buy a home: Financial Title Company Closes California Offices, Insurance Commissioner Freezes It's Assets...
- 07/30/08 09:01 AM
As of July 30th, 2008, Mercury Cos. of Colorado has closed all Financial Title Company offices in California. If you currently have an escrow with Financial Title Company, you should try to get your client's deposit money back as soon as possible as their assets have been frozen by the insurance commissioner and it may take some time to retrieve the funds. Mercury Cos. of Colorado, the parent company of Financial Title Company, may close all it's operations outside of Colorado including Oregon, Nevada, Arizona in addition to the closure of its California offices. Read more...http://globaleconomicanalysis.blogspot.com/2008/07/financial-title-shuts-down.html?ref=patrick.net
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buy a home: Temporary Loan Limit Increase for FHA...Here are the facts
- 02/08/08 12:37 PM
H.R.5140 is also known as the Economic Stimulus Act of 2008 (Enrolled as Agreed to or Passed by Both House and Senate). The high cost real estate markets like California and the San Fransico Bay Area will be the primary beneficiaries of the increase in FHA loan limits to stimulate the home purchase and refinance activity. Here are the facts: SEC. 202. TEMPORARY LOAN LIMIT INCREASE FOR FHA. (a) Increase of High-Cost Area Limit- For mortgages for which the mortgagee has issued credit approval for the borrower on or before December 31, 2008, subparagraph (A) of section 203(b)(2) of the National Housing Act (12 … (3 comments)
buy a home: Raising Conforming Loan Limits...It Ain't Over 'Till the Fat Lady Sings (Wall Street Investors)
- 02/08/08 12:27 PM
I suggest cautious optimism for those of us in the real estate industry in high cost real estate markets like California and the San Fransico Bay Area. Here are two of the most common questions for the proposed conforming loan limit increases passed by Congress and expected to be approved by President Bush next week: How will the new amounts be priced? The law impacts loans originated after July 1 of last year. So do you remember all those jumbo loans for $500 or $600 or $700k that were purchased by Citi, Chase, Wells, etc.? Per the proposed law, these loans can … (1 comments)
buy a home: Breaking News...Congress Sends Economic Plan to President Bush...
- 02/07/08 04:09 PM
Congress passed an emergency plan Thursday to stimulate the weak economy by providing rebates to most taxpayers, disabled veterans, the elderly and low-income people. Rebate checks could begin arriving in May based on 2007 tax returns. The bill also provides tax relief for businesses to make new investments. The measure also temporarily raises the loan limit on Federal Housing Administration (FHA) insured loans and the Fannie Mae and Freddie Mac conforming loan limit up to $729,750 in high cost real estate markets like California and the San Francisco Bay Area. The Senate acted after a week of political maneuvering with an 81-16 vote. The … (2 comments)
buy a home: Buying Down the Interest Rate Can Make You a Hero...
- 01/31/08 04:14 PM
In most real estate markets throughout the country, sellers are trying to cope with a slower moving market burdened with an over supply of competing homes for sale and weak buyer demand. Buyers are struggling with rising mortgage interest rates, tougher loan underwriting qualifying standards, high prices and low affordability. Real estate investors want positive monthly rental income cash flow and a hedge against a softening rental market in the future. Solution: •· A mortgage interest rate "buy-down" allows the seller to expand the pool of qualified buyers and real estate investors. •· The mortgage interest rate buy-down is a seller strategy with multiple options to … (5 comments)
buy a home: Here is Your Chance to Make a Difference...
- 01/30/08 01:14 PM
There are several high-cost real estate markets throughout the country with challenging conditions to provide affordable loans above the current conforming loan limit of $417,000. NAR issued a Call-for-Action today asking REALTORS(r) to contact their U.S. Senators to urge them to include an increase to the FHA and conforming loan limits in the economic stimulus package that may be voted on as soon as Thursday. The U.S. House of Representatives yesterday passed a stimulus package that raises the FHA and conforming loan limits to as high as $729,750 in high-cost areas. There is speculation that the Senate version of the stimulus package DOES NOT include … (2 comments)
buy a home: How to Avoid the Most Deadly Lending Landmines...
- 01/29/08 10:39 AM
Here are some tips I learned from a seasoned California mortgage banker who successfully funded over 100 loans during the tough transitional 2007 real estate market. These tales from the trenches can prevent your deal from the shrapnel of a loan decline or last minute tighter "prior to document or funding" conditions: Most conventional (up to $417k) and non-conforming (Jumbo) loans above $417k require Desktop Underwriting approvalConventional secondary financing is very difficult to obtain. A maximum of 90% loan-to-value (LTV) ratio should be relied upon from the buyerJumbo interest rates are currently at least 1.375% higher than conforming loan interest ratesSecondary "seller … (4 comments)
buy a home: Protect Your Transaction From the Number One Deal Killer...
- 01/28/08 01:01 PM
In today's challenging and uncertain lending environment, qualifying standards for home loans and refinancing are becoming increasingly more stringent. Many potential borrowers who were "pre-approved" under yesterday's loan underwriting guidelines may discover that their loan program qualifying standards have changed or the loan program is no longer available. Unfortunately, some unwary prospective homebuyers discover they cannot meet the revised underwriting criteria when they are in escrow waiting for the lender to fund the loan to complete their purchase transaction. The loan documents sometimes will arrive just a few days prior to the scheduled closing date with different loan terms and/or "prior-to-funding" … (10 comments)
buy a home: VA Loans Offer Attractive Financing Terms...
- 01/28/08 12:07 PM
The Veteran's Administration has modernized the current VA loan programs available to qualified veteran borrowers. These loans are very competitive and can offer an affordable financing alternative to prospective home buyers and people who want to refinance their existing mortgage. Additionally, the current maximum VA loan limit is $1,000,000 which can be a great alternative to an expensive non-conforming jumbo loan (above $417,000) in high cost real estate markets like California and the San Francisco Bay Area. Here are some of the terms and conditions for current VA loan programs: 100% loan to value (LTV) up to $417,000Over $417,000 - down payment … (4 comments)
buy a home: FHA Financing Can Provide Great Loans in a Tight Credit Market...
- 01/25/08 10:25 AM
The current credit crunch in the financial and real estate markets have significantly eliminated a vast pool of borrowers with a desire to purchase or refinance a home. This especially rings true in high cost markets like California and the San Francisco Bay Area. FHA loan programs offer great terms compared to conventional loan programs affected by challenging qualifying standards that require a large down payment. Congress and the federal government are on the verge of raising conforming loan limits for Fannie Mae and Freddie Mac mortgages in high cost areas. Those in the know believe it's a matter of when not … (0 comments)
buy a home: A Message From Senator Feinstein...
- 01/04/08 07:24 AM
I received the following message from Senator Feinstein in response to my effort urging her to pass legislation to modernize FHA financing programs and create affordable mortgage loans for homeowners. I am grateful that Senate bill S.2338 passed and will raise the FHA loan limit to match the current GSE (Fannie Mae/Freddie Mac)conforming loan limit of $417,000. However, the GSE conforming loan limit in high cost markets should be raised to match the average house price in these markets. Currently, Hawaii and Alaska have conforming loan limits above $600,000. Until Wall Street returns to the market buying non-conforming mortgage backed securities, … (0 comments)
Here is another facet of the financial "crisis" we face - whether or not you own real estate, this will be paid for by your taxes (and mine). The House of Representatives will approve the Senate-passed version of H.R. 3648, the "Mortgage Forgiveness Debt Relief Act of 2007." Thus, once the House passes this bill it will be cleared for the President's signature. Under the Mortgage Relief Act, effective for indebtedness discharged on or after Jan. 1, 2007 and before Jan. 1, 2010, taxpayers generally may exclude from income up to $2 million of mortgage debt forgiveness … (4 comments)
buy a home: Senate Passes FHA Loan Limit Increase
- 12/17/07 02:46 AM
Senate Passes FHA Loan Limit Increase! On Friday, December 14, 2007, the U.S. Senate voted 93 to 1 to pass S. 2338, the FHA Modernization Act, which will reform the Federal Housing Administration (FHA). A conference committee will now meet to resolve differences between this bill and the one passed by the House of Representatives earlier this year. This is a huge victory for Realtors®, lenders and concerned citizens who have lobbied Congress aggressively all year to pass FHA reform and provide troubled homeowners with safe and affordable refinancing options. Senator Diane Feinstein supported the measure and though Senator Barbara Boxer was not … (2 comments)
buy a home: The Power and Benefits of Loan Interest Rate Buy-Downs
- 12/11/07 09:19 AM
In high-cost real estate markets like California and the San Francisco Bay area, it has become difficult for most buyers to qualify for mortgage loan financing under the current tight qualfying standards for Jumbo and conforming loans. In most real estate markets throughout the country, sellers are trying to cope with a slower moving market burdened with an over supply of competing homes for sale and weak buyer demand. Buyers are struggling with rising mortgage interest rates, tougher loan underwriting qualifying standards, high prices and low affordability. Real estate investors want positive monthly rental income cash flow and a hedge against a softening rental market in … (3 comments)
C.A.R. and NAR are SUPPORTING Senate Bill 2338 (Dodd) which, among other things, increases FHA loan limits to 100% of conforming loan limits. C.A.R. and NAR are also urging the U.S. Senate to introduce and pass legislation, already passed by the House of Representatives in the form of H.R. 1427 (Frank), to reform the Government Sponsored Enterprises (GSEs) -- Fannie Mae and Freddie Mac -- and dramatically increase the conforming loan limits in high-cost areas. As the mortgage crisis grows deeper, it is crucial that … (2 comments)
Providing accurate information about local Contra Costa County real estate market conditions. Monthly updates with MLS statistcal data for Central Contra Costa County. The cities included in this data are Alamo, Danville, Concord, Clayton, Lafayette, Martinez, Moraga, Orinda, Pleasant Hill, San Ramon, Walnut Creek.
As of July 30th, 2008, Mercury Cos. of Colorado has closed all Financial Title Company offices in California. If you currently have an escrow with Financial Title Company, you should try to get your client's deposit money back as soon as possible as their assets have been frozen by the insurance commissioner and it may take some time to retrieve the funds. 
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