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credit and financing: Foreclosure, Bankruptcy and FHA - How long do I have to wait to buy a home? - 03/05/09 12:57 PM
Because of the economy, more and more people are wondering what the consequences of their bankruptcy or foreclosure are in regards getting a mortgage loan and buying real estate.
How long do I have to wait to buy a home after a foreclosure? How long do I have to wait to get a home loan after declaring bankruptcy? The rules for FHA and conventional loans are different, so I'm going to go with FHA, since they're easier.
Foreclosure
Three years needs to pass, with good payment history, after a foreclosure to get approved for an FHA loan. There are exceptions to … (5 comments)
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credit and financing: Mortgage Interest Rates Volatile - Stay Informed With This Daily Update - 10/15/08 05:38 PM
Do you know what today's mortgage rate is? It went up .25% from yesterday!
With the real estate market the way it is, some people want to know what the rates are doing. I've put into place a way for you to stay updated every day...on your cell phone!
If you want to know what the rates are at today with a short text message, you can read THIS ARTICLE and set it up. Or, if you prefer not to get an occasional text message, add THIS WEBSITE to your favorites and check up on it when you please.
Note: the … (4 comments)
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credit and financing: Check Your Credit Report for Free - 09/17/08 02:52 PM
Countrywide Home Loans has revealed that there was a security breach and that people who have their mortgages with their company may have had their social security numbers compromised.
When you get a home loan, you give plenty of information. Enough needed to become a serious victim of identity theft.
Identity theft experts recommend that you check your credit at least once per year, and the federal government has given you the right to do it at no charge.
I've done it. Turns out, it's very easy and fast. I recommend that you do it, too.
There is no catch to get … (6 comments)
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credit and financing: FHA down payment will change January 1, 2009 - 09/16/08 04:17 PM
Hilary Wilkinson is an indispensable part of my loan team. She posted her first blog article on Active Rain. This is quality information from someone who is a valuable part of the local real estate community. Enjoy!
Via Hilary Wilkinson:
I thought this would be an excellent topic for my first blog post...
We got word today that a new mortgagee letter was issued by FHA. FHA will be ringing in the new year with a new down payment requirement. The current minimum down payment is 3% and that will increase to 3.5% as of January 1st.
I know this may not seem like much, but to some … (1 comments)
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credit and financing: OUT OF FUNDS - Riverside County First Time Home Buyer Program Is Out Of Funds - 09/08/08 02:33 PM
Just last week I posted that the Riverside County EDA FTHB Program was running out funds fast.
The Hemet Home Loan Guy has received word that they've stopped accepting applications as of today. The applications that were submitted before today but don't have the money reserved yet may or may not receive the down payment assistance.
The RHP also offers 20% down and is very similar to the FTHB. Notable differences? This interest-free and payment-free silent second mortgage is forgiven after 45 years (instead of 15), or if the buyer sells the home at or below the County's affordability limits. Also, … (7 comments)
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credit and financing: Riverside County First Time Home Buyers Program Running Out Of Funds FAST. - 09/03/08 07:45 PM
***CLICK HERE FOR AN IMPORTANT UPDATE.***
The Hemet Home Loan Guy reported recently that the community down payment assistance programs HART and Nehemiah are going away by October 1st.
Looks like another great source of help for buyers in Hemet and the surrounding areas is going away by that same date: The Riverside County EDA First Time Home Buyers Program.
The program offered up to 20% (maximum $75,000) down payment assistance to first time home buyers with low income (80% of the County median income). The buyers are not required to make any payments on the down payment assistance, and … (1 comments)
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credit and financing: The End of Down Payment Assistance? Bush Signs Housing Bill - 07/30/08 01:49 PM
I guess President Bush isn't taking my calls anymore!
Last week on this blog the Hemet Home Loan Guy issued a call to action to save downpayment assistance programs. Well the President signed the housing bill this morning (for the actual language of the bill, scroll to the bottom).
What does this mean? It means that community down payment assistance programs like HART and Nehemiah will no longer be allowed with FHA mortgages beginning October 10th.
Is the government making the right move? That depends on your point of view.
I tend to think that passing this legislation now is like … (24 comments)
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credit and financing: Down Payment Assistance Programs Need Your Help! ACT NOW! - 07/23/08 05:07 PM
Buyers in Hemet and the surrounding areas breathed a sigh of relief in March when courts rejected HUD's challenge to the legality of community down payment assistance programs like HART or Nehemiah.
Now it looks like we've got to hold our breath again!
Having failed in the courts, Congress is working to eliminate the programs via legislation. They've attached a provision in the FHA reform bill that eliminates these crucial programs...and it looks like President Bush, who had threatened a veto, is now going to sign the bill (which is currently in the House).
Hemet, San Jacinto, Riverside County and the … (14 comments)
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credit and financing: Credit Repair for Challenged Buyers - Real Agent Help Breakfast - 07/03/08 07:53 PM
Real Agent Help Monthly Breakfast - Credit Repair for Challenged Buyers
The Real Agent Help Monthly Breakfast is the premier real estate networking event in the Hemet region in Riverside County, California. Join us for a quality breakfast, an opportunity to share a need or a listing you have, great educational content and tools to grow your real estate business.
Thursday, July 10 from 8:30-10:30am Mimi's Cafe in Hemet Seating is limited, cost $10 (donation goes to local charity) RSVP at Real Agent Help.com This months' generous sponsor is Patrion Mortgage.
Credit Repair for Challenged Buyers
Loan guidelines have tightened, and that means that it pays … (4 comments)
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credit and financing: Mortgage Pro Week in Review -- 06/09/08 through 06/15/08 - 06/17/08 12:09 PM
I was honored when Jeff Belonger asked the Hemet Home Loan Guy to write this week's Mortgage Pro Week in Review. I had no idea how much I would learn by doing it! Jeff gave me the instructions (with special help from Mike Mueller) on how to cruise the week's mortgage posts and excavate some gems.
Here are the highlights...
* Just about every other post was about rates going up, but NOBODY can say "America's mortgage rates are behaving exactly as I expected they would" with quite the same swagger as Brian Brady. To emphasize that message three days later, in case … (18 comments)
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credit and financing: Down Payment Assistance For Home Buyers - Real Agent Help Monthly Breakfast - 05/29/08 10:28 PM
Real Agent Help Monthly Breakfast - Down Payment Assistance For Home Buyers
The Real Agent Help Monthly Breakfast is the premier real estate networking event in the Hemet region in Riverside County, California. Join us for a quality breakfast, an opportunity to share a need or a listing you have, great educational content and tools to grow your real estate business.
Thursday, June 12 from 8:30-10:30am Mimi's Cafe in Hemet Seating is limited, cost $10 (donation goes to local charity) RSVP at Real Agent Help.com This months' generous sponsor is Judee Edgerton with American Home Shield.
Down Payment Assistance For Home Buyers
100% Programs are … (10 comments)
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credit and financing: I'm Not Whining About 'Declining' - A Contrarian's View Of The Adverse Real Estate Market - 05/03/08 10:16 AM
One of my favorite real estate bloggers had a post featured today on the Active Rain Social Network. This real estate professional is smarter, more experienced and more widely-read than most of us on the network. The post was well-written, incisive and thought-provoking.
So I think it's only natural that I disagree.
Lenn Harley calls the "Declining Market" policies so much blather.
I'm having a hard time understanding some of the logic in the post and in the "Amen" chorus of comments. After leaving three long-ish comments, I decided to avoid hijacking her post and to post one myself. That will give Lenn and other smart … (87 comments)
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credit and financing: Doctors and Drug Dealers - A Real Estate Parable - 05/02/08 10:38 AM
The Doctor walks in and greets his patient.
Doctor: Hello! How are you today?
Patient: How many pills can you give me?
Doctor (taken aback): Um...pills...well, tell me more about your condition.
Pt: Well, I'm in the market for some pills and I'm just checking out different doctors to see who has the best deal.
Dr: I see...well, what seems to be the problem?
Pt: I'm sick and I need some medicine. Can you give me some free samples?
Dr: Before I do that, let's find out exactly what's bothering you. You say that you're sick...let's take a look at your throat. Say Ahhh....
Pt: Hm. I'm not really … (37 comments)
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credit and financing: Mortgage Insurance Madness! - 04/27/08 03:03 AM
There was a time when, to buy a home, you had to have 20% down. Then came along mortgage insurance.
Mortgage insurance allows mortgage lenders to recover their losses if there is a foreclosure. So it allows them to give you a home loan with less than 20% down.
.......................UNTIL NOW...................
Everyone knows that the rules have been changing fast. Since the 'subprime mortgage crises' those changes have been when the largest mortgage investors, Freddie Mac and Fannie Mae, tighten up their guidelines.
On April 14th, that changed. That's when the major mortgage insurance carriers tightened up how they work. And they've decided two major things:
They will … (7 comments)
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credit and financing: What's the interest rate today? It's on your cell phone. - 04/03/08 04:33 PM
"What's the interest rate on a 30 year fixed rate mortgage today? What about a 5/1 adjustable rate mortgage?"
I get A LOT of quick phone calls and emails asking these questions. Even face-to-face, someone might forget to say "How are you?" and go right to "Hey Joey...what's today's rate?"
Would you like to know what the interest rates are for homes in Southern California every day without having to call anyone?
I can put today's mortgage rate(*) on your cell phone every day.
How? By sending you a text message using Twitter.
It's easy...just follow these seven steps.
Click HERE and create your user name and password. A … (19 comments)
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credit and financing: FHA Loan Limits Increase - HUD Releases Median Home Prices for Riverside County, California - 03/05/08 05:01 PM
FHA Loan Limits Increase - HUD Releases Median Home Prices for Riverside County, California
The Department of Housing and Urban Development released median home prices for Riverside County, California.
The median price of a single family residence in Riverside County, California (including Hemet, San Jacinto, Murietta, Temecula, Idyllwild, Banning and the surrounding areas) is now $400,000.
That would make the new FHA, Fannie Mae and Freddie Mac loan limit $500,000 (125% of the median home price). This is part of the economic stimulus package signed by President Bush earlier in the month. The bill increases the home loan limits through December of 2008.
Now that the bill … (25 comments)
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credit and financing: Mo' Money, Mo' Money, MO' MONEY...Mortgage Costs still Rising - 02/29/08 01:52 AM
In the immortal words of Shaggy...
"ZOINKS!"
Freddie Mac (or, to use their Westminster Dog Show name, The Federal Home Loan Mortgage Corporation) are raising their mortgage loan delivery fees effective June 1st, 2008.
Delivery Fees are the fees that mortgage loan originators, like the Hemet Home Loan Guy (that's me) and their companies pay to Investors. Most often, these costs are "risk-based pricing"...charging more in loan fees, points or a higher interest rate in order to offset the risks of lower credit, lower down-payment, declining market values or bad breath.
Okay, maybe not bad breath.
Freddie Mac and his older sister Fannie Mae are the … (2 comments)
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credit and financing: Commercials for Altura Credit Union with the Hemet Home Loan Guy in Them - 02/24/08 09:01 PM
Altura Credit Union (formerly known as Riverside County's Credit Union) is the parent company for Patrion Mortgage. When the Hemet Home Loan Guy heard they were going to film some commercials and they were looking for handsome and talented volunteers he signed up.
Okay, just volunteers.
Here's the first commercial. If you pause it at 0:18 you'll see me playing the role of my life..."Wedding Guest 23." I'm the out-of-focus bearded guy just to the left of the Altura Credit Union employee that's crashing the Bride/Groom dance. I'm also back there grinning stupidly at the end.
In this spot, I display my incredible … (8 comments)
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credit and financing: Adjustable Rate Mortgages in Riverside County? - 02/18/08 08:55 PM
Adjustable Rate Mortgages, or ARMs, are one option when you finance a home. But, in a time of declining home prices, is it a good option? It's been a while since I wrote ARMed and Dangerous? and it's time for a quick update.
First...today's interest rates** for Patrion Mortgage's portfolio Hybrid ARMs:
3/1 ARM - 4.250%5/1 ARM - 4.375%7/1 ARM - 4.500%
Those are tempting numbers. So should you ARM yourself? When you're considering an ARM, here are some things you might want to consider:
Equity Position
If you live in Riverside County (Hemet, San Jacinto, Temecula, Murietta and the surrounding areas), then there's a good chance … (7 comments)
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credit and financing: New Mortgage Loan Limits: When and How Much? - 02/15/08 12:04 PM
On Wednesday the President signed the economic stimulus bill that I wrote about in No Mo' Jumbo? Higher Mortgage Loan Limits from Congress to President. So when do these changes take place? And what will the new home loan limits be?
When? The new loan limits legally became effective when the bill was signed, however the stimulus package gives HUD (Housing and Urban Development) 30 days to publish updated median house prices. HUD intends to publish these within the next two weeks.
How Much: The new loan limits will be 125% of the median house prices for the area...but not to exceed $729,750. Riverside County's … (14 comments)
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Joey Aszterbaum
Hemet,
CA
More about me…
Jolynne Photography
Cell Phone: (951) 285-1012
Email Me
Retired from the Mortgage Business 6/09
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