Stephen's Blog

So now we are at 4.500%, Where are the buyers?

Stephen Katz (Katz Mortgage Team, a branch of VanDyk Mortgage Corporation) — Thu, 11 Dec 2008 21:37:07 -0600

Hey I was told 4.50% was going to stimulate the RE market. Now we are offering 4.500%, I'm slammed with Refinances but no purchases? What's gives?

Stephen Katz

Now Available: FHA Streamline 203K Rehab Loan

Stephen Katz (Katz Mortgage Team, a branch of VanDyk Mortgage Corporation) — Thu, 27 Nov 2008 14:18:40 -0600

Now Available: FHA Streamline 203K Rehab Loan

FOR IMMEDIATE RELEASE:

ATLANTA, GA (PRWEB) November 20, 2008 - Katz Mortgage Team, www.KatzMortgageTeam.com, backed by Fairway Independent Mortgage Corporation, has announced they are now offering a new FHA-insured mortgage program developed by HUD, called the "Streamline (k)" Limited Repair Program that permits homebuyers to finance up to an additional $35,000 into their mortgage to rehab or improve their home.

With this product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser. All standard FHA underwriting guides apply as they do for regular FHA loans in regards to credit, income & asset documentation, as well as the use of automated underwriting systems and manual underwrites.

Stephen Katz, of Katz Mortgage Team states, "With the current economic times negatively affecting the real estate market there are thousands of foreclosed and undervalued properties available. The downside is that many of these real estate bargains need some work before a lender will close on them. Banks are reluctant to spend money on a house they just got burned on, so the homes just sit on the market. Now with the FHA Streamline Rehab Program, a buyer can close on the house and do the work shortly after closing."

Even if the needs were just cosmetic and the lender allowed the transaction to close, borrowers previously had to pay any repair costs directly out of their own pocket after closing. For example, let's say you find a great property for $100K, but it needs $30,000 worth of repairs to make it livable. This new FHA Streamline 203(k) rehab program allows you to borrow 97% of the "after repair" value of $130,000.

Although some types of renovations, such as new room additions and major remodeling projects, are ineligible for coverage under the Streamline 203(k) loan, , many common improvements are included such as: repair/replacement/addition of roofs, gutters and downspouts, plumbing and electrical systems, flooring, decks, patios, porches; exterior and interior painting; minor kitchen remodeling; weatherization projects; purchase and installation of appliances such as ranges, refrigerators, washer/dryers, dishwashers, etc.; accessibility improvements for the disabled; basement finishing, remodeling, and waterproofing, and more.

About Katz Mortgage Team
Katz Mortgage Team, backed by Fairway Independent Mortgage Corporation and headquartered in Atlanta, Georgia, is a high-performance team of top mortgage professionals with a commitment to providing the highest level of personal service to customers across the nation. As a full-service residential mortgage lender, Katz Mortgage Team specializes in residential mortgages, refinancing, FHA Rehab loans a wide variety of programs attractive to both first-time homebuyers and the seasoned borrower.

About Fairway Independent Mortgage Corporation
One of the largest correspondent lenders in the country with over 80 offices nationwide, and closing over $1.5 Billion in residential mortgages in 2007, Fairway is a company where customer service is a way of life, and the goal is to streamline the loan process, expedite the paperwork, and do whatever is necessary to put customers at ease. Fairway Mortgage works with more than 150 lenders nationwide to find the most competitive rates and programs.

Now Available: 100% Financing For Primary Residential Purchases

Stephen Katz (Katz Mortgage Team, a branch of VanDyk Mortgage Corporation) — Wed, 26 Nov 2008 00:46:42 -0600

Now Available: 100% Financing For Primary Residential Purchases

FOR IMMEDIATE RELEASE:

ATLANTA, GA (PRWEB) November 20, 2008 - Katz Mortgage Team, www.KatzMortgageTeam.com, backed by Fairway Independent Mortgage Corporation, has announced they have teamed up with Fannie Mae to offer 100% financing on primary residence mortgages, filling a void created by the current lack of 100% mortgages available to residential borrowers.

Stephen Katz, of Katz Mortgage Team states, "In these tough economic times, particularly in the real estate market, many would-be home buyers assume that 100% mortgages are a thing of the past, and are reluctant to make a home purchase - whether it be their first home or their fifth. Yes, credit has tightened in the past year, but, in conjunction with Fannie Mae, we've developed a unique 100% financing program that allows qualified borrowers the ability to finance 100% of their primary home purchase, giving them the benefit of holding onto their cash for home improvements or even future real estate projects."

"This program is something that has been clearly missed from the market place, but is now available even to self-employed borrowers with limited income verification." Katz states. In fact, our 100% program is tailor made for our self-employed borrowers. "

About Katz Mortgage Team
Katz Mortgage Team, backed by Fairway Independent Mortgage Corporation and headquartered in Atlanta, Georgia, is a high-performance team of top mortgage professionals with a commitment to providing the highest level of personal service to customers across the nation. As a full-service residential mortgage lender, Katz Mortgage Team specializes in residential mortgages, mortgage refinancing, adjustable rate mortgages (ARMS), fixed rate mortgages, and a wide variety of Interest-Only loans attractive to both first-time homebuyers and the seasoned borrower.

About Fairway Independent Mortgage Corporation
One of the largest correspondent lenders in the country with over 80 offices nationwide, and closing over $1.5 Billion in residential mortgages in 2007. Fairway is a company where customer service is a way of life, and the goal is to streamline the loan process, expedite the paperwork, and do whatever is necessary to put customers at ease. Fairway Mortgage works with more than 150 lenders nationwide as a broker to find the most competitive rate for customers, regardless of financial history.

Now Available Again: Stated Income - Verified Assets (SIVA) Real Estate Financing

Stephen Katz (Katz Mortgage Team, a branch of VanDyk Mortgage Corporation) — Sun, 23 Nov 2008 23:37:39 -0600

Katz Mortgage Team, has announced they are once again able to offer "Stated Income" loans requiring no income verification from borrowers. Although most lenders no longer offer financing for those who cannot verify their income, such as self-employed borrowers, Katz Mortgage Team offer buyers of primary residences and vacation homes, a variety of fixed and adjustable loan programs for both home purchases and cash-out refinances. Although assets must be documented, paycheck stubs, K1's, W-2's, 1099's, 1040 tax returns, and real estate leases are not required.

Atlanta, GA (PRWEB) November 21, 2008 -- Katz Mortgage Team, www.KatzMortgageTeam.com, backed by Fairway Independent Mortgage Corporation, has announced they are once again able to offer "Stated Income" loans requiring no income verification from borrowers.

Although most lenders no longer offer financing for those who cannot verify their income, such as self-employed borrowers, Katz Mortgage Team can now, once again, offer buyers, of primary residences and vacation homes, a variety of fixed and adjustable loan programs for both home purchases and cash-out refinances. Although assets must be documented, paycheck stubs, K1's, W-2's, 1099's, 1040 tax returns, and real estate leases are not required.

Stephen Katz, of Katz Mortgage Team states, "Although this program is available to any qualified borrower, we find that many self-employed borrowers have particularly complex financial situations. Often times, business expenses, depreciation and investments cause self-employed borrowers to appear to have less income than they actually do. With this renewed program, business owners of 2 years or more: we are now back in the market!"

Katz goes on to state, "We needed to find a way to once again allow these highly qualified borrowers to purchase homes. This stated income program was something that has been clearly missing from the market place due to the recent credit crunch." Katz Mortgage Team listened to borrowers who had the ability to validate their assets, and took the idea to their parent company Fairway Independent Mortgage Corporation. The result is a new Stated Income Verified asset program.

Eligible properties under this program include: Fee simple, single family, owner-occupied units and second homes (detached) in Georgia, Tennessee, North Carolina, South Carolina and Virginia. Both minimum and maximum loan amount requirements apply ($80-$750,000), and depending upon the borrowers credit score, include a 20% minimum down payment on home purchases, or a minimum amount of 35% equity to qualify for a cash-out refinance.

About Katz Mortgage Team
Katz Mortgage Team, backed by Fairway Independent Mortgage Corporation and headquartered in Atlanta, Georgia, is a high-performance team of top mortgage professionals with a commitment to providing the highest level of personal service to customers. As a full-service residential mortgage lender, Katz Mortgage Team specializes in residential mortgages, mortgage refinancing, adjustable rate mortgages (ARMS), fixed rate mortgages, and a wide variety of Interest-Only loans attractive to both first-time homebuyers and the seasoned borrower. Katz Mortgage Team is licensed in GA, FL, NC, SC, TN and VA only.

About Fairway Independent Mortgage Corporation
One of the largest correspondent lenders in the country with over 80 offices nationwide, and closing over $1.5 Billion in residential mortgages in 2007. Fairway is a company where customer service is a way of life, and the goal is to streamline the loan process, expedite the paperwork, and do whatever is necessary to put customers at ease. Fairway Mortgage works with more than 150 lenders nationwide to find the most competitive rates and programs for their customers.

Real Estate Agent Seminar - Free Continuing Education Credit - Atlanta, GA

Stephen Katz (Katz Mortgage Team, a branch of VanDyk Mortgage Corporation) — Wed, 08 Oct 2008 17:14:57 -0500

Join Us October 23^rd, 2008!

The 2009 Real Estate Agent

"Learn and Earn" Education Summit

"How To Make Money in Today's

Challenging Real Estate Market"

Learn...

From Atlanta's Top Real Estate Industry Experts

As They Share Their Insight and Knowledge On...

Navigating Through Today's Tough Real Estate Market
Differentiating Yourself from Your Competitors
How New Programs and Underwriting Changes Will Affect Your Customers...and You!
How to Deal with Today's Declining Real Estate Market
Changes in Loan-To-Value Requirements
Maximizing Recent FHA Loan Requirements and Tax Credits

Earn...

3 Hours of FREE Continuing Education Credit!

Plus, Your Chance to Network with Industry Colleagues at Happy Hour!

Noted Speakers Will Include:

Kathryn Heineck - Fannie Mae Area Manager "New Flex Programs and Underwriting Changes as They Pertain to the Front Line"

Vicky Thompson - Owner, Priority Elite Appraisal Services "Who Moved My Appraisal Cheese - How to Deal with a Declining Market"

Linda Stooksbury - PMI, Georgia Manager "Changes in Mortgage Insurance and High LTV Loans"

Cathy McDaniel - American Real Estate University "How to Maximize the Changes in FHA Loans and the $7500 Tax Credit"

When: October 23, 2008 Education Summit: 1pm - 4:30pm Happy Hour: 4:30pm - 5:30pm

Where: Marriott Perimeter Center Hotel, 246 Perimeter Center Parkway, NE Atlanta, GA 30346 - 770.394.6500

Space will be limited, so please RSVP by Friday, October 17^th

Jessica at 770.552.1000

Katz Mortgage Team

Office 770-552-1000 Direct 770-309-0939 Toll Free 866-742-8400 www.KatzMortgageTeam.net Stephen@KatzMortgageTeam.com

“Learn and Earn” Education Summit - FREE CE Credit

Stephen Katz (Katz Mortgage Team, a branch of VanDyk Mortgage Corporation) — Tue, 07 Oct 2008 19:20:45 -0500

Join Us October 23^rd, 2008!

The 2009 Real Estate Agent

"Learn and Earn" Education Summit

"How To Make Money in Today's

Challenging Real Estate Market"

Learn...

From Atlanta's Top Real Estate Industry Experts

As They Share Their Insight and Knowledge On...

Navigating Through Today's Tough Real Estate Market
Differentiating Yourself from Your Competitors
How New Programs and Underwriting Changes Will Affect Your Customers...and You!
How to Deal with Today's Declining Real Estate Market
Changes in Loan-To-Value Requirements
Maximizing Recent FHA Loan Requirements and Tax Credits

Earn...

3 Hours of FREE Continuing Education Credit!

Plus, Your Chance to Network with Industry Colleagues at Happy Hour!

Noted Speakers Will Include:

Kathryn Heineck - Fannie Mae Area Manager "New Flex Programs and Underwriting Changes as They Pertain to the Front Line"

Vicky Thompson - Owner, Priority Elite Appraisal Services "Who Moved My Appraisal Cheese - How to Deal with a Declining Market"

Linda Stooksbury - PMI, Georgia Manager "Changes in Mortgage Insurance and High LTV Loans"

Cathy McDaniel - American Real Estate University "How to Maximize the Changes in FHA Loans and the $7500 Tax Credit"

When: October 23, 2008 Education Summit: 1pm - 4:30pm Happy Hour: 4:30pm - 5:30pm

Where: Marriott Perimeter Center Hotel, 246 Perimeter Center Parkway, NE Atlanta, GA 30346 - 770.394.6500

Space will be limited, so please RSVP by Friday, October 17^th

Jessica at 770.552.1000

Katz Mortgage Team

Office 770-552-1000 Direct 770-309-0939 Toll Free 866-742-8400 www.KatzMortgageTeam.net Stephen@KatzMortgageTeam.com

Put my 15 Years of Experience to Work for You

Stephen Katz

**Katz Mortgage Team is a branch of Fairway Independent Mortgage Corp.

Georgia Residential Mortgage Licensee #21158

Mail Bag Q&A: Stephen, my wife and I are looking at houses and our Realtor is telling us that it is getting much more difficult to qualify for a mortgage these days. Does this mean better credit scores or higher down payments are required?

Stephen Katz (Katz Mortgage Team, a branch of VanDyk Mortgage Corporation) — Fri, 30 May 2008 00:19:25 -0500

Your Realtor is absolutely right. Qualifying for a mortgage has become more challenging in a number of ways:

•1) Larger Down Payments Required - 100%,"No money down" financing deals are gone. You can still put 3% down using an FHA loan, but for the most part, conventional financing is a minimum 5% down.

•2) Higher Credit Scores Required - All of the automated underwriting systems have been adjusted to be more conservative in their approvals. There are also severe pricing penalties for credit scores below 680.

•3) No More Free Stated Programs - In fact, Stated Income and Stated Asset programs have become very scarce and expensive.

My advice is to get pre-approved as soon as you can. Know your credit score and how much cash you will need at closing. This way you will know what price range you should be looking in, and how to best formulate your offer.

Stephen Katz

Katz Mortgage Team

Changes to FHA

Stephen Katz (Katz Mortgage Team, a branch of VanDyk Mortgage Corporation) — Thu, 29 May 2008 13:30:10 -0500

Big changes at are coming...

Currently, the FHA has a 'one size fits all' premium structure that charges borrowers 1.50 percent of the loan balance upfront and .50 percent annually regardless of their credit standing.

But the FHA felt this approach did not treat borrowers equitably and could put their insurance fund at risk.

That's why under their new guidelines scheduled to begin July 14, 2008, the FHA's upfront mortgage insurance premium will range from 1.25 percent to 2.25 percent with borrowers still needing to adhere to the FHA's strict underwriting criteria.

By charging different premiums, the FHA will be able to operate like most other insurance companies. This will allow them to serve more people without making taxpayers pick up the tab.

And with the modifications to FHASecure, also scheduled to begin July 14, 2008, they will be able to help homeowners struggling to keep up with their high-cost subprime adjustable rate mortgages who have missed up to three monthly mortgage payments over the past 12 months.

As an alternative to foreclosure, eligible borrowers will be able to refinance with the FHA and lenders can voluntarily write down the outstanding subprime mortgage principal balances.

Borrowers refinancing into FHA loans from the subprime market will be better off, even with slightly higher mortgage insurance premiums, because FHA insurance gives them access to substantially lower interest rates, and will lower their overall mortgage costs.

Stephen Katz

Katz Mortgage Team

Georgia & Florida Labeled Declining Markets

Stephen Katz (Katz Mortgage Team, a branch of VanDyk Mortgage Corporation) — Tue, 19 Feb 2008 09:52:47 -0600

Georgia & Florida Labeled Declining Markets

March 3, 2008 Fannie Mae will expand their list of geographical areas considered "Declining Markets" So what does this mean for potential borrowers?

In a recent Fannie Mae memo: If the subject property is determined to be in a declining market, the maximum LTV/CLTV must be restricted by at least 5% less than the maximum allowed for the transaction. All loans are subject to underwriting approval and additional conditions may need to be met with a loan in a declining market. Please keep in mind that transactions located in (several states including Georgia and Florida) will be limited to a max LTV/CLTV of 95%. For example, if the loan would be eligible as a standard mortgage, the maximum financing of 95% would be reduced to 90% in a declining market. If a loan is submitted to automated underwriting for 100% financing with Flex 100 (special Fannie Mae 100% program), but the subject property is located in a declining market, the maximum financing would be limited to 95%. These new declining market areas will go into effect March 3rd, 2008.

MY ADVICE: Keep in mind that Fannie Mae will honor commitments for 60 days as long as they are locked before March 3rd. If you are seeking a high LTV purchase, I would get out and try to find a house asap. There are certainly a lot of bargains out there. If you are thinking of refinancing, I would make sure that you lock in your loan before March 3rd. Even if you decide that you don't want to proceed with the transaction, the lock in cost nothing. Really the only thing you have to risk is maybe the cost of the appraisal.

Stephen Katz

Katz Mortgage Team

866-742-8400

JUMBO LOANS AT CONFORMING RATES?? ITS UP TO THE SENATE

Stephen Katz (Katz Mortgage Team, a branch of VanDyk Mortgage Corporation) — Mon, 28 Jan 2008 23:18:56 -0600

Big Loans Could Get Cheaper; Supporters Say The Proposal Would Help Jumbo Borrowers And Stabilize The Housing Market

A component of the government's tentative economic stimulus package announced Thursday would give an immediate lift to buyers and sellers in higher-priced housing markets and would provide nearly a year of cheaper loans for those borrowers buying or refinancing higher-cost homes.

Leaders of the House of Representatives and the White House agreed that the size of loans that can be purchased by government-sponsored mortgage buyers Fannie Mae and Freddie Mac should be increased sharply for a year from the current cutoff of $417,000.

The plan also would nearly double the size of loans insurable by the Federal Housing Administration, from $367,000 to $729,750. The increase in loan limits would not only improve liquidity in the mortgage marketplace, but also boost homebuyers' confidence levels, resulting in increased sales and economic activity.

Currently, any loans above $417,000 are considered "jumbo" mortgages. In recent months, they have become harder to obtain because skittish private investors have become reluctant to buy them.

Interest rates on jumbo loans were running about 6.5% this week -- 1 percentage point higher than rates on the so-called conforming loans that Fannie and Freddie could buy. Someone who wanted to borrow $500,000 would save about $330 a month, or $3,960 a year, if such a loan were considered conforming and thus had a lower rate.

"It's the single most effective step they could take to stabilize the housing and mortgage market," said Rick Simon, a spokesman for Calabasas-based Countrywide Financial Corp., the nation's largest home lender, which had led the lobbying to raise the loan limits.

The precise increase on the "conforming" ceiling was still being debated late Thursday. House Republicans said they had agreed to temporarily raise loan limits for Fannie Mae and Freddie Mac to $625,500 while Democrats said the deal would boost limits to $729,750.

Either way, the increased limit on loans eligible to be bought by Fannie Mae and Freddie Mac would be temporary, expiring Dec. 31, 2008.

"This is a very positive development for homeowners," said Susan DeMars, executive director of the California Mortgage Bankers Assn. The California Assn. of Mortgage Brokers said the plan would "increase much-needed liquidity in today's struggling housing market, giving homeowners and home buyers access to safe, sustainable loans."

The National Association of Realtors® estimated that lifting the conforming loan limit to $625,000 would lower interest payments for consumers who get new "conforming-jumbo" loans, reduce the supply of homes on the market by one to one-and-one-half months, strengthen home prices by two to three percentage points, and increase economic activity by $42 billion. An additional NAR report shows that increasing conforming loan limits could help reduce foreclosures by 140,000 to 210,000 and result in an additional 348,000 home sales.

"This is the quickest way to help the hurting housing market," said Gaylord. "As the potential for an economic recession increases and the fragile housing market continues to teeter, raising loan limits and reforming FHA would immediately impact the marketplace without the need for any new, complex federal programs or tax dollars. We strongly urge Congress to take these actions, in any stimulus plan, to stabilize the housing market and protect homeowners

Does the deal address the mortgage crisis?

Yes. The package would temporarily increase the size of mortgage loans - known as the conforming loan limit - that Fannie Mae and Freddie Mac can purchase: from the current $417,000 to a maximum of $729,750. It would also permanently raise the cap on Federal Housing Administration mortgage loans from $367,000 up to $729,750. Plus you would get all the generous feature of conforming loans, such as investor loans, stated income, interest only, cash-out, 100% LTV purchases and the rest of the goodies.

Why raise the conforming loan limits?

Supporters say raising the loan limits will deliver lower interest rates to a very large number of home buyers.

Right now, mortgages for more than $417, 000 carry higher interest rates than mortgages below that amount. That's because Fannie Mae and Freddie Mac are not allowed to back loans above that cutoff.

Higher loan limits will make many more homeowners eligible for lower rates, which could translate to savings of hundreds of dollars each month for those in high-cost areas of the country.

Sounds great, what's the problem?

The problem is that there will be an immediate demand for thousands of Jumbo refinances. Most banks and major lenders have shrunk down to a skeleton staff to try to save money and help make up for the huge losses they took on the collapse of the sub-prime market. Typical closing times gone from 15 to 30 days over the past year and I'm afraid this new influx of business will push turn-around time to 60+ days-plenty of time for the market to make pricing supply/demand adjustments.

At Katz Mortgage Team, we have already started accepting pre-applications for this new product change. It cost nothing to do. You simply fill out a loan application and pick a target rate based on the current mkt. That way the very day the president signs off, we can lock you in and put your loan in process, ahead of several thousand new loan applicants. You will be assured to get the pricing you want and fast turn around.

Stephen Katz

Katz Mortgage Team

866-742-8400

Lending in AL, FL, GA, TN, & VA

Rates are Getting Crazy!!

Stephen Katz (Katz Mortgage Team, a branch of VanDyk Mortgage Corporation) — Wed, 16 Jan 2008 01:52:28 -0600

Everytime the Stock market gets hit, Mortgage Rates go down. For the first time in 2.5 years we are able to break through the 5% barrier. I have been up until 2:30 am locking in loans!! These 7/1 ARMs at 4.875% are a big seller!!

7/1 ARM Purchase Money 4.875%

Lowest ARM Rates in the Country!

Purchase Transactions
Loan Amounts $200,000 to $417,000
30 Day Locks
80% LTV Max
Amortizing 30 year Term
1% Origination Fee

Also Available:

Refinances
Jumbo Loan Amounts
Extended Locks
Up to 95% LTV
Interest Only
Zero Origination fee Quotes

Call for all the Details!!

Stephen Katz Katz Mortgage Team
4840 Roswell Road
Atlanta, Georgia 30342
Toll Free 866-742-8400 or 770-309-0939

Put my 14 Years of Experience to Work for You

WE CURRENTLY LEND IN GA, FL, AL, TN & VA.

Major Lenders Publish Declining Market List

Stephen Katz (Katz Mortgage Team, a branch of VanDyk Mortgage Corporation) — Sat, 15 Dec 2007 15:51:43 -0600

Effective for all new registrations, maximum financing LTV/CLTV will
be reduced by 5% for any transactions where the property falls in a declining market.

A property is considered to be in a declining market if:

· DU findings return messaging stating that the property is in a declining market, OR

· Appraiser marked home values as "Declining" in the neighborhood section of the appraisal,

· The property is in one of the counties defined as being in a declining market.

Example:

Product: Agency 30-Year Fixed

Purpose: Cash-out Refinance

Location: Orange County, Florida

Orange County, Florida is on Flagstar's Declining Markets list, so the declining market policy is in
effect. Maximum financing for a transaction like this is typically 90% LTV for an owner-occupied,
single-family residence without subordinate financing. Since the property is in a declining market, the
maximum LTV is reduced to 85%.

California

Alameda County

Butte County

Chico, CA

Contra Costa County

El Dorado County

Fresno County

Fresno, CA

Imperial County

El Centro, CA

Kern County

Bakersfield, CA

Kings County

Hanford-Corcoran, CA

Madera County

Madera, CA

Merced County

Merced, CA

Monterey County

Salinas, CA

Napa County

Napa, CA

Orange County

Placer County

Sacramento County

San Diego County

San Joaquin County

Stockton, CA

San Luis Obispo County

Santa Barbara County

Santa Cruz County

Solano County

Vallejo-Fairfield, CA

Sonoma County

Stanislaus County

Modesto, CA

Sutter County

Yuba City, CA

Tulare County

Visalia-Porterville, CA

Ventura County

Yolo County

Yuba County

Yuba City, CA

Colorado

Adams County

Denver-Aurora, CO

Arapahoe County

Broomfield County

Clear Creek County

Denver County

Douglas County

Elbert County

Gilpin County

Jefferson County

Park County

Weld County

Greeley, CO

Delaware

Kent County

Dover, DE

District of Columbia

District of Columbia

Florida

Brevard County

Broward County

Charlotte County

Punta Gorda, FL

Collier County

Naples-Marco Island, FL

Flagler County

Palm Coast, FL

Hernando County

Tampa-St. Petersburg-Clearwater, FL

Hillsborough County

Indian River County

Sebastian-Vero Beach, FL

Lake County

Orlando-Kissimmee, FL

Lee County

Cape Coral-Fort Myers, FL

Manatee County

Sarasota-Bradenton-Venice, FL

Marion County

Ocala, FL

Martin County

Port St. Lucie, FL

Miami-Dade County

Miami-Miami Beach-Kendall, FL

Okaloosa County

Fort Walton Beach-Crestview-Destin, FL

Orange County

Orlando-Kissimmee, FL

Osceola County

Orlando-Kissimmee, FL

Palm Beach County

West Palm Beach-Boca Raton-Boynton Beach, FL

Pasco County

Pinellas County

Sarasota County

Sarasota-Bradenton-Venice, FL

Seminole County

Orlando-Kissimmee, FL

St. Lucie County

Port St. Lucie, FL

Volusia County

Indiana

Allen County

Fort Wayne, IN

Wells County

Fort Wayne, IN

Whitley County

Fort Wayne, IN

Maryland

Calvert County

Charles County

Montgomery County

Prince George's County

Massachusetts

Barnstable County

Barnstable Town, MA

Bristol County

Norfolk County

Plymouth County

Suffolk County

Michigan

Barry County

Grand Rapids-Wyoming, MI

Bay County

Bay City, MI

Calhoun County

Battle Creek, MI

Clinton County

Eaton County

Genesee County

Flint, MI

Ingham County

Ionia County

Jackson County

Jackson, MI

Kent County

Grand Rapids-Wyoming, MI

Lapeer County

Livingston County

Macomb County

Monroe County

Monroe, MI

Muskegon County

Newaygo County

Oakland County

St. Clair County

Washtenaw County

Ann Arbor, MI

Wayne County

Detroit-Livonia-Dearborn, MI

Nevada

Carson City

Clark County

Las Vegas-Paradise, NV

Storey County

Reno-Sparks, NV

Washoe County

Reno-Sparks, NV

New Jersey

Cape May County

Ocean City, NJ

New York

Nassau County

Nassau-Suffolk, NY

Suffolk County

North Carolina

Alamance County

Burlington, NC

Ohio

Carroll County

Canton-Massillon, OH

Cuyahoga County

Cleveland-Elyria-Mentor, OH

Fulton County

Toledo, OH

Geauga County

Jefferson County

Weirton-Steubenville, WV-OH

Lake County

Lorain County

Lucas County

Toledo, OH

Medina County

Ottawa County

Toledo, OH

Richland County

Mansfield, OH

Stark County

Canton-Massillon, OH

Wood County

Toledo, OH

Rhode Island

Bristol County

Providence-New Bedford-Fall River, RI-MA

Kent County

Newport County

Providence County

Washington County

Texas

Webb County

Laredo, TX

Virginia

Alexandria City

Arlington County

Clarke County

Fairfax City

Fairfax County

Falls Church City

Fauquier County

Frederick County

Fredericksburg City

Loudoun County

Manassas City

Manassas Park City

Prince William County

Stafford County

Warren County

Winchester City

Winchester, VA-WV

West Virginia

Brooke County

Weirton-Steubenville, WV-OH

Hampshire County

Winchester, VA-WV

Hancock County

Jefferson County

Stephen Katz

Katz Mortgage Team

FANNIE MAE Risk-based Pricing is now a Reality

Stephen Katz (Katz Mortgage Team, a branch of VanDyk Mortgage Corporation) — Fri, 14 Dec 2007 12:20:23 -0600

Borrowers with FICO's under 680 will get hit with huge price adjustments.

We can still honor the old pricing through 12/31/07.

PLEASE URGE YOUR BORROWERS WITH WEAK CREDIT TO LOCK IN NOW!

• In response to market conditions, Fannie Mae issued Announcement 07-16, implementing new loan-level price adjustments (LLPAs) that will affect all agency-eligible mortgage loans with the following risk characteristics:

Certain LTV/FICO Score combinations
Subordinate financing with certain LTVs/CLTVs/FICO Score combinations for both fully amortizing and interest-only loans
Two-unit properties

The new adjustments below will be effective with all loans locked on or after Wednesday, December 12th, 2007. Please review your pipeline today for any agency-eligible loans with these risk characteristics and lock accordingly.

Adjustment Description	New Adjustment
LTV > 70% With Fico < 620 (Or Missing Credit Score)	-2.000
LTV > 70% With Fico 620-639	-1.750
LTV > 70% With Fico 640-659	-1.250
LTV > 70% With Fico 660-679	-0.750
2 Units With LTVs > 75%	-0.500
Non-Interest Only With Sub-Financing, LTV > 65%, CLTV 90.01-95%	-0.250
Non-Interest Only With Sub-Financing, LTV 75.01-90%, CLTV 75.01-90%, Fico < 720	-0.250
Interest Only With Sub-Financing, LTV > 65%, CLTV 90.01-95%, Fico < 720	-0.500
Interest Only With Sub-Financing, LTV > 65%, CLTV 90.01-95%, Fico >= 720	-0.250
Interest Only With Sub-Financing, LTV 75.01-90%, CLTV 75.01-90%, Fico < 720	-0.500
Interest Only With Sub-Financing, LTV 75.01-90%, CLTV 75.01-90%, Fico >= 720	-0.250

BRAVE NEW WORLD

STEPHEN KATZ

KATZ MORTGAGE TEAM

866-742-8400

FHA Streamine Refi's are back!!

Stephen Katz (Katz Mortgage Team, a branch of VanDyk Mortgage Corporation) — Tue, 11 Dec 2007 10:40:42 -0600

With this recent drop in rates. FHA customers can get a no-cost, non-qualifying, FHA refinance at approx 6.500%.

These have really started to flood in, please remind your FHA customers that FHA Streamline Refi:

* Are no cost, and no closing costs added to loan.

* Do not require an appraisal, no worry if the market has come down a bit.

* Non-qualifying, as long as the house payments are on time, they're financial situation, or credit score is not considered.

* Fast close, usually within a couple weeks.

Stephen Katz

Katz Mortgage Team

866-742-8400

VA Loan Amount Increase - Effective Immediately

Stephen Katz (Katz Mortgage Team, a branch of VanDyk Mortgage Corporation) — Mon, 19 Nov 2007 13:18:20 -0600

Effective immediately, VA loans up to $1,500,000 may be eligible for purchase.

Guaranteed loans to conforming conventional loan limits continue to be eligible under the existing guidelines.

Additionally, the following requirements apply as indicated.

VA loan amounts greater than the one-unit conforming loan limits, $417,150, but less than or equal to $700,000:

• 30-year fixed-rate product only.

• Secondary financing not allowed.

• Temporary interest rate buydowns are not allowed.

• Refer to the rate sheet for adjusters on VA loans over the conforming loan limit.

Note: The veteran's maximum guaranty amount is not changing.
VA loan amounts greater than $700,000 and less than or equal to $1,500,000 may be eligible with an exception.
In addition to compliance with all requirements noted above, consideration for an exception includes:

• No foreclosure or bankruptcy in the last seven years.

• No housing payment 30 days or more past due in the last 12 months.

• Loan score requirements:

Transaction Loan Amount Minimum
Loan Score

Purchase and Rate/Term Refinance

>$700,000 to </= $1,000,000 - 620

>$1,000,000 to </= $1,500,000 - 700

Cash Out Refinance

>$700,000 to </= $1,000,000 - 660

>$1,000,000 to </= $1,500,000 - 700

Note: Please follow the standard exception process for these loans.
Reminders

• For loan amounts greater than $1,000,000, be sure to request a certified appraiser when requesting the appraiser

assignment from VA.

• Regardless of loan amount, the VA guaranty plus cash/equity must be equal to at least 25% of the purchase

price or Notification of Value (NOV), whichever is less, on purchases, new construction, and non-IRRRL

refinances.

For more information call Katz Mortgage Team - 866-742-8400

Builder Bail-out Loans

Stephen Katz (Katz Mortgage Team, a branch of VanDyk Mortgage Corporation) — Wed, 07 Nov 2007 00:01:53 -0600

At least once a day, I get a call from a small builder who has 2 or 3 houses that they can't sell and they need to pay off their construction loans. The interest on these loans can be steep. Many builders are forced to try to refinance to a permanent mortgage and rent the houses.

This is a tough situation. Most lenders do not want to refinance rental houses for builders. The risk of the builder going under is high. Also, the houses are usually on the market, which is a big no-no when it comes to getting a mortgage.

Now, builders have a solution. Katz Mortgage Team is now offering a Builder Bail-out option ARM. Builders qualify if they meet the following requirements:

* Refinance of construction loan only, no cash out

* Property must be owned for at least 12 months

* Full doc only, no stated income

* 680 middle credit score minimum

* 80% loan to value maximum

* Property nust be off the market at time of loan application

* Property must be deeded in the builders name before closing

As the mortgage market continues to tighten, I cannot make any promises as to how long this program may last. If you have any questions, please give me a call.

Stephen Katz

Katz Mortgage Team

97% Commercial Loans!

Stephen Katz (Katz Mortgage Team, a branch of VanDyk Mortgage Corporation) — Tue, 23 Oct 2007 16:54:13 -0500

I have received about 100 calls lately for investor financing greater than 90%. Here it is, Up to 97% on the following types of properties:

Multifamily
Structures containing five or more dwelling units with common area facilities such as entrances, lobby, elevators, stairs, mechanical space, walks or grounds. Units must be rented on a non-transient basis such that tenants consider their unit their permanent residence. Properties that offer weekly or monthly housing would not be considered multifamily properties.

Mixed-use
Mixed-use properties must contain at least one commercial unit (retail, office etc.) and at least one residential unit. Common types of mixed-use properties include a ground floor retail or office unit with apartment(s) above, all within the same building. The primary use at the property must be for residential purposes in order for it to be considered Tier I mixed-use. The mixed-use property type can be classified in any tier depending on the percentage of the multi-family component and the type of commercial use.

Automotive
Automotive is a somewhat broad category and encompass a variety of uses that support the automotive segment. Included within this category are auto repair shops, used car lots, quick-lube facilities, tire repair shops, etc. The type and size of building will vary with the use. Many buildings are designed specifically for the auto trade characterized by overhead doors, car lifts and usually a small office area.

Bed & Breakfast
Bed and Breakfast inns are residential-type buildings designed for transient boarding and are family style in character. B & B inns are usually one structure but some may include an adjacent guest cottage with similar quality amenities as the main unit. Owner operators live on-site, usually within the main building.

Light Industrial
Light industrial is characterized by a small size facility where no heavy manufacturing or specialized industrial process takes place. Office space within light industrial ranges from 3% to 25% of the total area. Buildings must include sufficient plumbing and lighting to accommodate personnel. Common uses found in light industrial properties may include: cabinet making, assembly processes, home service industries, etc. Absent from these properties is any type of heavy machinery, welding operations, cranes or hazardous materials.

Mixed-use
Mixed-use properties must contain at least one commercial unit (retail, office etc.) and at least one residential unit. If the primary use at the property is for commercial purposes, the property will fall under our mixed-use Tier II guidelines. The mixed-use property type can be classified in any tier depending on the percentage of the multi-family component and the type of commercial use.

Mobile Home Park
Mobile home parks are considered as long as not more than 25% of the total spaces are used for RV. Mobile home parks vary in quality and amenities and all will be considered unless the RV component is too high.

Office
Office buildings are buildings designed for general commercial occupancy and are normally subdivided into smaller units. Office use implies a general business use that does not include retail, manufacturing or warehouse type operations.

Retail
Retail buildings are designed for retail sales and display and usually have display or decorative fronts. This retail classification encompasses a wide variety of uses including, but not limited to: markets, convenience stores, drugstores, department stores, big box retailers, barber shops, laundromats, etc.

Self Storage
Mini-warehouses are warehouses subdivided into a mixture of cubicles of generally small size, designed primarily to be rented for small self- storage or noncommercial storage and may include some office-living space.

Warehouse
Warehouse buildings are designed primarily for storage purposes. An amount of office space included is usually commensurate with the quality of the building but typically ranges from 3% to 12% of the total area. Plumbing and lighting are usually limited due to anticipated light personnel load. The design of the building usually includes a light frame with large open interior areas. Cold storage and transit warehouses (truck terminal) are included in this category.

Flagged Hospitality
Hotels with national franchise affiliation are considered "flagged." Hotels must be in good standing with their affiliated franchise to maintain this tier.

Funeral Home
Funeral homes include those used for viewing purposes as well as those that include embalming services.

Industrial
Where the principle structure is designed for manufacturing processes, heavy assembly or involves the use of heavy machinery. It contains an average amount of office space commensurate with the quality of the building and the intended use. Their heavy frames, walls and floors, specialized manufacturing processes and power or utility-service characterize industrial facilities.

Rooming House
Rooming houses are similar to that of multifamily but the nature of the occupancy is more transient. Rooms are rented on a daily, weekly or monthly basis and usually only include a bedroom. The residents share the bathroom and the kitchen. Rent paid usually includes all utilities and units may be furnished. Most rooming house properties contain less than 20 units.

Day Care
Day Care Centers are early childhood, handicapped, adult, and senior care facilities; or developmental centers, such as kindergartens, nurseries or children's preschools. They have light kitchen facilities, activity rooms and multiple restrooms, and are more residential in character than schools.

Gas Stations
Gas stations are automotive properties or any other property that dispenses any amount of fuel for retail sale. They may have an auto mechanic, convenience store and / or car wash component.

Health Care
Included in this category are all Assisted Living or Nursing Home types of operations where a license is required to operate the business. Quality and service levels vary considerably. Also included in this category are hospitals and medical treatment facilities, such as out patient care or walk-in emergency medicine.

Restaurant
Restaurants are constructed for the purpose of preparation and sale of food and/or beverages, which include cafeterias, bars, and taverns, where design is of restaurant type.

RV Park
RV parks are those that are designed for recreational vehicles. May include mobile home pad rentals but will be considered an RV park if 25% or more of total park is for RV. Transient type occupancy is common.

Unflagged Hospitality
Hotels or motel properties with no national franchise affiliation are considered "unflagged." "Mom & Pop" style operators typically run these types of facilities and the quality and level of service varies considerably.

Of course to get the 97% financing, the properties need to be 25% owner occupied, you need a 680 FICO. Loan amounts available between $100,000 and $1,500,000.

For more information, feel free to give me a call.

Stephen Katz

Katz Mortgage Team

866-742-8400

New ChoicePay Option ARM - Friend or Foe?

Stephen Katz (Katz Mortgage Team, a branch of VanDyk Mortgage Corporation) — Mon, 15 Oct 2007 14:29:55 -0500

When you're looking to minimize your monthly mortgage payment, the ChoicePay Payment Option Loan gives you the power to do more with your money. With a low initial Minimum Payment option, you can make your monthly mortgage payment fit your ever-changing cash flow needs on a month-to-month basis. This option not only helps to free up more of your money when you need it most, it also provides the opportunity to save the extra funds or use them for other expenses.

Pay the minimum required or pay more. It's entirely up to you.

The ChoicePay Payment Option Loan makes it easier to manage your mortgage and finances. You have up to four different payment options from which to choose - Minimum Payment, Interest-Only Payment, 30-Year Amortizing Payment and 15-Year Amortizing Payment. Each month, you choose the option that best fits your cash flow needs.

The advantages of choosing the Minimum Payment option

Currently, the Minimum Payment option is calculated based on a payment rate of 1.00%.* This gives you the flexibility of making smaller monthly payments while preserving more of your monthly cash flow. With the Cashflow 1-Year Payment Option Loan, the Minimum Payment is set for up to one year.

ChoicePay is Flexible enough to adjust to the needs of every type of borrower.

High achievers. For borrowers interested in buying a larger home with as small a monthly payment as possible, the Minimum Payment and Interest-Only options allow you to afford the house you want.

Investors. For real estate investors with a vacancy or those looking to free up cash, the Minimum Payment and Interest-Only options may be your best solution. You also have the option of paying down your mortgage by choosing the 15- or 30-year payment option, when available.

Savvy borrowers. Use the flexible payment options to maximize your cash flow and free up money for other investments.

Self-employed and/or seasonal workers. If your income fluctuates from month to month, it's reassuring to know you can change your mortgage payment to match your finances.For those months when you need to conserve cash, choose the Minimum Payment or Interest-Only Payment. When your cash flow is steady, you can opt for the more traditional loan options to pay off more of your loan.

Stephen

Katz Mortgage Team

95% Stated Income Real Estate Investor Financing Now Available for Self-Employed Borrowers

Stephen Katz (Katz Mortgage Team, a branch of VanDyk Mortgage Corporation) — Sun, 09 Sep 2007 23:13:31 -0500

FOR IMMEDIATE RELEASE:

Katz Mortgage Team, www.KatzMortgateTeam.net, of Home Town Mortgage, has announced they are now offering 95% stated income financing to real estate investors with no income verification.

Although most lenders have cut back real estate investor financing to 90% loan-to-value, Katz Mortgage Team now offers 95% loans to experienced real estate investors without verifying income through documentation such as paycheck stubs, K1’s, W-2’s, 1099’s, 1040 tax returns, and real estate leases.

Stephen Katz, of Katz Mortgage Team states, "We find that many self-employed borrowers have complex financial situations. Often times, startup costs, business expenses, depreciation and investments cause self-employed borrowers to appear to have less income than they actually do. We needed to find a way to allow these borrowers to take advantage of 95% stated income real estate investor financing."

This new program allows a self-employed borrower to simply state their income on the loan application without having to supply supporting documentation. The risk to the lender is mitigated by putting more emphasis on credit and assets.

"This program was something that has been clearly missing for the market place due to the recent credit crunch" Katz states. "However, we listened to our self-employed real estate investors and took the idea to our parent company Home Town Mortgage. The result is a new 95% Stated Income Real Estate Investor program with no income verification. It’s especialy tailor made for our self-employed borrowers. "

About Katz Mortgage Team
Katz Mortgage Team, backed by Home Town Mortgage and headquartered in Atlanta, Georgia, is a high-performance team of top mortgage professionals with a commitment to providing the highest level of personal service to customers in various states across the nation. As a full-service residential mortgage lender, Katz Mortgage Team specializes in residential mortgages, mortgage refinancing, adjustable rate mortgages (ARMS), fixed rate mortgages, and a wide variety of Interest-Only loans attractive to real estate investors seeking investment properties.

About Home Town Mortgage
Home Town Mortgage was founded in 1997, and since 2001, has been listed by Georgia Association of Mortgage Brokers (GAMB) as one of the top five producing mortgage companies in the state as well as a long time member of the National Association of Mortgage Brokers. Unlike most lenders, Home Town Mortgage does not fund their loans on credit using warehouse lines. All of our loans are funded at the closing table by one of the top banks in the country.

Stephen Katz

Katz Mortgage Team

Katz Mortgage Team Has Moved

Stephen Katz (Katz Mortgage Team, a branch of VanDyk Mortgage Corporation) — Wed, 29 Aug 2007 23:21:19 -0500

As some of you are now aware, my company's parent, First Magnus, went out of business last week. A group of top mortgage professionals and myself have been in the process of considering opening our own branch for quite awhile, but sometimes the best things in life are initiated from a bit of a nudge. So as it turns out, in our view, this very unforeseen drama has become quite the serendipitous occurrence!

I am very fortunate and pleased to announce that several partners and I will be opening a branch office of Hometown Mortgage. Our new office will be located at 5775 Glenridge Drive, in Sandy Springs, opening 6 weeks ahead of schedule. (amazing what you can do in a few days with the right partners AND when you decide to actually do it!).

Sincerest thanks to so many of you who have already been in touch. This situation has been most humbling in very many ways. I am normally a pretty positive person, but now I can emphatically say that I have never been as happy or excited about where we are all headed - for all of us: my customers, my friends, my partners, and the entire residential real estate world. We are going to be out of this debacle and having fun, closing loans quicker than most think!

My best,
Stephen

Katz Mortgage Team

Mortgage Market Meltdown - What it Means to You

Stephen Katz (Katz Mortgage Team, a branch of VanDyk Mortgage Corporation) — Tue, 14 Aug 2007 23:19:58 -0500

I have given this seminar to several of my realtor's offices and I would be happy to do the same in yours.

The credit markets are in crisis, and the mortgage landscape is changing fast.

But, ask yourself this…

Do you understand the key factors that led to the crisis?

Can you clearly and confidently advise your buyers and sellers on how to succeed in today's market?

Do you have the right systems in place to adjust your business model for the changes yet to come?

If you answered “No” to any of these questions, you should attend this exclusive Mortgage Market Meltdown session and get the tools you need to stay ahead in this volatile market. This is your chance to protect your clients and your commissions!

In this FREE 20-minute presentation plus Q&A, I will answer all your questions on the recent changes in the credit market, and provide specific strategies to give you the edge.

Stephen Katz

Katz Mortgage Team / Amtrust Mortgage

404-591-3121

Q&A: Stephen, I hear on the financial news, almost everyday, that the mortgage industry is in big trouble. They say it’s a “liquidity” problem. What does that mean? Are people soon not going to be able to get mortgages?

Stephen Katz (Katz Mortgage Team, a branch of VanDyk Mortgage Corporation) — Sun, 12 Aug 2007 23:52:03 -0500

Few mortgages are actually held by the bank or the company that funds them. Over the past ten to fifteen years, investors on Wall Street have increased their appetite for higher yield products. With this appetite grew a desire for riskier loans that companies package and sell in pools known as mortgage-backed securities. MBS’s are sold on the open market and are traded much like any other bond, with the expectation that people with mortgages will pay monthly on their obligations, netting an expected yield for the end investor.

As investors realized these loans were not performing, they lost their appetite. Now you have mortgage companies with loans they were planning to sell, but no buyers. They had funded these loans on credit and must sell them to stay in business, even if they are forced to sell at a discount. Many mortgage companies did not have the money to take such losses and have since closed their doors.

The good news is that regular conventional loans are still traded through Fannie Mae and Freddie Mac and those markets remain relatively active. So, while some people needing higher risk loans may not be able to find them, the vast majority of potential borrowers are still in good shape.

Stephen Katz

Katz Mortgage Team

Sad Day as Trump Mortgage belly flops into mortgage-casualty pool

Stephen Katz (Katz Mortgage Team, a branch of VanDyk Mortgage Corporation) — Wed, 08 Aug 2007 14:11:11 -0500

Less than two years after opening its gold-plated doors, Donald Trump has pulled the plug on his "white glove service" loan company in the Big Apple. Reports indicate the firm was plagued by shoddy timing, a sinking market and allegedly sketchy claims made behind closed doors.

I thought this was kinda funny.

Stephen Katz

Katz Mortgage Team

Atlanta's #1 Mortgage Company for the past 10 year....Gone!

Stephen Katz (Katz Mortgage Team, a branch of VanDyk Mortgage Corporation) — Tue, 07 Aug 2007 11:35:28 -0500

HomeBanc Corp. Announces Intention to Exit the Mortgage Loan Origination Business
Tuesday August 7, 8:30 am ET

ATLANTA, Aug. 7 /PRNewswire-FirstCall/ -- HomeBanc Corp. ("HomeBanc" or "the Company") today announced that it intends to exit the mortgage loan origination business.

The Company at present is unable to borrow on its credit facilities and was unable to fund its mortgage loan funding obligations beginning August 6, 2007. Accordingly, the Company does not anticipate funding any future mortgage loans, and is no longer accepting any mortgage loan applications or funding any mortgage loans previously originated and not yet funded. The Company is seeking the most appropriate course of action to preserve the value of its remaining assets.

Stephen Katz

Katz Mortgage Team

Aegis just shut their doors, its getting tough out there

Stephen Katz (Katz Mortgage Team, a branch of VanDyk Mortgage Corporation) — Mon, 06 Aug 2007 15:12:48 -0500

To our valued customers,
Because of extreme changes in the markets and rapid decline in conditions in the secondary
mortgage and national real estate markets, Aegis has been forced to suspend taking applications
for new mortgage loans from its broker customers and has ceased the funding process for loans in
our pipeline.
The company is in the process of reviewing all appropriate alternatives and how best to handle
related issues.
We will keep our entire broker community informed of our operational status as further information
becomes available. We thank you for your past business and appreciate your understanding.
Aegis Wholesale Corporation
Stephen
Katz Mortgage Team