Some major industry news today:
The economic stimulus plan passed, fortunately without the cramdown proposal attached.
The President has proposed using $250 billion to establish a "bad bank" to buy the under-performing assets from banks. Ironically this was the original intent of the TARP so many months ago.
Some loans approved today:
Loan #1: $525,000 refinance. 5.75%, 30 year fixed . One point origination fee. The credit score on this one was 685.
Loan #2: $380,000 purchase. 5% down payment, 680 credit score. The rate on this one will be 5.125%, with one point for origination.
Have any questions? Looking to apply for an FHA or jumbo mortgage in Washington DC, Virginia, Maryland, or Florida? Just email me or reach me on Twitter and I'll be in touch.
16 hours ago
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