Rates are at a 25-week high. They increased again by 0.25% approx on Friday, peaking at just under 6.00% (no points) /// Reminder that FHA loans with 560+ Fico and stated loans to max 70%LTV are still available /// Make it a good week folks! - Paul
Opportunity: multi-family development and condo conversions
Multi-family development and condo conversions are low-hanging fruit as the market recovers. High density housing, just beginning to gain steam before the housing downturn hit, is poised to be one of a handful of straws that stirs the soup, according to many housing industry experts. Read more. Note that I offer financing and expertise for aquisition, construction/rehab, and sales. The 3 phases are connected and structuring the financing right is critical. The warrantability issue again is a significant issue here. Further information.
How you can get your (buyer's) credit score up..
Credit history and credit score reflect how a person has borrowed and repaid debt. Credit score improvement is something we automatically look for with every application because of the drastic implications (approval or not, and the rate). One can basically improve the record and score in 3 ways:
Multi-family development and condo conversions are low-hanging fruit as the market recovers. High density housing, just beginning to gain steam before the housing downturn hit, is poised to be one of a handful of straws that stirs the soup, according to many housing industry experts. Read more. Note that I offer financing and expertise for aquisition, construction/rehab, and sales. The 3 phases are connected and structuring the financing right is critical. The warrantability issue again is a significant issue here. Further information.
How you can get your (buyer's) credit score up..
Credit history and credit score reflect how a person has borrowed and repaid debt. Credit score improvement is something we automatically look for with every application because of the drastic implications (approval or not, and the rate). One can basically improve the record and score in 3 ways:
1. Good credit habits (6 months+). Read more
2. Credit makeover (75 days). Read more
3. Rapid rescore (2 weeks). Read more
What is credit repair?
Credit repair seeks to remove derogatory items by delivering proof of inaccuracy OR requesting creditors deliver the proof of accuracy. If the creditor cannot deliver, or will not (happens a lot), the item will be removed. The whole process is conceptually simple, but as so often - the devil is in the details. We do "everything right" with our very effective 75-day credit makeover, often resulting in 50-100 score improvements.
Credit repair seeks to remove derogatory items by delivering proof of inaccuracy OR requesting creditors deliver the proof of accuracy. If the creditor cannot deliver, or will not (happens a lot), the item will be removed. The whole process is conceptually simple, but as so often - the devil is in the details. We do "everything right" with our very effective 75-day credit makeover, often resulting in 50-100 score improvements.
Rates hit 25-week high
For the week ending June 4th the 30-year fixed averaged 5.29% with an average 0.7% fees and points, up from last week when it averaged 4.91%, and increased again thereafter. This time last year it averaged 6.09%. "The 30yr fixed rate caught up to the recent rise in long-term bond yields this week to reach a 25-week high," said Frank Nothaft, Freddie Mac vice president and chief economist." And the slowdown in the housing market has now detracted from economic growth for the past 13 quarters, the longest quarterly stretch since at least 1947. Freddie Mac rate surveys.
For the week ending June 4th the 30-year fixed averaged 5.29% with an average 0.7% fees and points, up from last week when it averaged 4.91%, and increased again thereafter. This time last year it averaged 6.09%. "The 30yr fixed rate caught up to the recent rise in long-term bond yields this week to reach a 25-week high," said Frank Nothaft, Freddie Mac vice president and chief economist." And the slowdown in the housing market has now detracted from economic growth for the past 13 quarters, the longest quarterly stretch since at least 1947. Freddie Mac rate surveys.
Lowball appraisals cause problems
Real estate pros in some areas say too-conservative appraisals are hurting their businesses. Read more. (Realtors, I recommend you meet the appraiser at the property and provide him/her with a set of your own comps! - P).
Available
- Same day loan decision (no ifs or buts)
- 30-day closes (45-days for FHA)
- Condo (conversion) financing services. Information
Real estate pros in some areas say too-conservative appraisals are hurting their businesses. Read more. (Realtors, I recommend you meet the appraiser at the property and provide him/her with a set of your own comps! - P).
Available
- Same day loan decision (no ifs or buts)
- 30-day closes (45-days for FHA)
- Condo (conversion) financing services. Information
- FHA loans down to 560 Fico
- 50-70% LTV stated income loans (600-700 Fico needed)
- 95% LTV Fannie Mae condo loans
- Loans for non-residents
- Rehab and construction loans
- Jumbo loans at near conforming rates
- Commercial loans
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