt profile, making them less able to handle credit.

However, most consumers will sleep more soundly knowing that, even if their credit reports formerly had some warts, they may now qualify for financing for autos, homes and other financing. The minimization of settled collection accounts, which formerly negatively counted as much as home foreclosures, from credit score calculations will help many borrowers meet lender qualifications.

Supporters of these changes foresee no significant increase in risk for lenders using the changes wisely and liberally. It appears they are correct, as the elimination of medical collections and the penalty minimization of paid collection accounts should not increase the repayment risk to unacceptable levels.

Lenders and Consumer Financial Protection Bureau (CFPB)

The FICO change culminates months of discussion and debate between some top lenders and the CFPB. Their joint goal was to fuel more lending without increasing lender credit risk. During and after the recent recession, most lenders have made loans only to the best quality borrowers having blemish-free credit reports.

Consumer lending, including home mortgages, has suffered greatly. Many borrowers, previously shut out by lenders, may now qualify for the loans they want. Instead of facing rejection or, at best, higher than market interest rates, these borrowers may now receive approvals because of the agreement between lenders and the CFPB.

These changes should enhance all banks’ ability to make loans to previously unqualified borrowers since credit standards were severely tightened during and after the recession. The key FICO changes in their score calculations should ensure that millions of borrowers will now qualify for bank loans, without forcing the lenders to dramatically loosen their credit standards.

sources:

http://online.wsj.com/articles/fico-recalibrates-its-credit-scores-1407443549?mod=_newsreel_4

http://www.myfico.com/products/ficoone/

 

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The Cost of Waiting

Dollars and Sense Approach Points to Present as Good Time to Buy a Home

With the housing crisis of the past several years, some analysts see the downward trend of home ownership continuing, at least temporarily, as millenials struggle to pay off their student loans and wait for good job offers following the recent dry job spell.

But is home ownership still desirable? And, if so, does it make sense to buy now if possible, rather than waiting a year or more?

The answers on both counts are a definite “Yes.”

Why Buy?

Whether individuals and families buy a home as a financial investment or for the freedom and independence it offers, there are solid dollars and cents reasons for doing so. Tax legislation favors homeowners over renters, and building equity has a number of advantages over the long term.

A Matter of Finances

Current affordability is a key factor in the decision to buy now. But prices are trending upward. The appreciation levels of the past are not expected to return, but homes next year will almost certainly be more expensive due to:

Demand Exceeding Supply:

2.2 million jobs created in the last year
÷1.01M total permits for new homes
= 2.2 jobs / per new housing unit created
1.2 is considered normal

Pent-up demand for 25-34 yr. olds

house values one year later

 

 

Interest Rates

  • The Fed is tapering
  • The US has to rollover an enormous amount of debt
  • Reasonable estimate is an increase in mortgage rates in 1 year is 1/2%

monthly payment 1 year later

 

 

 

 

If Interest rates rise a 1/2 percent next year the difference between buying today and buying next year, assuming equal mortgage amounts, could be substantial. A $285,000 mortgage would cost $85 more each month or $1,020 more over a year with a 1/2 point increase.

This equates to $17,000 in purchasing power, meaning your buyer now qualifies for $17,000 less than they did 1 year ago.

 

Total Savings

Common sense and simple math calculations show that buying now is a good decision for those who can qualify and have sufficient down payment and income. By acting today, the buyer would gain that equity, qualify for more, and save those dollars.
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SOURCES: http://finance.yahoo.com/news/end-sight-millenials-struggling-property-040001631.html,http://www.realtor.com/home-finance/homebuyer-information/good-reasons-to-buy-a-home.aspx?source=web,http://www.usatoday.com/story/money/business/2014/06/14/three-reasons-not-to-buy-a-home-now/10387419/U.S.Census BureauAppreciationInterest

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How will the jobs numbers impact mortgage rates?

Currently, Utah 30 year fixed-rate mortgage rates are coming in around 4.14% which is significantly lower than the 4.85% high and not much higher than the low of 4.08%. For most home buyers, this may be a good time to consider getting a free rate quote to see what rates you may qualify for.

Back in March, we reported that 10 year treasury notes were trading at about 2.790%. This had been a significant gain and reflected the largest gain since early in December. However, 10 year treasury notes are currently yielding 2.538% another dip. It is widely expected if Treasury Secretary Janet Yellen indicates any change in her current position of leaving interest rates low until mid-2015, that these rates could increase even further.

Job numbers and their impact

Last week’s better-than-expected job numbers did not have as much impact on mortgage rates as originally anticipated. In fact, last week rates remained pretty stable when everything was taken into consideration. Going forward however there is a really good chance we will continue to see rates increase if the job numbers continue to improve.

What is the Federal Reserve doing?

The Federal Reserve has been cutting back their quantitative easing program at the rate of about $10 billion per quarter. Currently, the plan is to completely eliminate the bond buying program by the end of October. Most people believe that at that time we will see a slight increase in overall mortgage interest rates.

How will these factors impact rates?

Assuming that consumer confidence continues to improve, the job numbers continue to improve and the Fed goes forward with eliminating the quantitative easing in October, it is highly likely that as the fall progresses we will see interest rates increase.

For those who are considering purchasing their first home, the time to start shopping for a mortgage may be now. In fact, chances are we will not likely see mortgage interest rates this low if the overall economic news continues to be positive.

Whether you are considering buying a home or you are considering refinancing, you can take advantage of these rates by requesting today’s mortgage interest rates and finding out whether this is the time to consider making the most of lower rates while they are still available.

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Mortgage Rates Move Lower after Last Week’s Fed Announcement

Monday Mortgage Rate Update

March 26th 2014

Mortgage rates stabilized this week in the wake of reaction last week to the Fed’s hint that they would raise their rates sooner than the anticipated target date of late 2015. Even though the Fed fund rate is not directly tied to mortgage rates, even the smallest news that the Feds will hike their target rate can have a profound effect on the financial markets.

Last Wednesday, when the announcement came out, mortgage rates rose from 4.43 to 4.53, a full tenth of a percent. Because the financial markets had already had time to ponder news of the coming rate hike at length, however, reaction was not as extreme as it might otherwise have been. It now remains to be seen whether rates will come back down to the lower levels seen at the beginning of last week.

Get a Customized Rate Quote Today

The 30 year mortgage fixed rate mortgage declined a bit this week from the high of 4.56 percent seen last Thursday, the day following the Fed statement. This week, the rate declined a bit from Friday’s closing figure of 4.53 and has held steady at 4.51, with only sideward movement.

There are a few events this week that might affect rates. On Wednesday the Treasury will auction 5-year notes, and on Thursday it will be auctioning off 7-year notes. Demand for U.S.-backed debt is generally good for the mortgage rates, so if the auction results are strong, there might be a slight decline in rates toward the end of the week.

Check to Get the Your Competitive Rate Quote Today

Although the rise in rates of almost .125 of a percentage point last week may seem like a disadvantage to buyers, it is important to consider that the busy real estate season is approaching and that even a small additional rate increase, combined with greater demand for housing, will boost the cost of home ownership considerably. Especially if rates drop slightly by the end of the week, now could be a good time to lock your mortgage rate.

March 10th 2014

 

Following last Friday’s release of a stronger-than-expected Employment Situation report — the most important gauge of the nation’s economic health —  the Utah mortgage rates immediately rose to their highest level in 2 months.  Although rates rebounded slightly by the end of the day, last week was overall the worst for mortgage rates since August, 2013, with rates reaching levels not seen since January 15.

Get a Free Utah Mortgage Rate Quote

Treasury Rates were also influenced negatively by good news on the job front.  The interest rate on the 10-year Treasury note closed 5.5 basis points higher at the end of the week, at 2.790%.  The 10-year note interest rate for the week as a whole rose 13 basis points, which represents the largest weekly gain since early December.

The Federal Reserve will hold their next policy meeting on March 18-19 to determine whether it should continue to scale-back the central bank’s bond-buying stimulus.

Get Today’s Salt Lake Rates Customized for You

The Employment Situation Report contained an interesting piece of data concerning the effect of winter weather on the job market.  On average, 70,000 workers lost a full week of work in February due to inclement weather, but this year the figure was 120,000.  One way to interpret that data is to argue that the payroll prints, which have declined significantly in the last few months, would have been stronger were it not for the severe weather.

However, some analysts feel that there may be another element of volatility that is affecting the lag in payroll creation.  If payroll creation remains at its current average even once the weather improves, it will be good news for those who want mortgage rates to remain low.  Right now it is a waiting game.

Call 888-425-9035 to get a free customized rate quote.

Many mortgage analysts predict that rates could move still higher by the end of the week.  The advice for those floating Utah mortgage rates in anticipation of a quick closing is to lock your rate soon.

 Source: http://www.mortgagenewsdaily.com/consumer_rates/347735.aspx; http://www.mortgagenewsdaily.com/mortgage_rates/blog/347607.aspx; http://www.marketwatch.com/story/10-year-treasury-yield-highest-since-january-2014-03-07

 

March 3rd 2014

Over the last week of February, mortgage bonds that serves as a benchmark for many mortgages have gone up in value, slightly lowering Utah mortgage rates.

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Based on daily treasury yield curves from the U.S. Treasury Department, the 10-year Treasury closed last week at a yield of 2.73 percent, down from the monthly high of 2.80 percent set on February 12. While the treasury’s yield ticked upwards during the beginning of the week, by the end of the week, bond values surged, dropping its yield to a much lower 2.66 percent. This correlates to lower mortgage rates by about 0.125% lower in rate.

The current yield represents a three week low for the benchmark bond. Much of the increase in its value comes from traders and investors that are seeking safety in the aftermath of the political tension in the Ukraine. The fear caused by the unrest related to disputes with Russia over the Crimea, balanced out good economic news in the Midwest, growing interest in home buying and positive measures of consumer confidence.

Get Today’s Rates Customized for you

While the economic recovery remains weak, global signs remain positive. All of this points to ongoing support for the Federal Reserve’s tapering policy. As the Fed continues to taper bond buying, the next step is to allow interest rates to gradually return closer to historical norms. Higher interest rates will impact the cost of borrowing across the board, making everything from car loans to residential and commercial real estate loans more expensive.

While this week’s fluctuations in mortgage rates were largely due to external forces, they remain a reminder that the market is ready to move yields around. Given the pressure from the Federal Reserve, it is likely that utah mortgage rates will continue to whipsaw in an overall upward direction for the foreseeable future, making it risky and potentially expensive to wait to take out new financing.

Call 888-425-9035 to get a free customized rate quote.

We recommend cautiously floating, but being ready to lock in at a moments notice.

Sources: http://www.bloomberg.com/news/2014-02-28/treasuries-drop-as-euro-area-inflation-beats-economist-forecasts.html           http://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield            http://www.cnbc.com/id/101456776

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Financing Investment Property for Aspiring Landlords

Buy Fannie Mae foreclosures

Instead of a traditional conventional investment property loan that requires up to 25 percent down and up to 10 financed properties, an alternative is the Homepath program that allows investors to buy Fannie Mae foreclosures.

The program allows 10 percent down, no mortgage insurance, no appraisal and up to 20 properties can be financed, says Anthony VanDyke, president of ALV Mortgage in Salt Lake City, Utah. Renovation financing can sometimes be included, VanDyke says.

There are a few downsides: There’s a small selection of homes because Fannie Mae doesn’t foreclose on many homes, and the program may go away as foreclosures slow down.

 

Read the Full Article Here:

http://www.mortgageloan.com/financing-investment-property-aspiring-landlords-9679

 

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