Weekly Mortgage Wrap Up | Rates News and Bay Area First Time Buyers
August 28, 2009
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"The Weekly Wrap Up"
Presented by Jason Wheeler 8/21/09
Just a quick note to update you on what happening in the ever changing world of Real Estate Finance this week. My goal is to keep you informed and updated on what’s new in the financing world. You can get in touch with me for any financing questions between 9am and 7pm Monday through Saturday on most weeks at 925-285-2172. My commitment is service to business partners and clients!
Hot Programs!
- FHA 203K Rehab Loan. Perfect for today’s REO fix up environment. Get up to $30,000 upon closing for repairs and upgrades on your new home purchase.
- Contra Costa Mortgage Credit Certificates. Get up to 20% tax credits on interest paid on your mortgage throughout the year!
- 100% Financing with VA Loans!
- Government Programs up to 97% Financing. with $8,000 in Tax Credits for First time buyers expiring at the end of 2009..
- Fannie Mae Refinance Plus! Refinance your home up to 105% of the value.
- Concord CA Affordable Housing and First Time Home Buyer down payment assistance up to $40,000
Below is a bit of news on the weeks pricing trends and mortgage rates!
- Conventional or FHA 30 Year Fixed No Points 5.25%
- Conventional or FHA 30 Year Fixed One Point 5.00%
- Conventional 5 Year Interest Only ARM 4.375%
Here we are wrapping up Friday 8/28/2009 rates dipped well below last weeks pricing on Monday and has been relatively flat all week.. If you had to lock at all this week you were likely better off than the week before. You can look at weekly rate trends Here.
ANNOUNCEMENT!
As part of my commitment to serve Real Estate Agents, Borrowers and Investors, I have been experimenting with a Mortgage Mastermind Call twice a week! We have had tremendous feed back and we will be conducting these calls twice a week. You or your clients can call in and ask all their questions and get real answers for FREE! Or if you can simply listen in and decide if I am the type of person you would like to work with
REAL ESTATE INVESTOR FORUMS SHOWING HOW MANY IN THE BAY AREA ARE MAKING A SIGNIFICANT INCOME IN REAL ESTATE INVESTMENTS AND BUSINESS! AT THIS EVENT YOU WILL MEET MANY SUCCESSFUL INVESTORS AND LEARN HOW TO GET INVOLVED. CALL NOW 925-285-2172
This is your opportunity to learn from- Lance bought his first investment property at age 22. That was 15 years ago; and at that time, he never imagined he would one day be a professional real estate investor and educator will be sharing his experience and solutions for making money in this market. If you would like to get started and work with a team of professional real estate investors you absolutely deserve to receive the information that we will be sharing this evening!
WED NIGHT BAY AREA
Hilton Fremont/Newark
39900 Balentine Dr.
Fremont-Newark, CA 94560- CLICK HERE TO RSVP
THURS NIGHT SACRAMENTO
Holiday Inn Sacramento Northeast
5321 Date Ave (Madison and I-80)
Sacramento-Roseville, CA 95841 - CLICK HERE TO RSVP
*This will be a powerful overview of a company. We are exploding and looking for sharp people that deserve a better life. Come and learn how to create massive success with Real Estate Investing! Business attire is strongly suggested. Arrive early to network 6:30-7 with entrepreneurs and investors of the community
Until Next time Here is to your success! Jason Wheeler 925-285-2172 | Come to a FREE Bay Are Event |
First Time Buyer Assistance | Concord CA Down Payment Assistance
August 24, 2009
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First Time Homebuyer Program
What is the First Time Homebuyer Program?
It is a second mortgage loan program to assist qualified low-income individuals with the purchase of their first home.
What are the maximum income limits and FTHB loan amounts?
Income eligibility is based on Household size. The maximum loan amount is determined by the income bracket of the household. Households earning at or below 100% of Area Median Income are eligible for up to a $40,000 loan. (Refer to household size at all income levels)
How much money can I borrow?
The maximum loan amount is 20% of the home sales price, or appraised value, whichever is lower, up to the maximum of $40,000 based on household income and household size.
| Household Size | 60% of Median* | 80% of Median* | 100% of Median* |
|---|---|---|---|
| 1 | $37,500 | $46,350 | $62,500 |
| 2 | $42,840 | $53,000 | $71,450 |
| 3 | $48,240 | $59,600 | $80,350 |
| 4 | $53,580 | $66,250 | $89,300 |
| 5 | $57,840 | $71,550 | $96,450 |
| 6 | $62,160 | $76,850 | $103,600 |
| 7 | $66,420 | $82,150 | $110,750 |
| Maximum Loan Amount | $40,000 | $30,000 | $20,000 |
* As of April 2, 2009
Who is eligible for a loan?
Borrower must be a first time homebuyer, which is a household that has not owned a home within the past three years. Borrowers must be able to qualify for a first mortgage from a participating lender. The homebuyer must provide a minimum of 3% of the purchase price.
What homes are eligible for purchase?
Homebuyers may purchase an existing single-family detached home, condominium, or townhouse located anywhere within Concord City Limits.
What are the loan terms?
- Borrower’s Disclosure (currently being updated)
- The loan is a zero-interest, 15-year loan. Loan payments are deferred, with the loan being due at the end of 15 years or earlier if the house is sold.
- The City loan carries shared appreciation, when the home is sold. For example, if the original sales price is $200,000 and the City loan is $20,000, the City’s "share" of the appreciation is 10%. At the time of sale or refinance to pay off the City loan, 10% of the appreciation will need to be paid to the City. When the City loan is paid off the shared appreciation obligation ceases.
Inclusionary Housing
The FTHB Program may be used in conjunction with affordable units generated through the Inclusionary Zoning Ordinance to purchase a new home. The income eligibility is based on household size and is allowable up to 120% of Area Median Income cap ($107,150 for a family of 4). In cases where the FTHB Program is used to purchase an Inclusionary unit, the loan may be increased up to $50,000. This increase is intended to encourage low and moderate-income families to purchase inclusionary units, which are subject to the 45-year deed restriction. Although new inclusionary units are not for sale at this time, units are anticipated to be built over the next few years.
Are there any other requirements?
- Borrowers must attend a City-approved FTHB Counseling Workshop. Schedule a free workshop online through www.Crediteducation.org Classes are typically held within Concord at least two Saturdays per month.
- A home purchased under the FTHB program must be, and remain, the borrower’s principal place of residence. The property cannot be leased or rented during the term of the City loan.
- Persons with ownership in most real estate assets are not eligible.
- Funds are limited. Assistance is provided on a first-come, first-served basis, as long as funds remain available.
For First Time Home Buyer classes schedule on-line at: www.crediteducation.org.
Until Next time Here is to your success! Jason Wheeler 925-285-2172 | Come to a FREE Bay Are Event |
First Time Home Buyer Down Payment Assistance | Concord CA Down Payment Assistance | Mortgage Rates 8/24/09
August 24, 2009
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Get in touch with us and call us anytime with questions on current loan programs, events and current qualifying guidelines! 925-285-2172 Or get on our "Mortgage & Real Estate Investment Call" twice a week. |
Hot Programs!
- FHA 203K Rehab Loan. Perfect for today’s REO fix up environment. Get up to $30,000 upon closing for repairs and upgrades on your new home purchase.
- Contra Costa Mortgage Credit Certificates. Get up to 20% tax credits on interest paid on your mortgage throughout the year!
- 100% Financing with VA Loans!
- Government Programs up to 97% Financing. with $8,000 in Tax Credits for First time buyers.
- Fannie Mae Refinance Plus! Refinance your home up to 105% of the value.
- Concord CA Affordable Housing and First Time Home Buyer down payment assistance up to $40,000!
Rates 8/24/2009
- 30 Year Fixed Conventional $417,000 and Below 5.00%
- 30 Year Fixed High Balance $417K to $765k 5.825%
- 5/1 Conventional ARMs at 4.00%
Rates are subject to changes without notice not everyone will qualify for any given program. Call 925-285-2172 for consultation and pre approval.
Weekly Wrap Up 8/21/09 | Investor Forums & Mastermind Calls
August 21, 2009
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"The Weekly Wrap Up" Presented by Jason Wheeler 8/21/09 Just a quick note to update you on what happening in the ever changing world of Real Estate Finance this week. My goal is to keep you informed and updated on what’s new in the financing world. You can get in touch with me for any financing questions between 9am and 7pm Monday through Saturday on most weeks at 925-285-2172. My commitment is service to business partners and clients! Lenders and Appraisers everywhere are still working through challenges with the new appraisal laws however so far we have not lost a file due to an appraisal issue since May 1st. We are still closing FHA Loans within 25 days. Service and communication to you and your borrowers is the key to our continued success. Check some of the newest programs here. and ask me about the details! Below is a bit of news on the weeks pricing trends and mortgage rates! Here we are wrapping up Friday 8/21/2009 rates have continued to decline however today we lost the entire weeks pricing with a huge jump. If you had to lock at all this week you were likely better off than the week before unless you waited until today Friday the 21st. You can look at weekly rate trends Here. ANNOUNCEMENT! As part of my commitment to serve Real Estate Agents, Borrowers and Investors, I have been experimenting with a Mortgage Mastermind Call twice a week! We have had tremendous feed back and we will be conducting these calls twice a week. You or your clients can call in and ask all their questions and get real answers for FREE! Or if you can simply listen in and decide if I am the type of person you would like to work with.
Until Next time Here is to your success! Jason Wheeler 925-285-2172 |
Popular $8,000 Tax Credit Expiring Soon! | Bay Area Mortgage Brokers
August 17, 2009
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Tax Credit Ends Soon: The wildly popular first time home buyer’s tax credit is set to expire in November. This is a tax credit of $8,000 for anyone that has not owned a home in the last 36 months. It takes an average of approximately 30 days to close on a mortgage once you find your dream home. So that basically means that you have until October to put in a contract on a home to take advantage of this great tax credit. Both existing and new home sales have climbed for the past 4 months and inventories are decreasing. With 30 year fixed mortgage rates consistently in the mid 5% range for an average conventional mortgage, it seems that all the stars are aligned for a final push in demand for homes. Don’t assume that you will be able to go back and forth between several homes with low-ball offers. The market has changed and you have very little time to make sure that you the best of everything: Low rates, $8,000 tax credit, and great selection at fair prices. Until Next time Here is to your success! Jason Wheeler 925-285-2172 | Come to a FREE Bay Area Event |
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90 Day Challenge | Achieve More At These Life Changing Events
August 14, 2009
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stateBay Area Mortgage Trends | Weekly Wrap Up 8/14/2009
August 14, 2009
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"The Weekly Wrap Up" Presented by Jason Wheeler 8/14/09 Just a quick note to update you on what happened with rates this week. My goal is to keep you informed and updated on what is new in the financing world. You can get in touch with me for any financing questions between 9am and 7pm Monday through Saturday on most weeks at 925-285-2172. My commitment is service to business partners and clients! Still the biggest issue in working through the loan process is appraisal issues. The HVCC that was enacted on May 1st continues to present challenges in the loan process however we are dedicated to working through these issues. We are still closing FHA Loans within 25 days with close personal service and communication to you and your borrowers. Check some of the newest programs here. and ask me about the details! Below is a bit of news on the weeks pricing trends and mortgage rates! Here we are wrapping up Friday 8/14/2009 rates have been on a five day decline compared to last week. If you had to lock at all this week you were likely better off than the week before.. You can look at weekly rate trends Here.
Until Next time Here is to your success! Jason Wheeler 925-285-2172 |
Getting a Mortgage Loan In Turbulant Times | Mortgage Market 8/10/2009
August 10, 2009
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It is our aim to help you through this process and make it as pleasant as possible. Communication is key so feel free to contact me anytime. I am committed to return all communications within a few hours.
In order to manage what to expect during the Loan Process I wanted to make this note with information about the process ahead. Financing a home is like taking an airplane flight across country. When you start on your trip you have no idea how the trip will go. Neither does the pilot! You could run into many different types of turbulence, or you could have a smooth flight and land on time. Certainly the pilot will try to use his or her experience to navigate around the storms and go for the smoothest flight plan, but if they’re honest, they can’t promise a turbulent-free trip. Their job is to simply get you to your destination in the least time and with the least aggravation, while keeping you informed throughout the trip
As your Mortgage Planning Consultant, I see myself as the pilot of your plane. My job is to assist you in getting your home financed with the best service, in the least time, with the least aggravation. While we may hit some turbulence along the way, I will try to utilize my experience and expertise to take you on the smoothest flight that I can. I will not bail out on you and I will continue to be your teammate throughout the final leg of your trip until we get safely to your destination.
Rest assured, your advocacy is my number one goal, and that means you must be delighted with the service I provide and deliver that hopefully goes beyond your expectations. I will keep you posted as we move through the process and you can ask me questions anytime. I have attached a few documents that I advise you print and read in regards to the loan process and types of turbulence you may run into.
Thanks for reading this and please DON’T hesitate to contact me anytime during the process.
Until Next time Here is to your success! Jason Wheeler 925-285-2172 | Come to a FREE Bay Are Event |
Market Commentary Aug. 10 — Treasuries were little changed before the U.S. government sells $75 billion in debt this week.
Ten-year notes and 30-year bonds, which make up $38 billion of the auctions,
declined earlier after Laura Tyson, an adviser to President Barack Obama, said
yesterday the U.S. economy may be on the cusp of a recovery. Ten-year yields
reached the highest level in two months before government reports this week that
economists say will show retail sales and industrial production rose and first-time jobless claims slid.
“The bear is in charge in the Treasury market at the moment,” said Nick
Stamenkovic, a strategist in Edinburgh at RIA Capital Markets Ltd., a broker for banks and investors.
“Supply is an issue, but more importantly it’s the improvement in sentiment toward
risk assets amid signs the U.S. economy is recovering that is putting the market on the defensive.”
The yield on the benchmark 10-year note was little changed at 3.86 percent as
of 7:10 a.m. in New York, according to BGCantor Market Data. The 3.125 percent security was priced at
94 2/32. Ten-year yields earlier climbed to 3.89 percent, the highest since June 11th.
The 30-year yield climbed 1 basis point to 4.62 percent.
The 10-year yield may advance to 4 percent before the notes start to rise in value, Stamenkovic said.
8/7/2009 Weekly Wrap Up | Presented By Jason Wheeler
August 7, 2009
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"The Weekly Wrap Up" Presented by Jason Wheeler Just a quick note to update you on what happened with rates this week. My goal is to keep you informed and updated on what is new in the financing world. You can get in touch with me for any financing questions between 9am and 7pm Monday through Saturday on most weeks at 925-285-2172. My commitment is service to business partners and clients! We are still closing FHA Loans within 25 days with close personal service and communication to you and your borrowers. Check some of the newest programs here. and ask me about the details! The mortgage industry lost another huge lender this week. Taylor Bean ceased operations. Below is a bit of news on the weeks pricing trends and mortgage rates! Here we are wrapping up Friday 8/7/2009 rates have bee quite volatile this week ending today with a sharp spike upwards. If you had to lock at all this week you were worse off than the week before. Stronger than expected earnings have the stock market and bonds skyrocketing today and that means rates are soon to follow. You can look at weekly rate trends Here. Here is a great article about estimating Closing Costs that you may want to forward to your potential buyers.
Until Next time Here is to your success! Jason Wheeler 925-285-2172
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Closing Closing Costs When Getting a Home Loan | Bay Area Mortgage Brokers
August 6, 2009
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Closing Costs When Buying or Refinancing a Home
When you talk to a lender, they usually prepare a "Good Faith Estimate" of closing costs. Sometimes they will give it to you right away, but they are only required to mail it to you within three business days of application.
Because the lender is the one who prepares the estimate, many buyers associate all the closing costs with the lender. This is not correct. The lender is only preparing an estimate of the costs you may incur when buying or refinancing and is not required to list all potential costs. Nor does the lender know what all the costs are actually going to be. The estimate is an educated guess based on past experience. Some things will get left out. Always anticipate the actual costs are going to be more than the estimate.
When comparing two lenders, don’t look at the "total" cost. Only compare the costs actually charged by each lender. Both lenders are only making informed guesses about costs charged by others. The next page is a detailed summary of costs you may have to pay when you buy or refinance your home. The costs are listed in the order that they should appear on a Good Faith Estimate you obtain from a mortgage lender. There are two broad categories of closing costs. Non-recurring closing costs are items that are paid once and you never pay again. Recurring closing costs are items you pay time and again over the course of home ownership, such as property taxes and homeowner’s insurance.
Some of the items that appear here do not traditionally appear on a lender’s Good Faith Estimate and lenders are not required to show all of these items.
Until Next time Here is to your success! Jason Wheeler 925-285-2172 | Come to a FREE Bay Are Event |
Aug. 6 Market Commentary — The number of Americans filing claims for jobless
benefits fell last week, a sign more employers have stopped paring staff as the recession eases.
Applications dropped by 38,000 to 550,000 in the week ended Aug. 1, figures
from the Labor Department showed today in Washington, marking the fifth consecutive
week of fewer than 600,000 claims. The total number of people collecting unemployment insurance rose.
The pace of job cuts has slowed even as unemployment is projected to exceed 10
percent by early next year. Economists surveyed by Bloomberg News say a report
tomorrow will show the jobless rate jumped to the highest in 26 years in July.
Stagnating wages and falling home values also mean consumer spending, 70 percent of the economy, will be slow to recover.
“Labor market conditions are gradually improving,” Zach Pandl, an economist at
Nomura Securities International Inc. in New York, said before the report.
Nonetheless, he said, “claims have to continue to fall from these levels before we can expect a rebound in consumer spending.”
Economists forecast claims would drop to 580,000 from a previously estimated
584,000, according to the median of 40 projections in a Bloomberg News survey.
Estimates ranged from 550,000 to 600,000.
The four-week moving average, a less-volatile measure than weekly initial
claims, fell to 555,250 from 560,000 the prior week.
