Upfront MIP changing from 1.75% to 2.25%

I just wanted to let everyone know that the FHA change in upfront Mortgage Insurance Premium is quickly approaching!!  April 5th is the date that FHA raises the upfront premium from 1.75% to 2.25% of the loan amount.  1/2 a percent increase is pretty significant and should motivate buyers to focus in - Simple math on a $200k loan the borrower will be looking at an extra $1,000.00 in Mortgage Insurance Premium!!  The key to avoiding this hike is to get your FHA buyer under contact prior to 4/5/10 so that an FHA case number can be pulled and the 1.75% upfront MIP fee can be used.  Any case numbers pulled post April 5th will reflect the 2.25% upfront MIP fee.

6% Seller Contributions dropping to 3%

I just wanted to touch base on the pending FHA change in Seller contributions.  While dropping the seller contribution % from 6% to 3% is a pending policy change, a formal FYI has not yet been issued yet. So at the time, FHA max seller contribution is still reflected to be 6%.

There is no set in stone time table on the change, and I am sure once it is released it will not be immediate.  I would feel comfortable writing in 6% seller contributions into any residential offer - if that is what the buyers want.

All for now.  Feel free to contact me with any questions and/or concerns!

Thanks!

Contrary to popular belief, 100% financing is available in the Spokane market.  USDA Rural Development Guaranteed Loans are available to help those buyers that want to buy but don't have funds for a down payment, or want to save the money for improvements in the house they are buying.

Areas in Spokane County that qualify for this special financing include, parts of Liberty Lake, North and South Spokane Valley, Deer Park, Airway Heights and reaching into Idaho, Post Falls!

USDA HOME LOAN BENEFITS:

·  No Down Payment Required. Borrowers who qualify for a USDA Rural Development home loan have the flexibility to pay nothing out of pocket for a down payment.
·  No mortgage insurance payments. Unlike an FHA Program, a USDA Rural Development home loan does not require a monthly MIP to be paid by the borrower.
·  Competitive 30 year fixed interest rates
·  $417,000 loan limit.  Not strapped to the $271,050 Loam limit that FHA currently uses for Spokane County
·  Home repairs can be included in loan. Looking to purchase a "handyman special" home? Homes that need refurbishing or rehabilitation may qualify for extra funds to be included in the home loan mortgage to go toward repair costs

The only drawback is that there are some income limitations that vary with each home loan.  However, the good part is that there still is 100% financing out there and that gives you 1 more option in the home buying process! 

Feel free to call me with questions or to see if the property you are listing or the one you are looking at qualifies!

Let me preface this by stating that I am by no means a "The end is coming!  Act now!  There is no better time to buy or refinance!" type of a guy.  That said, "The end is coming!  Act now!  There is no better time to buy or refinance!"

:)

In all honesty, we do not know how the MBS bond Market will react at the end of March when the government uses the last of the allotted funds to make their final MBS purchase, however most experts predict the rates will rise.  Adam Quinones of Mortgage News Daily goes into an excellent indepth 3 part breakdown on the subject here: http://www.mortgagenewsdaily.com/02112010_fed_exit_mbs_purchase_program.asp 

Bottom line if you were asleep through most of 2009 and did not refinance out of your ARM or your high 5%/6%+ mortgage into a loan under 5%, 

Or if you qualify and can afford a home, but are still renting, your time to get off the fence
and take advantage of rates under 5% and ridiculous tax credits for home purchases is dwindling.

Also, interesting to note, he predicts many mortgage professionals will leave the industry (I will not be one of them) due to the overall mortgage loan production decreasing by as much as 40% year over year (Allbeit 2009 was a banner year with the historically low interest rates).  Most business will come from Purchases in 2010, as most qualified borrowers will not want to refinance out of their 4.xx% mortgage into a rate that may be in the mid to upper 5% range (maybe higher?).

I wanted to drop a quick blog to get let you know about a campaing that I hold dear to my heart.  

The YMCA's Partners for Youth Campaign is underway and I'm raising money for it!  This campaign is something I am VERY passionate about as it promotes diversity, changes lives, and gives hope directly to the underprivileged families and children in the Spokane area.  Feel free to check out my personal online giving page to read about the program and check out what I am committing myself to for the remainder of the campaign!! The first week was rough, but I'm surviving - calves are tight, but I'm getting by! :)

http://www.firstgiving.com/caseybrischle

While there, you can donate online or if you feel more comfortable, give me a call or email to arrange a donation in person or by mail (all donations are tax deductible).  Please know, all online donations are secure and sent directly to YMCA OF THE INLAND NORTHWEST by Firstgiving, who will email you a printable record of your donation.

ANY AMOUNT HELPS!  Seriously.  Pack a lunch to work one day, donate $5.00.  Every bit helps and the Y stretches every dime it gets to its fullest potential.

YOU CAN MAKE A DIFFERENCE!

Additionally, please feel free to send my page on to anyone who might like to donate!

For the past couple weeks or so mortgage rates have held relatively steady.  Most pricing about 5.0% with rates dropping as low as 4.75% here or there (30yr fixed mortgage).

This morning (2/3/10), the Mortgage Bankers Association released their weekly Mortgage Applications Index.  The survey covers over 50% of all residential mortgage applications taken by banks thoughout the US.  The point of the survey is to display consumer demand for mortgage loans.  Obviously, if inital applications were to rise, it would point to an increase in home buying interest, a key component not only to the housing market, but the economy as a whole as well.  There is a trickle down effect.  As home sales % go up, more jobs are created to build, more items are purchased to fill the home etc. etc.   

Last week the news was the exact opposite of this week.  Relatively grim outlook with Mortgage apps dropping 10.9%. The Refinance Index fell 15.1% while the Purchase Applications Index moved 3.3%  lower.

However! This morning the MBA told us that mortgage applications bounced back in the most recent week and total apps were up 21.0% week over week.  Home pruchases were 10.3% higher and refinances were 26.3% higher.

Why the jump you ask?  I beleive it is for two reasons.  1. The holidays are over and the first time home buyers are beginning to see the light at the end of the tunnel (in regards to the government home buyer stimulus).  REMEMBER you need to be under contract by April 30, 2010!! and 2. The people that missed out on the 4.5%-4.75% rates last year and have been waiting for them to drop back down are seeing the same light at the end of the tunnel (this goverment stimulus - Govt buying MBS Bonds however, expires at quarter 1's end). 

SOOO...there is a very real possibility that today's rates could end up being the lowest rates offered in 2010!!  Unless of course Uncle Sam wants to open up their wallet and contiue to purchase in the MBS market or offer to extend the home purchase stimulus --BothH of which I find hard to believe.  

If you have been waiting to refinance or to buy,
get out there and start the process before you miss the boat of sub 5% rates!

I wanted to take a moment to send out some much deserved respect to the Tiny Car Shop in Spokane.  Located near the corner of Nevada and Francis, this little shop is easily over looked from the outside, but don't be fooled!!  Every dealing I have ever had with Craig and Kara has been the absolute best.  I am a thrifty shopper and will still check around, but I have yet to find a better price than the one from TCS for my Volkswagen.  Every quote I have been given has come in at the exact price or often times much lower!

Do yourself a favor, if you need work done on a Subaru, Honda, Toyota or Volkswagen and like to save money, give these guys a shot.  YOU WILL NOT BE DISAPPOINTED!  Craig and Kara are stand up people, that treat their customers fair and charge the same.  Honest quality work done at a great price.  I even go there for oil changes!

It is nice to find and honest, trustworthy mechanic in Spokane.

930 N. Monroe
Spokane, WA 99201
Phone: 509-777-YMCA(9622)

I felt compelled to write a quick note on the YMCA, specifically the early child care services they offer.  My wife and I researched many different child care and learning institutions for our children and when it came down to it, nothing out there compared as a whole, to what the YMCA in downtown Spokane offers the children they serve.  Our daughter is currently at their pre-school and our son is in the "Toddlers" class.  A few highlights that I want to hit on:

~Nutritious meals - not just processed cheap food
~Interactive vegetable garden that the children help with
~Field trips (walks) to Riverfront Park and Downtown Library
~VERY LOW teacher/student ratios
~Progressive Educational outdoor play area as well as indoor
~FREE Swim lessons - Pre-Schoolers are in the water 1:45 mins a week minimum!
~30 min gym class with YMCA fitness trainer
~ DIVERSITY - kids of all races and socio-economical backgrounds.  Hard to find in Spokane and extremely important to us.

We just wanted to let you know what the Y is doing in the Spokane area.  Their new facilities are all top notch and their child care staff is on par with their facilities.  Tremendous care for each child, great communication with parents and progressive thinking in regards to improving educational and developmental programs.  We couldn't be happier with our decision and we highly recommend stopping by to check it out if you are looking for a place for your children!

Below is a little information on the types of programs and a little more info on what they offer:

The Central YMCA Children's Center offers full-time child care programming Monday-Friday 7am-6pm for children 6 weeks to 5 years. Our children enjoy their "work" each day as they learn through hands on learning environments and activities. Staff members are trained in early childhood education and development and are selected for their desire to provide a safe and nurturing environment, their understanding of developmentally appropriate practices and for their genuine love for children. Our staff provides a healthy balance of structured and free-choice activities and curriculum in a state-of-the-art, newly constructed early childhood center. Highlights of our program include an indoor Music and Movement Room, an outdoor Nature Exploration Classroom, gardening in the Victory Garden, Weekly Mini-Gym classes for our Older Toddlers and Preschool children featuring fun and age-appropriate techniques for introducing fitness to young children, twice weekly Swimming lessons for Preschool, and a Parent Resource Room and Library for up to date information on the developmental milestones for young children, common illnesses and childhood concerns, child care licensing information and community resources. 

Infants
Children 6 weeks up to 15 months of age. We offer an early infant room for children 6 weeks to 6 months of age and two older infant rooms for children 6 months up to 15 months of age. Our ratios run at 4:1 with a maximum group size of 4 in early infants and 8 in each of our older infant rooms. USDA approved Breakfast, Lunch and Snack is provided beginning at 12 months.

Toddlers
Children 12 months to 3 years of age. We offer two Young Toddler rooms for children 12 months to 27 months with a ratio of 4:1 and a maximum group size of 8. We have two Older Toddler rooms for children 24 months to 3 years of age with a ratio of 5:1 and a maximum group size of 10. Our USDA approved Breakfast, Lunch and Snack are provided. All of our Toddler children enjoy a weekly Water Experience session in the Aquatics wading pool and our Older Toddler classes attend a 20-minute Mini-Gym class each week through the YMCA Health and Wellness Department. All activities are included in the regular monthly enrollment fee. There is no additional cost to participate. Our classroom teachers remain with the children at all times during each activity.

Preschool
Children 3 to 5 years of age. We offer an Early Preschool class for young 3's in a class size of 14 with a 7:1 ratio. We have two Multi-aged Preschool Classrooms for children 3-5 years of age who are ready for a larger group environment. These classes have a maximum of 20 children per class with a 10:1 ratio. USDA approved Breakfast, Lunch and Snack are provided. All Preschool children participate in a 30 minute Mini-Gym class each Thursday with a Fitness Instructor through the YMCA Health & Fitness Department as well as two 30-minute swim lessons with a certified YMCA Swim Instructor and one 45-minute water play session in the Aquatics wading pool and slide each week. All activities are included in the monthly enrollment fee. There is no additional cost to participate. Our classroom teachers remain with the children at all times during each activity.

As I am sure everyone has heard, rates are near all-time lows.  My phone has been ringing off the hook with new and old clients trying to take advantage of the sub 5% interest rates that are available right now.

But not so bad for Spokane Valley.  CQ Press City released their annual Crime Rankings today and Spokane out-ranked Seattle and Portland, while Spokane Valley, Bellingham and Bellevue came in toward the bottom of the list. In Idaho, Boise and Nampa also came in toward the bottom.

"We're faced with more and more violent crime than in the past," said Spokane Police Sgt. Joe Peterson. "It's a more violent world for sure."

Here is how the Washington and Idaho cities stacked up on the list.  FYI 385 cities were polled nationwide.

No. 39: Tacoma
No. 55: Everett
No. 84: Yakima
No. 98: Kent
No. 123: Spokane
No. 165: Seattle
No. 166: Federal Way
No. 192: Vancouver
No. 220: Nampa, Idaho
No. 258: Boise
No. 274: Bellingham
No. 299: Spokane Valley
No. 337: Bellevue

After graduating from the University of Oregon, a good friend of mine moved to Seattle to begin his career.  An avid UO Duck football fan, he found it frustrating to find a local bar to watch his Alama Mater play on Saturday.  He knew he couldn't be the only one, so he developed:

University of Oregon graduate Ryan Lewis '02  founder of www.FanSpan.com has a solution. www.FanSpan.com gives sports fans the opportunity to search for a local, fan-friendly sports environment to watch their favorite teams.  The website locates and categorizes these bars/restaurants as watch sites, and identifies them by the teams and sports they associate themselves with.    

Lewis says, "Our vision for FanSpan.com is to connect sports fans in both a virtual environment as well as a physical one.  With FanSpan.com, people will be able to find a local fan-friendly atmosphere to watch a game, get a hold of old friends, and make some new ones. We want to help foster the community that sports create." 

"Macadam's Bar & Grill (an Official UO Watch Party Location in Portland, OR) is one of many watch sites on FanSpan.com," said proprietor Ryan Steele.  "FanSpan.com allows us to promote our establishment to sports fans looking to watch their favorite teams, but it also allows us to promote other events that are going on that will appeal to our patrons as well."

Membership on FanSpan.com is free; however, non-members will be allowed to use the watch site search function.  Logged-in members have the ability to:

~ Search for watch sites
~ Review and critique watch sites based on different criteria
~ Upload personal photos and videos to their profile
~ Locate friends and fans in their community or around the nation
~ Post blogs
~ Create and join groups

The current watch site list covers over 2,500 bars and restaurants across the U.S. pertaining to the following sports: Football (NFL & NCAA), Soccer (MLS & English Premier), Mixed Martial Arts, NASCAR, Basketball (NBA & NCAA), Hockey (NHL & NCAA), Rugby and Baseball (MLB & NCAA).

To sign up, go to FanSpan.com.