A Heartfelt Merry Christmas and Thank You!
December 23, 2009
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Until Next time Here is to your success! Jason Wheeler 925-285-2172
Book Review 7 Habits Of Highly Effective People
December 8, 2009
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7 Habits Of Highly Effective People by Stephen Covey is a MUST READ for anyone that would like to really study in detail the small daily habits that almost all successful business people and Entrepreneurs utilize on a daily basis. It is very easy to spell out a list of habits, however Stephen Covey really dives into all seven habits and opens some great insights and ideas on exactly what each habit entails and how to get started. This is the type of book that you don’t want to just skim through but you really should study each chapter. I found myself reading some chapters twice before moving on.
How this book impacted my life is in my daily life I would catch myself in cycles and habits that were not serving using Stephen Coveys concepts. I found that when I caught myself in a habit that does not serve me it would be much easier to break the cycle and move to a habit that would ultimately move me forward in my personal life or business. Very briefly the seven habits are.
- Be Proactive
- Begin With the End In Mind
- Put First Things First
- Think Win/Win
- Seek First to Understand, Then to Be Understood
- Synergize
- Sharpen the Saw
If you are looking for a way to create the habits that will lead you to success not just in business but in your daily personal life this book is a must read for anyone seeking to grow.
Until Next time Here is to your success! Jason Wheeler 925-285-2172 | Come to a FREE Bay Area 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 |
What is the True Cost of the “No Cost Loan?” | Buying a Home in Contra Costa Bay Area | 7/24/2009 Market News
July 24, 2009
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You always hear about that "no cost loan" however the old adage is true there is no such thing as a free lunch. Ask your professional about what the true cost is of the "no cost loan" or call us at 925-954-7082 anytime and we would be happy to explain the differences, benefits and pitfalls of the several various ways to structure a mortgage. If you are buying property in the Contra Costa Bay area and you need a Mortgage Loan then we are absolutely top notch in customer service and consulting. We will find the right solutions for your sit your situation.
No fees but a higher interest.
In this option the lender offers to cover all the expenses related with the mortgage with the condition that the borrower accepts a higher rate of interest. The higher rate of interest will be charged during the whole lifetime of the mortgage. It is important that you ask for detailed estimates of the real costs of this no-cost alternative. This estimate should show the cost of the mortgage fees and how much extra interest you will be paying with the higher rate of interest.
Taking a loan to pay the loan fees.
This option of no-cost loan modification actually involves taking on a loan to pay for a loan, or at least the loan fees. With this option the lender covers the mortgage modification fees but includes the fees as part of the loan. This will mean the borrower will have to pay for the fees with interest as part of their modified mortgage. Again it is important to understand what the real costs of your no-cost mortgage modification will be. Ask for an estimate that details the real cost of your mortgage fees after paying interest on them for the length of the loan.
Lenders will often try to include a prepayment penalty clause in the mortgage or loan contract to discourage borrowers from changing loans in the early years of the modified loan. As far as you can you should try to avoid or reduce this penalty as they will reduce flexibility when trying to find a better deal in the future.
Until Next time Here is to your success! Jason Wheeler 925-285-2172 | Come to a FREE Bay Are Event |
Consumer Confidence Continues to Plunge.
July 24 (Bloomberg) — Confidence among U.S. consumers fell in July for the first time in five months as mounting unemployment and depressed wages shook households. The Reuters/University of Michigan final index of consumer sentiment decreased to 66, better than forecast, from 70.8 in June. A preliminary reading was 64.6. The biggest employment slump of any recession in the last eight decades may be making more Americans feel their jobs are in jeopardy. The growing insecurity, together with falling home values, is prompting households to limit spending and save more, meaning an economic recovery will take time to gain speed.
Consumers remain very cautious,| David Semmens, an economist at Standard
Chartered Bank in New York said before the report. They’re concerned about the outlook for jobs. Consumer spending will be fairly flat at best.
The confidence index was forecast to fall to 65, according to the median of 57
You’re Invited! Join us This Week 7/20/2009 | Real Estate Investor Meetings CA Bay Area
July 20, 2009
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Solving Appraisal Issue’s | 7/15/09 Market Commentary
July 15, 2009
We’ve been working diligently to find ways to solve the appraisal issues that we are currently dealing with in the Lending industry. We are in the process of devising a system to get a fair appraisal on property that will get through underwriting very quickly. The HVCC laws of May 1st have been a thorn in the side of just abou everyone invovled in Real Estate the past few months. I am in the office today and available to answer your questions and concerns. Rates had a reprice for the worse today. As the stock market rally has effected the 10 year bond negatively. If you were able to lock last week or early this week you are in great shape. We are still looking at a 12 day loan contingency removal and if we have a full file we have been closing in 25 days.
Until Next time Here is to your success! Jason Wheeler 925-285-2172 | Come to a FREE Bay Are Event |
Get FREE MP3 of Think and Grow Rich and download the ebook by Napoleon Hill
Market Commentary – Wed, Jul 15 – 10:20 AM ET
Stock markets are rising for the 3rd straight session led by a positive earnings report by Intel, the world’s largest semiconductor, reporting that earnings per share came in at 18 cents versus the 8 cents that was expected. Intel also said that Q3 revenue will be better than forecasts. Intel (INTC) is part of the Dow 30 and a component of the S&P 500 Index.
Mortgage applications in the latest week rose said the Mortgage Bankers Association today. The MBA’s Index of Applications rose 4.3% in the week ended July 10 to 514.4 up from 493.1 the previous week. The group?s refinancing index increased 17.7%, while the gauge of purchases fell 9.4%. The rise was due to lower home loan rates last week.
A surprise reading from the New York Fed showed that manufacturing in that region shrank at the slowest pace in a year led by the biggest increase in orders since the recession began. The New York State Manufacturing Index rose to -0.55 in July from June’s -9.41 reading and was the best level since April of 2008. The report has also boosted Stock prices in the early going.Inflation at the consumer level increased slightly in June from May pushed higher by rising gasoline prices. The Consumer Price Index (CPI) rose 0.7% in June from the 0.1% reading in May – estimates were calling for a reading of 0.6%. The so-called Core CPI, which strips out volatile food and energy, rose to 0.2% from 0.1% in May.
The CPI year-over-year fell 1.4%, the biggest decrease since January of 1950, while the Core CPI for the last year ended in June was 1.7% down from May’s reading of 1.8% for the past 12 months.
Affordable Housing Rehab Loan Program Pleasant Hill CA
July 2, 2009
This little known program is available in Pleasant Hill CA. The information below is from The Pleasant Hill City Website.
ELIGIBLE HOUSEHOLDS
The house must be within the city limits of Pleasant Hill and owner-occupied. The current, combined monthly income of the entire household must be less than the amount listed on the bottom of the next page – based upon family size. It is important to note that this program is designed for Pleasant Hill homeowners who are not able to qualify for conventional loans.
ELIGIBLE PROPERTIES
- The dwelling must be located in residential districts and areas designated for residential use within the City of Pleasant Hill.
- The dwelling must be the primary residence of the owner.
- The dwelling is in a condition such that rehabilitation within the scope of this program will bring the unit into a safe and habitable condition.
- The dwelling must have sufficient equity to secure the amount of the loan. The rehabilitation loan must be a first or second loan against the property and may not be a “third” or lower, even though there may be sufficient equity to cover such positions.
FINANCIAL ASSISTANCE
- Maximum loan amount is $60,000. Minimum loan amount is $5,000.
- Loan interest rate is 3% fixed, simple interest with an initial 15-year term. The loan terms may be extended in 5-year increments, after the initial 15-year term, provided the homeowner still meets the income qualifications.
- Loan repayments may be amortized, deferred, or interest only. The loan committee has the ultimate decision with regard to loan repayment.
TYPES OF REHABILITATION
- Health and safety hazards will be given top priority for consideration in the program. Common repairs associated with a rehabilitation project include but are not limited to:
- New roof, gutters and downspouts
- Attic and wall insulation
- Kitchen and/or bathroom upgrades
- Repair/replace concrete driveways, walkways or porches that present a “trip and fall” hazard
- Drainage work
- New interior and/or exterior paint
- Sewer work
- Replacement of worn flooring
- Replacement of single pane windows with new, dual pane, energy efficient windows
- Fences are allowed to be replaced but under very limited circumstances, such as a safety item due to a backyard swimming pool
- Work will be performed by pre-certified contractors participating in a competitive bid process. In special circumstances, contractors are not on the pre-approved list may be allowed to perform the work, if they meet program guidelines.
2008 MONTHLY INCOME LEVELS
Number of Persons Living in House 1 2 3 4 5 6 7
Total maximum income $5,025 5,742 6,458 7,175 7,750 8,325 8.900
Until Next time Here is to your success! Jason Wheeler 866-833-7413 | Come to a FREE Bay Are Seminar |
Get FREE MP3 of Think and Grow Rich and download the ebook by Napoleon Hill!
What is a Mortgage Credit Certificate or MCC | Contra Costa County MCC
June 18, 2009
When you buy a home do ask your professional about Mortgage Credit Certificates for your county?? Most won’t tell you about them because they don’t know about them. There are very few lenders and banks that are able to process these and the savings is very significant. You can save 20% of the interest you pay on a mortgage every year for the entire time you have your loan. If you are going through the process it is absolutely something to take a look into. Right now I am working with a client who is set to save around $400 every month. You can learn all about them if you get in touch with us or you can look at your County’s Website.
Until Next time Here is to your success! Jason Wheeler 866-833-7413 | Come to a FREE Bay Are Seminar |
Get FREE MP3 of Think and Grow Rich and download the ebook by Napoleon Hill!
Join Us for One of Our Many FREE Events in Northern CA | FREE Seminars and Workshops Coming Up
May 27, 2009
If you want to be successful it is important that you surround yourself with people that already have what you want! If you believe this to be true and you are looking to create success in wealth, Real Estate, Investments and Business then you should join us for one or all of the many events that are happening in the next 10 days in Northern CA.
You can learn more about these events here!
Be unstoppable in 2009 and take massive action!
Until Next time Here is to your success! Jason Wheeler 866-833-7413 | Come to a FREE Bay Are Seminar |
Get FREE MP3 of Think and Grow Rich and download the ebook by Napoleon Hill!
Million Dollar Leads | Crazy Millions Helps Create a BUZZ!
May 4, 2009
Have you been looking for a unique way to get your marketing message out? You should check out Crazy Millions! This has changed my business and helped me create buzz with a unique fun tool that people actually keep and pass around. You can give them out as a novelty and who knows what you will find. Hide them in a magazine or bill fold and just watch the results. Printing is quite inexpensive and it’s a good way to set you apart.
Until Next time Here is to your success! Jason Wheeler 866-833-7413 | Come to a FREE Bay Are Seminar |
Get FREE Copy of Think and Grow Rich on MP3 to Succeed in Real Estate!
