Amazing New Programs

I love it - the opportunity to help Covenant customers find a solution. There is a new program that is now available called the Home Affordable Program - with this program you can refinance your first mortgage even if you are "upside down" up to 105%.

The new cash out limitations are now 85% for FHA loans and 80% for conventional loans -this is computed by dividing the new loan amount by the actual value of the property.

Also, many customers are confused recently because there home is assessed by the county or local jurisdiction in which they live at a much higher value than the homes actual worth. The only true way to know your homes value is to have an appraisal on the property. There are a couple of online tools that may give you a general idea of your homes worth - here are the links:
www.yahoo.com/realestate and www.cyberhomes.com

Rates are at historic lows - there are many new exciting programs available - give us a call at 888-780-8781 or visit our website at www.covenantfinancial.com to find out how company can help you be a better steward of your finances.

Home Buying

While I'm sure there's plenty to debate about the new stimulus bill, there does appear to be a very tangible benefit for new homebuyers. A tax credit, paired with the current low interest rates, more affordable home prices and motivated sellers makes this a great buyers market.

If you have been on the sidelines, now may be the time to test the waters. For what you are paying in rent, you may be able to own your own home. Wouldn't that be a great Valentine's gift?

New Websites Coming

Check back next week for updated websites that we will post links to -

Also, even though rates have risen slightly in the past 10 days - we expect them to come back down in the next week or so.

Rich

Even Better Rates

Rates continue to drop - the main question is, "how long will this last?" If you've been on the sidelines, now is the time to act. In the past year, these low rate "seasons" have been short and those trying to time the bottom missed out. If you like it, lock it. Give us a call today at 1-888-780-8781.

Karen

Great Rates

As you may have heard on the news, rates have come back down! Finally, we're seeing mortgage rates that make sense with everything else that's going on in the market. If you've been waiting for the rates to be in the 5's to purchase or refinance, now is the time to move!

We do hope the rates remain low for an extended period of time, however, recently that has not been the pattern. So, if you've been on the sidelines, we suggest that you act quickly.

If you need to be approved to purchase a home or are looking to refinance for any reason, give us a call at 1-888-780-8781.

Hope you had a wonderful Thanksgiving. God's blessings are never ending.

Karen

Better Days

The Robbie Seay Band has a song that says "here come better days." In the market we're currently in, we can stand on that promise! As Rich mentioned in his last post, we saw a huge spike a couple weeks ago in mortgage rates, but they have continued to come back down.

If you're in the market for a mortgage right now, whether for purchase or refinance, our advice is "if you like it, lock it." We've seen people miss an opportunity for a great rate or program because they were hoping it might get a little bit better, only to find themselves in the midst of market turmoil.

If you're a first time home buyer, we understand that this market can seem scary but that's why we're here - to help walk you through it and explain what's happening each step of the way. You can still purchase with very little money down or $0.00 down payment if you qualify for a VA (veteran) loan. There are affordable homes available and seller help for closing costs. The down payment amount will be increasing slightly beginning next year so now is a great time to act.

Rate Update

Hey folks - interesting times in the market. That's an understatement!

Rates skyrocketed over the last week and have just begun to normalize. The unintended consequence of the TARP legislation ( that is the nickname for the rescue/bailout) is that mortgage rates increased due to credit spreads -however, as the credit market begins to "thaw out" we expect rates to normalize.

What does all of that mean in layman's terms - rates are higher rate now but we expect them to move lower in the next couple of weeks.

Rich