Mike's Blog

Mortgage and Lending - Fair Housing Resource Center
For more info simply email me a shout: broker2banker@gmail.com
With the recent and ongoing changes in FHA, USDA loans are among the hotest mortgage products in many cities in the great state of California.  Today's posted rate for a USDA 30 yr fixed mortgage with a 1% origination point is: 5.50% As compared to Fannie Mae or Freddie Mac who are running at 5.7...
Effective 10-01-2008: No more seller assisted gift funds programs Effective 01-01-2009: FHA min down will be 3.5% Question:  What other options do we have?? According to HUD letter 00-28 #4155.1: Parents or family can still gift the entire 3.5% Parents, believe it or not can literally get the mon...
Current mortgage rates: Priced with 1% point 30 yr fixed:       6.125%                         Conforming Jumbo:     6.25% 15 yr fixed:       5.625%                         FHA Jumbo:                6.25% 5/1 ARM:          5.625%                         FHA:                           5.875% 30 yr...
Despite the gloom and doom in the marketplace there are still plenty of great financing options. One such program is especially attractive, if not the most attractive of all 100% financing in the marketplace today.  The program I refer to is the USDA Guaranteed Home Loan.  "It is simply hard to ...
Ok folks this is the patented Fannie Mae 5.50% mortgage bond; the only true benchmark for the mortgage market.   I have charted this going back 12 mos. so you get a flavor for what I am about to post. For those who know me, understand I have 3 passions: my kids, politics, & mortgage planning.  I...
FOMC Minutes                                             Each bar = $160,000                                                                                  The Federal Open Market Committee consists of the seven Governors of the Federal Reserve Board and five Federal Reserve Bank presidents. Th...
Mortgage rates have dropped down today with certain special lenders to 5.50% on a 30 year fixed.  Hybrid 7/1 ARMS are down to 4.875% (all with 1% origination fee).  I am often asked "should we lock" prior to getting the application.  I tell my buyers I am a subscriber to: http://www.mortgagemarke...
Yesterday I listened to syndicated radio talk show host from Sacramento Tom Sullivan compliments of newstalk 1530.  The more I listened the more I took offense to his over simplistic appraisal of the current market situation and what to do to "solve" it.  Compliments 1530 Newstalk Sacramento "We ...
Below is the benchmark used by us mortgage professionals to monitor mortgage bond movement.  (Provided courtesy of Mortgage Market Guide with their permission) As you can see the price which started out up 22 basis points (1/100 of a percent) and is only up 3 basis points.  This blog is posted at...
Ok now that I have your attention, I wanted to touch on something I have been thinking about, realizing and practicing on a day-to-day basis.  It is that little buzzword: PROFESSIONALISM:   I call it "deal insurance." You know I was listening to Mr. Brian Buffini, the wise old irishman, the other...

Mike Smith

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