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hemet mortgage information: Important News from the Hemet Home Loan Guy - 05/21/09 03:18 AM
I have given my notice of resignation to Patrion Mortgage, effective June 1st, 2009. I am taking a 3 month sabbatical. There's a good chance that at the end of this much-needed break I won't return to working in the real estate industry. As you can imagine, this was a big decision for 'The Hemet Home Loan Guy' and for my family. Those who are close to me no doubt noticed my struggle with this decision over the last several months. The projects that will receive my greatest attention during my sabbatical are my wife's amazing photography business, homeschooling our four incredible kids, … (15 comments)
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hemet mortgage information: Riverside County First Time Home Buyers - Classes available - 03/25/09 12:29 PM
Riverside County has down payment assistance programs for first time buyers in Hemet, San Jacinto, Murrieta, Menifee and the surrouding areas of Riverside County. All first time buyer programs require that you take a first-time home buyers class.
Most of these classes take 8 hours on a Saturday. They are very educational and go over the in and outs of buying real estate for the first time.
Some of these classes cost money UNLESS you are taking it for the Riverside County EDA down payment assistance programs, so be sure to mention this.
Here are the authorized classes for these programs:
… (0 comments)
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hemet mortgage information: 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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hemet mortgage information: 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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hemet mortgage information: 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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hemet mortgage information: 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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hemet mortgage information: 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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hemet mortgage information: 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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hemet mortgage information: 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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hemet mortgage information: 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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hemet mortgage information: 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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hemet mortgage information: 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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hemet mortgage information: 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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hemet mortgage information: 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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hemet mortgage information: 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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hemet mortgage information: The Mortgage Rap - Sing along! It's educational, it's fun, and it's fo' rizzle, yo. - 03/17/08 06:15 PM
What's the dizzle my home-buyin' homies? This is the Hemet Home Loan Thug kickin' it real n droppin' it like it's hot.
Okay, maybe not. But this is the Mortgage Rap.
It's to the tune of Rapper's Delight by the Sugar Hill Gang and matches up syllable for syllable with the original until the very last line. Just click play on the youtube video to learn the original, then try using the lyrics to bust a dope rhyme fo yourself.
You may learn something about the home loan process. Or maybe unleash your inner MC.
If you find yourself thinking "What the heck … (48 comments)
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hemet mortgage information: 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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hemet mortgage information: Hemet Mortgage Lenders and City Council meet at Hemet Library - 03/03/08 12:21 AM
Hemet Mortgage Lenders and City Council Members met at the Hemet Library on Wednesday to discuss the state of mortgage lending in the San Jacinto Valley on Wednesday. The major portion of the informal discussion was the effect that foreclosures are having on the value of real estate.
Alarmed by the rising amount of foreclosed homes that have been neglected, in the form of broken gates, overgrown yards and boarded windows, the Hemet City Council is considering an ordinance that would hold the owner of record for an abandoned home accountable for its maintenance.
One idea is to give a $100 ticket for … (5 comments)
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hemet mortgage information: 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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hemet mortgage information: 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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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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