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    Monday, March 30, 2009

    Easy Savings!!

    Easy Savings!!

    Are you interested in reducing your current interest rate on your FHA loan with little or no cost or effort? We are able to refinance your existing FHA loan and offer you today’s current low interest rates. No up-front fees required and no appraisal is necessary. If you are current on your mortgage loan and are interested in saving on your monthly mortgage payment every month, please give me a call and we can discuss your savings options.

    Please provide copies of the following items to expedite the processing of your refinance:

    1) Copy of current mortgage coupon
    2) Copy of current Hazard insurance (fire and flood if applicable)
    3) Copy of Note from the loan closing package
    4) Copy of Drivers Licenses and Social Security Cards

    **If you have a friend or family member who recently bought a home and didn’t use me for the loan and they would like to refinance I can help them as well! Please call me or email me with their contact information and I’d be happy to follow up.

    Friday, March 27, 2009

    Mortgage Update

    Refinances and purchases are really picking up the market this week. With these low rates there’s no telling how busy you’re going to be!

    Mortgage Update
    · Check out my jumbo rates!!!
    · Check out my 5 Year Fixed $$$$$ as well.
    · Get your buyers off the fence with today’s Low Rates.

    QUICK TIP 1: VA loans allow up to 4% towards sellers paid closing costs while FHA allows up to 6%!!

    QUICK TIP 2: USDA loans allow for the buyer to finance closing costs and repairs if the appraised value comes in higher than the purchase price. You can use up to the appraised value.

    These three programs will help you get more buyers!!

    Friday, March 20, 2009

    Major Update

    Attached are several updates for rates, working with the tax assessor’s office, and the changes for FHA refi’s taking cash-out.

    Updating Property Taxes
    I’ve had many requests for information regarding the tax assessor’s office and lowering your clients property taxes. See the form attached, have your clients fill it out, and send it in. I recommend they send it certified mail so they know it was received. When I close a loan or estimate payments I estimate taxes based on the new purchase price It’s possible, that after closing, that based on the old tax basis the county could try to collect at the higher previous tax basis (ie previous owner). This is especially pertinent on foreclosed homes in Southern California. Use the attached forms for your clients benefit and get in the habit of completing them at closing so the changes will be nearly immediate.

    FHA Financing Update:
    New loan limits are supported and available to lock at $500K.
    Down payment requirement is still only 3.5%.
    Fico score is also the same, which is required to be a 620 Fico.

    The biggest difference you all need to know about is the appraisal requirements. For all loan amounts above $417K, and have a LTV greater than 95%, will be required to have 2 appraisals. The best way to avoid a second appraisal we can have the buyers put 5% down. If they want to do the second appraisal this can be done too. This is a FHA requirement.

    There is only 1 more week to pull a case number for anyone interested in doing a cash-out refinance to 95% loan to value using the FHA program. The loan to value changes to 85% after next week. See the attached mortgagee letter from HUD.

    Conforming Loans – or High Balance Loan Amounts
    Loan Amounts also extended in Riverside County to $500K.
    Max cash out is $200K on all these loans.

    I hope this information is helpful. Call me with questions and make it a great week!

    I am never too busy for any of your referrals.

    Sunday, March 1, 2009

    Conforming & FHA Loan limits have been increased to 500K

    Market Update:
    Rates continue to be volatile, but are still at historically low levels.
    Check out my 4.125% - 5 year Fixed money – LOW!! The rate sheet is attached.

    Conforming & FHA Loan limits have been increased to 500K for the rest of 2009. The bad news is that these agency jumbo loans are not yet available in the market place. So we don’t know the pricing or stipulations yet, but I will update you with more as it unravels.

    FHA & VA has also just raised its minimum fico score requirement to 620, yes that’s correct. Any loan’s currently in the system must be approved soon, to be grandfathered in.

    ***If I have given you a pre-qualification please get with me to verify FICO scores.***
    If you have a loan in process and the interest rate was not been locked, they will need to be locked by March 7th to be eligible.
    Please let your friends and clients know!



    For Immediate Release
    Contact: Corinne Russell (202) 414-6921
    February 23, 2009 Stefanie Mullin (202) 414-6376


    WASHINGTON, DC – The American Recovery and Reinvestment Act (ARRA), which was signed into law on Tuesday, increased the maximum conforming loan limit for
    mortgages originated in 2009. The increase affects 250 counties across the United States. For these areas, identified in the attached table, Fannie Mae and Freddie Mac loan limits
    will return to their late-2008 levels, which were up to $729,750 for one-unit properties in the continental United States. Loan limits in other areas are not changed by the

    Conforming loan limits for 2009 were originally announced in late 2008 and had been calculated under terms set forth in the Housing and Economic Recovery Act of 2008
    (HERA), passed in July. The new ARRA legislation stipulates that, for loans originated in 2009, the loan limit is to be the higher of the 2008 limits and those originally calculated
    for 2009 under HERA. Where the 2008 and 2009 limits differ, the 2008 limits tend to be higher and thus, in most cases, loan limits are reverting back to last year’s levels. For the
    relatively few counties where 2009 limits actually increased (43 counties in Virginia, North Carolina, and California), the new limits will remain at the higher level.

    Notable elements of the new legislation:
    1. The Director of FHFA is given the authority to increase loan limits levels for “subareas” under provisions in ARRA. Given the implementation difficulties associated
    with establishing multiple limits for any given county, FHFA’s Director currently has no plans to use this discretion.

    2. The loan limits established under ARRA apply to all loans originated in 2009. For loans purchased in 2009 that were originated from July 1, 2007 through December
    31, 2008, the same limits will apply. For loans purchased in 2009, but originated before July 1, 2007, the limits previously announced by FHFA on November 7 ,
    2008 and updated in December will apply. For example, a $700,000 mortgage originated in 2006 would not be eligible for purchase this year, even if the
    applicable local limit under ARRA is $729,750.

    Several lookup tables are available at that provide detailed information about local area loan limits. A full county listing is provided
    showing loan limits for every U.S. county and county-equivalent. Also provided is a table showing those metropolitan areas where the new 2009 loan limits exceed the baseline
    $417,000 level for one-unit properties.