Ar_home_b_search
 



purchase money: Home Purchase: How to Survive your 30 day escrow - 03/03/09 01:40 PM
The market is phenomenal and the opportunity to buy a home is now. Many of you are taking advantage of the opportunity and that is amazing. Warren Buffet said, "We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful."  Many of you are listening.
The time-line for an escrow to close is 30 days in most cases. In the thirty calendar day period we need to get our inspections done, appraisals done, have the loan underwritten, satisfy any conditions of the loan and be understanding of the turn-times of the third party … (1 comments)

purchase money: The Home Purchase Roller Coaster.......... - 02/25/09 02:33 AM
Buying your first home is such an exciting time. There are so many things that will take place in such a short period of time. Each and every step of the process is a function of the process.
The word Process can make the home-buying experience sound like such a difficult painful task. By definition the word Process means a systematic series of actions directed to some end or a continuous action, operation, or series of changes taking place in a definite manner. (information taken from dictionary.com) The first of the definitions is the one that I think best represents the … (0 comments)

purchase money: Homebuilders are sinking their own ship! REVISITED AGAIN! - 02/08/09 10:19 PM
Several Months ago I wrote the blog that I have pasted below. I wanted to take a moment to revisit that blog because I have seen some change. Locally I attend our MLS marketing meeting on a weekly basis. I have been doing this for the last year. In the last four months or so I have noticed that there are Homebuilders beginning to attend the meetings. At first they were there as spectators. Then they began to market. I said in the blog below that they offer very little commission to selling agents. Most recently JMC introduced the graduated payment schedule. They … (3 comments)

purchase money: You want a delay? Ask for a rush. - 02/04/09 11:56 PM
As you all know there has been an increase in applications in the recent months. Much of the increase can be attributed to a drop in the rates that open the floodgates for Streamline FHA refinance activity and rate and term refinancing activity for those with equity. Many wholesalers that were 2-3 days in underwriting dropped back to 7-8 days in underwriting. When you have a 30 day escrow that begins the day that the bank accepts an offer, in a month like February, which is short and has a bank holiday, there is little margin for error.
Many times the wholesaler … (0 comments)

purchase money: Free Lunches may be coming to a close!!! - 07/22/08 07:09 PM
Nehemiah is on the verge of becoming a thing of the past! Nehemiah is a non-profit organization that assisted buyers with a down payment for their home purchase. We have been fighting the opposition to keep Nehemiah alive for some time now. HUD is on the team to get rid of this assistance. The concerns from  HUD are the following: 
1) High percentage of the FHA fallout is from those that received Down Payment Assistance
2) Values inflated to accomplish the credit
3) The seller stands to financially benefit from the transaction so agreeing to cooperate with Down Payment Assistance is essentially a forgone conclusion.
… (3 comments)

purchase money: First Time Buyer Roller Coaster! Experience the Emotion! - 07/08/08 12:57 PM
Looking back, to the summer of 2003, I remember what it was like to be a first time home buyer. My wife and I were buying a home. I was in charge of the finances (my first mistake) and she was in charge of finding a home while I worked(second mistake). We had a budget and the budget for the home purchase was 300K and I did not want to go $1 over that mark. So when my beautiful wife found the home that she wanted to buy for 304K we had our first downer on the excitement. I chose to … (0 comments)

purchase money: Please Be Aware! - 07/02/08 05:22 PM
Fannie Mae is enacting a new provision on those homeowners that are lookin to buy another home but have limited equity. Any buyer that wants to convert their current property to an investment or second home and move into another primary residence must have at least 30% equity in that home to take into consideration market rents. The value will be determined by and AVM or a BPO If they have the equity they will be asked to funish a lease agreement and a deposit receipt from the renters deposit. If they do not have the equity in their home they … (4 comments)

purchase money: FHA 203K and FHA 203K Streamline - 05/15/08 09:49 AM
Have you had the luxury of running into the REO that is missing the appliances, missing the HVAC and is in dire need of some cosmetic work. You probably moved on to the next house with your buyer and called it a day. You do not have to do that anymore. FHA 203K and 203K Stremline are designed to help cure the cosmetic decor tragedy while putting your buyer into a home.
FHA 203K Streamline is what I am going to talk about for the most part because it is the one that relates well to the REO situations that we … (5 comments)

purchase money: Pre-approval Letters devalue like the dollar! - 04/10/08 08:25 PM
As the value of the dollar continues to crumble so too does the value of the pre-approval letter. For a long time we wrote, as Brokers, a pre-qualification letter and we gave that to the consumer. This letter was the letter that they would show to their Real Estate agent and it would accompany the offer. Then the boom came and Real Estate agents were swamped and so were we so the need for a PRE-APPROVAL letter became the dominant force.
Let me pause for a moment and explain the difference. A pre-qualification letter can be given to any walking soul … (20 comments)

purchase money: Communicating Change and Accepting It is the Key. - 03/07/08 10:05 PM
It has been a pleasure to hear the optimism present in the active rain site. Many of the blogs that I have read offer real strong advice. I hope that you all  put this into the same category. Now more than ever communication is very important. A strong team effort is what it takes to get the job done. In a purchase transaction open communication between the Realtor's, the loan officer, Title and escrow(same in some places) and the client are key. In many cases time is of the essence. It is Imperative from pre-approval, to acceptance, opening escrow, appraisal lock and roll … (1 comments)

 

Matt Freeman; Broker- California Mortgages

Roseville, CA

More about me…

Capitol Mortgage Corporation

Address: 1540 Eureka Road Suite 100, Roseville , Ca , 95661

Office Phone: (916) 960-0395

Cell Phone: (916) 402-5948

Email Me

This blog will contain information based on my thought s for the week. I am rather optimistic person so if you here pessimism in my blog usually I am making a point. I look forward to writing and reading many blogs.



Links

Archives

RSS 2.0 Feed for this blog