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The Latest From Chicago Home Partner

Who are Fannie Mae and Freddie Mac and What do They Have to Do with My Mortgage?

Bankers, real estate sales associates and even journalists use the terms “Fannie Mae” and “Freddie Mac” like the names of old friends -- veterans in the mortgage game. We’ve all heard the term and feel like we should remember good old Fannie pinching our cheeks at a family reunion while Freddie flipped the burgers. Don’t be embarrassed if you don’t remember them or even know who they are. Don’t fret if you don’t even know what they are. You’re in good company.

At our company we have challenged ourselves to help educate our clients and potential clients by educating ourselves. Consider this a little brush up on loan lingo that will wipe away that ever so dim question mark that pops up in your mind when these terms are mentioned. Feel free to contact us today and we’ll be glad to answer all of your questions about mortgage-related issues -- or at least we’ll find someone else who can!

Fannie Mae does not Wear a Straw Hat or Crochet Placemats

Fannie Mae is a friendly name for the Federal National Mortgage Association (FNMA). I know, that doesn’t help much, but it’s a start. Fannie Mae is actually a stockholder-owned corporation. Congress chartered the organization in 1968 as a government-sponsored enterprise. The association was actually founded in 1938 during the Great Depression.

The mission of the association is to “provide liquidity and stability to the U.S. housing and mortgage markets,” according to Fannie Mae’s website at www.fanniemae.com.

Fannie Mae works in the secondary mortgage market. It doesn’t make loans directly to buyers, but rather works with primary lenders like mortgage bankers, brokers, and others to make sure they have the funds available to give borrowers affordable rates. Mortgage investments are funded through debt securities in the U.S. domestic market and in international capital markets.

Unfortunately, Fannie Mae -- sweet as she is -- ran into some trouble as a private shareholder-owned company. On Sept. 6, 2008, Federal Housing Finance Agency Director James Lockhart put his agency in charge of overseeing the private company. Fannie Mae was bailed out of a major economic crisis with up to $100 billion in capital from the U.S. Department of the Treasury to ensure the housing and mortgage markets stayed liquid. Basically this means the federal government took legal control of the private company in exchange for financial assistance. This was considered a broad and sweeping government intervention in a private industry unlike any seen in decades in America.

Fannie Mae works in three separate businesses:

 

These entities “work together to provide services, products, and solutions to lender partners and a broad range of housing partners,” according to http://www.fanniemae.com.

Freddie Mac is Not Your Favorite Uncle

Freddie Mac has certainly helped the mortgage industry, but rather than a friendly old man playing checkers in the park, Freddie Mac is known by a much more distinguished name in the US Government: Federal Home Loan Mortgage Corporation.

Freddie Mac, like Fannie Mae, is a private government sponsored enterprise. It was created in 1970 to help grow the mortgage secondary market. Freddie Mac buys mortgages on the secondary market, pools them together and sells them. They are sold as mortgage-backed securities on what we know as the open market.

This is a good plan because it increases the amount of money out there for mortgages. Like Fannie Mae, Lockhart locked up conservatorship of Freddie Mac in September 2008 to prevent further collapse of a mortgage market in crisis.

Where does Freddie Mac’s money come from? The enterprise charges guarantee fees on loans that it purchases and puts into mortgage-backed security bonds. Freddie Mac assumes the risk on these mortgages and lenders are happy to let Freddie Mac have it and the fees. Freddy Mac guarantees a lender will get back principal and interest on such loans whether or not the borrower actually pays.

As of 2008, Fannie Mae and Freddie Mac owned or guaranteed about $12 trillion of the country’s mortgage market.

Supply and Demand Helps Stabilize Home Market

On Feb. 2 the National Association of Realtors' Chief Economist, Lawrence Yun, said home sale statistics are skewed by the federal home buyer tax credit that sent some shoppers scrambling for a closing in 2009, and others racing to get in on a 2010 expanded and extended version of the federal break.

In fact, Yun said, pending home sales have stabilized and are up from those reported last year. The First Time Homebuyer Tax Credit threatened to sunset at the end of November in 2009. That caused an upswing in the number of homes sold. Then, the tax credit program was extended and expanded. The April 30 deadline for the extension is looming and home sales are again on the rise. The swings can be confusing.

In an NAR press release, Yun said, "These swings are masking the underlying trend, which is a broad improvement over year-ago levels. December activity was the fifth highest monthly tally in two years."

According to NAR, the Pending Housing Sales Index (PHSI) is a good market indicator. Following is a brief look at its recent performance.

Yun projects the extended and expanded tax credit will encourage 2.4 million households to take the credit in 2010. He expects new home sales to remain low, but existing home sales should rise to about 5.6 million this year. In 2009 there were 5.16 million existing-home sales. The increase in sales could help stabilize the market overall. It's simply a matter of supply and demand.


Are the Feds Really Making Homes Affordable?

After America’s housing market slumped to staggering lows in the fourth quarter of 2008, the Obama Administration made addressing key problems at the core of the country’s financial crisis a top priority. 

Before the first quarter of 2009 was over, the Administration introduced a Financial Stability Plan to sure up our economy. The plan included the critical “Making Home Affordable“ program to stabilize the housing market. The plan targets 7 to 9 million Americans who could benefit from a reduction in their monthly mortgage payments. 

A government consumer website at www.MakingHomeAffordable.gov gives the low-down on this recovery effort. I wanted to make you aware of the highlights. As a professional sales associate, I want to make sure you are up to date and in tune with the government’s efforts to assist many of you who could undoubtedly benefit from this program. If, after reading this, you are unsure of your status please feel free to contact me for a no-obligation consultation about how this program may help you. We will explain how your lender or a qualified program consultant can get you on the right track to reducing your mortgage payments.

 
Millions of home loans are guaranteed by Fannie Mae or Freddie Mac. This program gives 4 to 5 million homeowners with guaranteed loans the chance to refinance in order to bring house payments down to a manageable amount. 

According to the program’s website, “The Home Affordable Modification Program commits $75 billion to keep up to 3 to 4 million Americans in their homes by preventing avoidable foreclosures.” Bottom line, not everyone will qualify and those who wait too late could miss the boat. 

Even if you are not behind on your house payments this program could work for you. People who have not been able to take advantage of lower interest rates by refinancing their homes with mortgages guaranteed by Fannie Mae or Freddie Mac may be able to reduce payments based on a lower interest rate alone.

 
Do You Qualify?

There’s only one way to find out if you qualify and that is to research. Don’t be afraid to ask questions and get all of the details upfront if you’re in need of some assistance. 

At http://www.MakingHomeAffordable.gov, there are handy self-assessment tools and calculators that can help determine whether or not the Obama Administration’s program will help. On this website you can:

 

A Word of Caution

Please, don’t get caught up on Making Home Affordable scams. The program warns there are people out there waiting to take advantage of struggling homeowners looking for a way out. “There is never a fee to get assistance or information about Making Home Affordable from your lender or a HUD-approved housing counselor,” according to http://www.MakingHomeAffordable.com. Never, but never submit mortgage payments to anyone but your mortgage company without approval in writing from your lender. 

If you feel threatened by a pending foreclosure or are struggling to make your house payments, you might be frightened and are surely overwrought with concern. Contact us for help. You don’t have to do this alone. This is just one option for people who are struggling to make house payments. If you don’t qualify, we may be able to assist you with a short sale to help protect you from foreclosure.

Don’t Confuse Real Estate Agents with REALTORS®

It’s a common misunderstanding. More often than not, people use the term REALTOR® in reference to real estate agents everywhere. I don’t mind the reference, but would like to clarify the difference between a REALTOR® and a real estate agent to give credit where credit is due. It’s important to work with real estate sales associated you can trust and those with the coveted REALTOR® designation have gone the extra mile to participate in a professional association intended to maintain professional standards in our industry.

In truth, sales associates should use the official designation of REALTOR® only when they have met standards outlined by the National Association of Realtors.

We want you to know that all of our sales associates pride themselves on striving for the professional distinction of being REALTORS®. We think you’ll experience the difference in our professionalism, knowledge and vast networks as a result of our participation in the NAR.

What is the National Association of REALTORS®?

The National Association of REALTORS® is North America’s largest trade association. As of November 2008, it represented more than 1.2 million members. The organization offers institutes, societies, and councils for its REALTORS® its members are heavily involved in every aspect of the residential and commercial real estate industry.

Because the National Association of REALTORS® is a self-regulating entity, its members are sworn to adhere to a very strict code of ethics and standards of practice. Membership affords an opportunity for a wide network of professionals who facilitate each others’ professional development. The National Association of REALTORS® collectively conducts research, the results of which are made available to each member REALTOR®.

The NAR is an historic organization founded in 1908. It began with 120 members. It’s made up of residential and commercial REALTORS® who are:

  1. brokers
  2. salespeople
  3. property managers
  4. appraisers
  5. counselors
  6. and more

NAR members participate in more than 1,700 local associations and boards. The organization claims 54 state and territory associations of REALTORS®

The National Association of REALTORS® is a powerful entity when it comes to dealing with government and lawmakers. NAR is committed to “the purpose of preserving the free enterprise system and the right to own real property,” according to the NAR’s Website.

The point I’m trying to make here is that it’s important to identify the professional standards of any Realtor in our area or anywhere you plan to entrust legal property transactions to a professional real estate associate.  We hold our agents to the highest standards. We can’t wait to be of service to you whether you’re buying or selling commercial, residential, or investment property. Contact us today!

If There’s One Thing We’ve Learned Here, It’s ‘Only Buy What You Can Afford’

As many Americans rearrange their lives due to the threat or execution of home foreclosure, most Americans are forced to take a better look at our financial practices.

Banks are holding tighter to their money. Lenders are looking closer at borrowers’ credit histories, assets, employment histories and overall ability to repay debt. The federal government is doing the same thing to banks. We’re all checking each other out. Now is the time for you to evaluate your own financial scenario and decide just what you can really afford to buy.

Take off the rose-colored glasses. Let’s look at this realistically. Why not let us help you analyze your current financial situation? We’ll help you determine just how much you can afford to pay for housing-related costs each month. We’ll also help you determine how much you should be willing to pay for a home. If you’re not quite ready, but know you want to buy a home in the future, we can help you take steps toward your next home purchase.

Even though homes are essentially on sale right now, this is no time to abandon all reason and take on a debt you can’t really afford. The real estate market - like every other financial market in the world - is fickle. we encourage only good, sound, sustainable investments for solid buyers.

How much home can you afford?

There are many different lending programs for homebuyers today. As the country goes through a recovery period, credit will be tight for awhile and a loan will be harder for some people to get. However, home loans are absolutely still available and lenders are eager to help people buy properties.

Check Your Credit

When you begin shopping for a home loan, check your credit report for any potential problem areas. Your ability to get a home loan and the interest rate you pay will be directly impacted by your credit score. 
 
Federal law entitles you to one free credit report from each agency per year. Get your free reports at www.annualcreditreport.com or contact one of the following agencies:

 

Debt-to-Income Ratio Important

In general, lenders want to see a total 41 to 45 percent debt-to-income ratio including your housing expenses. Housing expenses include the cost of  private mortgage insurance (PMI) if your down payment is less than 20 percent as well as taxes and homeowners insurance.

Make a list comparing your debt and income when you first start shopping for a home loan. How much do you think you can you comfortably afford to pay on a home loan? Never hide expenses that don’t show up on your credit report. False reporting when applying for a home loan could lead to foreclosure on your home loan. When researching the cost of your home loan, ask about:

 

In order to calculate about how much home you can buy, visitour website’s handy Mortgage Calculator located on the full details page of each property listing. Try different scenarios to calculate and recalculate the total price you can afford to pay for a home.

We list homes in every price range. You can search for homes on our website right now. You can even set your own search criteria to ensure you are looking at all of the properties within your price range! We are here to help.

Thinking about Going Green? Try Painting Your Roof White

Many homeowners are “going green” by making changes to their homes and property that will help the environment. The movement is a huge one and the US is looking to other countries for information and advice to improve global environmental conditions.

Color Your World -- Or at Least Your Roof -- White

US Energy Secretary Steven Chu and the Obama administration recommends painting flat roofs white. What? No. He’s not just going for a lighter look and feel here, he says energy-reflecting white will actually help improve the environment when combined with other energy-saving measures.

Chu’s suggestion, apparently backed by the Obama camp, came during a climate change symposium in London where the Nobel laureate in physics called for a “new revolution” according to a London AFP report. AFP is a world-wide news agency. Chu doesn’t suggest painting flat roofs white will change the world. He does maintain that making roads and roofs lighter colors will significantly decrease energy use by keeping buildings cooler. White paint also reflects sunlight away from the earth.

Chu was exploring climate change options and scientists are on board with his plan. Some are developing “cool colors” that look normal to the human eye, but reflect heat like light colors even when they appear to be darker.

Come on. How much difference could white rooftops really make? Chu said the measure would have the equivalent effect of taking every car in the world off the road for 11 years.

Now that’s something to think about.

Why Go Green?

The obvious answer is to improve the environment and preserve a little something for posterity. Another answer is because it’s the cool thing to do. But, please, don’t negate the fact that going green can actually improve your property value.

Environmental consciousness is an important issue in today’s real estate market. Buyers, particularly of higher-priced real estate, are looking for properties that encourage environmental harmony.

Any energy saving measures including solar panels and solar energy are a plus. Organic gardens, recycling and efficient use of space and materials is also an added attraction for green conscious buyers.

Contact me today- I have many ideas that make help you make your home green and appealing to the market of environmentalists out there working to improve our planet, including you and me.

Stage Your Home to Sell

With a nationwide clearance sale on homes, many people are out there looking for a great deal on residential property. If you’re looking to sell your home, it’s more important than ever that you take steps to make sure your house, town home or condominium outshines all of the others!

We are here to help you identify ways to spruce up your home’s appeal. We know what features interest local area buyers and can give you the inside track on ways to stage your home to sell.

If you’re ready to put  your home on the market, don’t spend another minute worrying about what you should or should not do to make it appealing to buyers. Contact us today and we’ll get you started.

Stage your home to sell:

For more information on buying and selling real estate, or for more tips on how to stage your home to sell, contact us today, we have the experience you need to stage your home to sell.

Time Running Out for First-Time Homebuyer Tax Credit

If you’re thinking about buying a home and you haven’t researched the benefits of a first-time homebuyer tax credit through the American Recovery and Reinvestment Act, time is running out.

There’s been a lot of buzz about the up to $8,000 tax credit first-time homebuyers can cash in on, but some people are still having a hard time believing it’s really true.

“Hmmm. The government giving away free money? What’s the catch?”

The strings are really quite minimal and thousands have already taken advantage of this program that makes it easier for some -- at least possible for others -- to buy their first home in a sagging economy. Like all things government, there are some guidelines and frankly, the guidelines make perfect sense.

We have been helping people buy and sell homes in the area and educated them about this new tax credit for a while. We keep our clients up to date on programs that will benefit homebuyers and sellers. So, here goes. If you’re looking for a home in the area, you won’t find a better tax credit, rebate, discount -- whatever you want to call it -- than this one.

Basics of the 2009 American Recovery and Reinvestment Act First-Time Homebuyer’s Tax Credit

Let me reiterate, if ever you were thinking about buying real estate, now is the time.  Prices are low, sellers are motivated and the American Recovery and Reinvestment Act of 2009 and its First-Time Homebuyer Tax Credit makes this an historic opportunity to buy your piece of the American Dream.

In some cases this option can be coupled with other local incentives to buy or build a home. We’ll be happy to tell you all about the help available for you in our area.

Frequently Asked Questions

Q. How much of a tax credit will I get if I buy a home?

A. The amount of the 2009 First-Time Homebuyer Tax Credit equals 10 percent of the cost of the home. The credit caps at $8,000.

 

Q. What kind of property purchase is eligible for this tax credit?

A. This economic stimulus program is an effort to inject activity into a slumping housing market being experienced throughout the United States. Eligible properties include any single-family residence (including condos), purchased by qualifying first-time homebuyers, that will be used as a primary residence. The property must be located within the United States of America.

Q. How will I receive my tax credit?

A. Any reputable mortgage lender will help you through the process of claiming your tax credit so it can be used against a current tax liability, as a down payment if you do not owe taxes, or for any other purpose you wish.

When you buy a qualifying home as a qualifying buyer, the purchase will be claimed on your tax return for that year. In some cases, purchasers can even file an amended 2008 tax return to claim the credit and receive it much faster. Ask your experienced mortgage lender to help.

Q. What if I have a current tax liability?

A. If you own a tax liability, the credit will first be applied to the liability. The tax credit basically reduces your income tax liability for the year of purchase (or the year it is claimed on your income tax if you amend your 2008 return). Anything left over will be refunded just like an overpayment would be sent to you in a tax refund. It’s a good idea to consult a tax advisor if you have detailed questions and are not sure of your current tax status.

If you have a tax liability for the year in which you are claiming the tax credit, for example, a $3,000 liability, and your home purchase qualifies for an $8,000 credit, $3,000 will be applied toward your tax liability and $5,000 will be refunded to you. The refundable amount is the difference between the total tax credit and the amount of taxes you owe.

Q. Are there qualifying income limits on this 2009 First-Time Homebuyer Tax Credit?

A. Yes, there are income limits and they look like this:

      1. Individuals whose Form 1040 filing status is single (or head of household) are eligible for the tax credit if their annual income is $75,000 or less.

      2. Individuals who file a joint return qualify if they show income of $150,000 or less.

      3. Individuals with incomes between $75,001 and $94,999 (single) or $150,001 and $169,999 (joint) are eligible for a partial tax credit.

      4. Individuals with incomes higher than $95,000 (single) or $170,000 (joint) are not eligible for this tax credit.

Q. What if this isn’t the first time I’ve purchased a home? What is a first-time homebuyer?

A. In order to qualify as a First-Time Homebuyer, neither you nor your spouse may have owned a principal residence in three years prior to purchasing.

Q. My friend got a so-called “tax credit” in 2008, but he has to pay it back. Will I have to pay a 2009 First-Time Homebuyer Tax Credit back?

A. Great news! There are recapture clauses in this tax credit. However, there is no repayment clause unless . . . (you knew there had to be an “unless,” right?) you sell your home within the first three years. If the homeowner dies, the heirs are not obligated to pay back the remaining balance. Remember, this is a program for principal homes so, if the home becomes rental or investment property, the government could require repayment.

Q. How long do I have to take advantage of this offer?

A. The qualifying home by a qualifying purchaser must have been closed between Jan. 1, 2009 and Dec. 1, 2009. If you are building a home and want to cash in on the tax credit, you must be moved in and the deal must be sealed before Nov. 30, 2009.

There’s a lot to remember about this special opportunity. We don’t expect you to be an expert. That‘s why we stay informed for you. Contact us today for more information- you’ll learn all about our listings and discounted listings in the area. Whether you are buying or selling a home, we’ll be with you every step of the way.

How Blogging can Revolutionize Real Estate

                

The real estate industry has been in a constant state of reluctant change for over thirty years. In the 1970’s and 1980’s the brokers had all the power. Agents would be told how they would do their business and where to work and even who they could work with. And the public had to go to a broker to get any information and for help selling their homes or finding a home.

In the nineties the power shifted to the agents. Agents started to go from company to company and brokers were allowed to recruit agents so this created a sort of free agency market for Realtors. Brokers would try to woo the good agents to their company by offering incentives and more agent-friendly policies. The public still needed to contact an agent or a broker to get information, so the agents had the power.

Today the power has shifted to the client, where it belongs. Today’s home buyer and seller are more knowledgeable and educated in the process than ever before. Some buyers and sellers are more educated than many Realtors because many Realtors simply have not learned their profession well. Many agents make as much money as they can by doing as little actual work as possible. And hopefully those agents will be removed from the marketplace.

The value of a good Realtor today is more facilitatory. They coordinate the home buying or selling process and give area knowledge and expertise to their clients while protecting them and their best interests. The client can get a lot of information, but there is a difference between information and knowledge. A good buyer’s agent can inform their client of which areas have a better commute time to downtown and which shopping center has the freshest produce- or what the basic feel of a neighborhood is. They can organize the information and help their client make good decisions.

A good seller’s agent can help the seller know the market value of their home and what the highest possible sales price most likely is. They assist their clients with showcasing their home or “staging” it so it can sell for top dollar and they market the home to the broadest possible audience.

And a good agent in either agency relationship will help coordinate the inspections, disclosures, appraisals, and all the details- all the way through the settlement and closing.

Blogging can play a unique role in the evolution (revolution) of the real estate industry.

Companies and agents who stay in touch with the public and keep the pulse of their market’s needs and wants will undoubtedly be the ones to succeed at the highest possible level.

                            

Blogging is the ultimate form of word of mouth marketing.

Often a company (not only real estate companies) will think they know what their clients need or want but actually be completely wrong. Usually this is because they have not listened to their clients. Many companies make a habit of telling their clients what they want and trying to position themselves as the expert in areas that do not matter to the client.

By utilizing the realm of blogging a company can discover what their clients actually do need, and more importantly, want. They can listen. They can peek into their clients conversations and have real dialogue with them, resulting in better communication and understanding.

Blogging is such a valuable tool for any industry, but especially for one that is client-centric, like real estate. One of the key roles blogging will play in this industry will be it’s ability to help weed-out those agents and companies that continue to think that the most important factor in the transaction is the agent. This will allow greater market share for those of us who believe the most important factor is the client.

Dual/Limited Agency Can be Good

I know, I know… we’re supposed to all say how we don’t like limited (or dual) agency because it makes us seem more respectable or feel better about ourselves or something. But this is one travesty that I have to defend because I care more about the truth and reality than I do about political correctness.

I’m up for a good debate right about now.

See, lost in the noise of endless proclamation about how dual, or limited, agency is bad and the laundry list of examples where it can be misused is a simple, yet glaring ommission in fact. When used properly, it is not only good for both buyers and sellers in a real estate transaction, but can actually be better for both. Think about it- one of the greatest challenges to a real estate transaction is communication. Honest and timely communication between parties. Having one agent representing both sides can eliminate much of that challenge.

             

People take time off, go through bad mobile phone reception areas, attend meetings, eat dinner, do myriad other things that make them unavailable to get ahold of. Coordinating disclosures, appraisals, inspections, title reports, settlement and reams of addenda can be the logistical equivalent of running in circles until you fall down. And trying to do these things with another agent who doesn’t understand the “Time is of Essence” clause of the purchase contract or is just lazy, careless, or simply tough to get in contact with can make the entire transaction frustrating and sometimes impossible.

 

So what are the limitations to limited/dual agency? The single agent representing both sides can’t disclose anything about either parties personal finances or motivation to the other party. That’s about the whole disadvantage. As if the buyers or sellers agents would “discover” all sorts of things they could tell their clients otherwise.

In reality we, as agents relay information from the other side to our clients, advise them, and then do as instructed. We don’t make decisions for the client. We enable them to make informed decisions and I do not believe that my ability to do so is damaged because I am getting my information first-hand rather than second-hand from the other side.

As with all aspects of agency, if this responsibility is not handled correctly or is misused there will be conflicts and problems. But that is not remedied by eliminating dual or limited agency- it is cured by eliminating the licenses of those individuals who conduct their business that way.