California AG Wants Pay Option ARM Answers - 10/30/09 01:01 PM
California AG Wants Pay Option ARM Answers
HOUSING WIRE
By AUSTIN KILGORE October 29, 2009 4:26 PM CST
California attorney general Edmund Brown Jr. today sent a letter to 10 major bank and loan servicers in the state calling for the disclosure of their detailed plans to help certain homeowners manage the drastic payment increases on their pay option adjustable rate mortgages (ARMs).
California homeowners hold nearly 60% of the nation's pay option ARMs originated between 2004 and 2008, the attorney general's office said. Nationally, about 1m of these loans are schedule to reset in the next four years, … (0 comments)

Rate Lock Advice and Mortgage Market Update - 10/30/09 10:17 AM
Rate Lock Advice and Mortgage Market Update

October 30, 2009, 8:00 PT
RATE LOCK ADVISORY
Lock Advice:  FLOATMBS prices are up +6/32. Personal Income and Core PCE inflation came in very close to expectations.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Down 0.01% at 5.07% on Oct.29
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.708% Up 0.031%.
10 Year Treasury currently 3.440% Down -0.09%
DJI Stocks $9,882.55,  Down -80.03, -0.8%
European and Asian Markets Down -0.199%
Nymex Crude Oil currently $78.57 … (0 comments)

Are They Made To Big to Fail? - 10/29/09 01:24 PM
It is apparent that an increasing amount of our country's financial power is being consolidated into the big four banks; Bank of America, Chase, Citibank and Wells Fargo making these guys absolutely To Big To Fail, what's next?
Will there be further consolidations... maybe big bank inspired elimination of mortgage brokers? 
Whoops, it's happening now unless you take action,  Big Banking Buddy FDIC is helping big banks eliminate one of their largest competitors leaving consumers with even fewer choices as early as 2010 unless you take immediate action.  Read how
For those of you who do not subscribe to the lending and real estate site Think Big Works Small you … (7 comments)

Rate Lock Advice and Mortgage Market Update - 10/29/09 11:55 AM
Rate Lock Advice and Mortgage Market Update

October 29, 2009, 9:50 PT
RATE LOCK ADVISORY
Lock Advice:  LOCKUnfavorable repricing is a risk. MBS prices are down -8/32  below 9:45 ET pricing of -4/32. The Dow is now up 150 plus points, putting pressure on MBS markets.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Down 0.01% at 5.07% on Oct.29
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.678% Down 0.078%.
10 Year Treasury currently 3.50% Up 0.06%
DJI Stocks $9,927.67,  Up 164.98, … (2 comments)

First time homebuyers tax credit - Who is frauding who?? - Possible extension? - 10/29/09 11:42 AM
Whether you are for or against the First Time Home Buyer's Tax Credit you should stop a minute and read Jeff Belonger's post on the subject.  It makes a lot of sense.
My buyers are happy to recieve it and it motivates then to close in time but I don't believe any have bought solely because of the tax credit. 
Spurred only by self interest I am happy to get one or two extra loans but at second thought at what cost?
Via Jeff Belonger -- The FHA Expert.com -- FHA Loans -- FHA mortgages - USDA loans (Infinity Home Mortgage Company, Inc):
 
… (0 comments)

PM Rate Lock and Mortgage Market Advisory - 10/28/09 03:30 PM
Rate Lock Advice and Mortgage Market Update

October 28, 2009, 1:15 AM PT
RATE LOCK ADVISORY
Lock Advice:  FLOATMBS prices are up +16/32. Durable Orders came in right on target and produced little reaction.  New home sales fell short of expectations and helped the MBS market.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Down 0.01% at 5.09% on Oct.28
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.756% Down 0.053%.
10 Year Treasury currently 3.410% Down -0.08%
DJI Stocks $9,762.69,  Down -119.48, … (3 comments)

A Dose of Education Helps the Anxiety Go Down.... - 10/28/09 10:36 AM
Lindsay's blog is clearly written, easy to understand and should be required material for first time buyers.
Via Lindsay Luton (Academy Mortgage):
A DOSE OF EDUCATION HELPS THE ANXIETY GO DOWN...  Understanding what you want and who you are will provide you the confidence you need when shopping for a home and more importantly a home loan.  We will walk through the many different steps in the loan process piece by piece.  For now let's break down some of the terminology term by term.  One of the first parts of the equation that the bank looks at is your debt to income ratio.
… (0 comments)

Rate Lock Advice and Mortgage Market Update - 10/28/09 08:36 AM
Rate Lock Advice and Mortgage Market Update

October 28, 2009, 6:30 AM PT
RATE LOCK ADVISORY
Lock Advice:  FLOATMBS prices are up +1/32. Durable Orders came in right on target and produced little reaction.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage UP 0.04% at 5.1% on Oct.27
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.756% Down 0.053%.
10 Year Treasury currently 3.450% Down -0.04%
DJI Stocks $9,843.70,  Down -38.47, -0.39%
European and Asian Markets Down -1.332%
Nymex Crude Oil currently $78.75 … (1 comments)

PM Rate Lock Advice and Mortgage Market Update - 10/27/09 03:32 PM
Rate Lock Advice and Mortgage Market Update

October 27, 2009, 1:20 PM PT
RATE LOCK ADVISORY
Lock Advice:  FLOATMBS prices are up +12/32, above 9:45 AM ET pricing of +2/32, and at the high for the day.  Several lenders reposted improved rates.  Demand was very strong for the 2-yr auction and  weaker than expected Consumer Confidence data helped MBS markets.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage UP 0.04% at 5.1% on Oct.27
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.808% … (0 comments)

Rate Lock Advice and Mortgage Market Update - 10/27/09 01:08 PM
Rate Lock Advice and Mortgage Market Update

October 27, 2009, 11:00 AM PT
RATE LOCK ADVISORY
Lock Advice:  FLOATMBS prices are up +11/32, above 9:45 AM ET pricing of +2/32, and at the high for the day.  Several lenders have reposted improved rates.  Demand was very strong for the 2-yr auction and  weaker than expected Consumer Confidence data helped MBS markets.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage UP 0.04% at 5.1% on Oct.27
Fannie Mae Mortgage Backed SecuritiesMBS Opened at … (1 comments)

HVCC on ROPES / another desperate call to action - 10/27/09 02:50 AM
Below is the contents of an email I just received from Frank Garay and Brian StevensCo-Hosts of the TBWSDaily.com real estate news program 
PLEASE REBLOG OR COPY AND PASTE INTO AN EMAIL AND SEND TO AS MANY PEOPE AS POSSIBLE.
On Wednesday, October 21st, the National Association of Mortgage Brokers used this petition hvccpetition.com to help convince the House Financial Services Committee to pass an amendment that will finally put an end the mess that HVCC has been making of the real estate and lending industries.  More than the 102,000 signatures on the petition, it was the pace at which the … (7 comments)

PM Rate Lock Advisory and Market Update - 10/26/09 07:27 PM
Rate Lock Advice and Mortgage Market Update
October 26, 2009, 3:00 PM PT
RATE LOCK ADVISORY
Lock Advice: LOCKMBS prices closed down -10/32, below 9:45 AM ET initial lender pricing of -4/32.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Unchanged at 5.06% on Oct.26
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.775% Up 0.038%.
10 Year Treasury currently 3.550% Up 0.04%
DJI Stocks closed at $9,867.96, Down -104.22, -1.05%
European and Asian Markets Down -1.006%
Nymex Crude Oil currently $78.68 Down $1.82
… (1 comments)

Rate Lock Advice and Mortgage Market Update - 10/26/09 05:10 PM
Rate Lock Advice and Mortgage Market Update
October 26, 2009, 3:00 PM PT
RATE LOCK ADVISORY
Lock Advice:  LOCKMBS prices closed down -10/32, below 9:45 AM ET initial lender pricing of -4/32.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Unchanged at 5.06% on Oct.26
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.775% Up 0.038%.
10 Year Treasury currently 3.550% Up 0.04%
DJI Stocks closed at $9,867.96,  Down -104.22, -1.05%
European and Asian Markets Down -1.006%
Nymex Crude Oil currently $78.68 Down $1.82
… (3 comments)

The Minimum Score for FHA Loans is going to 620. - 10/25/09 10:00 AM
Although FHA has no minimum credit score requirement for FHA loans, currently many FHA lenders do impose a minimum score.  Most lenders have already moved their minimum credit score requirements to 620 or 640. 
While there may be others, at this moment I am only aware of two wholesale lenders accepting between 550 and 580 with compensating factors and recent good credit.  After December 12, it looks like all lenders will move to a minimum of 620 unless they have a special investor tucked away somewhere. 
Fannie Mae, announced that it "is revising the eligibility, underwriting, and pricing policy to support housing market liquidity and sustainability." In … (2 comments)

PM Rate Lock Advice and Mortgage Market Update - 10/23/09 10:27 AM
Rate Lock Advice and Mortgage Market Update
October 23, 2009, 8:20 AM PT
RATE LOCK ADVISORY
Lock Advice:  LOCKMBS prices are down -7/32For the third straight day, MBS markets faced early downward pressure.  The last two days, MBS markets recovered their losses by the end of the session although today's early losses are the largest.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Unchanged at 5.04% on Oct.22
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.737% Up 0.02%.
10 Year Treasury currently 3.460% … (1 comments)

EXCITING NEWS... a bill to ELIMINATE HVCC! - 10/22/09 08:38 PM
We must take action and make ourselves heard.  It only takes a minute to send your Senators and Congressmen a short email.  Numbers count, I don't think they are read just put in for and against stacks.
Take a minute and send an email and do not forget to include your address otherwise it will be ignored.  Email addresses can be found at: Congressional Email


Bill Ladewig
bill@yourfhaguru.com
 
 
 
 
Via Ruth Vogt (Colorado Mortgage Banker) WR Starkey Mortgage:
We've been hoping and watching HR 3044, which was a proposal to put an 18 month moratorium on HVCC but … (5 comments)

Rate Lock Advice and Mortgage Market Update - 10/22/09 01:46 PM
Rate Lock Advice and Mortgage Market Update
October 22, 2009, 11:40 AM PT
RATE LOCK ADVISORY
Lock Advice: FLOAT Favorable repricing may be possible from early investors. MBS prices are down -3/32 above 9:45 AM ET initial pricing of -8/32. It has been another volatile session so far.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Unchanged at 5.04% on Oct.21
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.717% Up 0.021%.
10 Year Treasury currently 3.420% Down 0%
DJI Stocks $9,950.11,  Up 0.75, … (1 comments)

Please Copy and Paste this message and send it to your representative. - 10/21/09 07:57 PM
THE FDIC IS TRYING TO KILL YSP.  This would effectively force mortgage brokers out of business and consumers will be eventually limited to the Big Four Banks for their home loans.  If you think that is a good thing, do nothing... otherwise your support is essential.
We can make a difference by putting pressure on our elected representatives.  I have copied this blog and sent it to every wholesale lender I know and asked them to forward it to their accounts and to all the other AEs in their companies.  Please do the same.
The FDIC has proposed Regulation Z - Truth in Lending … (12 comments)

Rate Lock Advice and Mortgage Market Update - 10/21/09 06:15 PM
Rate Lock Advice and Mortgage Market Update
October 21, 2009, 4:00 PM ET
RATE LOCK ADVISORY
Lock Advice: FLOATBusy day in Mortgage Land.  MBS prices dropped to -12/32 then rebounded to -1/32.  It was a volatile session.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Unchanged at 5.04% on Oct.21
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.696% Down 0.016%.
10 Year Treasury currently 3.390% Up 0.04%
DJI Stocks closed the day at $9,949.36,  Down -92.12, -0.92%
European and Asian Markets Up 0.095%
… (0 comments)

Rate Lock Advice and Mortgage Market Update - 10/21/09 12:58 PM
Rate Lock Advice and Mortgage Market Update
October 21, 2009, 10:45 AM ET
RATE LOCK ADVISORY
Lock Advice:  LOCKUnfavorable repricing is a risk. MBS prices are down -12/32 below 9:45 AM ET initial lender pricing of -6/32. Investors continue to react to comments from global central bankers about tighter monetary policy.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Unchanged at 5.04% on Oct.21
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.696% Down 0.016%.
10 Year Treasury currently 3.390% Up 0.04%
DJI Stocks … (2 comments)

Education is the Only Sure Consumer Protection - 10/21/09 08:15 AM
Education is the Only Sure Consumer Protection
Realtors, We Must Teach Your Clients to Properly Shop for Rates.  Life is better for all concerned when Your buyers know how to select competent lenders
FIRST, Two VERY IMPORTANT Rules: 
Mortgage Rates, Points and Lender Fees are interdependent parts of every rate quote.  If any part is missing the Quote is worthless. Do not fall for "I must have your credit report and financial information before I can quote you a my rate" because this an absolutely outrageous lie.  Move to the next lender no matter whojust lied to you.  In my opinion this is predatory lending. Important Mortgage Rate Shopping Tips.
Know your credit score before … (48 comments)

How to list a home IN BAD REPAIR AND I MEAN BAD! Check this out! - 10/20/09 12:26 PM
Ann Sabbagh shows that good ideas don't always require long winded explainations.  She nailed a great marketing idea with just a few words.
Bill Ladewig
 
 
 
San Diego FHA and VA Home Loans Escondido Mortgages Escondido Localism San Diego FHA and VA Home Loans San Diego Localism San Diego UFMIP Escondido Mortgages Escondido Localism San Diego Mortgage What is APR 
 
Via Ann Sabbagh (Seacoast Mortgage Corporation):
"The life of man is like a game with dice; if you don't get the throw you want, you must show your skill in making the best of the throw you get." Terence
 
… (5 comments)

FHA is the Key to our Economic Recovery!! - 10/20/09 11:47 AM
Larry is absolutely correct when he states that FHA is the key to our economic recovery and he does a great job of explaining why.
 Bill Ladewig
 

 
San Diego FHA and VA Home Loans Escondido Mortgages Escondido Localism San Diego FHA and VA Home Loans San Diego Localism San Diego UFMIP Escondido Mortgages Escondido Localism San Diego Mortgage What is APR 
Via Larry Bettag - Cherry Creek Mortgage:
The trend is your friend, or so I'm told.  Mortgage rates going up?  Watch the trend.  Rates going down????  Watch the trend.  I got into the business in 1994, but got serious … (2 comments)

Rate Lock Advice and Mortgage Market Update - 10/20/09 11:29 AM
Rate Lock Advice and Mortgage Market Update
October 20, 2009, 9:25 AM ET
RATE LOCK ADVISORY
Lock Advice:  FLOAT with CautionMBS prices are up +6/32 after both PPI and Housing Starts came in lower than expected.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Down 0.01% at 5.04% on Oct.19
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.712% Down 0.022%.
10 Year Treasury currently 3.320% Down -0.09%
DJI Stocks $10,012.01,  Down -80.18, -0.79%
European and Asian Markets Down -0.174%
Nymex Crude Oil currently … (1 comments)

Rate Lock Advice and Mortgage Market Update - 10/19/09 10:26 AM
Rate Lock Advice and Mortgage Market Update
October 19, 2009, 7:45 AM ET

RATE LOCK ADVISORY
Lock Advice:  FLOATMBS prices are down -2/32. No economic data will be released today.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage UP 0.01% at 5.05% on Oct.16
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.734% Down 0.022%.
10 Year Treasury currently 3.390% Down -0.04%
DJI Stocks $10,067.63,  Up 71.72, 0.72%
European and Asian Markets Up 0.968%
Nymex Crude Oil currently $78.58 Up $0.05
 

… (1 comments)

I'm Not a Criminal, Are You?... Prove It! - 10/16/09 03:27 PM
FHA requires all parties to a FHA transaction be checked against FHA's "Bad Guy List".  Anyone on the list is prohibited from having anything to do with a FHA loan. 
Most people arrive on the list because they participated in fraud.  Participation is defined as "having knowledge" as well as the act its self.
Below is Jonathan's experience of having the same name as an evil doer.
Bill Ladewig, Your FHA Guru.com
More FHA information
San Diego Mortgages
 
Via Jonathan Bell (Keller Williams Realty Partners, Inc.):
Today I was forced to prove I wasn't a criminal. No, not to the FBI, the Overland Park … (3 comments)

San Diego FHA and VA Home Mortgages - 10/16/09 12:07 PM
San Diego FHA & VA Home Mortgages
FHA mortgage Loans offer 96.50% financing for all qualified borrowers and can be used many times.  FHA mortgage loans are insured by HUD with Mortgage Insurance paid by by the borrower.  There are two insurance premiums; up front mortgage Insurance (UFMIP) and monthly (MIP).  UFMIP is a one time premium typically financed in the loan.  MIP can be removed when the loan has seasoned for five years and the loan to value is 78% or less, based on the original appraisal.
VA mortgage Loans offer qualified veterans 100% financing and can be used over and over … (1 comments)

Rate Lock Advice and Mortgage Market Update - 10/16/09 10:35 AM
PM Rate Lock Advice and Mortgage Market Update
October 16, 2009, 8:28 PM ET
RATE LOCK ADVISORY
Lock Advice:  FLOATMBS Prices are currently up 2/32.This morning, the stock decline market helped MBS markets. September Industrial Production rose 0.7%, above the consensus forecast of 0.1%.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage UP 0.03% at 5.04% on Oct.15
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.756% Up 0.063%.
10 Year Treasury currently 3.430% Down -0.06%
DJI Stocks $9,964.62,  Down -98.32, -0.98%
European and … (0 comments)

PM Rate Lock Advice and Mortgage Market Update - 10/15/09 04:42 PM
PM Rate Lock Advice and Mortgage Market Update
October 15, 2009, 1:30 PM ET
RATE LOCK ADVISORY
Lock Advice:  LOCKMBS prices closed down -10/32, below 9:45 AM ET inititial pricing level for most lenders of -8/32, and at the low for the day. It was a very volatile session, with MBS prices moving back to unchanged levels before falling again
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage UP 0.03% at 5.04% on Oct.15
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.694% Up … (0 comments)

Rate Lock Advice and Mortgage Market Update - 10/15/09 11:57 AM
PM Rate Lock Advice and Mortgage Market Update
October 15, 2009, 9:50 AM ET
RATE LOCK ADVISORY
Lock Advice:  LOCKMBS prices are down -7/32, above 9:45 AM ET Inititial pricing of -8/32, but below the recent high of unchanged. If you received pricing near the high, then unfavorable repricing may be a risk. It has been a very volatile session.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage UP 0.01% at 5.01% on Oct.14
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.694% Up … (5 comments)

PM Rate Lock Advice and Mortgage Market Update - 10/14/09 04:12 PM
PM Rate Lock Advice and Mortgage Market Update
October 14, 2009, 2:00 PM ET
RATE LOCK ADVISORY - Market Close
Lock Advice:  LOCKIt was pretty bumpy today in mortgageland. MBS prices finally closed down -9/32.  Many lenders increased rates midday.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage UP 0.01% at 5.01% on Oct.14
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.666% Up 0.003%.
10 Year Treasury currently 3.420% Up 0.08%
DJI Stocks closed at $10,015.86,  Up 144.8, 1.47%
European and Asian Markets … (1 comments)

Rate Lock Advice and Mortgage Market Update - 10/14/09 02:06 PM
PM Rate Lock Advice and Mortgage Market Update

October 14, 2009, 11:55 AM ET
RATE LOCK ADVISORY
Lock Advice:  LOCKMBS prices just dropped to -9/32 and may cause rate increase from lenders who priced when MBS were higher
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage UP 0.01% at 5.01% on Oct.14
Fannie Mae Mortgage Backed SecuritiesMBS Opened at 4.666% Up 0.003%.
10 Year Treasury currently 3.420% Up 0.08%
DJI Stocks $9,986.99,  Up 115.93, 1.17%
European and Asian Markets Up 1.82%
Nymex … (0 comments)

FHA loans 101 - The basics of FHA mortgages & mortgage shopping - 10/13/09 - 10/14/09 10:28 AM
I am sure that I going to be one of many that reblog Jeff's FHA blog, as usual, he is spot on.  As he writes, it is a little long and technical but it should be read by everyone in real estate so they will know when their clients are receiving bad advice from a loan officer.  It should be read by LOs to lessen bad advice.
Bill Ladewig, Your FHA Guru
Bill@YourFhaGuru.com
The Mortgage Markets and Rate Lock Advisory is updated several times a day and is available at http://www.yourfhaguru.com
 
 
San Diego FHA and VA Home Loans Escondido … (1 comments)

Rate Lock Advice and Mortgage Market Update - 10/13/09 02:03 PM
PM Rate Lock Advice and Mortgage Market Update

Rates 10-13-09, 11:50 AM PT  30 Year Fixed to $417,000Rate 4.625%  Point 1.000,  APR 4.772%APR Based on $350,000 Loan at 80% LTVAbove Rates can be locked  for 30 days.Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates. No Application or Credit Report required
RATE LOCK ADVISORY
October 13, 2009, 11:20 AM ET
Lock Advice:  FLOATMBS prices are up +11/32.  The latest comments from Fed officials suggested that rate hikes are still a long way off, which helped MBS markets.  No economic data will be released today.
RATE NOTES:When MBS … (1 comments)

How to Buy a Bank Owned Home - 10/13/09 11:43 AM
This is very funny and a must view for anyone making an offer on a REO
Bill Ladewig, Your FHA Guru
bill@yourfhaguru.com
My Site contains a wealth of lending information.

Via Tony Toto Real Estate Investor Gurnee, IL (Real Estate Investor): Via Tony Toto Real Estate Investor Gurnee, IL (Real Estate Investor):
… (0 comments)

Credit scores - FICO scores for mortgages - I need a 700 credit score? - 10/13/09 09:31 AM
Jeff put together this excellent blog on Credit Scores that takes some of the mystery away.
Bill Ladewig, Your FHA Guru
Bill@YourFhaGuru.com
Link to Site
 
 
 
San Diego FHA and VA Home Loans Escondido Mortgages Escondido Localism San Diego FHA and VA Home Loans San Diego Localism San Diego UFMIP Escondido Mortgages Escondido Localism San Diego Mortgage What is APR

Via Jeff Belonger -- The FHA Expert.com -- FHA Loans -- FHA mortgages - USDA loans (Infinity Home Mortgage Company, Inc):

Yes, credit guidelines have gotten tougher, but NO, you don’t need a 700 credit score.
 
… (1 comments)

PM Rate Lock Advice and Mortgage Market Update - 10/12/09 03:42 PM
PM Rate Lock Advice and Mortgage Market Update
Rates 10-12-09, 8:30 AM PT 30 Year Fixed to $417,000Rate 4.625% Point 1.250, APR 4.796%APR Based on $350,000 Loan at 80% LTVAbove Rates can be locked for 30 days.Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.No Application or Credit Report required

October 12, 2009, 1:30 AM ET
RATE LOCK ADVISORY
Lock Advice:  LOCKLock advice is based Friday's MBS Market.  Some lenders and MBS markets are closed in observance of Columbus Day.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic … (2 comments)

Rate Lock Advice and Mortgage Market Update - 10/12/09 11:05 AM
PM Rate Lock Advice and Mortgage Market Update
Rates 10-12-09, 8:30 AM PT  30 Year Fixed to $417,000Rate 4.625%  Point 1.250,  APR 4.796%APR Based on $350,000 Loan at 80% LTVAbove Rates can be locked  for 30 days.Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.No Application or Credit Report required

October 12, 2009, 8:30 PM ET
RATE LOCK ADVISORY
Lock Advice:  LOCKMBS markets are closed in observance of Columbus Day.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage … (3 comments)

Rate Lock Advice and Mortgage Market Update - 10/09/09 11:47 AM
PM Rate Lock Advice and Mortgage Market Update
Rates 10-09-09, 8:15 AM PT  30 Year Fixed to $417,000Rate 4.625%  Point 1.250,  APR 4.796%APR Based on $350,000 Loan at 80% LTVAbove Rates can be locked  for 30 days.Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.No Application or Credit Report required
October 9, 2009, 9:35 PM ET
RATE LOCK ADVISORY
Lock Advice:  LOCKUnfavorable repricing is a risk again. MBS prices are down 17/32This morning, the August Trade Deficit was a little lower than expected.  MBS markets will close early around 2:00 PM ET.
RATE NOTES:When MBS prices are … (1 comments)

PM Rate Lock Advice and Mortgage Market Update - 10/08/09 08:16 PM
PM Rate Lock Advice and Mortgage Market Update
Rates 10-08-09, 11:30AM PT 30 Year Fixed to $417,000Rate 4.500% Point 1.000, APR 4.645%APR Based on $350,000 Loan at 80% LTVAbove Rates can be locked for 30 days.Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.No Application or Credit Report required
October 8, 2009, 1:30 PM ET
RATE LOCK ADVISORY
Lock Advice:  LOCKA very volatile MBS market today.  Started with a Float recommendation, moved to Lock then back to Float.  MBS prices closed the day down 2/32.  Weak results for the 30-yr auction hurt MBS markets.
RATE NOTES:When MBS prices … (1 comments)

Rate Lock Advice and Mortgage Market Update - 10/08/09 12:54 PM
PM Rate Lock Advice and Mortgage Market Update
Rates 10-08-09, 8:00 AM PT  30 Year Fixed to $417,000Rate 4.500%  Point 1.000,  APR 4.648%APR Based on $350,000 Loan at 80% LTVAbove Rates can be locked  for 30 days.Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.No Application or Credit Report required
October 8, 2009, 10:40 AM ET
RATE LOCK ADVISORY
Lock Advice:  LOCKMidday price increase may be a risk. MBS prices are unchanged (FNMA 30-yr 4.5 at 101.29), below 9:45 et pricing of +4/32. Weak results for the 30-yr auction have hurt MBS markets.
RATE NOTES:When MBS prices … (3 comments)

PM Rate Lock Advice and Mortgage Market Update - 10/07/09 03:29 PM
PM Rate Lock Advice and Mortgage Market Update
California Rates 10-07-09, 1:15 PM PT For 30 Year Fixed to $417,000Rate 4.500% Point 1.000, APR 4.643%APR Based on $350,000 Loan at 80% LTVAbove Rates can be locked for 30 days.Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.No Application or Credit Report required
RATE LOCK ADVISORY
Lock Advice:  FLOATMBS prices are up +9/32. MBS markets were helped by strong demand for the 10-Yr Treasury auctionBond yields were down today.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad … (2 comments)

Rate Lock Advice and Mortgage Market Update - 10/07/09 12:27 PM
Rate Lock Advice and Mortgage Market Update
California Rates 10-07-09, 10:00 AM PT  For 30 Year Fixed to $417,000Rate 4.500%  Point 1.000,  APR 4.643%APR Based on $350,000 Loan at 80% LTVAbove Rates can be locked  for 30 days.Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.No Application or Credit Report required
Lock Advice:  FLOATMBS prices are up +4/32. There will be a 10-yr Treasury auction at 1:00 PM ETBond yields are down this morning.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average … (4 comments)

FICO Scores less than 620 - FHA and VA Loans - 10/07/09 10:59 AM
FICO Scores less than 620 - FHA and VA Loans
I have one California investor who is accepting FHA and VA loans for borrowers with less middle FICO Score less than 620.  Obviously they are very busy and underwriting is taking 2 weeks with the whole process taking 45 to 60 days.
FICOS UNDER 620:
The loans are subject to the following conditions and there are no exceptions:
Max ratio of 46.00% regardless of DU/LP approval Home-Buyer education certificate Required Verification of rent/canceled checks/bank statements to verify current housing payment history (exceptions may be granted for borrowers living with family) Letters … (11 comments)

Rate Lock Advice and Mortgage Market Update - 10/06/09 04:39 PM
Rate Lock Advice and Mortgage Market Update
October 6, 2009, 11:10 AM ET
IS THE FDIC KILLING SHORT SALESTo Profit Billionaire George Soros and His Merry Band of Financial Thugs(Gosh LIberal MoveOn.com George and your high priced attorneys this is only MY humble Opinion)Read about MY Unlikely Hero

Lock Advice:  FLOATMBS prices Closed down 1/32 from Monday's close.Yields on 10 Year treasuries have been rising this morning.Demand was a little stronger than average for the 3-yr auctionSo far, it has been a quiet morning.  But, last night while we were sleeping, the Australian Central Bank raised their rates.
RATE NOTES:When … (0 comments)

Rate Lock Advice and Mortgage Market Update - 10/06/09 01:17 PM
Rate Lock Advice and Mortgage Market Update
October 6, 2009, 11:10 AM ET
IS THE FDIC KILLING SHORT SALESTo Profit Billionaire George Soros and His Merry Band of Financial Thugs(Gosh LIberal MoveOn.com George and your high priced attorneys this is only MY humble Opinion)Read about MY Unlikely Hero

Lock Advice:  FLOATMBS prices are down 2/32 from Monday's close.Yields on 10 Year treasuries have been rising this morning.Demand was a little stronger than average for the 3-yr auctionSo far, it has been a quiet morning.  But, while we were sleeping, the Australian Central Bank raised their rates.
RATE NOTES:When MBS prices … (2 comments)

Rate Lock Advice and Mortgage Market Update - 10/05/09 03:48 PM
Rate Lock Advice and Mortgage Market Update
October 5, 2009, 1:30 PM ET
IS THE FDIC KILLING SHORT SALESTo Profit Billionaire George Soros and His Merry Band of Financial Thugs(Gosh LIberal MoveOn.com George and your high priced attorneys this is only MY humble Opinion)Read about MY Unlikely Hero

RATE LOCK ADVISORY

Lock Advice:  FLOATMBS prices are up +1/32. MBS prices are holding steady close to 9:45 et pricing of +3/32. ISM Services came in a little higher than expected.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate … (3 comments)

Rate Lock Advice and Mortgage Market Update - 10/05/09 11:17 AM
Rate Lock Advice and Mortgage Market Update
October 5, 2009, 9:10 AM ET
IS THE FDIC KILLING SHORT SALESTo Profit Billionaire George Soros and His Merry Band of Financial Thugs(Gosh LIberal MoveOn.com George and your high priced attorneys this is only MY humble Opinion)Read about MY Unlikely Hero

RATE LOCK ADVISORY
Lock Advice:  FLOATMBS prices are up +4/32. ISM Services will be released at 10:00 et.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Down 0.04% at 5.02% on Oct.2
Fannie Mae … (1 comments)

The Week That Was and Links To Interesting Stuff - 10/03/09 03:12 PM
Saturday Update October 3, 2009,
Who'd a thunk 30 year rates would be at 4.500% with reasonable points.  Even after rates increased Friday afternoon, two of my wholesalers still allowed me to post 4.500% and 1.125 point, APR 4.658%.  I do not believe I have ever posted a 30 year fixed rate this low in my almost 40 year career.  And, the rest of the story for this great rate is: Conventional Conforming Loan amount $350,000, FICO 720 or better.
I switched my lock recommendation from Float to Lock Friday morning when MPBs prices started dropping like a hot rock.  They stablized by … (3 comments)

PM Rate Lock Advisory and Market Update - 10/02/09 06:53 PM
Rate Lock Advice and Mortgage Market Update
October 2, 2009, 4:30 PM ET
IS THE FDIC KILLING SHORT SALESTo Profit Billionaire George Soros and His Merry Band of Financial Thugs(Gosh LIberal MoveOn.com George and your high priced attorneys this is only MY humble Opinion)Read about MY Unlikely Hero

Lock Advice:  LOCKMBS prices closed down 2/32, Unfavorable midday repricing was seen from some lenders.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Down 0.04% at 5.02% on Oct.2
Fannie Mae Mortgage Backed SecuritiesMBS … (2 comments)

Rate Lock Advice and Mortgage Market Update - 10/02/09 11:38 AM
Rate Lock Advice and Mortgage Market Update
October 2, 2009, 7:30 AM ET
IS THE FDIC KILLING SHORT SALESTo Profit Billionaire George Soros and His Merry Band of Financial Thugs(Gosh LIberal MoveOn.com George and your high priced attorneys this is only MY humble Opinion)Read about MY Unlikely Hero

Lock Advice:  LOCKMBS prices are up +2/32, below 9:45 et pricing of +5/32. Unfavorable repricing has been seen from some Lenders.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Down 0.02% at 5.04% on Oct.2
… (1 comments)

Is The FDIC Killing Short Sales? - 10/02/09 11:19 AM
This is absolutely must reading for anyone working in short sales.  It is also must reading for anyone who wants to understand how, in America, things really work. 

I plan to reblog this at least once a week.  Please join me and others who have reblogged this important information.  It is easy.  Click on Bob Hertzog (Summit Home Consultants) and go to Bob's orginal very well written article and just click on the green "Reblog" button at the top right of Bob's article.
Via Robert G Hertzog (Summit Home Consultants):
Is The FDIC Killing Short Sales?
As some of you already know, I blogged recently about being interviewed … (10 comments)

Rate Lock Advice and Mortgage Market Update - 10/01/09 01:10 PM
Rate Lock Advice and Mortgage Market Update
October 1, 2009, 11:05 AM ET
Important FHA News09-18-2009, Hud announced sweeping FHA changes, the most I have seen in my careerPress Release: HUD No. 09-177
RATE LOCK ADVISORY
Lock Advice:  FLOATMBS prices are up +14/32 and there have been midmorng price improvements by several lenders.Jobless Claims came in a little higher than expected, while Personal Income was close to the consensus.
RATE NOTES:When MBS prices are up, Rates are down.Lock advice changes throughout the day .Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage Down 0.01% at 5.08% on Oct.1
… (4 comments)

 
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Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970

Escondido, CA

More about me…

Address: San Diego, Escondido, Vista, San Marcos, Oceanside, Rancho Bernardo, Poway, Scripps Ranch, Penasquitos, Shadowridge, Rancho Del Oro, Escondido, CA, 92025

Office Phone: (866) 204-9733

Cell Phone: (760) 685-0480

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