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Reposting for the Information to get out! Thanks! Via Thomas Mortgage, Florida's FHA Loan Pro:
Last Friday the USDA formally announced it was entering its annual "roll over" of funding as of its new fiscal year October 1st. This mainly administrative action results in USDA's funding being delayed until it's made available through the General Accounting Office (GAO). This by no means indicates the USDA is out of funds! What it does do is delay funding for loans and guarantees. While there are still a number of lenders that can and do close and fund loans during this period, the vast majority of lenders do not. This doesn't mean your loan won't close, it just means you may have to wait a bit. How long? Last year the funds were made available by October 17 and this year they expect funds allocated within three weeks.
This means you may have to wait that long to close your loan, or take your loan to a lender that does fund in anticipation of the new allocation. Do note, by the time you can get an appraisal recertified, docs transferred, loan re-underwritten, etc. it's rarely worth it so you're likely best off to sit tight with your lender and wait for a late October close.
The great news is that in spite of crushing volume the USDA actually has $2 billion in funds to carryover from last year! In Florida we went from 2084 loans to over 7000 last year. The increased volume has increased the time it takes to get approvals from the USDA so depending on your area you may need to add from 3 days to two weeks to the process. This will become very critical as we near the deadline for the Tax Credit and the desperate scramble to close by November 30, so plan in advance and plan accordingly.
Lastly for those lenders interested in learning more about the program, consider signing up for the WebEx training offered nationally. This link will take you to the registration page for more information.
Realtors and lenders, if you haven't familiarized yourselves with this incredibly successful 100% financing program you are missing the boat. Home buyers, if you haven't spoken to your lenders and Realtors about the program you may be missing out on the least expensive low down payment program available.
Gerry Suarez, Jr.
Your FHA Loan Pro!
I am re posting this because I do believe as a Realtor it is our responsibility to be truthful, cautious and astute in our dealings with the public. Please read this and share this with your agents, friends, family. We must start taking some real measures as consumers to insure that our government is not leading us down the road to complete and utter collapse. Via Bob Hertzog (Summit Home Consultants):
IS THE FDIC BROKE? HOW COULD THAT BE?
All of the networks are "buzzing" today, saying that the FDIC is going to ask banks to pre-pay their FDIC Insurance Premiums for the next three years. This will bring in roughly $15 Billion for each year that is "pre-paid". Why are they taking such a drastic action? They say that they need to "shore up" their FDIC Fund, due to the large amount of bank failures this year, and they don't want to borrow from the Treasury, as this would appear to be yet another "bank bail-out" in the American Taxpayer's eyes. Click Here to read the MSNBC Article that just came out.
Where did all the money go, you may ask?
Loss Share Agreements! (Ok, not all of it, but A WHOLE BUNCH OF IT)
What is a Loss Share Agreement?
Click Here to read the blog I wrote just over 1 week ago to find out.
I actually got an email today from someone who wrote a blog on the same subject after reading my blog. She decided to take it down out of fear. She found out that the FDIC had visited it 30 times in 2 days, and she got nervous. I guess they're a little concerned about this kind of information getting out to the general public. Can't say I blame them. I'm not internet savvy enough to figure out how to determine who has visited my blogs, but maybe someone can tell me?
The case that my blog revolves around will be featured in a major business news publication at the end of this week. I can only hope that it raises the awareness of the American Public.
Finally, American Taxpayers are going to find out about the shady "sweetheart deals" that the FDIC has been cutting with the likes of none other than George Soros (you know, the MoveOn.org guy). Maybe our fearless leaders will now take notice of where all of this money is going (but I'm not holding my breath)!
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 I blogged about yesterday is a modification program that Servicers will offer to borrowers with high debt-to-income ratios or who are at risk of foreclosure. The second part of the plan which I am blogging about today, a refinance program for existing Fannie Mae or Freddie Mac loans.
As I stated yesterday our Executive Vice President at McCue Mortgage, Kim Neilson and others are still assessing the details of the Homeowner Affordability & Stability plan to determine our next steps, but in the mean time we are trying to provide a summary of its major points so that it might help other to better understandable it. So here we go:
The second part of the plan is a refinance program for existing Fannie Mae or Freddie Mac loans. Fannie Mae is offering two different programs:
- The Refi Plus Program that requires the servicer of the loan to be the originating lender.
- The DU Refi Plus Program (DU is the Automated Underwriting System for Fannie Mae) that allows any lender using DU to originate the loan as long as the existing loan is a Fannie Mae loan.
Freddie Mac requires the servicer of the loan to be the originating lender. Some specifics of the program are:
- Existing mortgage must currently be a Fannie or Freddie loan.
- Existing loan may not be considered ineligible (must get an Approved/Eligible from DU). Ineligible loans include existing mortgage loans that received a DU Expanded approval (EA).
- Maximum LTV for 1-2 unit properties is 105% and require an appraisal.
- Maximum LTV for 3-4 unit properties is 80% and also require an appraisal.
- No maximum CLTV.
- Existing mortgage must be current and have acceptable mortgage payment history. No minimum FICO score is required although borrower must meet bankruptcy and foreclosure requirements. In addition, borrower must demonstrate credit worthiness.
- Rate and term refinance only (No Cash Out) - purchase money seconds MAY Not be included.
- Loan level price adjustments (points) will apply (determined by credit score on credit report)
- MI required (same coverage factor of existing loan) for mortgage loans that had original LTV’s greater than 80%.
- DU Refi Plus must receive Approve/Eligible and will not be available until April 4. Income and employment verification is required.
- Refi Plus is a manual underwrite and requires verbal verification of employment. Lender must determine that the borrower has a reasonable ability to repay the mortgage based on current information provided by borrower.
There it is in a nut shell. I actually have higher expectations for this part of the plan then I do for the Loan Modification part. This part of the plan stands a chance to actually help those who have good credit and have little to no equity in their property. But I do not see it doing anything for those who are in areas that property values have taken a noticeable hit, and 105% LTV is not going to do anything for them. Also this does offer a second option to FHA which will allow a borrower to go to a 96.5% LTV on a No Cash Out Refi.
While I think that this plan might actually help a few people, but it will be a source of false hope for many more. As I ended my last post, the purpose for providing this information is so that those who read it may have a better understanding of the "Homeowner Affordability & Stability Plan", and help them come to their own conclusion.
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Info about the author:
George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
 
While relaxing this morning, looking out on to the lake..I saw a real big fish jumping out of the water. Now this is a sight quite common if you are on the coast or in the sound, but this morning in Abbott's Creek Cove. Well needless to say I was a bit taken back and thinking to myself, if I was a fisherman I would go down and wet my hook!
What a beautiful morning it is down here at High Rock Lake today. The seagulls are swooning over the Great Pond and have been for weeks now. We are scheduled to have some warm temps here this weekend so I imagine the boat traffic will pick up today. We have been experiencing some Cold Temperatures lately so I wonder does that blast the Global Warming theories! HaHa! Still we don't know who will sign the contract for the Lake and that does have quite alot of homeowners and Lake enthusiast sitting on the edge of their seats.
Sales of homes here on the lake have been steady but there is a "sitting on the fence" mode that we are thinking will pass soon. The home sales will be picking up soon as there are great deals this year like we haven't seen in the past 2 years. The market has been correcting itself in NC as a whole, whether anyone would like to face those facts or not, the facts don't lie. If you don't have to sell right now, I would recommend you don't because I do believe after some of this credit stagnation flushes, you will see prices increase tremendously out here. We are one of the few lakes in NC you can actually build a waterfront homes. Still there are some draw backs to this lake. The main one I have addressed: We need a River Keeper that cares about the eco system and will maintain the Pond at levels that will be condusive to nature and it's wildlife habitats. We believe this will happen soon.
Still, this is one of the most peaceful places on earth. A true hidden treasure. Please join us sometime and see what our Lake has to offer you and your family. Best fishing in the country for Bass.
For information and Listings: Call JoAnne S. Mercer- 919-559-7584
RaleighCaryNCNewHomes Realty
The long shadows of sunset blanket the fairways and trees surrounding the 15th, 16th and 17th holes of the award-winning Heritage golf course as you make the turn into the Overlook; coming home just became sweeter. Luxurious, elegant residences grace its low-maintenance home sites (some with water views)! A tastefully designed and situated play area, complete with picnic tables and park benches, will delight all ages. Take the adjoining walking bridge to the clubhouse, home to 1250 Heritage restaurant, where exceptional dining awaits. Neighborhood- Heritage Overlook- Price Range for Neighborhood- 590,000's
The Amentities of this Great Golf Course Neighborhood are:
Heritage Wake Forest offers a wide variety of recreational opportunities for all ages. Within the community, an award-winning golf club, a swim & tennis club and numerous parks and playgrounds provide hours of family fun. Nearby, and within the beautiful Wake Forest township, you'll find endless choices of activities and entertainment, including a 12-screen multi-plex movie theatre, a sports complex, and lots of shopping.
Heritage Heights
"On top of the world..." a pretty nice state of mind; at Heritage Heights, it's an even nicer state of everyday living. With the greenways of our golf course to one side and a panoramic vista of the gently rolling expanse of the greater Heritage community to the other, each custom home stands against a pleasing backdrop. The collection of single-family home designs offered here have been described as casually elegant, already anticipating your family's desire for livability (indoors and outdoors) along with an unmistakable sense of style. Price Range in the $400's
Why Heritage? This is why
- Proximity to major roads: I-540 (6 miles), US-1 (1 mile) and NC-401 (2 miles). Stoplights in place at major intersections.
- Adjacent to high growth residential areas in Wake Forest, Raleigh and the unincorporated North Wake County.
- Adjacent to Wake County Public School Campus (3 schools).
- Adjacent to 160 acres public park/greenway complex.
- Utilities in place: Town of Wake Forest water and sewer. Town of Wake Forest or EMC electric facilities, high speed telecommunications lines to each lot. Natural gas to each lot.
- Pre-developed sites: Balanced grading and clearing complete.
- Environmental certainty: Pre-approved, delineated wetlands, Neuse Buffers and Phase I Audits.
- Utility Capacity Guarantee: Through town of Wake Forest contract.
- Collection-road improvements in place.
- Protective covenants in place.
Dear JoAnne,
Thanks so much for directing us to the Heritage Wake Forest Community. Everyday we wake up here we are so thankful to be in such a great community. You listened and heard our hearts! Thanks for your Professional assistance in every detail.
See you soon,
Richard & Kathleen
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March 2009
Put a little 'spring' in your step this March with an affordable visit to the Raleigh area and experience the sights and sounds of numerous festivals, exhibits, cultural performances and more!
Discover many events featuring hot deals and special offers that you can only take advantage of in Raleigh.
 March Madness
March Madness in Greater Raleigh encompasses a lot more than basketball; it is a month made for sporting enthusiasts, no matter what team you cheer for! N.C. State University takes to the court for games against ACC rivals Maryland (3/1) and Boston College (3/4), while female athletes from across the country descend on the RBC Center for the NCAA Division I Women's Basketball Regional Tournament (3/28, 3/30). The Carolina Hurricanes take on NHL rivals the Calgary Flames (3/6), New York Rangers (3/9), New Jersey Devils (3/18), New York Islanders (3/20), Washington Capitals (3/21) and Ottawa Senators (3/25). The Carolina RailHawks don't officially start the soccer season until April, but fans can catch an early match at Cary's WakeMed Soccer Park during the New England "Community Shield" Match (3/14). Lace up those running shoes-downtown Raleigh hosts the St. Patty's Run Green 8K (3/8), the area's first sustainable "Race without a Trace," and the 27th Annual Run for the Oaks 5K (3/14) attracts more than 900 runners each year. Learn More
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 Performing Arts
What does a car that can fly have in common with beach music and literary greats like Tolstoy and Shakespeare? They all are part of Greater Raleigh's incredible calendar of performing arts this month. Carolina Ballet pays homage to two literary geniuses in Tolstoy and Shakespeare: Masterworks in Motion (2/26-3/1), while Raleigh Little Theatre recreates a classic African-American fable in Wiley and the Hairy Man (3/13-3/29). Love, loss and sacrifice is told by the N.C. Theatre with performances of the Tony-award winning Miss Saigon (3/21-3/29), and Broadway Series South presents family favorite Chitty Chitty Bang Bang (3/31-4/5). Pinecone presents the Dan Tyminski Band & Tony Rice Unit (3/11), and the N.C. Symphony takes a journey down the Carolina Coast with a program of early American gospel, blues and beach music - Blue Skies and Golden Sands (3/27-3/29). Learn More
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 Festivals
Festivals abound in March with events taking place throughout the Raleigh area. The UniverSoul Circus (3/11-3/15) returns to Time Warner Cable Music Pavilion at Walnut Creek, while the Woman's Club of Raleigh Spring Antiques Show and Sale (3/13-3/15) offers outdoor accessories, period furniture, folk art and more. Celebrate Persian New Year (3/17) and India Fest (3/28-3/29), both at the N.C. State Fairgrounds. Downtown Raleigh turns green celebrating shamrocks, pots of gold and leprechauns at the St. Patrick's Day Parade and Festival (3/14), and Cary hopes for wind during the 14th Annual Kite Festival (3/28). Learn more
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 Pirates, Parks and Pythons
Are you a buccaneer or a landlubber, a lass or a scallywag? Learn about pirate-speak along with the legacy of infamous rogues of the high seas, from ancient times to the present. Intriguing artifacts, legends and history will bring their ruthless adventures to life at the N.C. Museum of History's special exhibit Knights of the Black Flag (3/6-7/6). This is an interactive exhibit showcasing the largest collection of artifacts ever assembled from Blackbeard's famous ship-the Queen Anne's Revenge. After the exhibit, head over to North Carolina's only 3D IMAX theatre at Marbles Kids Museum and discover the creatures that call the sea their home in films like: Wild Ocean 3D and Under the Sea 3D.
The N.C. Museum of Natural Sciences brings out giant snakes, tiny turtles and more during the 14th Annual Reptile and Amphibian Day (3/14). This annual event features dozens of exhibits and activities highlighting reptiles and amphibians, many native to North Carolina. Enjoy the first signs of spring on 164 acres of trails, woodlands and open areas at the Museum Park at the N.C. Museum of Art, and explore the people that make up the Raleigh area's history during Portraits of Raleigh: Images of a City and Her People at the Raleigh City Museum Learn more
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 Hometown Discoveries - Wake Forest
In 2009, the Town of Wake Forest turns 100, and this northern Wake County town continues to grow while maintaining its warm, welcoming, small-town character. Wake Forest boasts a vibrant downtown featuring more than 100 businesses, including several restaurants and specialty shops. Mindful of its rich heritage, downtown is also an officially registered historic district. Representative of its academic history, Wake Forest is the home of Southeastern Baptist Theological Seminary and The College at Southeastern. During the month of March visit Wake Forest for Art After Hours (3/13), Irishfest (3/14), the Winter Farmer's Market (3/21) or the popular Carnival for Kids (3/24-3/29). Learn More
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Which states does the White House believe will be the biggest winners from the $787 billion package?
The 10 Most Stimulated States WASHINGTON, D.C.--When President Barack Obama signed the American Recovery and Reinvestment Act on Tuesday, he let loose a $787 billion tidal wave of money aimed at getting the stalled economy moving again. But not everyone, everywhere will share in it equally.
In terms of raw jobs and raw cash, it's no surprise that California--the biggest state, staggering under one of the nation's worst unemployment rates--is the biggest beneficiary. What is surprising: On a per capita basis, it is smaller states--where unemployment is not as large a problem--that will get the most help, according to White House data released before the signing ceremony.
Of the 10 smallest states (including the District of Columbia), six are estimated to receive the largest per capita job creation. So while California, Texas, New York and Florida, the four biggest states, get the most total jobs, it is some of the smallest states--Wyoming, Washington, D.C., Vermont, North and South Dakota, and Delaware that are getting the biggest boost per citizen.
Several of the biggest recipients on a per-person basis also have the lowest unemployment rates in the nation. Depending on one's perspective, that's either aid for those who don't need it, or it's rightfully not withholding funds from states that have done a good job keeping their economies in order.The four states in the country with the lowest unemployment rates all make the list--Wyoming, North Dakota, South Dakota and Nebraska. All four states had unemployment of 4% or lower in December, while the national average was 7.2%. Since December, the national average has jumped further to 7.6% and is expected to jump again in February.
The White House estimates are based off assumptions from "The Job Impact of the American Recovery and Reinvestment Plan," written by Christina Romer and Jared Bernstein. Romer was a member of the National Bureau of Economic Research business cycle dating committee, the arbiter of recessions in the U.S., until leaving to chair President Obama's Council of Economic Advisers.The estimates from the White House combined Romer and Bernstein's analysis of how many jobs were likely to be created in different sectors with data on state economies, such as the industrial composition of each state.
The $787 billion stimulus was controversial legislation, obviously, with politicians and economists debating what would be the most effective use of stimulus and whether the administration's job creation claims were realistic. The Congressional Budget Office has questioned whether or not the government is even capable of spending such a large amount of money in two years. Ultimately, nobody knows whether or not the legislation can achieve its goal of creating 3.5 million jobs in two years. Nothing of this scope has ever been attempted before.What is agreed is that states are hobbled by unemployment and collapsing tax revenues. In December, in California, the Bureau of Labor Statistics estimated that 1.7 million people were unemployed--a rate of 9.3%. But even that is lower than the 9.5% unemployment rate in South Carolina, 10% in Rhode Island and 10.6% in Michigan.The Democrats (and three Republicans) who supported the legislation now have their futures largely tied to the goals they outlined: 109,000 jobs for Michigan, 396,000 jobs for California, 3.5 million jobs nationwide. At a price tag of $787 billion, they better hope they are right.
Ok we know Dave has a financial plan for us following 7 basic steps.
However there are a few things "left out" if you did not attend FPU.
So here goes the "expanded" baby steps.
Feel free to correct anything I missed or that may be in the wrong order.
0.1: Commit to NEVER borrow $$$ EVER for ANYTHING other than possibly a house.
0.2: Talk with spouse and get him/her on the same page as you concerning finances.
0.3 Do a written budget
0.4 Temporarily stop all retirement contributions
0.5 Get current on all bills (You MUST have Shelter, Food, Utilities, Basic clothing)
0.6 Get Health insurance NOW (chances of getting sick w/ major medical bills are larger than that of death), especially if you have children.
0.7 Get Life insurance NOW if you have considerable debt/your family couldn't make it financially if you died. Especially important if you have children !! Social Insecurity provides only a small amount of coverage if you have dependents.
0.8 Amputate "toys" (bikes, boats, ATV's etc) if they will keep you from completing the snowball within 12 months
0.9 Cut lifestyle (Cut CATV, Cellphone, Regular phone "extra's", Internet, Eating out, etc) and/or take second job if $1000 EF will take more than 30-90 days. (depending on income)
1.0 Save $1000 In baby EF
1.1 Chop up CC's (You have an EF now, no NEED to keep those CC's !!)
1.2 Amputate cars that you can't pay off within 24 months (You have an EF to fix the "bondo buggy" if something should happen)
1.3 Consider raising insurance deductibles to $500 or $1000 and dropping full coverage on paid for "bondo buggy" (You have an EF ya know)
2.0 Do debt snowball
2.1 Start car replacement fund (do not PURCHASE car until step 3 is done or old car dies)
3.0 Save 3-6 months EXPENSES in EF
3.1 Start furniture or other non-essential stuff replacement fund
3.2 Move up in car if you still feel the need to (must pay cash for it)
4.0 Contribute 15% to retirement
4.1: Take your first vacation since finding Dave if you can pay cash for it (no using the EF !!!)
4.2 Save up 20% for home purchase OR pay down existing mortgage to the point you can drop PMI.
5.0 Save for kids college fund
6.0 Pay off house
7.0 Live like no one else since you have lived like no one else 
Has anyone out there gotten to the place that you are sick of hearing about the Stimulus Package? It is my personal opinion for the government to just leave our economy alone for awhile and see if it will straighten it's self out on it's own. Watching these people on Cspan bicker and try to out wit each other is a drag on my outlook everyday. The free markets have always deleted the businesses that were no longer viable and raised the ones that the market likes. It is just the strongest survive instead of keeping the ones they pick and choose. For once I just wish the government would take a hike, vacation to nowhere and leave the economy to us "the consumers". If the Big 3 don't survive, don't think some entrepreneur will not open one that the market will like. Let the Dead Dogs Die!
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JoAnne Mercer
Wake Forest,
NC
More about me…
Raleigh Cary NC New Homes Realty
Office Phone: (919) 559-7584
Cell Phone: (919) 559-7584
Email Me
Helping interested buyers find out key information about the Raleigh-Cary Area, which will equip them to make the most informed decision about investing in our city!
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