Tulsa offers several programs assisting its First-Time Homebuyers. With more and more families feeling the financial strain of the economy, education for where to turn is a must. Whether you’re in need of credit repair assistance or the down payment, help is out there.
Neighborhood Mortgage Group offers a wide range of services for its soon-to-be home owners, including financial assistance with down payments and closing cost. To be eligible for assistance, you must be a first time homebuyer, your household income must not exceed program limits and you must purchase your home within Tulsa city limits.
Because many low to moderate income families are still unable to save enough money to cover their down payment and closing cost, we offers our clients the opportunity to qualify for up to $5,000 in assistance. To see if you qualify for one of these programs call us at 918-246-7100, or we would love for you to stop by at our new location in downtown Sand Springs.
Friday, February 26, 2010
Tuesday, February 2, 2010
Gloomy news about the future of interest rates
The government reported this morning that the economy grew at a stronger-than-expected 5.7% clip in the last three-months of '09. That was the strongest overall growth in more than six years. It was a nice finish to an otherwise bleak year. The economy contracted 2.4% in 2009 - its worst overall performance since 1946. Inventory rebuilding contributed more than half of the power behind the blistering fourth-quarter growth rate - a pace that no one expects to be sustainable. With business and consumers still operating on the assumption that the economic glass is half empty the pace of overall economic growth through at least the next two quarters of 2010 will likely remain very slow - a condition that will tend to support mortgage interest rates at relatively low levels.
Mortgage interest rates are unlikely to move dramatically lower from current levels even as the pace of economic activity cools a bit over the coming months as the impact of the Fed concluding their direct purchase of mortgage-backed securities becomes more apparent. In their latest week ended yesterday, the Fed bought $12 billion worth of mortgage-backed securities - roughly matching what they bought last week. They have approximately $90 billion left of their original allocation of $1.25 trillion. At the current "burn-rate" the governments low mortgage interest rate support initiative will expire during the third week of March - slightly ahead of schedule. The broad consensus view is that 30-year conforming mortgage interest rates will climb at least 25 basis point higher before money managers with pent-up demand swoop in to buy mortgage-backed securities. Under current conditions there is little chance the Fed will extend or expand their direct mortgage-backed securities purchase program. The Fed's position may change "down-the-road" if the housing sector falls off of a cliff again or if private sector investors abandon the mortgage-backed securities market in droves. While such an outcome is possible - at this juncture it is not very probable.
Mortgage investors were relieved this morning as news agencies reported that Ben Bernanke has been confirmed by the Senate to serve another four-year term as the Chairman of the Federal Reserve.
Looking ahead to next week mortgage market volatility will likely increase as mortgage investors brace for the release of the January nonfarm payroll figures on Friday, February 5th, at 8:30 a.m. ET. Most analysts believe the headline payroll figure will show the economy created 5,000 more jobs than were destroyed during the month while the jobless rate held steady at 10.0%. The numbers continue to show a very slow and halting progression in the labor market statistics. If the consensus expectation proves accurate, this data will tend to be supportive of steady mortgage interest rates. In order to spawn a mortgage market rally favoring lower rates the headline payroll figure will need to post a loss of 10,000 or more and/or the national jobless will need to climb to 10.2% or higher. Don't hold your breath that one or both of those conditions show up in Friday's report.
Mortgage interest rates are unlikely to move dramatically lower from current levels even as the pace of economic activity cools a bit over the coming months as the impact of the Fed concluding their direct purchase of mortgage-backed securities becomes more apparent. In their latest week ended yesterday, the Fed bought $12 billion worth of mortgage-backed securities - roughly matching what they bought last week. They have approximately $90 billion left of their original allocation of $1.25 trillion. At the current "burn-rate" the governments low mortgage interest rate support initiative will expire during the third week of March - slightly ahead of schedule. The broad consensus view is that 30-year conforming mortgage interest rates will climb at least 25 basis point higher before money managers with pent-up demand swoop in to buy mortgage-backed securities. Under current conditions there is little chance the Fed will extend or expand their direct mortgage-backed securities purchase program. The Fed's position may change "down-the-road" if the housing sector falls off of a cliff again or if private sector investors abandon the mortgage-backed securities market in droves. While such an outcome is possible - at this juncture it is not very probable.
Mortgage investors were relieved this morning as news agencies reported that Ben Bernanke has been confirmed by the Senate to serve another four-year term as the Chairman of the Federal Reserve.
Looking ahead to next week mortgage market volatility will likely increase as mortgage investors brace for the release of the January nonfarm payroll figures on Friday, February 5th, at 8:30 a.m. ET. Most analysts believe the headline payroll figure will show the economy created 5,000 more jobs than were destroyed during the month while the jobless rate held steady at 10.0%. The numbers continue to show a very slow and halting progression in the labor market statistics. If the consensus expectation proves accurate, this data will tend to be supportive of steady mortgage interest rates. In order to spawn a mortgage market rally favoring lower rates the headline payroll figure will need to post a loss of 10,000 or more and/or the national jobless will need to climb to 10.2% or higher. Don't hold your breath that one or both of those conditions show up in Friday's report.
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