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Family First Mortgage

First Family Mortgage Can Save You Money

Conrad Thompson with First Family Mortgage can save you money. Call 425-0105 in the Huntsville, AL area.

Mortgage rates today, September 26, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy

Financial data affecting today’s mortgage rates

First thing this morning, markets looked set to deliver mortgage rates today that are lower. By approaching 10 a.m. (ET), the data, compared with this time yesterday were:

Major stock indexes were mixed and barely moving soon after opening. ( Neutral for mortgage rates. ) When investors are buying shares they’re often selling bonds, which pushes prices of Treasurys down and increases yields and mortgage rates. The opposite happens on days when indexes fall. See below for a detailed explanation Gold prices fell to $1,518 an ounce from $1,535. ( Bad for mortgage rates. ) In general, it’s better for rates when gold rises, and worse when gold falls. Gold tends to rise when investors worry about the economy. And worried investors tend to push rates lower) Oil prices held steady at $56 a barrel.

HUD Releases New Condo Rules for Reverse Mortgages

Do you know what the difference is between the current 95-page condo complex approval guide and the proposed single-unit form? The SUA form does not require bylaws, articles of incorporation, plat map, or management agreement. Those four documents are NOT the reason that only 5-6% of condos in this country are FHA-approved.

I asked HUD if they are going to review the CC&Rs that we submit as part of the SUA process for leasing language (one of the main reasons there are so few condos approved) and they would not answer the question. They responded, but basically said they wouldn’t share that information at this time. It’s not clear to me what they are going to review before assigning the case number, nor how long it’s going to take them to review the required items.

We are still waiting to see if the SUA process will address any of the main issues that stand in the way of writing FHA loans against condos, which are –

1) An HOA or MGT company standing in the way (this comes in many forms)

Can a family member leave another family member a house with a 1st mortgage still on it in their will?

my mom has a home that she is still paying her first mortgage on, she says that if she passes away she wants to leave me the house in her will so that I would keep it in the family. Would the bank allow that to happen?

The bank would need to be paid off in full before you get the house. You cannot take over another person's mortgage.

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