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203k: Market assessment - Rate influencers - Closing costs - Year-end tax pointers - 12/16/11 02:07 PM
As the year draws to a close, time to do a little market assessment....
It's a buyer's market, for homes and investment. Short sale and REO values are low due to market weakness and over-supply. REO rehab values are even weaker due to lack of mortgage programs to finance them. (Ever wondered why the lender doesn't just provide the loan?) Rental markets are strong. (I prefer 2,3,4 unit investment). More info. Mortgage financing is (an inceasingly more) fickle business. Thorough prequalification is key. Here is a form you can use to get a PQ from me. Credit improvement is even more fickle, and also becoming … (0 comments)
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203k: 203K direct lender - 1 in 3 apps declined - HAMP laswuit - REO finance+investment - 04/08/11 06:07 PM
As many as 1 in 3 applications are declined, so says the Fed. My average definitely better :) but the fact is that the current maze of regressive rules is a real challenge - and risk-based pricing makes getting the best rate difficult to attain. More info. /// It's about time! A homeowner is suing her loan servicer for denying a HAMP modification alleging they never had any intention of permanently modifying her home loan payments to an affordable amount despite having her make a slew of trial payments. I have hear this many times! /// Rates were up a little this week /// And lastly, a reminder that … (0 comments)
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203k: Fix-Flip loans: 6 mos no pmts - Rates edging up - Prospect rocks! - Mortgage overlays - 11/19/10 06:21 PM
Mortgage bond rates soared to a 5 month high this week, suggesting that the era of record low rates may be over. /// Have a look at what Prospect Mortgage's achievements!...(below) /// Make it a good week folks. - Paul
Fix-Flip loans: No pmts 6 monthsFlexible terms, quick closes. Ask me for a quote for your scenario.
Rates edging upThe 30-yr and 15-yr fixed rose dramatically this week, as did the 5-year ARM. The 1-year ARM remained unchanged. Read more.
Prospect Mortgage rocks!PM is a real success story. In a challenging real estate and financial climate, we are experiencing dramatic growth. Consider the following benchmarks that we have achieved:
No. … (1 comments)
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203k: FHA for mixed use - Markets to remain strong - Tomorrow's trouble spots - 05/06/10 08:59 AM
The tax credit purchases have been made. If you need a 203k loan, do not delay. They take 45-60 days to close! Actually, better safe than sorry - do not delay anything. Tax credit deals need to close by June 30th. /// Rates are flat. Fortunately the long-awaited rate increases have not materialized yet. /// Don't forget: FHA loans are available for mixed use property. See tips. /// Make it a good week folks! - Paul
Fannie adds incentive to avoid foreclosure
Beginning in July, Fannie Mae will allow financially troubled home owners to complete a “deed in lieu of foreclosure” or … (0 comments)
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203k: New beginnings - 203(k) - Rates - 08/16/09 03:24 PM
It is time to create new financial beginnings. Roughly 25% of mortgages are underwater, real estate markets may have bottomed, and loan modification possibilities will soon dwindle. For those negatively affected, and who have not already done so, this is might just be the time to make definitive plans for a new financial beginning. Status quo (doing nothing) is not a plan, and will not accomplish this. You can create a new financial beginning by "liquidating and rebuilding" (short sale, foreclosure, bankruptcy), OR "rebuilding" (loan modification, debt settlement, tax resolution, credit repair). I cannot help with liquidation, but I do offer low cost solutions … (0 comments)
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203k: 125%LTV refi's? - Non-warrantable loans - 203(k) summary - FHA loans at risk? - 06/19/09 03:53 PM
FHA lending criteria have become stricter, and the trend will continue I think. The divergence between FHA and Fannie/Freddie is still significant. and F/F are not likely to lower their standards! /// And now the surging demand for FHA loans is putting the program at risk. US watchdog warning. /// Make it a good week folks. Call me if I can help - Paul 125%+ refinances?
The Obama administration is considering allowing Fannie Mae and Freddie Mac to refinance loans with current loan-to-value ratios of 125%, or higher. Read more FHA 203(k) rehab loans
203(k) loans are the perfect for home … (0 comments)
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