Acre Mortgage Blog

Mortgage Rates Forecast

2010-02-28T12:58:00.000-08:00

Mortgage Rates have been hovering at near record lows for the better part of the past year. All time low rates were reached in April of 2009 then increased gradually through the Summer of 2009 before retreating in the Fall and reaching a new record low once again in December. Since that time little has changed. The average 30-year fixed mortgage rate has remained south of 5%. The question home buyers are asking is how long will rates stay low? For the short term rates probably will not change significantly. Recent economical reports have been mixed. There just has not been a clear indication that the economic recovery has completely gotten over the hump. The monetary policy of the Federal Reserve has been to keep rates down while the economy pulls out of this recession. The Fed has been able to do that by keeping discount rates low and by spending $1.2 trillion in mortgage backed securities. The Fed is expected to complete this spending program at the end of March. Afterwards expect rates to begin rising. Concerns over inflation may also cause the Fed to increase discount rates later this year. Don't expect sub 5% rates for much longer.

Move Up Home Buyer Tax Credit Details

2009-12-13T08:44:00.000-08:00

The Move Up/Repeat Home Buyer Tax credit is a $6500 tax credit available to existing home owners that purchase a new principal residence between November 6, 2009 and April 30, 2010. The deadline for closing on the purchase is June 30, 2010 as long as a binding sales contract is signed by April 30th. To be a qualified move up buyer you must own and have lived in your current principal residence for at least five consecutive years. For married taxpayers both spouses must qualify. The tax credit can be monetized to use for closing costs of FHA-insured mortgages. This means that buyers do not have to wait to file their income taxes to claim the credit. HUD will allow the anticipated tax credit to be used immediately for down payment or closing costs. To take advantage of the move up tax credit fill out an Acre Mortgage loan request form, or give us a call at 800-511-3330.

Credit Score Damage Points Clarified

2009-12-06T07:37:00.000-08:00

There was some misinformation floating around the web this week that FICO had revealed its damage points model for credit scoring. There were some hypothetical examples published by several sources that illustrated different score scenarios of negative credit events such as missing a payment, maxing out a credit card, filing for bankruptcy, ect.

Here is an excerpt from John Ulzheimer of Credit.com in which he clarifies the FICO Damage Points subject:

According According to Craig Watts of FICO, the different score scenarios “aren’t meant to reflect every consumer experience” and that your own personal experience “could vary significantly.”

The ONLY way to determine the impact of changes on your FICO scores is to use their FICO Score Simulator tool that’s within the myFICO website. The downside is that you’d have to buy a credit report from them. The upside is that the score simulations will actually use your credit data and not data belonging to hypothetical consumers.

Home Buyer Tax Credit Extended and Expanded

2009-11-07T06:28:00.000-08:00

The First Time Home Buyer Tax Credit created earlier this year in the Economic Stimulus Packagage has been extended to April 30, 2010. The tax credit was set to expire at the end of November. More significantly, the tax credit has been expanded to include buyers who are not purchasing a home for the first time. A $6500 tax credit is now available to homeowners purchasing a new home that have lived in their current residence for five consecutive years. The credit is limited to purchases below $800,000 and to individuals who earn less than $125,000 per year, or couples earning less than $225,000. To take advantage of these tax credits fill out an Acre Mortgage loan request form, or give us a call at 800-511-3330.

Join our mailing list

2009-10-11T07:57:00.001-07:00

Historical Perspective of Mortgage Rates

2009-10-04T06:54:00.001-07:00

Mortgage Rates have been falling the past few weeks and are near the all time lows we experienced back in April. For most of this year we have been in a period of historically low rates. Just how low are these rates? Compared to a few decades ago they are microscopic. I researched the history of 30-year fixed-rate mortgage over the past 35 years to provide you a historical perspective of mortgage rates. The following is data I gleaned from the Freddie Mac Primary Mortgage Market Survey Archives:

October 1, 2009	4.94%
August 27, 2009	5.14%
June 25, 2009	5.42%
October 2008	6.20%
October 2007	6.38%
October 2004	5.72%
October 1999	7.85%
October 1989	9.95%
October 1984	14.13%
October 1981	18.46%
October 1979	11.64%
October 1974	9.98%

As you can see we are in a period of historically low rates. To take advantage of these extremely low rates fill out an Acre Mortgage loan request form, or give us a call at 800-511-3330.

Without an Extension The Stimulus Tax Credit is Set to Expire in 5 Months

2009-07-01T20:01:00.000-07:00

The $8000 First Time Home Buyer Credit created as part of the Stimulus Package passed by Congress earlier this year is set to expire 5 months from today. There has been much speculation that the tax credit will be extended, but currently there is no definitive indication that Congress will extend the deadline. Right now the clock is ticking. If you have been thinking about purchasing your first home now is the time to act to ensure you capitalize on the credit. 5 months may seem like a lot of time but when it comes to real estate that is not so. It takes time to find the right home, negotiate an offer that is accepted by the seller, get approved for financing, have all the necessary inspections of the home performed, dot all the I's and cross all the T's required, and finally get to the table for closing. So don't delay, get started today. The best way to get started is by filling out an Acre Mortgage loan request form for a pre-approval letter. Having a pre-approval letter helps get the buying process moving because it signals to all parties involved that you are a serious buyer. It also provide leverage in negotiations with sellers.

Acre Mortgage is now on Facebook

2009-06-21T09:27:00.000-07:00

Connect with us on our Facebook page at http://www.facebook.com/pages/Acre-Mortgage-Financial-Inc/90801479170.

How to Monetize your Tax Credit for a Down Payment

2009-05-25T06:23:00.000-07:00

First Time Homebuyers do not have to wait until filing their income taxes to use the the $8000 tax credit implemented in the Stimulus Package earlier this year. HUD is permitting FHA approved lenders to issue short term bridge loans to monetize the tax credit. This enables buyers to use the tax credit as a downpayment and have funds available for closing costs. If you are interested in monetizing your tax credit for a down payment or closing costs fill out an Acre Mortgage loan request form, or give us a call at 800-511-3330.

Jumbo Mortgages Making a Comeback

2009-04-08T19:50:00.000-07:00

Obtaining a Jumbo Mortgage has been difficult since the credit crisis gripped the banking industry last fall. A jumbo mortgage is one that exceeds the conforming loan limit for government backed securities. In most of the country the limit is $417,000, but goes up to $729,750 in high-cost areas. Lenders have been hesitant to issue jumbo mortgages. Only borrowers with excellent credit have been lucky enough to get a jumbo mortgage recently, and even those have been at high costly rates. Things are about to change. Recently Bank of America has begun pushing its jumbo loan program. At the end of April the Bank of America and Countrywide merger will be complete and that will further expand the BoA offerings of jumbo mortgages. Other lenders such as GMAC are following suit with aggressive pricing of jumbos. Availability of jumbo mortgages is increasing.

Fed Pumps $1.2 Trillion into Financial Markets Pushing Rates Even Lower

2009-03-20T19:29:00.000-07:00

On Wednesday the Federal Reserve went on a spending spree to the tune of $1.2 trillion. The Fed is spending the money to buy long term government bonds and mortgage backed securities. The intent is to drive rates lower which should spur consumer spending to help revive the economy. This spending effort by the Fed has had an almost immediate effect as mortgage rates have now plunged below 5%. To take advantage of these extremely low rates fill out an Acre Mortgage loan request form, or give us a call at 800-511-3330.

Tax Tip: Apply your 2009 Home Buyer Tax Credit to your 2008 Tax Return

2009-03-17T17:07:00.000-07:00

Here is some important tax information you may not be aware of. The $8000 First Time Home Buyer Tax Credit available for purchases between January 1, 2009 and December 1, 2009 can be applied to your 2008 tax return. Which means if you are a qualified first time home buyer and you have purchased a home this year you don't have to wait until next year to claim the credit. If you are buying a home and would like to claim it on your 2008 tax return, but have already filed your 2008 return, you may file an amended 2008 return in order to claim the credit. Consult with a tax professional for more details.

Stimulus Bill Increases Reverse Mortgage Limits to $625K

2009-03-09T19:12:00.000-07:00

The American Recovery and Reinvestment Act that was signed into law on February 17, 2009 includes increased loan limits for FHA Home Equity Conversion Mortgages (HECM). HECM Loans are commonly referred to as reverse mortgages. Reverse mortgages are becoming increasing popular for senior Americans to help meet their financial needs. The new HECM loan limit is now $625,000. The increased limit will allow even more seniors to participate than ever before. This limit is only effective for 2009.

If you know someone 62 years or older that owns their home and is struggling to make their payments you should have them contact Acre Mortgage immediately to discuss how a Reverse Mortgage can help. Visit www.acremortgageforseniors.com for more information, or call us at 1-866-377-2111.

Acre Mortgage Profiles on Kudzu

2009-02-28T12:19:00.000-08:00

Several Acre Mortgage branches have Kudzu.com Profiles. The following profiles have been updated recently:

http://philadelphia.kudzu.com/merchant/14511082.html

http://newjersey.kudzu.com/merchant/11696340.html

http://newjersey.kudzu.com/merchant/11847918.html

http://newjersey.kudzu.com/merchant/14527589.html

http://newjersey.kudzu.com/merchant/11821569.html

Acre Mortgage is Looking for a Few Good Branches

2009-02-25T16:51:00.000-08:00

If you are a mortgage broker interested in pursuing a net branch opportunity give us a call at 856-810-1000. We are looking for a few good branches! Acre Mortgage is currently licensed in the following states: Alabama, Arkansas, Connecticut, Delaware, Florida, Kentucky, Louisiana, Maryland, Massachusetts, Missouri, North Carolina, New Jersey, Pennsylvania, & Tennessee.

Stimulus Package Contains Substantial Home Buyer Tax Credit

2009-02-18T16:45:00.000-08:00

On Feb 17, 2009 President Obama signed the much anticipated Economic Stimulus Package dubbed the American Recovery and Reinvestment Act into law. This Stimulus Package has a very substantial tax credit available for first time home buyers. Here the details on the credit:

The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000
Available to First Time Home Buyers. A First Time Buyer is defined as someone who has not owned a principal residence in the previous three years.
Any type of home that is a principal residence qualifies. This includes single-family detached homes, attached homes like townhouses and condominiums, and mobile homes.
Applies to purchases made between January 1, 2009 and before December 1, 2009.
The full tax credit is available for Single taxpayers with a modified adjustable gross income up to $75,000 and $150,000 for married taxpayers that file joint returns. A partial tax credit is available for taxpayers with greater earnings.

Now is a very advantageous time to buy a home. Home prices have steadily declined in value in most areas of the country since autumn of 2007. This has resulted in a slew of affordably priced homes available for sale. The $8000 tax credit included in the Economic Stimulus Package gives people another great reason to buy a home this year. Contact Acre Mortgage and we can get you pre-approved so you can begin shopping for a new home, or if you are already in need of financing we can help you with that. Give us a call at 800-511-3330.

Acre Mortgage Haiku

2009-02-13T16:11:00.000-08:00

Our crack marketing staff here at Acre Mortage & Financial, Inc. have come up with an entry for The Haiku Buckaroo Contest. So without further ado here is our submission for the contest:

Mortgage rates are down
A great time to refinance
Call Acre Today

Give us a call at 1-800-511-3330 and we will help you save money by refinancing your current mortgage.

Mortgage Rates Fall Slightly This Week

2009-02-12T17:16:00.000-08:00

Mortgage Rates fell slightly this week to 5.16% on average for a 30-yr fixed mortgage according to the latest rate survey released by Freddie Mac. Rates for 15-yr fixed mortgages as well as 5/1 ARM also dropped slightly. This continues a see-sawing of rates in recent weeks since bottoming out below 5% during the second week of January. These are still very solid near record low rates. Click here to see the rate the data thus far for 2009.

Reverse Mortgages from Acre Mortgage are Helping Seniors Meet Their Financial Needs

2009-01-30T12:32:00.000-08:00

Many Senior Americans have felt the pinch from the recent banking and investment crisis. We are most certainly in a recession and it has caused all our retirement nest eggs to shrink. The good news is for many seniors there is still a safe haven in which they can draw money to offset the losses to their retirement accounts. The safe haven I’m talking about is your home equity. A Reverse Mortgage from Acre Mortgage allows you to safely tap into your home equity so you can weather these tough times.

Most seniors purchased their homes long before home values began to skyrocketing in the late 90’s. Even with the recent housing crisis most seniors have considerable equity in their homes. Now is an excellent time for seniors to access that equity via a Reverse Mortgage and use that money in the years that they need it the most and not have to worry about paying it back in their lifetime.

If you know someone 62 years or older that owns their home and is struggling to make their payments you should have them contact us immediately to discuss how a Reverse Mortgage can help. Just click here to fill out our loan quote request form for a no-cost, no-obligation consultation with one of our loan officers, or call us at 1-866-377-2111.

Acre Mortgage Now an Approved PHFA Lender

2009-01-16T13:29:00.000-08:00

Acre Mortgage & Financial, Inc. has recently been approved as a lender for The Pennsylvania Housing Finance Agency (PHFA). The PHFA has a number of terrific programs available to Pennsylvania borrowers such as The HOMEstead Downpayment and Closing Cost Assistance Loan. The HOMEstead Programs offers eligible borrowers up to $14,999 in downpayment and closing cost assistance in the form of a no-interest, second mortgage loan. For more information give us a call at 800-511-3330.

Mortgage Rates fall to 5%

2009-01-11T06:02:00.000-08:00

Mortgage rates have fallen for the 10th straight week. This also marks the 3rd straight week of setting a new record low for the average 30-year fixed mortgage according to Freddie Mac's weekly survey of rates. The Average 30-year fixed rate now stands at 5.01%

Mortgage Rates Drop To Yet Another Record Low

2009-01-03T08:03:00.000-08:00

The average 30-year fixed mortgage rate dropped again this week to 5.10% according to Freddie Mac's weekly rate survey. This marks the third straight week the survey has reported a new record low for 30-year fixed mortgage rates. It also marks the ninth straight week the rate has dropped.

Happy Holidays. Enjoy The Record Low Mortgage Rates.

2008-12-28T13:03:00.000-08:00

Good news for everyone this Holiday Season. Inside your stocking you will find low mortgage rates. Make that historically low mortgage rates.The Wall Street Journal reports that the average rate for 30-year mortage dipped to 5.14% for the week ending December 24th according to Freddie Mac's weekly survey. This is lowest rate since Freddie Mac began doing its rate surveys in 1971.

Loan Limit Increase for Reverse Mortgages

2008-11-12T09:50:00.000-08:00

The U.S. Department of Housing and Urban Development (HUD) adopted a new single national loan limit of $417,000 for Reverse Mortgages. For most areas of the country this is a siginificant increase. The previous lending limits were assigned by county and ranged from $200,160 in rural areas to $362,790 in the highest home value areas. HUD also reduced lender origination fees on Reverse Mortgages. These changes provide senior homeowners more financial flexibility.

If you are considering a Reverse Mortgage, this increased loan limit and reduction in origination fees could now result in you receiving more cash, depending upon your home's appraised value. Visit our sister site http://acremortgageforseniors.com for more details.

Acre Mortgage Approved For NJ Smart Start Program

2008-11-02T09:48:00.000-08:00

Acre Mortgage has recently been approved as a lender for the NJ Smart Start Program. The Smart Start Program offers First Time Home Buyers in New Jersey low-interest fixed-rate mortgages from The New Jersey Housing and Mortgage Finance Agency.

For more information on the Smart Start Program visit http://www.nj.gov/dca/hmfa/consu/buyers/ownprg/smart.html