Rates for April 26th

FHA Jumbo 30 year fixed rates-5.0% with no points, origination or broker fees.

FHA Jumbo 5/1 ARMS 3.875% Again with no points, origination or broker fees.

30 year fixed. Loan 352k purchase price 440k. 5.0% with no points. origination or broker fee.

30 year fixed. Loan 440k purchase price 550k. 5.25% with no points origination or broker fee.

Please understand that depending on your credit score and loan to value your rate could be even better or slightly worse. Please check with me today for a custom rate quote. I can be reached at 240-403-1970 or email at bmendelson@monarchmtg.com

We also have the best resources to realtors, insurance agents and title attorney's which are desinged to save you money and ensure a stress free process from start to finish.




Rates subject to change without notice.

USDA Back in Business

It was announced today that USDA loans are soon to return to the market.



The continued availability of government guaranteed mortgages for rural homebuyers was virtually assured yesterday when the House Financial Services Committee voted to approve H.R. 5017. The unanimous vote will send the Rural Housing Preservation and Stabilization Act of 2010 to the full House of Representatives where sources said it was fast tracked for a vote as early as next week.
If passed, the bill will correct the Section 502 Single Family Housing Guaranteed Loan Program to make it self-funding. Section 502 assists homebuyers living in rural areas to obtain affordable mortgages guaranteed by the Department of Agriculture (USDA). These loan guarantees have become enormously popular during the financial crisis and consumer demand has tripled the annual number of loans that are typically issued each year. The program is set to exhaust its available funds within days. Under the new legislation, lenders will pay up to a 4 percent premium for the guarantee at the time the loan is initiated which will enable the financing of the program to move from a combination of government funding and industry fees to a self-sustaining initiative. The bill authorizes the department to guarantee up to $30 billion in loans in FY 2010.

Flood Insurance is back

National Flood Insurance Program ­– Renewed Through May after 18 days in limbo, congressional leaders voted to extend the National Flood Insurance Program (NFIP) through the end of May. Regarding the NFIP, the measure works retroactively to the March 28 expiration of the program, retaining coverage for those who have it and allowing those awaiting closing on new homes to proceed. The program’s latest short-term extension runs through May 31, part of a comprehensive $18 billion unemployment and health benefits bill. The Senate passed HR 4851 late April 15th by a vote of 59-23 and the measure was subsequently approved by the House in a 289-112 vote. The President immediately signed the bill into law.

So remember for now you are back in business if you are buying or refinancing in a flood zone but it only runs thru next month unless Congress fixes it again. They should but if it ran out once it could happen again. Please keep it in mind and remember to check with your loan officer and realtor to ensure you have a smooth closing.

Short sale rules are changing July 1,2010

Fannie Mae just announced that on applications taken on or after July 1, 2010 there are new guidelines with regards to the amount of time that must elapse after a prior preforeclosure sale or deed-in-lieu of foreclosure. Here is a summary:

Current Waiting Period Requirements:
Deed-in-Lieu of Foreclosure-2 years and additional requirements apply between years 2 and 7
Preforeclosure Sale- 2years
Short sale- No policy exists to short sales

New Requirements
DIL-Preforclosure sale-Short sale
2 years- 805 max LTV
4 years-90% max LTV
7 years- LTV restrictions eliminated and back to normal guides.


Please think long and hard about these options before, there are tax consequences as well as the ability to purchase down the road. It's not walk away with no pain for you. If you must though find a realtor that knows the local market and has the experience with short sales. This is just one of many excellent Realtors I have worked with over the years.

There are circumstances that allow for exceptions but don't count on that. For more information contact Brent Mendelson 240-403-1970.

Licensed in SC.NC,VA,DC,MD,WV,DE,PA







There are exceptions to the waiting periods listed above for extenuating circumstances, but for the most part these are the new guides as of July 1 for Fannie Mae Conventional loans…

Tax credit dates

For most people that first time homebuyer tax credits expire very soon. You must be ratified by April 30 and close by June 3o. If you miss it you lose 8,000 as a first time homebuyer and 6,500 as a repeat buyer. Other qualifications apply.

There is one group that this does NOT apply to though.
If you are in the military and served outside the US for 90 days between Jan 1, 2009 and April 30 2010 you have a one year extension. If you were forced to return to the US for medical treatment prior to completeing the 90 day overseas assignment.

Certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside the US.
You have the exact same April/June dates until 2011.

Please contact me to determine elgibility status. I specialize in VA loans and have a discount program for all active duty and retired military. There are also realtors I know in the DC, VA, MD area that I strongly recommend. I can be reached at 240-403-1970 or bmendelson@monarchmtg.com