I just helped a client reduce his VA loan to 5% (zero points) with an "IRRRL" loan!  No appraisal necessary, no income verification necessary, and no asset verification necessary!  Leave all 3 blank on the application!

• The loan must be VA to VA
• must result in a lower rate (unless going from adjustable VA to Fixed)
• can be no money out of pocket by including closing costs in the loan
• You must NOT receive any cash from the loan proceeds
• no appraisal, so loan to value ratio is not a concern
• discounted funding fee and lower underwriting fees

Lot's of disclosures to sign, but a relatively painless process to go through!  Call to see if this loan can help you!! 

 

Leadership Manhattan Beach Now Recruiting Class of 2011!!

Leadership Manhattan Beach

Now Recruiting Class of 2011!

Leadership Manhattan Beach is the premier leadership training program in the region for mid-level and high-level professionals. It provides comprehensive training through interaction with the community's top leadership, experiential learning opportunities and community-service team projects.

The nine-month program identifies people of promise, familiarizes them with community issues and services and develops their leadership skills to prepare them for prominent business, cultural and political roles.

The 2011 class will begin in September '10 and end in May '11.  Sessions include history, civic identity and the arts; government; education; quality of life; business and economics; and personal development.

  

Program Informational Meetings for Potential Class Participants

You are invited to learn more about the LMB program and meet board members and graduates.  Please choose the date that is most convenient for you.  There is no obligation. 

March 31, Wednesday           6:30 -7:30 PM	City Council Chambers 1400 Highland Ave. Manhattan Beach, CA 90266

For more information or to RSVP, please contact James Gill jamesrgill@aol.com or (310) 947-1195

Please forward this e-mail to those whom you feel would be interested in this program.  Thank you.

Applications are accepted:
March 1 - June 1, 2010

To receive an application:

1.     Application on our website http://www.leadershipmb.org/

2.      To request information :

·        via e-mail, to recruiting@leadershipmb.org

·        via phone, 310-947-1195

·       via mail,

Leadership Manhattan Beach Recruiting

c/o James Gill      PO BOX 3046  Manhattan Beach, CA 90266

Misleading Mailers Offer Lower Property Taxes For Homeowners

  Los Angeles County Assessor Rick Auerbach and County Consumer Affairs Director Pastor Herrera, Jr. recently warned homeowners to be wary of solicitations from private companies offering to file property assessment reduction forms for a hefty fee to pay for a review by the Assessor's Department for free.
 "We are again receiving calls from homeowners who have been sent these deceptive mailers, many of which could be mistaken for government notices and mislead property owners into thinking they must pay at least $100 to apply for a review of their assessed value," Auerbach said. "Because of the real estate market downturn, however, my office will begin reviewing nearly 500,000 residential properties for their 2009 assessed values.

 

I am just wrapping up yet another wonderful 100% financing VA LOAN!!!!!

The way a VA Loan works is you pay a "Funding Fee" to the government up front.  This Funding Fee is basically a mortgage insurance you pay for up front and then the government insures the loan against forclosure.  The VA allows the borrower to roll the Funding Fee into the loan and now we are at 103% financing.  Get this: you can even add another $6000 to the loan if you wish to upgrade the appliances to something more efficient!  There is no monthly mortgage insurance fee; this is the benefit for the Veteran.

To qualify for a 100% VA Loan you must be:

• owner occupied
• able to prove your income qualifies you
• a US Armed Forces Veteran in good standing
• at or under a $417,000 purchase
• UP TO $737,500 IN SOME COUNTIES AS THE NEW "HIGH BALANCE GOV'T LOAN"

FICO scores and reserves are not critical for this loan and the seller can pay most of the closing costs!

 

Make sure you are reaching out to the Veterans you know to spread the word!!

Another great program to go through!  Includes police ride-alongs, 911 training, police training, firearm simulation training etc.  This was a nine week course to understand what the police go through in your own neighborhood on a daily basis.  They teach you how you can help them do their jobs better.  Getting to know all the police in your own city gives you a very different outlook on the local police force.

 

Yesterday I attended a California Association of Mortgage Brokers Panel of Experts meeting.  On the  panel were:

• Sergio Barajas, Expanding Markets Manager, Freddie Mac
• Louisa Broudy, Deputy Commisioner, Financial Services Division, Dept of Corporations
• Ted Grose, Director and CAMB advisor
• Tim Le Bas, Deputy Commisioner, Dept of Corporations
• Gary Sibner, DRE
• Sandra Smith, HUD

They addressed what is currently being done to protect future borrowers and to help current troubled borrowers:

They talked about California's new law SB385 and how it creates more laws regarding disclosure.  They want to make sure borrowers understand the loans they are getting.

Also discussed was the push to require mortgage brokers to be licensed.  I understood them to mean licensed with the Dept. of Real Estate. (which I already am - a licensed salesperson)  This will make the broker more accountable.

They introduced me to a couple of loan programs being rolled out to help the borrowers currently facing the end of their fixed rate period - one such program is called SafeSteps.  This program allows for a 550 FICO and is meant for the borrower who was current with their mortgage payment until the loan readjusted.  Once the loan readjusted and they started missing payments, their FICO score dropped and made it impossible to refinance.

FHA is trying to help every borrower who has a loan that is readjusting to a payment that they can't afford.  Keep in mind that all these programs are FULL DOC and require proven income enough to qualify.  These programs are not meant to help the borrower who can't afford their home.

Everyone is still on pins and needles to see if the govt. will soon increase the FHA loan limits.  This will surely help some Californians.

Let's hope brokers learn how to help their clients with these programs!  Get in touch with your borrowers to find out how they are doing.

Last night I celebrated my 10th wedding anniversary at a restaurant I had not yet tried.  A risk, but I had a friend give it a big recommendation.  I was hoping for an adventure, because that is always what we look for on special occasions. La Sosta Enoteca did not disappoint!

 

When I go out for a special occasion, I cannot order salmon or steak as I want something that I cannot get at home.  La Sosta had just what I was looking for!  First we had a special cutting board full of Italian meats and cheeses.  It came with some wonderful things to dip the cheese in - truffle infused honey and a chili-pepper jam.  We paired that with a lovely red wine.  Then we had deep fried zucchini flowers.  My main course was just as exciting: homemade pasta with sea urchin!  It was fabulous.  My wife had homemade gnocchi with a lobster sauce.  This too was delicious.  These were paired with a terrific Italian white wine.

 

We followed up by ordering the Tiramisu but it had too much of a coffee flavor.  So they kindly substituted chocolate covered profiteroles.  We even paired this with a wonderful port like Italian desert wine!

 

Be aware, dinner for two was $200, but well worth it.  That was an adventure to Italy right here in Hermosa Beach!

It seems you have two choices - point to a url or upload to AR, but once uploaded, its gone!  HELP!  I tried uploading to AR and it said it went ok, but I don't know how to point to it and place it on a blog.  Everyone seems to know how to do it but me!  Thanks!

They are back in Los Angeles and with a fabulous show!

http://www.20angels.com/index.asp?bid=4&l=1033

 

My whole family enjoyed the show - including my 6 yr old and 7 yr old girls.  Go see it!  The best part was when they floated a woman over the crow with helium balloons!  People in the audience were able to keep pushing her around the crowd with her feet.

 

It is a box on your APPRAISAL - "Property Values: Increasing, Stable or Declining."  Be very aware, if your appraisal gets the box checked "Declining," you are in for a 5% reduction in what your loan to value ratio is on your loan! It will force you to put 5% more down on the purchase.

We are starting to see this happen!

 

BE AWARE!