Other than credit monitoring services, which are a good way of keeping on top of one’s credit information, every consumer should look at their credit report at least annually.  The website www.annualcreditreport.com allows consumers to request their credit report once per year.  There is also a phone number if you don’t have access to a computer.  The number is 1-877-322-8228 and will prompt the user to verify his or her identity before sending out the report.  The delivery of the report takes 2-3 weeks. 

One of the first things a Real Estate Agent should ask his or her clients is if they have recently looked at their credit report.  If the answer is no, referring them to this website or telephone number may save time and gas money.  If their potential buyer does find issues with their credit, most Mortgage Professionals have established relationships with organizations that know the quickest route to repairing credit or removing erroneous information.  Early contact with a Mortgage Professional can avoid a number of hurdles that may appear down the road and make a smoother transaction for all the parties involved.

Is this the next crisis for the Real Estate industry?

In November of 2010, the FHA began the processes of decertifying all of the condominiums in theU.S.because there was a general lack of compliance with standing rules.  Many units that had been financed utilizing FHA financing had received spot approval and had never had a full certification of the complex done; which is, and was, required to be legal.  The FHA asked that condo complexes to file for recertification and, due to general misinformation, associations have failed to apply.  This has left very few complexes that are approved.  As of today (May 10, 2012) there were 1531 condominium complexes listed on the FHA website forConnecticut.  Only about 19% are approved and half of those will expire this year.

So what does that mean?  As current owners of condo’s try to sell or even refinance, they will face not only the depressed value of the market downturn, but also the very real fact that the typical condo buyer; your first time homebuyer and your late life buyers, will not be able to purchase this property type utilizing FHA financing.  This will drastically reduce the pool of potential buyers out there.

What then, is the owner to do?  If they are upside down or cannot find a buyer because no one will qualify, they will turn to renting.  This will start a potentially dangerous trend for the complexes.  Once enough of the units are rented, the complex CANNOT be FHA approved and may not even be available for conventional financing due to percentage of unit owners vs. renters in the project.  This could even push potential owners to simply “walk away” from their units as they could be left with very little other choice.

Associations can avoid this by applying for approval through a handful of companies that have recognized this growing gap and made themselves experts at the process.  The answer is to be proactive and to apply for FHA approval to ensure the continued value of the properties they own.

Taking care of your home while you’re away can go a long way in improving your home value. Purchasing a home will probably be the biggest financial investment you ever make, so it pays to protect this asset.

One of the best ways to protect your home is to hire someone to live there while you’re away, says TLC. This designated house sitter should be a family member or a trusted friend or neighbor. While this is probably the priciest option, the investment could be beneficial to your home’s security.

It may seem straightforward, but locking up your home before taking off is the first step to preventing intruders. However, it is important to be thorough. If you normally keep the door leading from your garage to your home unlocked, or keep a window cracked to give a pet easy access to the outdoors, you should double check these entrances are secured.

If you are going to be away for a while, you should contact your local post office and ask them to hold your mail. All you need to do is fill out a free online application, and the post office will hold your mail for up to 30 days. By doing this, you keep excessive mail from accumulating in your mailbox, which can be an indicator to passersby that you have not been home in quite some time. This option is also available for newspapers.

Additionally, a home that looks lived in has a slimmer chance of being broken in to. To create this illusion, it pays to invest in timers that will keep a few lights on at certain hours, while switching them off at others.

Meanwhile, make sure to unplug all of your electronics. Not only will this save you money on electricity, but also it can give you peace of mind about a disaster, such as a fire. In addition, if you have an automatic garage opener, turning it off will prevent thieves with a universal garage door opener from gaining access to the home.

CHFA loans can be coupled with FHA, the VA or as a conventional loan for tremendous flexibility depending on the needs of the borrower.  These programs allow buyers to finance 100% of the property allowing the buyer even more flexibility.  Freedom Mortgage, as one of CHFA’s leading lenders, is well versed in CHFA loans to assist borrowers in achieving their goal of home ownership.

Current homeowners can also take advantage of the high affordability index by moving up the property ladder into a bigger or better home.  They can also refinance the home they currently own into a lower payment, cutting the length of the term of the mortgage or sometimes even both.

Freedom Mortgage in South Windsor, Connecticut offers FHA, FHA 203K, VA, conventional, CHFA, USDA and many other products.

The ability of first time home buyer in this market is far and above what it was in 1998. Prices are low and interest rates are at historic lows. Some buyers are frozen by the vast inventory on the market. They search for the perfect home with the perfect features, and become frustrated when they cannot find what they have in mind. The federal government has designed a program that can help take care of that situation. It is called an FHA 203K. When you find a house that is almost what you want, you can use a 203K to do the fixes and improvements that would make it your dream home. Most call the 203K a rehab loan, but rehab is in the eyes of the beholder.

Connecticut’s first time home buyer program, CHFA, is one of the best if not the best first-time home buyer programs in the nation. With incredibly low rates, currently 3.125% and incredibly flexible terms, there is no better opportunity.

Freedom Mortgage in South Windsor, Connecticut offers FHA 203K, VA, conventional, CHFA, USDA and many other products.

The report, issued by the left leaning policy think tank Connecticut Voices for Children, also found that long-term unemployment – the share of the unemployed who have been out of work for at least six months – is relatively high in Connecticut, particularly among older workers, and has reached the ranks of the college-educated.

“It is troubling that so much of our future workforce – especially young workers and the growing

Hispanic population — is unemployed now,” said Orlando Rodriguez, a senior policy fellow at

Connecticut Voices and co-author of the report. “This trend does not bode well for our future.”

Among the report’s key findings:

• Unemployment has most heavily affected young workers (18.2 percent), Hispanics (17.7 percent), and African-Americans (15.6 percent), compared to 7.5 percent  for white workers and 9.1 percent overall.

• Long-term unemployment is relatively high in Connecticut (49.6 percent), is worst for older workers (60.1 percent), and has reached the ranks of the college-educated (50.4 percent).

• Geographically, the recession has been felt most heavily in urban regions and rural towns. Cities with the highest unemployment rates are Hartford (16.4 percent), Waterbury (14.5 percent), Bridgeport (14.3 percent), New Haven (13.8 percent), New Britain (13.2 percent), and New London (12.4 percent). Among rural towns, the highest rates were in Plainfield (11.7 percent) and Sprague (11.2 percent).

In response to the reports finding, Connecticut Voices is urging lawmakers to focus on several priorities during the upcoming special legislative session on job creation including establishing a comprehensive economic strategy that is more accountable for achieving job gains and reconsiders the state’s heavy reliance on business tax credits.

The organizations also wants further investment in education, training, and physical infrastructure, as well as solutions to tackle the high costs of living and doing business in Connecticut.

Hartford Business Journal Online

Closed sales rose almost 14 percent, to 685 from 601. Pending sales jumped 12.5 percent. The median sales price dipped 4 percent, to $238,000, and new listings fell 5.4 percent. The average number of days a home spent on the market dropped to 63 days from 73 days during the same time frame, the Realtor organization said.

Year-to-date, closed sales fell 17 percent, to 4,047 from 4,872. The median sale price decreased dipped slightly more than 2 percent year-over-year to $225,000.

Closed condominium sales in July in Greater Hartford decreased by more than 23 percent, to 134 from 165 in July of last year. The median condo sale price dropped 4.7 percent, to $163,000.

“The jump in closed sales is likely due to stabilization of the market after the housing tax incentives of the previous year,” GHAR President and CEO Jeff Arakelian said in a statement. “Hopefully, more buyers will take advantage of the current market with lower sales prices and historically low interest rates.”

-Commercial Record

What do Canada, Germany, France and the United Kingdom have in common? Their debt (and a few other smaller countries) is rated AAA by Standard & Poor’s – just like the U.S’s was prior to Friday afternoon. But not no mo’ for the U.S. The S&P’s downgrade of the USA on Friday to AA+ was not entirely unexpected, although it was perhaps a little sooner than “experts” thought.  -Rob Chrisman

Mortgage rates for 30-year loans plunged to the lowest level in more than eight months.

The average for a 30-year fixed loan dropped to 4.39 percent in the week ended yesterday from 4.55 percent, according to Freddie Mac. The average 15-year fixed-loan rate decreased to a record 3.54 percent from 3.66 percent. The decline followed a slide in yields for 10-year Treasury notes, which touched the lowest level since November on Wednesday as concern grew that the economy is slowing. The rate for a 30-year fixed mortgage is the lowest since the week ended Nov. 18, when it also was 4.39 percent. It fell earlier in November to 4.17 percent, the lowest in Freddie Mac records dating to 1971. The low borrowing costs have done little to boost home sales as banks tighten lending standards, the unemployment rate sticks above 9 percent, and a glut of foreclosed properties drag down prices. About 22.7 percent of homeowners with mortgages were underwater in the first quarter, meaning they owe than their properties are worth, according to CoreLogic Inc.