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(Birmingham, AL) The most recent fallout from the mortgage crisis that began last summer is now rearing it’s ugly head in the form of Fannie Mae approved loans that cannot get insured by Mortgage Insurance companies.

Mortgage insurance companies, spurred on by recent recommendations in congress, are tightening their credit standards for providing insurance. Without mortgage insurance, borrowers are forced to provide a down payment equal to 20% of the purchase price of a home – something very few home buyers can afford to do. Just this past week, mortgage insurance companies raised their credit score requirement to 620, effectively cutting out 50% of home buyers from the home buying market. The move came unnanounced and without any notice to lenders or to Fannie Mae.

In fact, lenders are still approving loans that meet Fannie Mae guidelines for purchase in the secondary market, but then find, just before closing, that there is no mortgage insurance available to insure the loan. Without insurance on money loaned that is over 80% of the value of the property, the loan is declined. Buyers that have a “loan approval” from a lender should immediately ask their lender if the lender can get their loan insured. Otherwise, homebuyers could spend hundreds and even thousands in the days leading up to the closing only to find, at the last minute, that loan insurance is not available to them.

This move by the Mortgage Insurance companies will only add fuel to the fire that is the current US Housing market. By effectively eliminating more home buyers from the market, at a time when the housing market needs more buyers, not fewer, the mortgage insurance companies have put another nail in the coffin of the housing market. The resulting effect on the market will be an even bigger drop in home prices. The immediate impact of this new policy will be felt quickly in the market, not over time as has been the case with loan defaults, adjusting loan interest rates, and foreclosures.

Be forewarned: if you are a seller, drop your price now before the market itself forces an even larger price reduction. If you are a home buyer, your credit score must be above 620 or you cannot get a loan.


Todays HOT NEW Listings

Mortgage Insurance Companies
Dear Blog Update,

There is 1 new listing that matches the criteria you expressed to your preferred REALTOR®.

Mortgage Insurance Companies

Your preferred REALTOR® has prepared a report for you which includes all of the properties in the list below. Click the button at the right to view the report. Mortgage Insurance Companies

Mortgage Insurance Companies

318434 45 Ridgewood Dr, Trussville, AL New $389,900

Mike Carraway
Access Realty

Direct: 205-833-6300
Cell: 205-369-8689
Office Ph: 205-833-6300
Home: 205-655-4086

Click here to unsubscribe if you do not want to receive real estate notices by email that match this particular criteria. This email was generated by:
Solid Earth, Inc.
109-B North Jefferson Street
Huntsville, Alabama 35801
On behalf of:
Mike Carraway
Access Realty
Direct: 205-833-6300
Cell: 205-369-8689
Office Ph: 205-833-6300
Home: 205-655-4086


Helping buyers and sellers save thousands of dollars every day!

———————————————-
The following are the links to the selected listings.

Details 331358, 5020 GIHON CIR, TRUSSVILLE, AL – $308,900.00
Details 338932, 5012 GIHON CIR, TRUSSVILLE, AL – $308,900.00
Details 339702, 7913 COUNTRY CLUB DR, TRUSSVILLE, AL – $309,900.00
Details 346229, 4966 JOAB CIR, TRUSSVILLE, AL – $309,900.00
Details 344631, 6229 JONATHANS WAY, TRUSSVILLE, AL – $309,900.00
Details 347557, 6672 SERVICE RD, TRUSSVILLE, AL – $309,900.00

Or Click Here to go view all listings at once.

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http://bhammls.net/BAARReports/listings.asp?ID=WMI5467956

REALTORS: REAL-Service REAL-Expertise.
You can also visit http://www.Access1000.com to perform your own property search.

Broker
WEICHERT, REALTORS – Access Realty, Inc.
1-800-840-0165


New Alabama Relocation Network makes debut

A new network of websites which features the largest 494 cities in Alabama will make it’s debut statewide in December. Called the ePartners Network, the statewide web will make it easier for consumers to find properties all across the state of Alabama. In particular, the major cities, Montgomery, Huntsville, Birmingham, and Mobile and their surrounding communities are linked and cross linked so consumers can easily search for homes and real estate from one single location.

The state affiliate Broker, Mike Carraway (Broker, Access Realty), has already introduced the network to real estate agents in Birmingham, Huntsville, Jasper, Cullman, Hoover, Gulf Shores, Orange Beach, Montgomery, and several other Alabama cities. Each city has it’s own site and weblog and an agent can elect to be the exclusive real estate agent for their city to help consumers find what they want or to market their property statewide.

This is the first time in the history of real estate that geographic boundaries have been erased. In the past, agents and brokers have worked in certain geographic areas and basically limited themselves to that area, even though they were licensed to do business anywhere in the state. Now, for the first time, those boundaries are gone. An agent licensed to do business in the state can assist customers finding homes or locating a local agent from anywhere.

This new network will be a plus for all real estate ancillary services as well. Mortgage companies, insurance companies, and others can now advertsie their services on the network either statewide or in a local community.

The ePartners Network will change the way that the real estate business is done in other ways as well. It will serve as the first statewide, and even nationwide, platform for paperless real estate transactions.

Developing…


New Blog Network in Birmingham!

There is a new blog network in Birmingham, Alabama! The Realtors at Weichert, Realtors – Access Realty have joined together and created the only real estate blogging network in Birmingham.

The blogs are titled simply by their city names such as: Homewood Homes, Hoover Real Estate, etc., making them easy to find.

The blogs contain the latest homes for sale and real estate news about the local communities. I have included links to the citys that are up on my link list to the right. Check them out!

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