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refinance: Obama Plan ............... New Refinancing Program. - 03/11/09 07:47 PM
This is a second in a two part series by George. I think it is a very good read and something that covers a lot of details about the new refinance plan for those that are underwater on their current mortgage.
Via George Souto (McCue Mortgage Co.) FHA, CHFA, VA Mortgages:
Yesterday I wrote the first of two parts on the Homeowner Affordability & Stability plan that was released by the Obama administration on Wed March 4th. Which contained two major parts they hoped would have an impact on assisting homeowners with troubled mortgage. The first part of the plan which … (2 comments)
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refinance: Appraisal requirements are changing and have changed - 01/28/09 02:56 PM
Inflated appraisals were cited as one of the things to blame for the mortgage melt down and have continued to be a concern for several months. More and more companies are tightening up on their appraisal requirements and requiring that the appraisal comparables be within a certain area and within a certain time frame. Here are the latest appraisal changes from Countrywide:
New Appraisal Requirements:
The appraiser must be provided with a copy of the Purchase Contract and all Addenda to ensure that any financing and/or sales concessions are considered when determining any impact on the value of the property.
… (18 comments)
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refinance: Should you refinance your ARM into a fixed rate? - 01/22/09 10:59 AM
There has been a lot of discussion about how the adjustment period of ARMs are going to have a major detrimental effect on the housing market as people with adjustable rates that they got over the past 2-3 years will be seeing their payments skyrocketing as these ARMs adjust. Well, it is just possible that this is not going to happen. The major index for ARMs, the LIBOR has dropped dramatically lately and those adjustments may not be coming the way someone would think. Please read the whole story here. Now, I think that it is best for most people to … (8 comments)
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refinance: OK, it makes sense to refinance! Can you qualify for a refinance now? - 01/19/09 12:31 PM
The second post that I made on my website about refinancing covers the changing in the real estate mortgage market that may make it impossible for you to refinance even if it does make sense for you to do it. Changes like the loss of equity through lower sales prices, or charges for cash out refinances, or charges for lower credit scores, are only part of what is new in mortgage financing. I hope this gives you some useful information about the changing real estate environment. Author: fchamberlin, Senior Mortgage Consultant, Eugene/Springfield OR, 541-342-7576 Yesterday I posted about "just because you can refinance … (11 comments)
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refinance: Is refinancing the right thing to do? - 01/19/09 11:03 AM
Last week, I posted two separate articles on my website about refinancing. The first one is about whether or not it makes sense to refinance and takes the reader through the reasoning behind the refinance. A lower rate does not always make refinancing the right option. Just because you are getting a lower rate, doesn't mean you are saving money. Every loan and every situation is different. Please review the following to get a feel of what I mean: by Fred Chamberlin, Senior Mortgage Consultant, Eugene/Springfield OR, 541-342-7576. "Mortgage interest rates have dropped dramatically and are current at or near a … (6 comments)
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refinance: LoanZen.com-an interesting concept in loan comparison - 12/15/08 12:17 PM
I have come across an interesting website that has the purpose of letting consumers post annomous information about potential loans they are being offered to ask if it is a good deal. Real Estate mortgage information on the site is furnished by other consumers, including first time home buyers, with answers from other consumers, and in some cases by loan consultants. The site is very basic and doesn't have a lot of the bells and whistles that could be used on this type of site. For instance, it would be nice to have a way to contact a poster or responder, … (17 comments)
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refinance: Dispelling Common Myths About Participating with FHA - 08/27/08 01:38 PM
I know there are Realtors out there that remember the bad old days of FHA financing. I still remember having to have and FHA certified inspector check over the house and make the sellers sweep up the basement or clean a spot on the carpet. Anyone remember the VC sheet (that hasn't been that long ago)? Well, that isn't the case anymore. FHA loans are nearly the same as conventional loans, except in some (many) cases better. Take a look at these common myths about FHA: Myth: Takes more time processing.Truth: Takes no more time than a conventional loan. Adds no … (21 comments)
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refinance: DID YOU KNOW? Questions and answers about today's real estate loan programs - 08/25/08 01:58 PM
Did you know?
Conforming loans are only available to 80% loan to value for 3 and 4 unit personal residence properties and require a 620 credit score for purchase or rate and term refinance and only 75% for cash out refinances.
Did you know?
You can get a 95% cash out refinance on an FHA refinance for your single family personal residence, generally at a lower overall payment than if you got a 90% conforming cash out.
Did you know?
That a cash-out refinance on a 3-4 unit personal residence is available through an FHA loan to 85% loan to value … (5 comments)
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refinance: HOPE for Home Owners, HUD Fact sheet on new program - 08/13/08 01:59 PM
HUD/FHA/Housing Bill of 2008. FHA Real Estate loans change with new guidelines. HUD has released a fact sheet about the HOPE for Home Owners program contained in the recently signed housing bill. The comments in blue or underlined are mine. I hope this all makes sense, but sometimes it is hard to make sense of government speak. The President has signed into law legislation that will allow HUD's Federal Housing Administration (FHA) to continue providing targeted mortgage assistance to homeowners. The Hope for Homeowners program will continue FHA's existing and successful efforts to provide aid to struggling families trapped in mortgages they … (17 comments)
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refinance: Interest Rates - 07/18/08 11:53 AM
I have been telling everyone that would listen that "NOW" is the time to buy the house you want. Interest rates are great, prices have leveled off or dropped a bit (in the Eugene area), and even if the price on a $250,000 home dropped another $10,000, a rate change of 3/8 of a percent would make nearly the same payment anyway.
Well, we have just seen mortgage bonds fall to their worst levels in 2008. We have also seen rates increase about 3/4 of a percent, instead of 3/8. So, has it done any good to wait?
Being an Oregon … (5 comments)
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refinance: Licensed Oregon Mortgage Brokers - 07/08/08 12:11 PM
In January of 2007, there were more than 13,000 licensed mortgage loan originators in Oregon. As of the Independence Day holiday, that number was down to 6,985 with less than half of them living in Oregon. It appears that the wheat is being separated from the chaff.
I have been working in the mortgage industry before there was a license requirement. I supported the licensing requirement for mortgage originators, expecting it to make our industry more responsive and responsible. In some ways it has, but nothing the way a downturn in the market has.
If you have lost your loan officer, I would … (10 comments)
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refinance: FHA Facts - Mixed use commercial - 07/02/08 03:57 PM
FHA Facts:
Did you know?
A 203(k) mortgage may be originated on a "mixed use" property provided: (1) The property has no greater than 25 percent (for a one story building); 33 percent (for a three story building); and 49 percent (for a two story building) of its floor area used for commercial (storefront) purposes; and (2) the commercial use will not affect the health and safety of the occupants of the residential property; and (3) the rehabilitation funds will only be used for the residential functions of the dwelling and areas used to access the residential part of the property. … (4 comments)
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refinance: Oil, markets and pricing - 07/01/08 12:38 PM
The big news in mortgage pricing is oil. Again today, oil topped $143 a barrel and this means that the price of almost everything goes up. When the prices go up, that means inflation. When you have inflation, that means that mortgage rates, that hate inflation, go up.
What can be done about it? The best thing to help inflation would be to lower the price of oil. Oil is priced in dollars, so a weak dollar means higher priced oil. Oil has doubled in price since the Fed started lowering the discount rate and the dollar became weaker agains the … (0 comments)
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refinance: FHA 203k Streamline - 06/30/08 12:59 PM
FHA offers a Streamline 203k program that allows a homebuyer/owner to finance up to $35,000 of home repairs in the purchase or refinance of a home. This is an excellent program because it doesn't have the same review requirements of a complete rehab loan. I would be surprised if you could make the necessary repairs to this home with $35,000. Would probably take a few hundred more.Following is the "Mortgagee Letter" from HUD.Call me for explanations.MORTGAGEE LETTER 2005-50December 29, 2005TO: ALL APPROVED MORTGAGEESALL APPROVED APPRAISERSSUBJECT: Enhancements to "Streamlined (k)" Limited Repair ProgramMortgagee Letter 2005-19 (ML 05-19) announced the Streamlined (k) … (33 comments)
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refinance: Real Estate Market Turning(?) - 06/27/08 12:21 PM
Rather than "The Sky is Falling," which is what we hear from the national news media day in and day out, one national "expert" on the Real Estate Market front, Roger Schlesinger, has the following to say:"The long-awaited event is gearing up and will greatly surprise the media, the Wall Street gurus, the apartment dwellers, the naysayers, and nervous homeowners. Real estate is preparing for the turn; are you? It will be a small one at first, but its momentum will make some forward-thinking lenders once again focus on profits, not losses."Mr. Schlesinger has gained acclaim through his "Mortgage Minute" not … (0 comments)
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Fred Chamberlin - Oak Harbor/Whidbey's #1 Experienced FHA Mortgage Consultant
Oak Harbor,
WA
More about me…
Guild Mortgage Co - Oak Harbor WA
Address: 32785 State Route 20, Suite 5, oak Harbor, wa, 98277
Office Phone: (360) 675-6106
Cell Phone: (541) 221-3455
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