| |
Five Star Mortgage Professional: Kevin Hawkins, Bainbridge Island - 03/23/10 05:21 PM
I have waited for more than two month to acknowledge the recognition I received in the January 2010 issue of Seattle Magazine. For the first time, Mortgage Professionals were awarded the Five Star designation for Overall Customer Satisfaction.
For years Real Estate Professionals have been designated with this honor, but this is a first for mortgage pros. The survey of thousands of recent home buyers and industry professionals results in an honor that only 7% of all mortgage professional receive.
You can read about the designation and the survey method at my website:
www.kevinhawkins.org
Click on the 5-Star designation logo and you will be able … (0 comments)
|
Key Economic Announcements: Week of March 22, 2010 - 03/23/10 05:15 PM
Today - Existing Home SalesExisting Home sales for February will be released by the Realtors (NAR) at 7:00 am Pacific. Experts are looking for a slight decrease in sales to a 5 million annualized. FHFA House Price Index for January Wednesday - New Home Sales ReportThe Census Bureau will announce at 7:00 am Pacific. The consensus is for some increase from the record low of 309,000 set in January (annualized). MBA Weekly Mortgage Purchase Applications
Durable Goods Report Thursday - Weekly Unemployment Claims, Regional and State ReportsWill be announced at 7:00 am Pacific and the Census Bureau will released its Regional and State Employment … (0 comments)
|
Fannie Mae HomePath Loan - Special for Fannie Mae-owned Properties - 03/23/10 05:13 PM
Here's another low-down payment loan that Golf Savings on Bainbridge offers.
Fannie Mae Foreclosed properties are sold through their HomePath program and special financing is available. It is a program that is available to both first time buyers and even investors.
The down payment (minimum 3 percent for primary residences) can be a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer.
There is no mortgage insurance and no appraisal fee as an appraisal is not needed at all.
Only Fannie Mae properties are eligible but the HomePath.com website allows you to narrow your … (1 comments)
|
Reminder: FHA with 3.5% Down Payment Great for Parents, Kids Get Tax Break - 03/23/10 05:11 PM
Reminder: FHA with 3.5% Down PaymentParents Can Gift the Down Payment, Co-sign & Son or Daughter Can Take the Tax Credit Now that we have $300,000 single-family detached homes for sale on Bainbridge, FHA looks better than ever, especially if you are trying to help your children with a home purchase.
The down payment is just 3.5% and the seller can pay closing costs (up to 3%). Plus, 100% of the down payment can be a gift from a parent. Uniquely, FHA allows the parents to be on the loan as a non-occupying co-borrower, and unlike conventional loans, the son or daughter … (0 comments)
|
Countdown Begins: Less Than 40 Days Until Home Buyer Tax Credits Expire - 03/23/10 05:08 PM
According to the IRS website, if a first-time or repeat buyer wants to take advantage of the tax credit (up to $8,000 and $6,500 respectively), they must have a fully executed (signed around) purchase and sale agreement dated Friday, April 30, 2010 or sooner. The buyer also has to close their transaction on or before June 30, 2010. No exceptions or extensions except for active military that have been overseas recently. My favorite two sites for highly detailed information and scenarios (including how the tax credit is impacted if you buy from a relative or are involved in a short sale) is … (1 comments)
|
Treasury's Mortgage Purchase Program 99.2% Complete - 03/23/10 05:07 PM
Calculated Risk, which I think is the best financial daily email available from any source, reported last week that the Fed has purchased a total of $1.24 trillion of its $1.25 trillion allotment of Mortgage-Backed securities (MBS), or at 99.2% complete. That means the Fed has $10 billion more in mortgage purchases left to make. The biggest unanswered question is will the ending of the program have any immediate impact on local mortgage interest rates. Only time will tell as you can find as many experts that predict little or no immediate impact to some that say we will see a short .25 percent … (1 comments)
|
GEO-FENCING: Mobile Marketing Could be the Next "Cool Tool" for Real Estate - 03/17/10 12:02 PM
The latest GPS-tracking tool, according to Inman News (www.inman.com - and if you are not a member, it is worth every penny for full access, and email updates are free) is called "Go-Fencing" and its application for use in home listings to attract more Generation X and younger buyers should be very appealing for tech-progressive Realtors.
Go-Fencing is currently used to create a virtual GPS perimeter or boundary around a physical geographic area. If someone has a device, such as a cell phone or a home confinement ankle bracelet, an alert or notice can be sent to indicate the person has … (0 comments)
|
SUPPORT BAINBRIDGE SCHOOLS: Grab Breakfast with Ed Viesturs March 19! - 03/17/10 12:00 PM
Here's a breakfast with Ed Viesturs that's 100% Tax Deductible to support Bainbridge Island public schools, which is ranked near the bottom of funding for all districts but at or near the top as measured by student test scores.
Coldwell Banker-McKenzie Realtor Susan Grosten sent me this item and my wife suggested I share it with you: "This is a great 90 minute breakfast fundraiser for the Bainbridge Schools Foundation. Ed Viesturs, the featured speaker is one of the top mountain climbers in the world. He's climbed the world's 14 highest peaks without oxygen and climbed Everest 7 times. He has published 2 books … (0 comments)
|
Retail Sales Jump Higher Than Expected in February, Despite Snow Storms - 03/17/10 11:57 AM
Late last week more green shoots were reported: Retail sales increased .3% for February 2010. Excluding the car sector, all other February retail sales rose 0.8%. Economists had forecast a 0.1% increase. Ex-auto sales in January rose 0.5%, revised from a previously estimated 0.6% gain. That's good news as sales increased despite massive snow storms for the month and the troubles at Toyota, which impacted car sales.
… (0 comments)
|
Home Buyer Tax Credits to Expire in 8 weeks... - 03/08/10 02:02 PM
Now is the time to buy as there are only 9 weeks left of the Homebuyer Tax Credits ($8,000 to first time buyers and $6,500 for current homeowners wanting to move). We might not have another opportunity like this.
In January there was an 8.9% increase in home building in the West. It is said this is due to the small drop in the unemployment rate and low mortgage rates. Some builders think the low mortgage rates are due to the Home Buyer Tax Credit. Experts are worried the increase in home building will halt if mortgage rates go back up once the … (1 comments)
|
Golf offers a few new products, still offers a Bridge Loan - 03/08/10 01:59 PM
Golf has introduced a couple of new portfolio loan products. We have a new 7/1 ARM for the most credit-worthy borrowers. Our Premier Tier is a basic jumbo product intended for high quality loan purchases. We are also offering new 5/1 and 7/1 ARM product for refinances.
Golf still is one of the few lenders with a Bridge Loan and if there is enough equity in the home being sold, the loan amount can go up to $650,000. This loan is designed for well-qualified buyers with exceptional credit and low debt-to-income ratios (including the current payments on both the home being sold and the one being purchased). Monthly P&I payments are … (0 comments)
|
Treasury's New Short Sale Program to Pay Homeowners $1,500 - 03/08/10 01:22 PM
According to press reports, the Treasury's HAFA (Home Affordable Foreclosure Alternatives) Program will add a new feature on April 5. Potentially hundreds of thousands of delinquent borrowers who have not been helped by the loan modification program will be encouraged to pursue a short sale. The bank servicing the loan (the one the borrower makes their mortgage payment to) will get $1,000. Another $1,000 can go toward a second mortgage loan (Home Equity loan or Home Equity Line of Credit or HELOC), if there is one. The new twist: for the first time the borrower will get $1,500 in "relocation assistance."HAFA currently requires … (0 comments)
|
Good News: More Green Shoots as Economy Shows Signs of Improvement - 03/08/10 01:21 PM
More Green Shoots: Economy Grew 5.9% in 4th Quarter, Job Creation Begins in Washington State and Auto Sales are Up The U.S. economy grew at an annual rate of 5.9% in the last three months of 2009. "That solid growth, which was the most improvement that the U.S. economy has shown in more than six years, follows a 2.2% annualized increase in the third quarter," CNN reported. The state of Washington reported that we added 12,400 net new payroll jobs, our first increase since November 2008. It also was the biggest one-month gain in nearly three years. Research firm IHS Global Insight is … (0 comments)
|
CNNMoney Housing Forecast Puts Seattle, Tacoma in Top 8 - 03/08/10 01:20 PM
Seattle and Tacoma will be two of the best places to lead the housing recover through 2011, according to a list of eight cities prepared by CNNMoney. While nationally home values are expected to drop 6% over the next two years, Tacoma housing prices are expected to see a 4% increase through 2011. Tacoma is the number one ranked city in the report. Seattle housing prices, ranked at number 5, are forecasted to increase 3.2% through 2011. In all, 6 of the 8 cities listed are in the Northwest, including Kennewick, Washington (2), Cheyenne, Wyoming (4), along with Anchorage (6) and Fairbanks … (0 comments)
|
2010: The Year of the Short Sale - 03/03/10 06:00 PM
The US Treasury has issued a "Supplementary Directive" to banks participating in the Home Affordable Modification Program. The recommendation is for when banks can't help borrowers with the HAMP program, they should pursue a short sale vs. a foreclosure. The Directive states: "it is expected that servicers will encounter situations where they are unable to approve a HAMP modification request ... in these instances, the borrower may benefit from an alternative that helps the borrower transition to more affordable housing and avoid the stigma of a foreclosure" and goes on to encourage - and give an incentive to lenders - who do … (0 comments)
|
Bainbridge Home Sales Up 48% in the Last Five Months - 03/03/10 05:59 PM
For the fifth straight month, residential home sales on Bainbridge Island have been up compared to sales from a year ago. In January 2010, we had 14 home sales (non-condos) on the Island, up from 12 sales in January 2009. From September 2009 to January 2010, we had 102 total home sales on Bainbridge compared to 69 home sales from September 2008 to January 2009. That's an increase of 48 percent year-over-year. These numbers are based on figures Realtor Jim Peek gleans from the NWMLS. Jim does additional due diligence and refines his numbers to be certain that they do not include condos, … (0 comments)
|
USDA Loans: Last "Conventional" No Money Down Home Loan on Bainbridge - 03/03/10 05:57 PM
Bainbridge Island remains a designated "rural area" by the USDA, and that makes their "rural loan" program the only 100% financing program for buyers. Couple this with home prices on starter homes and you are likely to see more folks asking about the USDA/Rural Loan option.
Golf Savings offers USDA Rural Loans -- all 30 Year Fixed Rate Loans -- that often features the best interest rates around as we have to major lenders that we sell our USDA loans to, but we originate these loans directly with USDA. Here's what you need to know about USDA loans: 1. INCOME REQUIREMENTS - Borrowers … (0 comments)
|
Recourse Rules: Seller Beware - 03/03/10 05:56 PM
Bloomberg reports that some banks are going after homeowners who default on their unpaid mortgage balances in recourse states, such as Florida. Banks, in some cases, can seize wages, tap bank accounts and put liens on other assets held by debtors. Calculated Risk notes that "while there are no statistics on the number of deficiency judgments approved by courts, the Federal Deposit Insurance Corp. tracks the amount banks collect after defaulted loans were written off." -Mortgage recoveries rose 48 percent to a record $1.01 billion in the first nine months of 2009 vs. 2008. -Recoveries on defaulted home-equity loans almost doubled to $392 million, … (0 comments)
|
FHA Keeps 3.5 Percent Down Payment for Most Borrowers - 03/03/10 05:55 PM
The good news is that FHA will keep its minimum down payment for an FHA-insured loan at 3.5 percent for everyone with a credit score above 580. The bad news is that seller concessions will be reduced from 6 percent to 3 percent and the FHA upfront mortgage insurance premiums paid by all FHA borrowers getting a 30 Year FHA loan regardless of down payment size is being increased to 2.25 percent, up from 1.75 percent now. For Realtors, this means on a $350,000 home sale, the seller cannot contribute more than $10,500 in closing costs and prepaids (sellers still are … (0 comments)
|
About the New Good Faith Estimate: Requires Loan Officer Precision; Mistakes Could Delay Closings - 03/03/10 05:53 PM
New rules on putting real teeth into making a Good Faith Estimate something a lender actually has to stand behind went into effect on January 1. The onus is now on the loan officer to provide incredibly accurate GFEs. Truth is, good loan officers have done that all along, but now the biggest change is that the loan officer is not only responsible for accurately quoting their own lender fees -- over which the lender has control -- but also over other third party fees. For Realtors, the key will be working with loan officers that do due diligence with every GFE … (0 comments)
|
Home Sales on Bainbridge in 2009 Up Over 13% - 03/03/10 05:51 PM
Bainbridge Island home sales ended the year with a boom, with 22 single-family sales (non-condos) closing in December 2009, up 69% from single-family home sales closed in December 2008 when 13 units were sold.
That brought total single-family home sales on Bainbridge to 212, up 13 percent from the 187 total single-family home sold last year. The median price for 2009 was $546,000, down from $589,500 for 2008, or a decrease of just over seven percent.
These numbers are all from agent Jim Peek of John L. Scott Real Estate on Bainbridge, who closely tracks and does perhaps the best job number … (0 comments)
|
ARM Resources: Understanding ARMs, Interest Only ARMs and Pay Option ARMs - 03/03/10 05:50 PM
Here are some great links to a straight-forward explanation about ARMs and the differences between an Interest Only ARM and a Pay Option ARM and all the various terminology that relate to Adjustable Rate Mortgages: http://www.pueblo.gsa.gov/cic_text/housing/interestonly/interestonly.htm Two great articles about the Pay Option ARM problem:
http://mrmortgage.ml-implode.com/2008/12/23/pay-option-arms-the-implosion-is-still-coming-despite-low-rates/ http://www.doctorhousingbubble.com/option-arms-for-dummies-why-45-percent-mortgages-rates-will-do-absolutely-nothing-for-these-toxic-assets/ Here is a link to a chart from Credit Sussie show ARM recast projections: http://www.calculatedriskblog.com/2007/10/imf-mortgage-reset-chart.html
… (1 comments)
|
Update on ARMs and the Feared Interest Rate "Resetting" - 03/03/10 05:46 PM
Both the 1-Year London Interbank Offer Rate or LIBOR index and the 1-Year Treasuries Constant Maturities Index have been falling to incredibly low levels in recent weeks and that's good news for a whole lot of 5 and 7 Year ARM borrowers who are seeing their loans starting to reset. A ton of these ARMs were originated in 2002-2006 and we are coming up a "reset" period where most ARMs have the potential to jump a whopping 5% MORE from their current interest rate. However, with the two major indices currently at 1.015% for LIBOR and .29% for the 1 Year Treasury … (0 comments)
|
From My Dec. Newsletter: Real Estate News You Can Use - 03/03/10 05:45 PM
Pending Home Sales Jumped in October Nearly 32% from Oct. 2008: Sales were also up nearly 4 percent from September. Our own "cash for clunkers" program, the first-time buyer's credit and falling housing prices coupled with amazingly lower rates clearly fueled the increase. The big question: is the pace sustainable? Time will certainly tell.' Seattle Makes #2 for "Best Recovery Bets" on CNNMoney.com in December: The website notes that the Seattle area has had a softer home-price decline (15.6% overall) versus most markets and forecasts an average increase in home prices of 3.8% by 2011. See the full story at: http://money.cnn.com/galleries/2009/real_estate/0910/gallery.housing_price_forecast/2.html Fed Nears … (0 comments)
|
WHAT'S REALLY DIFFERENT ABOUT TODAY VERSUS 20 YEARS AGO? - 03/03/10 05:41 PM
A top local Realtor asked me this question on tour recently "Is there really anything different today that we weren't seeing 15 years ago?" It was a terrific question that made me stop and think because anyone who has been in this business for 15 to 20 years may not see much "new" in the tighter lending rules in place today. For the veterans who were in the business 20 years ago (or more, like me), all of these "new rules" look a lot like the old ones: more documentation requirements, tighter scrutiny, lower thresholds for approval and an increase in deals going … (0 comments)
|
|
|
|
|
Connect. Share. Learn.Welcome to ActiveRain, the #1 social community for real estate professionals.
;)
;)
;)
