Dan Magstadt's Mortgage Blog

  There have been quite a few rumblings about the USDA program over the last few weeks, and I just got some concrete news – USDA is on track to run out of funds by the end of April. Following is a portion of the letter from them: This message is to notify you that program funding for the Single F...

I had to post this after the two marathon loans I just got to closing - Enjoy!! 'Twas an hour before closing and the agents were tense, to close Christmas Eve just didn't make sense. But the seller was booked on the 6 o'clock flight and had warned "THERE WILL BE A CLOSING TONIGHT!" The agents agr...

Probably the biggest question I get these days is "Has the $8,000 tax credit been extended??" The short answer is NO. There are bills in the Senate right now that are anticipated to be approved in the coming days, but nothing is concrete at this point. A few points about the proposed extension: T...

Many people are talking about repealing HVCC...the law stating that mortgage brokers cannot be involved in choosing the appraiser or ordering an appraisal on a conventional loan. I truly hope they do repeal this, however the real news of the day is that FHA is now following in Fannie & Freddie's ...

Lake City, Florida's top plumber is Plumbing Now!! I recently needed a plumber to handle a plumbing emergency in the Lake City, FL area, and called Plumbing Now - I was thouroughly impressed with the experience. The name Plumbing Now describes their service perfectly. Their friendly office manag...

Gainesville, Florida's top plumber is Plumbing Now!! I recently needed a plumber to handle a plumbing emergency in the Gainesville, FL area, and called Plumbing Now - I was thouroughly impressed with the experience. The name Plumbing Now describes their service perfectly. Their friendly office m...

In-Depth information on the Mortgage Disclosure Improvement Act of 2008 - MDIA  This is a lot of reading, but it's all important information!! Well, the government's done it again! They're trying to streamline & improve mortgage disclosure for borrower's and in the process they've made life a lot...

More FHA loans were originated in June than ever before. FHA guaranteed almost 186,000 mortgages in June, a monthly record for the agency in its 75-year history. The total number of FHA loans originated last month surpasses the previous record of 157,000 set last October. Having never crossed the...

The market value of your home is not: • What you have in it • What you need out of it • What it is appraised for • What you heard your neighbor’s house sold for • What the tax office says it is worth • What it is insured for • Based on memories and treasures • Based on prices of home where you a...

Mortgage rates fell to the lowest level since May as home-loan refinances surged. Rates had reached record lows of 4.5% for a 30yr fixed rate loan in April until the end of May where they spiked over 1½% in two days time. Since then they've slowly edged back down - Today the average 30-year rate ...