refinance: FHA Streamline Refinances Change In the Blink of an Eye! - 06/15/12 02:55 AM
 
FHA Streamline refi's have changed in the blink of an eye! It’s True!
June 11, 2012: FHA changes their mortgage insurance policy on FHA Streamline Refinances for loans endorsed by HUD prior to June 1st 2009. Case numbers pulled on or after June 11th 2012 will allow borrowers to take advantage of discounted mortgage insurance on FHA Streamline Refinances.
THEN the next day on June 12th Wells Fargo announced: "Beginning Tuesday June 19, Wells Fargo will accept FHA Streamline Refinance applications only from customers whose loans we currently service. This applies to our retail, wholesale and correspondent channels."
Also stating … (0 comments)

refinance: Mortgages Rates Jump up for the First Time In Months in San Francisco, CA! - 03/15/12 04:16 AM

San Francisco, CA: On March 13th and 14th we saw huge rate increases.  Our beloved 3.875% “Best Execution” went to 4.125% with most lenders.  In fact over the past two days we have seen a dramatic increase in rates –

 
 

For those that want to know WHY rates moved higher so quickly:
I Refer to Matthew Graham of Mortgage News Daily -
“(NOTE:  For most of this discussion, we'll actually reference 10yr Treasury yields, even though it is Mortgage-Backed-Securities (MBS), that most directly influence lender's rate sheets.  When markets are undergoing bigger shifts than … (1 comments)

refinance: Good News for SOME FHA Homeowners in Berkeley, CA– Streamline Mortgage Insurance is Going Down - 03/13/12 08:23 AM

Direct Link:
http://youtu.be/5N0ouGW1h-A">http://youtu.be/5N0ouGW1h-A</a
On March 7th HUD announced that FHA mortgage insurance is going up on April 9th for ALL FHA loans. A .10% increase.
Not only that but FHA is raising the upfront mortgage insurance premium from 1% to 1.75%
THEN they announced some good news – For case numbers assigned after June 11, 2012 which are refinancing an FHA loan which was endorsed prior to June 1st 2009 there will be a decrease to the monthly mortgage insurance to just .55%.
Now this is huge because rates were anywhere from the high 4’s to mid 5’s in 2009 … (0 comments)

refinance: Allowable VS Non-Allowable Closing Costs a Veteran May Pay When Purchasing or Refinancing Using VA Financing in The SF Bay Area - 02/10/12 10:46 AM
I receive a lot of questions regarding what fees a Veteran is allowed and not allowed to pay in a real estate transaction in Alameda. Here is a summary of allowable and unallowable costs from one of the lenders I frequently work with.
ALLOWABLE CLOSING COSTS
A Veteran may pay any of the following reasonable closing costs and fees:
1% origination fee for purchase and cash-out loans, the origination fee is calculated using the total loan amount, including the financed funding fee For IRRRLs, the origination fee is calculated using the payoff minus any cash payments by the veteran, if applicable … (0 comments)

refinance: Home Affordable Refinance Program Update Harp 2 Bay Area Piedmont California March 2012 - 01/27/12 08:42 AM

Direct Link: http://www.youtube.com/user/RealEstateBuzzz?feature=mhee#p/u/0/8GWw3OWohcI
The Buzzz is growing for the "Home Affordable Refinance Program" revisions, referred to as HARP 2.0. Well HARP 2 is finally coming Spring of 2012!
Related Links:
Feds Announce Bay Area Real Estate Mortgage Interest Rates to Stay Low Until 2014 in Alameda
Harp 2 Guidelines for Refinance Appraisals Waived Alameda,CA
… (2 comments)

refinance: HARP 2 Guidelines for Refinances Appraisals Waived Montclair Oakland Piedmont - 11/01/11 10:12 AM

Direct Link
http://www.youtube.com/user/RealEstateBuzzz?feature=mhsn#p/a/u/0/FQw1fPRZuLM
The big news this week is HARP.
THE Home Affordable Refinance Program has been “re stringed”
HARP was designed to assist distressed borrowers who are current on their mortgages but “underwater” meaning they owe more than their home is worth.
It’s no surprise several studies identified these borrowers as being likely to strategically default on or walk away from their homes and foreclose.
While regulations won't be finalized until November 15th the changes to “Harp 2” include -
•Removing the 125 percent loan-to-value. •Waiving risk-based fees on borrowers who take shorter term mortgages and reducing those fees … (0 comments)

refinance: The New Government Refinance Program ALAMEDA MORTGAGE MINUTE REAL ESTATE - 09/01/11 11:53 AM
Having trouble viewing? Watch on You Tube! http://youtu.be/tLW3_dfS_SI … (0 comments)

refinance: Can I Qualify For A VA Refinance If I Currently Have A Conventional Loan in San Francisco? - 05/13/11 07:04 AM
With home values still declining in the Bay Area many homeowners cannot take advantage of today's low rates on a home mortgage loan refinance. Values in the Bay Area are still declining and we see appraisal issues quite often when refinancing properties in San Francisco, Oakland and Alameda.
If you are an eligible veteran or member of the armed forces and currently have a conventional loan, then yes, you can refinance into a VA loan! In fact, we are working with a client here in Alameda, CA doing exactly this type of refinance, and the great news is he will be … (0 comments)

refinance: VA Refinancing Options for Eligible Homeowners in Alameda, CA - 04/15/11 11:19 AM
Here in Alameda, much of the higher priced real estate on Harbor Bay Island, or Bayfarm Island, has been hit hard recently by the market. Many pockets of the Bay Area are stable now, however, this higher priced area is losing equity.  We were able to help many of the Veteran Homeowners refinance and save their homes with a niche VA refinance product. We can go to 95% of the current appraised value and the best part is there is no Mortgage Insurance!
Now is an incredible time to refinance your home with a VA mortgage loan! You can take advantage … (0 comments)

refinance: FHA Releases More Details on Program Aimed at Upside-Down Borrowers - 08/12/10 07:52 AM
Starting September 7, 2010, FHA will offer certain ‘underwater' non-FHA borrowers who are current on their existing mortgages and whose lenders agree to write off at least ten percent of the unpaid principal balance of the first mortgage, the opportunity to qualify for a new FHA-insured mortgage.
Here is an excerpt from the article:
The enhancements are designed to maintain homeownership for borrowers who are current on their mortgage but owe more on those mortgages than the market value of the home.  Like most of the measures that have been undertaken to stem the flow of foreclosures and stop the collapse … (0 comments)

refinance: 4 Reasons Why Now is the Time to Refinance - 05/25/10 04:27 AM
There's no doubt about it: mortgage rates are low right now. This is not only a great time to consider buying a home, but also an opportune time for homeowners to refinance.But is refinancing always the right thing to do? When interest rates change in your favor, it's important to keep in mind your long-term personal finance goals. First, you'll want to take stock of your financial situation and reflect on where you want to be in the long run. With a clear vision of your needs and intentions, you can wisely consider some reasons to refinance, and clearly evaluate the … (0 comments)