New Dec 1, 2009

New 11/6/2009

 9/22/2009

 8/24/2009

3/25/2009

3/20/2009

3/20/2009

     3/19/2009

Fannie Mae is tightening its underwriting criteria by raising the minimum credit score for
automated underwriting (Desktop Underwriter) from 580 to at least 620 for all loans, justified on
the grounds that this action "will support prudent risk management and better ensure
sustainable homeownership." Even higher minimum credit scores may apply for both manual
and automated underwriting, depending on factors such as the loan-to-value ratio and the
number of units in the structure. The minimum credit score applies to all mortgage loans
delivered to Fannie Mae, including FHA and other government-backed loans. Fannie is also
changing the maximum debt-to-income ratio for Desktop Underwriter to 45 percent, but will
allow 50 percent if there are "strong compensating factors." Other changes are also being
made, as described in relevant Fannie documents (see below). The new Desktop Underwriter
Version 8.0, including the new underwriting criteria, takes effect the weekend of December 12,
2009. The revised minimum credit scores are already in effect for manual underwriting. (information from the Montana Association of Realtors newsletter).

First time homebuyer credit of up to $8,000. This tax credit is available thru spring and expanded to include up to a $6500 tax credit for homeowners of a primary residence of 5 years or more.  Click on this link for a summary flyer published by the NAR.  Flyer Information 80k .PDF file.

Here is a link to the IRS first time home buyer  video.

http://www.youtube.com/watch?v=xRZiziAWOq0&feature=channel_page
For more information go to http://www.irs.gov/ for more information.

The National Association of Realtors Flyer for First Time Homebuyer info is at the following link:
NAR Link

Stockman Bank in Dillon is working with multiple FHA underwriters.  Some underwriters have not been able to fund recently on some FHA loans but Stockman Bank in Dillon works with multiple underwriters and can offer a variety of programs.  Contact Robyn Walker of Stockman Bank for more info. 406-683-1600

Mortgage-Help Site, Call-in Number Go Live
The U.S. Treasury Department went live on March 19 with its Making Home Affordable program,
which aims to help home owners refinance or modify their mortgages. The campaign includes
Web site at www.makinghomeaffordable.gov as well as a telephone hotline number at (888) 995-
4673. The federal government is targeting 9 million home owners whose loans are held by
Fannie Mae or Freddie Mac.

Clear Creek Realty worked with the RC&D to facilitate a First Time Homebuyer's Class in the Ruby Valley.  It took place May 6th & 7th from 5 pm to 9pm in Sheridan.  Once this course is completed, first time homebuyers are eligible for many First Time Homebuyer programs and funding match programs.  Call or email for details on other area classes. info@clearcreekmt.com or 406-842-5028.

The Mortgage Credit Certificate or MCC program is available to qualified buyers who have not owned real property in the last three years.  Couple this programs with the $8,000 home buyer credit for big dollar savings.  These programs can be stacked with other First Time Homebuyer programs for even a greater financial benefit.  Call us today or any qualified lender of your choosing for details.  CCR 406-842-5028
 

Ruby Valley National Bank has received HUD certification  to add to their capability to facilitate VA or FHA loans.  New loan programs are available with FHA to allow upgrades the home when purchasing, ie. furnace, roof, etc.  Call June Pack at RVNB for details 406-842-5411.

"All information provided by Clear Creek Realty, LLC  or CCR is intended as reference information only.  All information is subject to change without notice.  CCR and its agents urge independent verification of  any and all information provided.