Today the Federal Reserve Board announced they will not be raising the federal funds rate.  The rate will remain at zero to .25 percent.  More importantly to the mortgage rate market they announced that they will extend the purchase of mortgage backed securities (MBS) until the end of the year through March 2010.

More on Federal Reserve Update: Market Activity

Dealing with life after Taylor, Bean and Whitaker… Be prepared to time your closings accordingly.  The closure of the nation's largest FHA lender has had an effect on the entire wholesale mortgage market.  Check out the video below:

More on The Taylor, Bean and Whitaker Ripple Effect…

Realistic and open communication with my clients is my number one priority in the financing process.  Regardless of whether I'm helping with a purchase or refinance I establish the means of communication via email and/or my direct line.  For those who are first time home buyers there are many "unknowns" when going through the process, but nonetheless there will be some form of expectations set by either friends, family or the Realtor(s).  For those who have owned and are buying again or those who are refinancing there may be some expectations from a previous financing experience.  In the ever-changing real estate and mortgage industry of 2009 this communication must be realistic and constant.

More on Communication: The simple task that can make or break your deal.

I've mentioned the 2009 first time home buyer tax credit in recent posts, but last week I was given this great document from my CPA associate Andrew Bertz at Doty & Company P.C.  There are only 4 months left to purchase a home in order to qualify for the tax credit.  This is an opportunity that you or your friends and family don't want to miss.  The inventory of homes in the Willamette Valley with asking prices less than $225,000 is amazing.  Please read the highlights of the tax credit below (click here for a printable version):

More on First Time Home Buyer Tax Credit Highlights

Happy July!  I hope you had a fabulous 4th of July holiday celebrating our wonderful country!  June is gone and we are at the beginning of the third quarter of 2009.  This year has brought both positive and negative happenings in the real estate market.

More on June Real Estate Report

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Good afternoon!  I thought it would be prudent to give a quick update on market trends given the recent news with mortgage rates.  Yesterday the bond market reacted to the increasing Treasury note rates.  The mortgage rates followed suit and rose with the reaction.  We are still confident that we’ll see the levels we need to lock, but at this time we still need to get through the appraisal and begin the underwriting process to be at a point where we can consider locking.  The dust will settle after the bit of shake up in the market yesterday.

More on Mortgage Rate Commentary

Last week I had the opportunity to view the Rivers Condominium project in downtown Salem on Front Street.  The listing agent, James Hauge, gave me a tour of the development.  The pictures below were taking via my iPhone from inside a few units and atop the roof.

More on The Rivers Condos

The kiddos and Mickey.

Ok, yes, I'm still alive and well.  K and I took at trip to California with the kiddos at the beginning of May.  We had a great time spending a few days at Disneyland and a few days with my extended Venti family.  The preparation to leave work for a week and a half didn't even compare to the amount of preparation it took to take a 2,500 mile road trip with 15 month old twins!  The time away was much needed and we couldn't have asked for a better time together as a family.

More on California and Back

On Tuesday details of President Obama's Housing Affordability Plan became available to the public.  The program is still in the very early stages of establishment which means that although there is some information available there isn't enough to make sense of it all.  Currently there is a website set up that provides some good information to determine if one is eligible for the program.  However, it's important to know that the government's website will just tell you to prepare some documents that will help your current lender decide if your eligible for any help from this program.

More on US Government: Making Home Affordable Refinance