Coit Group Fine Homes

 Average U.S. rates on fixed mortgages were little changed this week, staying near their lowest levels in three months. Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan edged up to 4.23 percent from 4.22 percent last week. The average on the 15-year fixed loan rose to 3.31 percent from 3.29 percent. Both are the lowest averages since July. Mortgage rates began falling last month after the Federal Reserve held off slowing its $85-billion-a-month in bond purchases. The bond buys are intended to keep longer-term interest rates low, including mortgage rates. Longer-term rates have also stayed low because of the partial government shutdown and a lack of government economic data. The shutdown that began this month has spurred investors to sell stocks and buy Treasury bonds. Mortgage rates tend to follow the yield on the 10-year Treasury note. The 10-year note traded at 2.67 percent Wednesday, up from 2.63 percent last week but down from 2.71 percent on Sept.

A new FHA program, just introduced, reduces the wait to 12 months after a derogatory credit event when the borrower has satisfactory credit during those 12 months. This reduced wait period is available after foreclosures, deeds in lieu, bankruptcies etc. if the derogatory credit was caused by an economic event that decreased the borrowers household income by 20% or more for 6 months. So what's an economic event? "Any occurrence beyond the borrower's control which results in a loss of employment or income that reduces the borrowers household income by 20% or more for at least 6 months." e.g.- a pay cut or being laid off would qualify but quitting a job would not. Household Income : Gross income of the borrower and any individuals who resided in the     borrowers primary residence at the time of the "economic event" and or who were a co-borrower on the borrower's previous mortgage. Each Participant must receive at least one hour of one on one coun