Mortgages in Wake County NC

Fannie Mae and Freddie Mac Cancel Fee Increase

VanDyk Mortgage Corp — Mon, 06 Oct 2008 12:56:22 -0500

After being seized by the federal government last month, Fannie Mae and Freddie Mac are canceling fee increases that were scheduled to go into effect this month. Both companies had announced plans to increase fees on all loans by 0.25%. These increases were planned as the organizations struggled to stabilize their finances over the last year.

Fannie Mae made the announcement last Thursday and Freddie Mac followed soon after. However, Freddie Mac will raise fees for some high risk loan products next year. They will also increase the requirements for low down payment loans, but will keep financing these types of mortgages.

Freddie Mac said the changes would provide "some relief from the challenges in the current market environment". In the last year, both Fannie and Freddie have increased several fees as well as the requirements such as down payments and credit scores borrowers must have. Fannie Mae Chief Executive Herb Allison also stated they are "evaluating all of our risk-management, underwriting guidelines, pricing and costs."

This is great news for consumers that are considering buying or refinancing a home. For example, on a $200,000 home it will save borrowers $500.

______________________________________________________

Roland Carrillo, PhD
Branch Manager
VanDyk Mortgage in Cary, NC
Email: rjcarrillo@gmail.com
Website: http://www.mymortgageanalysis.com/

Our branch specializes in affordable lending options including FHA / VA and the Community Heros program. As both a banker and a broker, you have access to a full menu of products including all Fannie Mae and Freddie Mac Conforming loans, Reverse, Jumbo and Commercial financing on a variety of property types. We are located in Cary, North Carolina and are within easy reach of the entire RTP Area including Wake, Durham and Orange Counties.

Parade of Homes - Wake County

VanDyk Mortgage Corp — Sat, 04 Oct 2008 23:08:14 -0500

Its that time of year again, the Parade of Homes! For three weekends, the 43^rd Annual Parade of Homes will feature 394 new homes throughout Wake County that you can visit for free.

October 4-5, 10-12 & 17-19
12 pm to 5 pm

Tour books with maps can be found at various locations in the Triangle or you can view the homes online to see more information and search by criteria such as price range, city or home features.

The Parade of Homes is brought to you by the Home Builders Association of Raleigh and Wake County. The parade lets you see the latest products, features, decorating and technology at your leisure. Homes are priced from $125,000 to over $3,000,000 and in many different styles and subdivisions. It is a great and fun experience and I enjoy it every year.

______________________________________________________

Roland Carrillo, PhD
Branch Manager
VanDyk Mortgage in Cary, NC
Email: rjcarrillo@gmail.com
Website: http://www.mymortgageanalysis.com/

Protect Yourself From ID Theft

VanDyk Mortgage Corp — Tue, 30 Sep 2008 00:47:27 -0500

Sorting through credit card offers and other unwanted mail may be frustrating and seem like a waste of time, but think twice about just throwing them in the trash ... unless you don't mind increasing your chances of becoming a victim of identity theft.

Eliminate the Source

The best way to deal with a problem is eliminate the source. So if you didn't have those credit card offers and other unwanted junk-mail coming in you wouldn't have to worry about how to handle them. Guess what? With a quick phone call, letter or online request you can save time and energy, as well as give yourself additional protection against identity theft. Here is some information that will help you eliminate the source of the problem.

•1. Credit Card Offers

The credit bureaus offer a toll-free number that enables you to get out of having card offers mailed to you for either five years...or permanently. Just call 1-888-5-OPTOUT (567-8688). You will be prompted to provide some personal information, including your home telephone number, name, address, and social security number. All information provided is confidential and is used only to process your request. If you ever decide that you want to receive the card offers again, simply phone the same number and you will be added back on the list.

•2. "Junk" Mail

The Direct Marketing Association has a Mail Preference Service that allows you to reduce the amount of commercial advertising mail that you receive at home for five years. There are several ways to have your name added to the "do not mail" list. The quickest and most efficient way is to hit this link: Do Not Mail Website. From the website, you can enter the required information, print the letter, and mail the letter to the address listed below. Or for $5, enter the required information and hit the "register online" button.

Don't want to enter your information online? No problem, just mail a letter that includes a brief paragraph requesting to be excluded from the marketing lists, your name - be sure to list all name variations including, Jr, Sr, etc. - current and previous address, and signature to:

Direct Marketing Association
Mail Preference Service
PO Box 643
Carmel, NY 10512

Important note: You will not stop receiving mailings from organizations that are not registered with the Association's mail preference service, but at least this measure will greatly reduce the amount of advertising mail you receive.

•3. Email

The Direct Marketing Association also has an Email Preference Service that allows you to get out of receiving unsolicited commercial email for five years. Visit Do Not Email Website. Enter up to three email addresses and a confirmation will be sent to each email acknowledging the request. Replying to each email confirmation within 30 days is required by DMA, or the email address will be deleted and the request will not be processed. Unfortunately, this measure will not eliminate most "spam" email, but will at least help to reduce the amount of junk email you may be receiving.

•4. Phone

If you haven't done so yet, get on the National Do Not Call Registry. Protect yourself from annoying telemarketers and phone solicitations by putting your home number on the Do Not Call list via this link: Do Not Call List

Removing your information from the above lists will not only save you a lot of time and frustration, it will also help protect you against identity theft. Foer more tips on protecting yourself from ID theft and improving credit, check out my mortgage blog.

______________________________________________________

Roland Carrillo, PhD
Branch Manager
VanDyk Mortgage in Cary, NC
Email: rjcarrillo@gmail.com
Website: http://www.mymortgageanalysis.com/

FHA Program Changes

VanDyk Mortgage Corp — Thu, 18 Sep 2008 10:35:31 -0500

With the focus on Fannie Mae and Freddie Mac, many have forgotten that big changes are in store for FHA loans as well. With the passing of HR 3221, the "Housing and Economic Recovery Act" this summer several significant changes were made to the FHA program.

The easiest one to understand (and possibly have the widest effect) is that the buyer contribution requirement was raised from 3% to 3.5%. On a $200,000 home, this means that a buyer will need to come up with an extra $1000 for a total contribution of $7000. This is expected to decrease the risk to FHA and help it weather the current market challenges.

Another important change is that there will be a 1 year moratorium on the new "risk-based pricing" for the FHA's mortgage insurance premium. Just recently on July 14^th FHA had switched from a flat 1.5% percent of the loan amount upfront fee and .5% annual fee to a system of tiers. Those with higher credit and down payments would have a lower fee, while those at higher risk would have higher fees. Because of HR 3221, this is put on hold until October 1^st 2009 and we will revert back to the "one size fits all" model. This was implemented to increase affordability for homeowners and home buyers with lower credit, income and assets.

The most controversial (and possibly the most discussed) change will be the elimination of seller-financed down payment assistance programs (DPA). It is important to point out that DPA from family members, employers, charities, local, state or federal governments will still be accepted. This change only applies to programs in which the owner or builder as the seller was providing the DPA.

The reasons why this DPA program was cancelled is complicated and it is still a highly debated issue. Many studies were performed by HUD and other parties and evidence was shown that it was correlated with an increased risk of fraud and foreclosure (we will review this in another post). HUD had actually attempted to prohibit this program last year, but a court order allowed the program to continue.

What this means is that an ever increasingly popular method to obtain 100% financing will no longer be available. In fact, most lenders stopped accepting applications for loans with this program on September 1^st to allow time for them to be processed. However, this may not be the final word on seller-funded DPA as a new bill, HR 6994 the "FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008" has been introduced to bring it back.

Chairman of the House Financial Services Committee, Barney Frank, reported at that the bill is certain to pass in the House of Representatives and has the approval of the Secretary of HUD. Although the program has its flaws and can be used improperly, the National Association of Mortgage Brokers supports the effort to preserve this program as it helps many low- to moderate-income families obtain homeownership. The program should be regulated and reformed, but during this turbulent time the FHA should be continuing its mission to help provide affordable and secure financing.

______________________________________________________

Roland Carrillo, PhD
Branch Manager
VanDyk Mortgage in Cary, NC
Email: rjcarrillo@gmail.com
Website: http://www.mymortgageanalysis.com/

Fannie Mae and Freddie Mac - 1 Week Later

VanDyk Mortgage Corp — Sun, 14 Sep 2008 13:58:25 -0500

A week has passed since the government took control of Fannie Mae and Freddie Mac, what has changed?

So far, very little. The CEOs of the two companies were let go (with nice severance packages that are being debated) and replaced with new heads meant to being back some security and clean up the balance sheets. No new regulations, guidelines or loan programs have been announced and no changes have been made to those existing. Plans to implement new guidelines and fees announced in August and taking effect on October 1^st have not been changed.

The question becomes, has this really improved the mortgage, credit and housing markets?

If you look at interest rates alone, the answer by consumers is likely yes. On Monday morning interest rates on 30 year fixed loans dropped approximately .5%. Over the last month when the takeover began to look certain, interest rates have decreased almost .6%. Although by the end of the week rates had increased slightly off their lows, this took the 30 year fixed rate for the highest qualified borrowers below 6% for the first time since early this year.

This decrease in rate means that the monthly principle and interest payment on a $200,000 mortgage will be ~$75 lower than it was a month ago. It could possible result in a small increase in purchases and refinances, helping both buyers that are looking for homes, sellers and those that need to refinance and lower their monthly payment.

The reason for this decrease is renewed confidence in the mortgage backed securities these institutions sell now that the US Treasury is backing them. Under the terms of the bailout the US can loan Fannie Mae and Freddie Mac up to $200 billion and also buy their mortgage backed securities. With increased demand and decreased risks, the interest rates will usually go lower.

As for other measures of the success and the long term effect this will have, that remains to be seen. This may help some, but the credit, mortgage and housing markets still need to return to affordability in many areas and that could take some time. More money, restrictions and changes could still be needed and the outcome on the US economy of this new obligation is still unknown.

______________________________________________________

Roland Carrillo, PhD
Branch Manager
VanDyk Mortgage in Cary, NC
Email: rjcarrillo@gmail.com
Website: http://www.mymortgageanalysis.com/

Fannie Mae and Freddie Mac Takeover

VanDyk Mortgage Corp — Mon, 08 Sep 2008 02:11:58 -0500

Federal officials announced today that Fannie Mae and Freddie Mac have been placed into "conservatorship" and will be overseen by the Federal Housing Finance Agency. This takeover means that the government will temporarily run Fannie and Freddie until they are able to recover. Both agencies will be open for business Monday, but many changes will occur including in their management. "We examined all options available, and determined that this comprehensive and complementary set of actions best meets our three objectives of market stability, mortgage availability and taxpayer protection," US Treasury Secretary Paulson said.

Fannie and Freddie play a central role in the market for home mortgages by purchasing loans from banks, packaging them into bonds and selling them to investors. Because they attach a guarantee to these securities, they have become the main source of mortgage funds as investors have become more cautious of buying mortgage backed bonds. They have helped stabilize the housing market by continuing to purchase loans, although with increased costs and standards.

Although the media will focus on the government takeover of Fannie Mae and Freddie Mac, several changes were already in the works for conforming loans. Because of large losses in the last year, Fannie Mae had announced it would increase its fees and stop buying certain high risk loans on October 1^st. The new fees include an across-the-board fee on all loans and other fees based on credit scores and down payments. This will of course affect borrowers with lower credit scores and down payments more. The added fees will likely add ~.25% to the interest rates on most conforming loans as banks passed them on to borrowers.

Fannie Mae is also planning to stop purchasing Alt-A loans by the end of the year. Alt-A loans were a category between prime loans and sub-prime loans for borrowers with excellent credit and down payment that could not fully document their income and assets. These loans were intended for self-employed or commissioned employees with hard to document income sources.

The government will of course be cautious and may impose new restrictions on loan programs and fees to ensure that the organizations will survive. The cost of the government intervention to taxpayers is unclear, as it will depend in the way the rescue is structured, how high mortgage default rates get and when the market finally stabilizes. It is likely that it will run into the billions and could take several years to complete. Ending on a positive note, if this move does restore confidence in the mortgage lending it could help to stabilize the market and result in lower interest rates.

______________________________________________________

Roland Carrillo, PhD
Branch Manager
VanDyk Mortgage in Cary, NC
Email: rjcarrillo@gmail.com
Website: http://www.mymortgageanalysis.com/

Congress Passes Home Mortgage Aid Legislation

VanDyk Mortgage Corp — Wed, 06 Aug 2008 19:32:41 -0500

After several months of negotiations and veto threats by the White House, HR 3221, the "Housing and Economic Recovery Act of 2008" passed Congress and signed by the President last week. The nearly 700-page final bill combined a number of measures to modernize and reform the Government Sponsored Enterprises (GSEs), Fannie Mae and Freddie Mac, and the Federal Housing Administration (FHA). The bill will assist at-risk homebuyers and stabilize the mortgage market.

Key measures include:

Permanently increase the cap on GSEs (conforming loans) to $625,000 from $417,000
Increase FHA loan limits in high-cost areas to $625,500 from $362,790
Allow the FHA to insure up to $300 billion in 30-year fixed rate loans to help refinance at-risk home owners
Imposes a 12-month moratorium on the newly released "risk-based" mortgage insurance pricing on FHA loans
Bar seller funded down-payment assistance programs on FHA loans and increase the down payment requirement from 3% to 3.5%
Create a "tax refund" of 10% of a home's purchase price (up to a $7,500) to many first-time homebuyers
Authority for the Department of Treasury to provide funds to aid the GSEs over the next 18 months if it becomes necessary
Give states $4 billion in grants to buy and rehab foreclosed properties
Establish a nationwide loan originator licensing and registration system

The new FHA refinance program will help at-risk borrowers in owner-occupied homes refinance into affordable, fixed-rate loans. The current lender must write down the loan balance to 90% of the homes' current value and pay upfront fees to the FHA of 3% of the homes' value. The borrowers must also pay an annual premium to the FHA equal to 1.5% of their new loan balance and to share with the FHA any profit they gain from selling or refinancing. It is estimated that this provision will help ~325,000 borrowers to avoid foreclosure and remain in their homes.

The ban on seller-funded DPA programs (which we will cover in detail at another time) is the result of studies showing an increased incidence of foreclosure in those mortgages. In fact, the FHA claims that a main reason that their reserve fund has fallen is from the improper use of seller-funded DPA program. The FHA in recent years had tried to implement risk-based pricing (charging higher mortgage insurance premiums for lower credit scores and down payment) and to eliminate the DPA program. Both have met with resistance, but it appears that seller-funded DPA programs will now be banned, while the recently imposed (July 14^th) risk-based premiums will be suspended for another year.

Possibly the most controversial provision will allow the Treasury Dept. to provide liquidity to Fannie Mae and Freddie Mac if necessary. This is hoped will reestablish confidence in the GSEs and halt the steep declines in the government supervised but privately owned corporations stock prices. Combined, the GSEs own or back $5.2 trillion in mortgages and are vital to the mortgage industry. The bill allows the Treasury to offer them an unlimited line of credit and to buy their stock during the next 18 months.

One part of the bill receiving little mention in the media but crucial for consumer protection is the new all originator registry. Currently mortgage brokers in many states are required to obtain licensing, with mandated education, testing and background/credit checks. However loan officers at banks, credit unions and direct lenders are not licensed or required to meet these standards. The national system will ensure all mortgage originators are properly trained and screened and provide protection from unethical and criminal participants entering the mortgage industry. Our branch and company supports increased standards to make sure that our customers receive the level of service and value they deserve.

You can read more details and commentary on CNN Money.

______________________________________________________

Roland Carrillo, PhD
Branch Manager
VanDyk Mortgage in Cary, NC
Email: rjcarrillo@gmail.com
Website: http://www.mymortgageanalysis.com/

More Raleigh Rankings

VanDyk Mortgage Corp — Wed, 06 Aug 2008 19:02:30 -0500

Raleigh keeps getting positive attention in the news! In addition to the great rankings we noted recently, Raleigh has received several favorable reviews by bizjournals.com.

Raleigh was ranked #1 in "metros offering the best opportunities for young professionals". The study looked at markets that offered the best prospects for people in the 18-34 age range and looked at growth, income levels and education to range the countries 67 largest metros.

Raleigh was also the only city in the top 10 in three categories: population growth, job growth and the percentage of young adults with college degree. It was also noted Raleigh also enjoys a relatively low cost of living which is helpful to those starting their careers. Raleigh was also ranked #8 in the "smartest metros" list. The area is one of only eight metros where at least 40% of adults hold at least a bachelors degree.

Why is this important? According to bizjournals.com studies these factors have a large impact on the economic vitality and prosperity of a region. Hopefully Raleigh and the rest of the Research Triangle Park area will continue to grow and be a great place to live for many years.

______________________________________________________

Roland Carrillo, PhD
Branch Manager
VanDyk Mortgage in Cary, NC
Email: rjcarrillo@gmail.com
Website: http://www.mymortgageanalysis.com/

Center for Responsible Lending Report on Indymac

VanDyk Mortgage Corp — Mon, 21 Jul 2008 12:34:15 -0500

The Center for Responsible Lending recently released a report titled "IndyMac: What Went Wrong?" analyzing some of the mistakes they, and many others lenders, made in the last few years. This is quite good timing considering the recent closure of IndyMac's mortgage unit and it falling under FDIC protection. In the report, the Center "finds substantial evidence that IndyMac routinely made loans with little regard for their customers' ability to repay the loans". The investigation also found that in the Center's opinion "IndyMac's current problems appear to be largely the legacy of top-down pressures that valued short-term growth over making responsible lending decisions."

This disinterest in learning about clients needs, disregard for the suitability of the recommended financial products and focus on short term "rate/payment" has without a doubt led to many of the problems we now face. Many in the industry became "sales people" or "order takers", quoting rates without offering any disclaimers or burying the risks in the fine print. A true mortgage consultant, like any financial advisor, should focus on the long term stability and financial security of their clients. It is in this way that we not only serve clients interests but ensure the survival and growth of our business.

The Center's report also stated that IndyMac:

• pushed through loans with bogus appraisals and income data that exaggerated borrowers' finances
• worked hand-in-hand with mortgage brokers who misled borrowers about their rates and other loan terms and stuck them with unwarranted fees
• participated or allowed bait and switch, discrimination and falsified paperwork to occur

There are currently several lawsuits against many lenders and brokers claiming that borrowers were deceived by loan officers who promised low rates. Instead, the lawsuits say, the teaser rate evaporated within one or two months to be replaced by much higher interest rates and payments.

Once again, this stresses the importance of working with licensed mortgage professionals. Furthermore, it is essential to research your lender and loan officer, including how much experience, licensing and education they have. After all, anyone can say they have a great rate (they are sales people after all) but not everyone will work diligently and honorably for their clients. There are many great lenders and brokers here on activerain and elsewhere, but consumers need to be careful that they will get the service and value they deserve.

For a full copy of the report, visit the Center for Responsible Lending website or download the report here.

______________________________________________________

Roland Carrillo, PhD
Branch Manager
VanDyk Mortgage in Cary, NC
Email: rjcarrillo@gmail.com
Website: http://www.mymortgageanalysis.com/

Cary, NC - Again One of the Best Places to Live

VanDyk Mortgage Corp — Mon, 14 Jul 2008 12:26:52 -0500

Money Magazine's annual list of the "100 best small cities to live" has been published for 2008. Again, Cary earned a top place coming in at #16. Cary typically ranks high in the list, so this was not much of a surprise. Statistics where Cary showed strength (compared to the list average) include:

Job growth at 24.50% (average 18.72%)
% with commute >45 min at 7.3% (average 15.7%)
Median home price at $264,000 (average ~$292,000)
Average property taxes at $2528 (average $3886)

Of course Cary also received praise for its low crime rate, as one of the safest cities around. So why didn't Cary rank higher? Cary was below the list average in several categories that had to do with the # of leisure, cultural and educational activities within a 15 mile radius. Local residents know that we have Raleigh, Durham and Chapel Hill nearby with amazing colleges, museums and dining choices... but unfortunately that was not enough to get Cary in the top spots.

At #1 this year was Plymouth, MN. Congratulations to them and to Chapel Hill, NC which also made the top 100 at #65. You can see the full list at the CNN website and see more details on Cary's entry as well.

______________________________________________________

Roland Carrillo, PhD
Branch Manager
VanDyk Mortgage in Cary, NC
Email: rjcarrillo@gmail.com
Website: http://www.mymortgageanalysis.com/

Cary, NC - One of the Fastest Growing Cities

VanDyk Mortgage Corp — Fri, 11 Jul 2008 18:24:49 -0500

In the new Census Bureau report for the year ended July 1st 2007, Cary made the list of the top 10 fastest growing cities. Cary actually made #5 on the list with a population growth of 7.3%. This puts the estimated population of Cary at 121,796.

While smaller cities top the fastest growing list percentage wise, the Census Bureau also prepares a top 10 list of numerical gainers. This list includes two North Carolina cities, with Charlotte at #9 nd Raleigh at #10. To see who else made the list, you can read more at CNN.

Although growth has many benefits (increase in housing prices, demand for business services, greater tax revenue) it can also burden our natural resources and cause other concerns. Hopefully our area will be able to manage the growth responsibly so that Wake County remains a great place to live.

______________________________________________________

Roland Carrillo, PhD
Branch Manager
VanDyk Mortgage in Cary, NC
Email: rjcarrillo@gmail.com
Website: http://www.mymortgageanalysis.com/

Raleigh Rankings

VanDyk Mortgage Corp — Fri, 11 Jul 2008 18:18:47 -0500

In recent reports in Forbes, Raleigh ranked high in two measures. First off Raleigh ranked #1 in the "top sellers market" for real estate. This was attributed to the strong local economy and continuing stability in real estate values. Although sales volume has slowed and by most Realtor's accounts we are in a "buyer's market" on a national level, Raleigh is still a good market for homeowners looking to sell.

Raleigh was also selected by Forbes as one of America's top "recession-proof cities" at the #5 spot. Raleigh received this rating because of its stable home prices (median price +4% in the last year) and anticipated growth in several economic sectors (top sectors were professional/business services at +7.4% and education/health at +6%). In the last year all economic sectors, except for the information sector, measured by the US Department of Labor have shown an increase.

______________________________________________________

Roland Carrillo, PhD
Branch Manager
VanDyk Mortgage in Cary, NC
Email: rjcarrillo@gmail.com
Website: http://www.mymortgageanalysis.com/

Quick Tips to Improve Credit Score

VanDyk Mortgage Corp — Wed, 21 May 2008 16:22:12 -0500

*Pay all accounts on time and make sure you do not go past 30 days late
*Avoid allowing any accounts to go into a collection status

*Never max. out your credit cards
*Keep you balances to <40% of your credit limit on revolving credit
*Establish a history of credit and do not close old accounts

*When shopping for a mortgage or auto loan try to do it within 14 days so that it only counts as 1 inquiry

*Don't apply for a lot of new credit at one time
*Don't think that if you pay for everything in cash and don't have any credit that this is good for you

*Be responsible using credit and don't over extend yourself

______________________________________________________

Roland Carrillo, PhD
Branch Manager
VanDyk Mortgage in Cary, NC
Email: rjcarrillo@gmail.com
Website: http://www.mymortgageanalysis.com/

Downtown Raleigh Home Tour

VanDyk Mortgage Corp — Wed, 14 May 2008 14:54:11 -0500

This weekend, the Raleigh Department of City Planning is proud to host the 4th Annual Downtown Raleigh Home Tour. This self-guided tour is a great opportunity to experience downtown living and the variety of housing options in downtown Raleigh.

Saturday May 17, 2008 - 11 am to 5 pm

The public can tour nearly 20single-family homes, apartments, luxury condominiums and historic properties. There will also be information on residential projects planned or under construction.

Tickets are $10 each and can be purchased in advance or on the day of the event at the Raleigh Urban Design Center at 133 Fayetteville Street. Children 12 and under are admitted free.

For more information visit www.raleighdowntownliving.com

______________________________________________________

Roland Carrillo, PhD
Branch Manager
VanDyk Mortgage in Cary, NC
Email: rjcarrillo@gmail.com
Website: http://www.mymortgageanalysis.com/

Casa Lucca @ Hidden Lake

VanDyk Mortgage Corp — Wed, 14 May 2008 14:37:25 -0500

One of the most impressive homes and communities I had the opportunity to visit in the Green Tour of Homes was "Casa Lucca" by builder Rex Bost (www.bosthomes.com) at Hidden Lake (www.hiddenlake-crescent.com) in Youngsville.

Casa Lucca: An incredible estate built in a Tuscan Villa style. The home had a lovely entryway with courtyard and a lake front lot. The most unique rooms included a third floor observation tower, dine-in wine cellar (subterranean with no energy required to cool) and gym/guest room accessed through a 2^nd story breezeway. The large master bedroom had an impressive bathroom with steam shower. There were also 3 bedrooms and a media room on the second floor and plenty of entertaining spaces both indoor and outdoors.

The home was large and perfect for entertaining yet retained warmth and charm with rich hardwood floors and detailed craftsmanship. Green features included spray foam insulation, solar hot water heater, energy efficient windows, dual flush toilers, rainwater harvesting system, energy star appliances and salvaged wood beams and bricks among many more. This home truly shows how green living can be beautiful and luxurious yet conserve energy and natural resources.

For more photos and information on this home visit the builders website about Casa Lucca.

Hidden Lake: Located around a 75-acre private spring fed lake, this community will have just 124 homesites on almost 600 acres. The homesites range from 1 to 6 acres and all are either surrounded by forests, meadows or have lake views.

In partnership with Audubon International, the community has been developed as a model of sustainable development with green homes and a respect for the land and wildlife around it. There are over four miles of paved and soft surface trails, 200 acres of green space including a 100 acre preserve, a fishing pier and canoes/kayaks for residents to use. The community also has a boat house and lakeside pavilion as a center point for gatherings and activities.

For more photos and information on this Crescent Community visit their website about Hidden Lake.

______________________________________________________

Roland Carrillo, PhD
Branch Manager
VanDyk Mortgage in Cary, NC
Email: rjcarrillo@gmail.com
Website: http://www.mymortgageanalysis.com/

Our branch specializes in affordable lending options including FHA / VA and the Community Heros program. As both a banker and a broker, you have access to a full menu of products including all Fannie Mae and Freddie Mac Conforming loans, Reverse, Jumbo and Commercial financing on a variety of property types. We are located in Cary, North Carolina and are within easy reach of the entire RTP Area including Wake, Durham and Orange Counties.

Fannie Mae Tightens Its Guidelines

VanDyk Mortgage Corp — Sat, 10 May 2008 14:53:52 -0500

Fannie Mae has announced that it will be making changes to its automated underwriting system, Desktop Underwriter effective May 31. This move is the latest round of tightening in underwriting guidelines in recent months. These changes have restricted private mortgage insurance to a maximum of 97% financing and imposed pricing adjustments (i.e. higher interest rates and fees) for those with credit scores <680.

One big change is the introduction of a new minimum 580 FICO for all eligible loans. Currently loans run through DU do not need to meet and minimum score requirement but the totality of factors (debts, income, assets, job stability, credit history, etc) and the reasons for the lower score (illness, divorce, failed business) were considered to make a decision. With this change anything below that score is automatically ineligible with no exceptions.

The changes go beyond FICO scores as Fannie has also said it will no longer consider mortgage insurance as a mitigating risk factor for high-LTV loans. Fannie Mae will also impose stricter rules regarding previous foreclosures and delinquencies. Borrowers with a prior foreclosure will be required to have five years of clean credit before becoming eligible from the prior standard of four years (some minor exceptions are possible).

It is becoming clear that despite efforts by Congressional leaders to have Fannie Mae and Freddie Mac stabilize the housing market, both are being careful about the risks they take on. They still offer several great financing options but the pool of qualified borrowers will again be reduced. FHA still remains a viable option for those in need as well, as they are still not imposing any minimum credit score requirements or penalties to rates/fees based on credit scores as long as the totality of factors meet the underwriting standards.

______________________________________________________

Roland Carrillo, PhD
Branch Manager
VanDyk Mortgage in Cary, NC
Email: rjcarrillo@gmail.com
Website: http://www.mymortgageanalysis.com/

Green Home Tour May 3rd and 4th

VanDyk Mortgage Corp — Wed, 30 Apr 2008 22:47:39 -0500

For anyone interested in green home ideas and technologies, this weekend (May 3^rd and 4^th) is the 3^rd Annual Green Home Tour. This year there are 40 green homes throughout Wake, Durham, Orange and Chatham Counties that you can take a free tour of.

Saturday May 3, 2008 - 10 am to 6 pm
Sunday May 4, 2008 - 12 pm to 6 pm

Tour books with floor plans and maps can be found at various locations or you can view the homes online to see more information and floor plans.

The "Green Home" movement has experienced vast growth and this year there are twice as many homes as last year. This is great news for those that want to look into the energy efficiency, health and environmental benefits of ecologically responsible building technology.

There will be an opening event on May 3^rd from 9 AM until Noon at the NC Biotechnology Center in 15 TW Alexander Drive in RTP. This will include education displays and speakers. For more information about this event, take a look at their information website.

Roland Carrillo, PhD
Branch Manager
VanDyk Mortgage
Email: rjcarrillo@gmail.com
Website: http://www.mymortgageanalysis.com/

Cary Launches New Traffic Website

VanDyk Mortgage Corp — Fri, 18 Apr 2008 16:27:31 -0500

The Town of Cary launched a new website with 24-hour real-time traffic conditions in Cary. The website is meant to deliver accurate, up-to-date information to assist motorists driving in and around the town.

You can access the view from traffic cameras at many intersections in Cary. They can also view information on accidents and other incidents that might affect travel.

The "Wink-Cary Traffic Info" website is just one of the components in Cary's new advanced traffic management system. It includes 23 traffic cameras, 80 miles of fiber optic cable, 12 message signs and 150 updated traffic signal controllers aimed to help shorten commute times.

Take advantage of this great resource at: http://wink.townofcary.org/

Roland Carrillo, PhD
Branch Manager
VanDyk Mortgage
Email: rjcarrillo@gmail.com
Website: http://www.mymortgageanalysis.com/

RESPA Reform

VanDyk Mortgage Corp — Mon, 14 Apr 2008 13:10:38 -0500

The Secretary for the US Department of Housing and Urban Development (HUD) has released a proposal for reforming mortgage disclosures. This is meant to help consumers better understand loan terms and compare different loan products. If enacted these changes would reform the 30 year old Real Estate Settlement and Procedures Act (RESPA).

One of the major reforms would be to create a new standard Good Faith Estimate (GFE) to be given to consumers. It is estimated that a clearer more exact GFE would save the average consumer nearly $700 by allowing them to compare costs easier.

HUD said that the proposed Good Faith Estimate (GFE) will substantially enhance disclosure of all important aspects of the loan, including:

The interest rate and monthly payment
Whether the interest rate and principal balance can increase and by how much
Whether the loan has a prepayment penalty or balloon payment

HUD is also proposing that at closing the settlement agents gives and reads a specific closing documents to buyers. There would be one per loan type that would reiterate in clear terms the major features of the loan. In order to enforce these regulations, HUD seeks the authority to impose penalties for violations.

"A lot of the mortgage problems we see today are directly related to the fact that few people fully understand this process," the Secretary said. "Consumers have had no assurance that the loan terms and closing costs they are offered will reflect what they confront at the settlement table."

This is one reason you need to find a reputable lender that offers a Closing Cost Gurantee and is committed to their clients. That way you do not have to worry about a "bait and switch" on rates/fees or surprises at closing. Loan programs and situations can change, but consumers should be kept informed throughout the process.

Roland Carrillo, PhD
Branch Manager
VanDyk Mortgage
Email: rjcarrillo@gmail.com
Website: http://www.mymortgageanalysis.com/

Raleigh, NC #1 for Business and Careers

VanDyk Mortgage Corp — Thu, 03 Apr 2008 13:59:00 -0500

Another great distinction for Raleigh, North Carolina! Forbes Magazine just named Raleigh the #1 place for business and careers.

The ranking was based on a mixture of income/job growth, availability of education, cost of living and doing business and crime rates. Based on these Raleigh was named the overall best metro area. Also on the top 20 list was Durham, which made it in at #12.

This is great news for our residents and for those planning to relocate to Wake & Durham County. From personal experience as a small business owner, I would agree that the Triangle Region is a great place to live and work.

Roland Carrillo, PhD
Branch Manager
VanDyk Mortgage
Email: rjcarrillo@gmail.com
Website: http://www.mymortgageanalysis.com/

Raleigh-Durham Market Outlook

VanDyk Mortgage Corp — Thu, 20 Mar 2008 16:22:08 -0500

Veros Real Estate Solutions, a risk management and collateral valuation services provider, recently announced their outlook for real estate markets in 2008. In their report, they highlight the 10 strongest and weakest metropolitan real estate markets across the nation.

One of the predicted strongest markets was the Raleigh/Cary North Carolina area with an expected gain of three percent.

This outlook covers the period from December 1, 2007 through December 1, 2008. In their model, Veros uses over 50 factors including interest and unemployment rates, inflation, current housing inventory and other economic and geographic factors. For more information or to read the entire report visit http://www.veros.com/.

This is great news for current homeowners or those looking to buy in the Triangle, NC Area. Hopefully even with the turmoil is ome areas, our local market will continue to exhibit growth and stability.

Roland Carrillo, PhD
Branch Manager
VanDyk Mortgage
Email: rjcarrillo@gmail.com
Website: http://www.mymortgageanalysis.com/

FHA Program Changes

VanDyk Mortgage Corp — Wed, 12 Mar 2008 14:22:59 -0500

With the new mortgage insurance guidleine changes, options for low money down financing for home buyers with credit scores <680 have become restricted. One great option that remains is FHA financing, which only requires a 3% borrower investment. There are also still a few down payment assistance programs available which allow a buyer to effectively get FHA financing with no money down (although their future is in doubt).

Another positive note, FHA is expected to relax some of their guidelines in the near future to help during the credit crunch. This is in line with their mission of helping low to moderate income families obtain affordable financing.

The FHA Modernization Bill has passed both the Senate and the House of Representatives and the final details are now being worked out. Within 2-3 months it is expected that the President will sign the final version and FHA will reduce their down payment requirement to between 0 and 1.5%.

FHA loan limits have also been increased temporarily until the end of the year and may remain in place longer. The new loan limits for single family residences in the Trinagle Region of NC are:

Wake County $295,000

Chatham County $331,250

Durham County $331,250

Johnston County $295,000

To find out the limit in your county, you can search online at the HUD Website or contact us.

VanDyk Mortgage is an FHA DE (direct endorsement) lender and licensed by the Department of Housing and Urban Development as a Full Eagle FHA lender. Our company has worked with FHA for over 20 years and our branch staff has over 5 years of experience in FHA financing, having closed hundreds of FHA purchases and refinances. If you have any questions on how these changes affect you or if you need any assistance, please contact us.

Roland Carrillo, PhD
Branch Manager
VanDyk Mortgage
Email: rjcarrillo@gmail.com
Website: http://www.mymortgageanalysis.com/

Mortgage Insurance Changes

VanDyk Mortgage Corp — Wed, 12 Mar 2008 14:08:23 -0500

Due to the continued turmoil in the credit markets, all Mortgage Insurance companies have implemented new minimum credit score requirements. This is effective on conforming (Fannie Mae & Freddie Mac) and agency (A-) loans and will likely be standard with most lenders by the end of the month.

For manually underwritten, DU and LP "Approve/Eligible" loans:

· a minimum 620 credit score will be required for LTVs 80.01-95%
· a minimum 680 credit score will be required for LTVs 95.01-100%

What does this mean to you?

For credit scores <680 the options for 100% financing will be limited. Most lenders had already eliminated 80/20 mortgages as the secondary market was not purchasing them. There are some 100% single loan programs with no MI still available, but these programs are more restrictive. Homebuyers and owners wishing to refinance will need to carefully consider their options and either work on credit, down payment or work hard to secure low or no money down mortgages in the near future.

Roland Carrillo, PhD
Branch Manager
VanDyk Mortgage
Email: rjcarrillo@gmail.com
Website: http://www.mymortgageanalysis.com/

The Federal Reserve

VanDyk Mortgage Corp — Tue, 11 Mar 2008 17:03:46 -0500

A lot of media attention has been devoted to the Federal Reserve, the potential recession and the warning signs of inflation. As we approach the next meeting of the Federal Reserve and digest their action to buoy the bond market today, it is a good time to review what they do and how they influence the US economy.

What is the Federal Reserve?

The Federal Reserve, or "The Fed" as it is commonly referred to, functions as the central bank of the United States. Through experience, most countries have decided that an unregulated, decentralized banking system is unlikely to provide the optimum conditions for economic welfare. After a severe money panic in 1907, a national monetary commission was established by Congress. Their recommendations led to the Federal Reserve Act of 1913 which created the Federal Reserve System (which is actually the 3rd central bank in US history).

In essence, the Federal Reserve is an independent institution, which can not be abolished or rendered ineffective by the President or Congress. Its role and function can only be altered via specific legislative action by Congress. This further insulates the system from political pressures, which has its critics and proponents.

The Federal Reserve reports annually to the House of Representatives and twice annually on its monetary policy plans to the banking committees of Congress. In addition, the Federal Open Market Committee holds eight regularly schedule meetings per year. It is at these meetings that the Committee reviews economic conditions, determines the appropriate stance of monetary policy and assesses the risks to price stability and sustainable economic growth.

What does the Federal Reserve do?

The Federal Reserve issues Federal Reserve Notes, i.e. paper and coin currency. Their primary role however is to promote the economic welfare of the nation. Specifically, the Fed's role falls into four areas:

1) It conducts the nation's monetary policy to pursue stable prices and employment.

2) It supervises and regulates banking institutions to ensure the soundness of the of the financial system and protect consumers (administers ECOA, TIL, HMDA).

3) It maintains the stability of the financial system by containing some of the risks that arise in the financial markets.

4) It provides certain financial services to the government, public, financial and foreign institutions by operating the nation's check, wire and electronic payment systems.

They accomplish this via mechanisms that are designed to control the money supply. These are: altering the reserve requirements of banks (the proportion of deposits that banks must keep on hand), open market operations (the purchase or sale of securities to alter reserves in the banking system) and the discount rate. Of these, the main tool used is the open market operations implemented by the Federal Open Market Committee, called the FOMC.

It is important to note that the Federal Reserve does not directly affect the interest rate on mortgages. A decrease in the Federal Funds rate can lead to a decrease, increase or no change at all in fixed mortgage rates. So although the FED and FOMC have can control US monetary policy and influence our economy they can not help homebuyers by lowering interest rates... only try to create economic conditions that benefits both consumers and businesses.

Roland Carrillo, PhD
Branch Manager
VanDyk Mortgage
Email: rjcarrillo@gmail.com
Website: http://www.mymortgageanalysis.com/

Credit Misconception: You can create a new credit file with a new SSN or ITIN

VanDyk Mortgage Corp — Mon, 10 Mar 2008 00:43:22 -0500

I have to include this one since we have heard it several times recently. You get one SSN or ITIN from the government. If you are a victim of ID Theft, you can report it and legally apply for a new number and profile in some cases (consult an attorney who specializes in this).

This scheme (like tax avoidance gimmicks) are fraudulent and illegal. Lying on a credit application is a criminal offense and can be prosecuted by state and federal law. Not only is establishing a new identity to cover up past issues illegal, but the act of omitting your "real" identity is also fraudulent as it hides the real financial situation from the lender.

Roland Carrillo, PhD
Branch Manager
VanDyk Mortgage
Email: rjcarrillo@gmail.com
Website: http://www.mymortgageanalysis.com/