chris sorensen: California Buyers Have Multiple .5% (1/2%) FHA Down Payment Options - 05/25/12 01:08 AM
Many buyers are sidelined right now.  This is due to a number of factors.  Uncertainty in the market, lack of inventory, etc.
Another reason according to the Center for Responsible Lending is that the average FHA buyer needing 3.5% down payment, may take up to six years to save their down payment.
With shadow inventory of over 3.7 million homes and more likely to come, we need to encourage as much demand for homeownership as quickly as we can.
FHA borrowers who buy within their means, even if they lack a down payment have overwhelmingly proven they will keep their homes … (2 comments)

chris sorensen: FHA Acceptable Compensating (Comp) Factors To Go Beyond 33/43 Ratios - 05/25/12 12:27 AM
2-13 COMPENSATING FACTORS.Compensating factors that may be used to justify approval of mortgage loans with ratios exceeding our benchmark guidelines are those listed below. Underwriters must record on the “remarks” section of the HUD 92900-WS/HUD 92900-PUR the compensating factor(s) used to support loan approval. Any compensating factor used to justify mortgage approval must be supported by documentation.
A. The borrower has successfully demonstrated the ability to pay housing expenses equal to or greater than the proposed monthly housing expense for the new mortgage over the past 12-24 months.
B. The borrower makes a large downpayment (ten percent or more) toward the … (0 comments)

chris sorensen: Husband’s Suicide Yesterday, Wells Fargo to Evict Wife Tomorrow - 05/25/12 12:25 AM
The headline is Martin Andelmans.  I use it, but with the following disclaimer;
I do not believe Wells Fargo is bad.  The are standing up and doing some great things in this arena.  I know this first hand.  They are lending to homeowners when others are pulling back and they account for 1 in 3 loans being made today.
With that said, I believe these stories MUST be told.  I believe the training the front line people receive, who deal with homeowners is inexcusable. 
Martin Andleman (I cut out some for space. Read the whole thing by clicking on;http://mandelman.ml-implode.com/2012/05/husbands-suicide-yesterday-wells-fargo-to-evict-wife-tomorrow-anyway/
Just like the last … (0 comments)

chris sorensen: HARP 3.0 (Responsible Homeowner Refi Act of 2012 ) Supported By NAR - 05/25/12 12:16 AM
May 24, 2012: NAR releases Press Release in support of HARP 3. But fails to even acknowledge investors!!!
I may sound like I pick on NAR, I don’t mean to, but for all their millions of dollars in resources one would think they could hire a speech writer so their Presidents can sound well versed instead of possessing a myopic perspective.
The part I like A LOT;
“Eliminating the refinancing barriers homeowners face with Fannie Mae and Freddie Mac loans will help bring them relief by lowering monthly payments and reducing the risk of default.”
But, without acknowledging the losses to … (1 comments)

 
Chris Sorensen

Chris Sorensen

Temecula, CA

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