federal in My Home& Garden

Since the Federal Reserve lowered the the interest rate by a .5%, should my interest rate change? We are due to close on our house next Tuesday. Our interest rate is 6.75% on an FHA. This past Tuesday, the interest rate was lowered by .5% by the Federal Reserve to help with the economy, etc. Do you think our mortgage company will lower our rate now that this has occurred? I hope they do because we haven't signed anything just yet besides some pre-approval paperwork and I would think we could get a better deal now...there or elsewhere. Thanks in advance. ... (Asked by HoustonKid13)
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Call and ask, you may have already locked in your rate....(Answered by shiprepairwoman)

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Who is responsible for federal oversight of state real estate appraiser licensing and certification agencies? I know the Appraisal Subcommittee has federal oversight of the Appraisal Foundation but im not sure about this one... On my quiz it gives me 4 options: 1. Appraisal Foundation 2. Appraisal Subcommittee 3. Appraisal Standards Board 4. Appraisal Qualifications Board ... (Asked by jmitch)
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The appraisal Subcommittee (Consists of the five bank agencies and HUD) Has oversight of the state regulators. The appraisal Foundation has oversight of the appraiser qualification board and the appraisal standard board. You should have found it in your USPAP book...(Answered by Leo F)

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I heard that Federal lowered mortgage interest rate by 0.5% who are qualified for this benefit? I heard a news about Federal goverment lowered mortgage rate by 0.5%, is it true? Who is qualified for this benefit? We get our loan from a mortgage company. ... (Asked by goofyjr2004)
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It is not true. Mortgage interest rates are determined on the open market and not fixed by any agency. The Fed lowered the funds rate by .5%. That is an interest charged by one bank to another and has some effect on other rates because the cost of funds to the banks are cheaper. But the effect on long term loans like housing loans would be very limited. It may help the economy maintain some strength and help job growth. But the federal government does not control mortgage rates at all. The Federal Reserve does not control mortgage interest ...(Answered by glenn)

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What does a federal rate cut mean for me? I am in the process of building a home right now, about a month from finishing design and going into county approval. Does a federal rate cut affect me as I will be applying for a loan to build my home? such as a lower interest rate and such? ... (Asked by Dannai)
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absolutely you should now be able to attain a lower interest rate .. congratulations on your new home!...(Answered by Indiana Frenchman)

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Can anyone tell me about a federal house grant called GRAFFA? I am in the military and purchasing a new home. I was told from a VA representative that there is such a federal house grant called GRAFFA that i can apply for. After I googled it nothing came up. Can anyone refer me to the website, phone number, or any information that is known about it? ... (Asked by innaviog32)
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Why Google it when the guy telling you about it was sitting in front of you? duhhh......(Answered by estielmo)

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Are there any federal down payment assistance programs? Looking at purchasing and I would like to know if there are any federal or charitable down payment assistance programs available. I know about Ameridream and others like it but I am looking for something that does not come from the seller. Thanks. ... (Asked by i w)
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Check with your local city office. prime example in New Brunswick, NJ you can call the Housing Coalition and attend a home buying classes and they put down 3-5% down and /or match what you save. check around for home buying programs near you....(Answered by brown b)

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where can I find information on ways to receive federal aid during the real estate crisis? My husband invested in real estate during the housing boom in Florida and he bought 5 properties and turned them into rentals. We have had many problems within the last couple years with renters becoming delinquent on payments, some ultimately being evicted. Now we would like to get rid of the properties because it has turned out to be too costly and we are not making enough money to support our family. My husband is now looking for jobs, but the only ones available are the entry level jobs that pay between $6 and $9/hr and he has work history ... (Asked by klb6778)
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One way may be to re-shuffle the equity in your assets to lower your monthly payments on them and to take a little 'buffer' cash out for yourselves... I would need to know more about your specific situation to know it that would be worthwhile for your situation......(Answered by ReggieWjr1)

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How can I apply for a federal government mortgage? I keep hearing of these mortgages that congress is offering as a resut of the housing market crash. But where do you go to apply for one? That's the problem with alot of these government programs. They're there, but most people dont' know how to access them. Thanks! ... (Asked by Dave T)
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I'm not sure where you heard that Congress authorized mortgages. It did not, to my knowledge. You can always apply for a FHA loan, VA loan, or similar, but those have been around a long time....(Answered by acermill)

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I am behind on my house payments; is there any Federal help available? I was laid off from my job a few months ago and have fallen behind on my house payments. I am working now, but I can not get caught up before I become 90-days late. Are there any federal or state programs (I live in Texas and Wells Fargo holds my mortgage) to help me get back on top and save my home? ... (Asked by Bendak)
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Have you contacted Wells Fargo (don't bother with customer service-ask for a manager in loss mitigation) to explain your situation ? These days, with foreclosures looming all over the place, they're not overly thrilled with having to start a foreclosure. A good solid explanation, along with a repayment plan to catch up, may get you exactly what you need. Give it a try....(Answered by acermill)

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Where can I find information about federal or state grants for home improvements? On the radio this morning, in St. Louis, I heard that you can get federal or state grants (NOT a loan - they clarified) for home repairs by looking at economic grants. The woman said that the government has these grants because they provide work to people and improve communities. She said you don't have to have a low-income and that the only requirement is that you live in the house for at least two years (or move out within two years, something like that). I cannot find this information anywhere. Can anyone help direct me to the right website? ... (Asked by MK)
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Does this sounds to good to be true?...(Answered by ZinaRae)

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