Weekly Wrap-Up | Bay Area Real Estate Financing Programs and News
November 20, 2009
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“The Weekly Wrap Up”
Presented by Jason Wheeler
Okay so you have been getting these from me for a while now and I REALLY appreciate your continued support and reading! If you have been finding value in the nuggets I send each week I would truly appreciate if you would forward the info to any colleagues or clients that may find it useful!
Check out the newest and hottest loan programs and let me know if you would like to see if you fit into any of them. We were locking rates in this week at around 4.75% on a 30 Year Fixed with no points this week!
Hot Mortgage Programs at a Snapshot
- 95% Conventional Loans are Back in California!
- 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 and starting in 2010 $6,500 for 2nd home and investment properties.
- FHA HUD Financing Incentive. $100 down payment gets you in a home!
- Fannie Mae Freddie Mac Refinance Plus! HARP Refinance your home up to 125% of the value.
- Concord CA Affordable Housing and First Time Home Buyer down payment assistance up to $40,000!
- No Appraisal Required on Home Path Loans. Fannie Mae REO properties
Here we are wrapping up Friday 11/20/2009 rates have dipped a bit lower and have been relatively flat for the past few days with the trend pointing even lower for during next week. You can look at weekly rate trends Here.
Two Real Estate Investor Events This Week!
Investor Forum in Bay Area CA RSVP Here!
Join us and learn from a ton of Real Estate Entrepreneurs and Investors that are helping people like you create massive wealth in Real Estate TODAY!!. This will be a packed event where you will learn nuts and bolts Real Estate Investment knowledge to take advantage of what is happening in the market RIGHT NOW!
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Until Next time Here is to your success! Jason Wheeler 925-285-2172
95% LTV Conventional Mortgage Programs are Back | Home Possible and My Community Mortgage
November 20, 2009
Subscribe Via RSS | Free Online Overview | Free Event | Email Us | 925-285-2172
95% LTV is back on Agency Conventional Loans
Borrowers may now get 95% LTV if they meet the following criteria:
- 95% Purchase and Rate/Term refinances
- Specific Affordable Products only (see below)
- Borrower does not have to be a First Time Homebuyer to qualify. However , First Time Home Buyer’s must complete training course.
- 680 Minimum Score Requirement
- 1 unit property only (SFR and PUDs. Condos maxed at 90% LTV)
- 2 months. reserves required regardless of AUS findings
- 3% down payment and reserves must be borrower’s own
- Borrowers can only own 1 property (No 2nd homes or rentals)
- Full appraisal required regardless of AUS findings
- 3% Seller Concessions maximum allowed
- Counseling only required for First Time Home Buyers
- Income limitation waived on MyCommunity program if property is located in a Fannie Neighborhood
- Mortgage insurance must be ordered through Genworth (GE)
- These Genworth overlays apply to product guidelines
- Now available in CA, FL, NV, and AZ
- Standard Conforming Fixed is not eligible. Must fit into one of the below programs
Available Programs:
• Freddie’s Home Possible Doc #5335 (Fixed Rate only)
• FNMA MyCommunity Doc #5325 (Fixed Rate, 5 yr ARM and 7 yr ARMAdditional benefits (see product descriptions for full details):
• Reduced MI coverage available (16% MI coverage). This is a great selling tool against FHA! MI is reduced and unlike FHA, the MI may be removed after 2 years if home has appreciated in value. Borrowers completing GE’s Counseling Saver Program may receive additional rate discount
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Until Next time Here is to your success! Jason Wheeler 925-285-2172
