Mortgage Blogs Mar 16, 2010
Some of the nation's top economists believe the housing market has turned and better days are on the way for the housing industry.Increases in jobs, credit, and affordable homes will overcome impediments such as rising interest rates, and the expiration of the Federal stimulus program to push the housing market toward recovery, says Dean Maki, chief U.S. economist for Barclays Capital."I would bet even odds that we're at a bottom and...
Mar 16, 2010
The spring selling season is already keeping builders busy, says Ticonderoga Securities Analyst Stephen East, who surveyed builders in North Carolina, Virginia, Florida, Texas, and California's Inland Empire.East found that many builders reported increasing interest among move-up buyers. Builders also said that traffic was not only busy on the weekends, but was also increasing mid-week."While the market is benefiting from the tax credit, it...
Mar 16, 2010
The number of homes on the market with pending sales increased for the 11th week in a row! It was a 5.4% increase in Canyon County and an 8.3% increase in Ada County for the week! The number of pending sales is up 52% in Canyon County from this same time last year and 46% in Ada County! The number of homes on the market in Canyon County has decreased 16% from this time last year and decreased in Ada County by 10%! More signs that the housing...
 Mar 16, 2010
Today's FOMC meeting has adjourned with an announcement of no change to key short-term interest rates. This was widely expected, but the post-meeting statement did cause some discussion. The Fed left the language in the recent statements that indicate that rates will remain near current levels for some time. This is good news for the bond market and mortgage rates as it means that the Fed is still concerned about an economic recovery. There...
 Mar 16, 2010
News just in from the Fed Meeting -- Information received since the Federal Open Market Committee met in January suggests that economic activity has continued to strengthen and that the labor market is stabilizing. Household spending is expanding at a moderate rate but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. Business spending on equipment and software has risen significantly....
Mar 16, 2010
Just when you think a government program might actually do some good... Here I am today reporting about the upcoming Home Affordable Foreclosure Alternative program from the Treasury Department that goes into effect April 5th. The program is designed to help troubled borrowers who don't qualify for loan modifications. It offers financial incentives to banks and borrowers to expedite short sales (when the banks allows the home to be soled for...
Mar 15, 2010
Question: What Is the Good Neighbor Next Door Sales Program ? HUD wants to strengthen America's communities. The Good Neighbor Next Door Program offers HUD owned single family (one-unit) homes to eligible participants at a 50% discount.This program is especially designed for Law Enforcement and Firefighters. Question: Am I Eligible for the GNND Sales Program? Answer: Law enforcement officers, teachers and firefighters/emergency medical...
Mar 15, 2010
There’s been a lot of talk about short sales lately, and considerable concern about related Mortgage fraud. Up in the hard-hit northern San Joaquin Valley region of California, the “hottest fraud” reportedly involves short sales,I am a preferred lender in many cities of the valley Stockton,Lodi,Modesto etc,,and have had alot of offers not even accepted or returned with out any explanation at all as to why we were rejected or our...
Mar 15, 2010
Battered by the housing crisis, mortgage finance company Fannie Mae said Friday that it needs another $15.3 billion in bailout money from the federal government. Fannie Mae (FNM, Fortune 500), which is controlled by the government, reported a fourth-quarter loss of $16.3 billion, including $1.2 billion in dividend payments to the Treasury Department. This is down from $25.2 billion a year earlier and $19.8 billion in the third quarter. For 2009,...
 Mar 15, 2010
Last Week in Review "IF WE HAD NO WINTER...THE SPRING WOULD NOT BE SO PLEASANT." 17th-Century poet Anne Bradstreet's words ring true not only for the seasons, but also for last week's Retail Sales numbers. Just days before Sunday's "spring forward" into Daylight Savings Time, the retail sector looked to be unfreezing and showing at least a little spring in its step. Retail Sales for February were reported last Friday at 0.3%,...
Mar 14, 2010
There are several reasons why buyers should want to be active this week.3/15/2010 to 3/19/2010 Government assistance is ending - The $8,000 first time homebuyer incentive is ending as I have previuously mentioned it may or may not be extended again.FHA 96.5% to 100% financing could be ending again look at my past blogs and Real Estate articles.And the Government purchase of (MBS) Mortgage Backed Securities is ending again see my past articles and...
Mar 14, 2010
There are several reasons why buyers should want to be active this week.3/15/2010 to 3/19/2010 Government assistance is ending - The $8,000 first time homebuyer incentive is ending as I have previuously mentioned it may or may not be extended again.FHA 96.5% to 100% financing could be ending again look at my past blogs and Real Estate articles.And the Government purchase of (MBS) Mortgage Backed Securities is ending again see my past articles and...
Mar 14, 2010
There are several reasons why buyers should want to be active this week.3/15/2010 to 3/19/2010 Government assistance is ending - The $8,000 first time homebuyer incentive is ending as I have previuously mentioned it may or may not be extended again.FHA 96.5% to 100% financing could be ending again look at my past blogs and Real Estate articles.And the Government purchase of (MBS) Mortgage Backed Securities is ending again see my past articles and...
 Mar 14, 2010
It is no secret that the FHA is under pressure from law makers to increase reserves to avoid a taxpayer bailout. Due to loan defaults in recent years, the FHA has seen its Mutual Mortgage Insurance Fund (cash reserve) dwindle to 25% of the congressionally mandated level. In addition, the FHA market share has increased 5-fold since 2005 exposing the taxpayer owned company on a level that was never intended. The most recent push is to increase the...
Mar 13, 2010
*** HOME BUYER TAX CREDIT *** Last year when the, Democrats and Republicans, came together to work on our budget there was a huge problem a $60 billion deficit. But part of solving that problem, we to creat and extended a homebuyer tax credit. And that homebuyer tax credit was very helpful, because it immediately started creating some action in home sales. As a matter of fact, the traffic going through...
Mar 12, 2010
FHA commissioner David Stevens testified to Congress Thursday, arguing that a blanket minimum down payment increase for FHA loans would “adversely impact the housing market recovery.” He noted in his testimony that requiring a five percent minimum down payment on
Mar 12, 2010
Worried about financing an FHA Home Loan and then losing your job? My loans now include involuntary unemployment coverage that will make the house payment of up to $1,500 per month. If you should be unemployed through no fault of your own, the program will make the house payment directly to the mortgage holder for our clients in the state of California.Our program is available for any new purchaser that has been on the job for more than one year...
Mar 12, 2010
**** THE FEDS ARE EXITING THE MORTGAGE BACKED SECURITIES MARKET **** •The Fed MBS purchases are scheduled to end on March 31st. •It will take a couple of months for some of these purchases to settle on the Fed's balance sheet (see: the discussion from SIFMA: "To-Be-Announced" Trading of Agency Passthrough Securities) •The coming increase in the Fed's balance sheet (and the expansion of the Supplementary...
Mar 11, 2010
Well this Real Estate Downturn has left nobody spared ....even the big kids in Hollywood are hurting.The prime jumbo mortgage market, especially in California, continues to deteriorate in the residential-mortgage backed securities (RMBS) space, posting rising 60-day or more delinquencies for the 33rd consecutive month, according to my source (Fitch Ratings). And to jumbo market players, the trend is expected to continue for some time....
 Mar 11, 2010
Time is running out. March 30th is the end of the Feds Mortgage Bond Purchse plan. That means the Fed will not be buying 10 Billion dollars worth of mortgage bonds each week. The drop in demand could put pressure on mortgage bonds and cause rates to tick up a bit April 30th is the last day to get into contract to qualify for the first time buyer credit as well as the move up buyer credit. If you are a buyer and you want to get a piece of this...
Mar 11, 2010
Getting a Pre-Approval for a loan is helpful for many reasons.Please let me describe the top two reasons I feel everyone should make this their first step in the homebuying process. 1. - To make sure that you actually qualify for a loan sitting down and submitting your financial information with a F.H.A Approved lender is critical during that process your lender will look at your income,credit scores,cash reserves for the down payment if...
 Mar 11, 2010
The $8,000 first-time homebuyer tax credit program was extended in 2009 but is set to expire in April of 2010. Homeowners who are looking to take advantage of this tax credit must be under contract on a home by April 30th 2010 in order to qualify and they must then close on the home by June 30th to receive the credit.Many homebuyers have found the first-time homebuyer tax credit to be incentive enough to move forward in looking for a home and...
 Mar 10, 2010
We provide up to 100% Commercial Real Estate Joint Venture Funding Nationwide. Loans between 1 million and 40 million may be eligible for up to a 100% Commercial Real Estate Financing. With a minimum credit score of 600. To be pre approved please complete our required online form for a free quote. By clicking on the Commercial Loans link below. Please take note this is not a loan commitment by completing and submitting any information.
Mar 10, 2010
Tax Credit Expiration and Even More Important Dates for For First Time Home Buyers- Posted by Jeffrey Young at www.FHASUBMISSIONS.COMMarch 10, 2010 7:32 a.mI have been getting more and more questions about the tax credit lately so I
 Mar 09, 2010
Mortgage rates were relatively flat during the month of February. The 30-yr fixed FNMA required net yield (60 day) fell to 4.77%, from 4.81%. The Fed currently has significant influence on mortgage rates. Over the last year, the Fed pushed mortgage rates lower by purchasing over $1 trillion in mortgage-backed securities (MBS). The Fed's Plosser suggested that the Fed should begin selling those MBS "sooner rather than later." Later that day,...
Mar 07, 2010
If you are trying to decide to sell your home now or wait until the market gets better, than here is something to think about. If you wait, it's true that you will probably be able to sell it for more within a few years. But the next home that you buy is also going to cost you more and not only is the purchase price going to be more but your monthly payments will more than likely be higher as well since interest rates will be on the rise. If...
Mar 07, 2010
Homeownership and American CultureRobert Shiller in the NY Times: Mom, Apple Pie and Mortgages. Shiller asks: [W]hat is the long-term justification for putting taxpayers on the line to subsidize homeownership? Is this nothing more than a sacred cow in American society — a political necessity because so many voters own homes and are mindful of their resale value?Shiller argues that home ownership is part of the American culture, and that the...
Mar 07, 2010
Homeownership and The American Culture Mom, Apple Pie and Mortgages. [W]hat is the long-term justification for putting taxpayers on the line to subsidize homeownership? Is this nothing more than a sacred cow in American society — a political necessity because so many voters own homes and are mindful of their resale value?Shiller argues that home ownership is part of the American culture, and that the reason for subsidizing...
Mar 05, 2010
The Federal Reserve has pushed mortgage rates to near half-century lows, but millions of U.S. homeowners haven't benefited from that because they can't--or won't--refinance.What are you waiting for you are missing the chance of a lifetime !!! Falling home prices have left many owners with little or no equity, making it harder to qualify for refinancing. Moreover, stricter lending standards and higher fees by banks and mortgage...
Mar 04, 2010
When Fannie Mae, Freddie Mac and the Wall Street mortgage-backed securities machine all went the way of King Kong and Godzilla last year, that left just one home finance giant standing: the Government National Mortgage Association, or Ginnie Mae. Ginnie Mae bundles together mortgages into securities, and backs their sale to investors. Ginnie Mae survived by sheer luck. It only guarantees mortgages insured by the Federal Housing Administration,...
Mar 04, 2010
Daddy, Daddy! Help me!”I ran into my daughter’s room. It was obvious that she’d just woken up from a nightmare. She was shaking and bathed in sweat.“Daddy, it happened again – the dream. A man and a woman named Fannie and Freddie were after me. Fannie told me that I owed her $15 billion dollars. She said that I’d left off the middle initial on a 4506-T in 2003. I didn’t know what she meant, something...
Mar 03, 2010
Wednesday's bond market has opened in negative territory again with the stock markets showing gains. The Dow is currently up 44 points while the Nasdaq has gained 10 points. The bond market is currently down 10/32, but we will likely see a slight improvement in this morning's mortgage pricing due to strength in bonds late yesterday. Today's only relevant report is the Fed Beige Book at 2:00 PM ET. It details economic activity...
Mar 03, 2010
Mortgage insurance claims are slowing as servicers continue to keep loans from moving into real estate owned (REO) status, according to the research firm Clayton Holdings. When a bank repossess a property after foreclosure, the loan enters into REO, and the property is then marketed for resale. According to the data, the amount of time from the filing of an insurance claim to payment increased on average by more than 50 days in Q409. Clayton...
Mar 02, 2010
Tuesday, January 12th, 2010, 3:37 pm From the desk of Mr.Jeffrey Martino Young - The US Department of Housing and Urban Development (HUD) launched an initiative to review Federal Housing Administration (FHA) approved mortgage lenders with high foreclosure rates. In a conference call held Jan. 12, Kenneth Donohue, the HUD inspector general, and David Stevens, the FHA commissioner, announced an initiative focusing on m
Mar 02, 2010
It is a pleasure and privilege to share with you our availability of funds for Commercial Real Estate secured Properties. Merricks Financial Services is a independent financial business. We provide long and short term Commercial Real Estate loans Nationwide. For purchasing and refinancing Commercial Properties. We are actively seeking new loan origination. Funds are available from 100k and up. We also provide Construction and Rehab...
Mar 02, 2010
It is a pleasure and privilege to share with you our availability of funds for Commercial Real Estate secured Properties. Merricks Financial Services is a independent financial business. We provide long and short term Commercial Real Estate loans Nationwide. For purchasing and refinancing Commercial Properties. We are actively seeking new loan origination. Funds are available from 100k and up. We also provide Construction and Rehab...
Mar 02, 2010
It is a pleasure and privilege to share with you our availability of funds for Commercial Real Estate secured Properties. Merricks Financial Services is a independent financial business. We provide long and short term Commercial Real Estate loans Nationwide. For purchasing and refinancing Commercial Properties. We are actively seeking new loan origination. Funds are available from 100k and up. We also provide Construction and Rehab...
Mar 02, 2010
It is a pleasure and privilege to share with you our availability of funds for Commercial Real Estate secured Properties. Merricks Financial Services is a independent financial business. We provide long and short term Commercial Real Estate loans Nationwide. For purchasing and refinancing Commercial Properties. We are actively seeking new loan origination. Funds are available from 100k and up. We also provide Construction and Rehab...
Mar 02, 2010
The Great Recession wasn't the result of subprime mortgage madness, according to a new report from the National Bureau of Economic Research. It was just a plain old bank panic. Yeah, but weren't bank panics supposed to be a thing of the past, thanks to the creation of the Federal Deposit Insurance Corporation in 1934? Then what do you think caused it ?? Take the survey enclosed and let's see what wins out -
Mar 02, 2010
It is my duty as a Mortgage Banker to inform you of changes ahead that can possibly affect some of you - Those of you who currently hold a (IO) Interest Only Loan need to realize that you are sitiing on a dinosaur in the Home Loan Product Industry.To be direct your loan will most likely no longer be available by summer 2010.If you were one of the unlucky ones 5 - 7 years ago who listened to your Mortgage Broker and went along with his...
Mar 01, 2010
If you've been thinking about getting into a new home, this is definitely the best time to do it. You may be eligible for an $8,000 tax credit if you sign a purchase agreement by April 30th, 2010. With housing prices at an all time low, it's the perfect opportunity to talk about financing a home.At Equity Investment Capital, let us help you get moved in to your dream house. We will make the process of securing a loan and getting...
Mar 01, 2010
NEWS JUST OUT -- The Home Affordable Refinance Program (HARP) has been extended until June 30, 2011, according to the Federal Housing Finance Agency (FHFA). “FHFA has reviewed the current market situation and the state of mortgage insurance availability and has determined that the market conditions that necessitated the actions taken last year have not materially changed,
Mar 01, 2010
Credit card bills have you down??? Debt Management programs are designed to get you out of debt up to 75% faster by reducing, and in a lot of cases completely eliminating the interest rates on your debt. This way, most of your money goes to paying down your principle instead of the interest. Have you ever noticed how little of your payments actually goes toward the principle? Did you know, when only pa
Mar 01, 2010
F.H.A LOANS HAVE ADDITIONAL VALUE AND HIDDEN POTENTIAL IN THE YEARS TO COME Does the assumability option on Federal Housing Administration loans offset their high mortgage insurance premiums? That is a great and very timely question. The value of assumability is as high as it is ever likely to be because of the broad
 Mar 01, 2010
<p style="text-align: center;">Home sales drop 7.2% <p style="text-align: center;"><img class="aligncenter" title="Sold Sign" alt="" width="504" height="339" src="http://www.wsjprimerate.us/wsjprimerate/uploaded_images/housing-3-719181.jpg" /></p><p style="text-align: left;">According to the National Association of Realtors (NAR), existing-home sales fell in January but are above year-ago levels. Economists polled by...
Feb 28, 2010
Officials at the Federal Housing Administration take every opportunity they can to assure the public that the agency is weathering the housing downturn just fine. But the latest batch of numbers show that defaults on loans backed by the government insurer show no signs of slowing. Loan defaults crossed the 9% mark in December, ending the year at 9.22%, up from 6.82% one year earlier and 8.94% at the end of November. Through 2009, the agency had...
Feb 28, 2010
Housing Starts -- Total housing starts were at 591 thousand (SAAR) in January, up 2.8% from the revised December rate, and up 24% from the all time record low in April 2009 of 479 thousand (the lowest level since the Census Bureau began tracking housing starts in 1959). Total starts had rebounded to 590 thousand in June, and have moved mostly sideways for eight months.Single-family starts were at 484 thousand (SAAR) in January, up 1.5% from the...
Feb 28, 2010
The Home Affordable Foreclosure Alternatives (HAFA) program will launch on April 5, 2010, and everyone from asset management companies to software providers are rushing new products to the front lines.I originally wrote this story on HAFA in October when the US Treasury Department announced the program. HAFA was designed to provide incentives to servicers that provide short sales and deeds-in-lieu of foreclosures to borrowers who do not qualify...
Feb 28, 2010
This week brings us the release of six economic reports to be concerned with. Two of the reports are considered to be very important, but nearly all of the week's releases have the potential to affect mortgage rates. With reports being posted each day except Tuesday, we will likely see a fairly active week in mortgage rates.The week's first data comes tomorrow morning with the release of two relevant reports. The first is January's...
 Feb 28, 2010
FHA loans can be for people who are not first time home buyers. The FHA loan will allow you to purchase a home with less down payment and a higher DTI. You can purchase or refinance a home using this product and if the rates get better in the future you can streamline to a lower rate. A FHA loan is assumable to a new buyer as long as he qualifies for the payment. This might be a nice option if we get inflation in the future. Check...
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