Buying and Selling Your Davis, CA Home with Keller Williams agent Carmen Isais

What the Heck is a Short Pay Refinance?

There is a new buzzword being used in today's real estate market, that term is Short Pay Refinance. Most of you have not heard about this. It is a new approach were a new lender negotiates on your behalf with your current lender to pay less than the full amount for the pay off of the existi...
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What the Heck is a Short Pay Refinance?

September 15, 2009

short+Pay+Davis+CA+Real+Estate There is a new buzzword being used in today’s real estate market, that term is Short Pay Refinance.

Most of you have not heard about this. It is a new approach were a new lender negotiates on your behalf with your current lender to pay less than the full amount for the pay off of the existing loan. This is not a loan re-modification. This is a new loan with new terms and lower balance.

This is an amazing concept, basically you get to buy your home again at the current market value.

For more information call Carmen Isais at Keller William’s Realty in Davis : 530.601.1003 or email: carmen@focusondavis.com

Tags: California Property Values, carmen isais, Central Davis, davis+short+sale, feature, glossaly of real estate terms, loan programs, Loan+Remodification+Davis+CA, selling your own home, short refinance, short+pay

Categories: Ask a Realtor, Mortgage Info, Real Estate News, Short Sales & Foreclosures, Short Sales & Refinance

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Take Control of Your Credit with the Credit Fairy

February 4, 2009

150_green-fairy If you are actively looking to buy a home in the city of Davis, we’ve probably met. I’m out there, holding Open Homes almost every weekend and I get to meet a lot of great people, including First Time Home Buyers.

Many of the first time homebuyers I speak with are still unaware of how important your credit score plays in the loan and home buying process. Some comments I hear are that credit is not important if you bring home a big paycheck, credit is less important than earning potential, or that certainly their credit is good because they have so much of it. All of these statements, are flat out wrong.

The best thing I can do as a Realtor (read: I am not a credit and loan specialist), is set the record straight where I can, and send them to trusted Mortage and Loan experts.

I also like to share good resources when I find them…

The Ad Council in cooperation with the Civil Rights Education Fund and others have put together a no-nonsense website explaining how credit works, how to damage it, and how to fix your credit too. It has a clever little name too, Credit Fairy.org. Take a look and send me feedback. But, if you have a specific question, feel free to ASK ME, Carmen Isais. I have answers or know how to get them.

Tags: bad credit, Buying a Home, credit history, credit report, improve your credit score, Real Estate Help

Categories: Mortgage Info, Tools & Resources

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Mortgage Calculator

January 26, 2009

</p> <div class="addtoany_share_save_container"><ul class="addtoany_list"><li><a class="a2a_dd addtoany_share_save" href="http://www.addtoany.com/share_save?linkurl=http%3A%2F%2Ffocusondavis.com%2F2009%2F01%2Fmortgage-calculator%2F&linkname=Mortgage%20Calculator"><img src="http://focusondavis.com/wp-content/plugins/add-to-any/share_save_171_16.png" width="171" height="16" alt="Share/Bookmark"/></a></li></ul></div></div><div class="div-1"><div class="post_category"><div><span class="label">Categories: </span><a href="http://focusondavis.com/category/buying-a-home/" title="View all posts in Buying a Home" rel="category tag">Buying a Home</a>, <a href="http://focusondavis.com/category/buying-a-home/mortgage-info/" title="View all posts in Mortgage Info" rel="category tag">Mortgage Info</a>, <a href="http://focusondavis.com/category/tools-resources/" title="View all posts in Tools & Resources" rel="category tag">Tools & Resources</a></div></div><div class="post_edit"><span></span></div><div class="post_comments"><div><a href="http://focusondavis.com/2009/01/mortgage-calculator/#respond" title="Comment on Mortgage Calculator">No Comments »</a></div></div></div></div> <div class="post post_number_4 post_even" id="post-179"><h2><span><a href="http://focusondavis.com/2008/11/considering-foreclosure-read-this-first/" rel="bookmark" title="Permanent Link to Considering Foreclosure? Read This First.">Considering Foreclosure? Read This First.</a></span></h2><div class="post_date"><span>November 8, 2008</span></div><div class="post_content"><p>Written by <a href="http://focusondavis.com/?page_id=67">Carmen Isais</a></p> <p>More and more lately the calls I am receiving from would be and past clients has to do with Foreclosure. <a href="http://focusondavis.com/wp-content/uploads/2008/11/yolo-county-short-sale-specialist.jpg"><img class="size-medium wp-image-183 alignright" style="margin: 10px;" title="yolo-county-short-sale-specialist" src="http://focusondavis.com/wp-content/uploads/2008/11/yolo-county-short-sale-specialist-300x238.jpg" alt="" width="300" height="238" /></a>Anyone who knows me knows that I make an effort to be positive. That being said, more people than I might care to admit are living on the edge of financial chaos. For some of these individuals, property ownership has become a financial burden and they call me with the same question. “<strong>What are the alternatives to foreclosure?”</strong></p> <p>While each case is different, here are my first two usual answers:</p> <h2><span style="color: #808000;">Contact the Lender</span></h2> <p>Before you walk away from your property, have a <a href="http://focusondavis.com/?p=36">short sale</a> or decided to return the <a title="Glossary" href="http://clients.z57.com/real_estate/glossary.shtml#anchor12473" target="_blank">deed to the bank in lieu of foreclosure</a>, contact the holder of the note (the bank) to see what can be done that is in the best interest of all concerned.</p> <p>In this market the lenders are more receptive to working out a new payment plan then to have another property on their books. Moreover, what looks good to you in the short term may appear differently when the market does come around and you were wishing you still had that property to sell.</p> <h2><span style="color: #808000;">Consider a Short Sale</span></h2> <p>If you are current on your mortgage and can remain so while your home sells, <a href="http://focusondavis.com/?p=71">consider the short sale</a> of your property before jumping ahead to foreclosure or deed-in-lieu of foreclosure.</p> <p><strong>Why?</strong></p> <p>Simply put, it makes more financial sense for YOU. Period.</p> <p>Under the Fannie Mae Announcement 08-16 (released 06/26/2008), short sales or those engaging in pre-foreclosure sales will be cleared to borrow on another home via Fannie Mae in <strong>just two years </strong>from completion date of the short sale.</p> <p>This may be painful, but two years is far preferable to the alternative of <strong>5 to 7 years</strong> if the home goes to foreclosure and <strong>4 to 7 years</strong> if one opts for deed-in-lieu of foreclosure.</p> <h3><span style="color: #ff6600;">One Important Note:</span></h3> <p>If you are wondering how an Short Sale will effect your credit score as opposed to how a foreclosure will effect it, know that all these alternatives ( foreclosure, short sales, and deeds-in-lieu of foreclosure) are all “not paid as agreed” accounts, and considered the same by your FICO® score. This is not to say that these may not be better options for you from a financial perspective, just that they will be considered no better or worse for your FICO score.</p> <h2><a href="http://focusondavis.com/wp-content/uploads/2008/11/coldwell-banker-real-estate-phone-number.jpg"><img class="alignleft size-medium wp-image-184" style="margin-top: 10px; margin-bottom: 10px;" title="coldwell-banker-real-estate-phone-number" src="http://focusondavis.com/wp-content/uploads/2008/11/coldwell-banker-real-estate-phone-number-300x197.jpg" alt="" width="300" height="197" /></a><span><span style="color: #808000;">Contact a Realtor…</span></span></h2> <p>… to help you through the process.<br /> … to answer your questions.<br /> … to talk to the bank on your behalf.<br /> … to market and sell your home, NOW, before foreclosure is your only option.</p> <p>In most cases of foreclosure I have personally seen, one common denominator has been a lack of resources. That is, the homeowners I know who have gone straight into foreclosure were simply not away of what alternatives where available to them. But, you are reading <strong>this article</strong>, so you don’t have the luxury of claiming ignorance. <img src='http://focusondavis.com/wp-includes/images/smilies/icon_smile.gif' alt=':)' class='wp-smiley' /> </p> <p>Seriously…</p> <p>These are all painful choices, I know. And it is easy to avoid facing and dealing with an overwhelming situation. But, reaching out immediately can save you years of struggling and financial moratorium. If you or someone you know is facing the possibility of foreclosure, call me today at 530.601.1003 or otherwise <a href="http://focusondavis.com/?page_id=56">contact me</a>, Carmen Isais, I can help.</p> <div class="addtoany_share_save_container"><ul class="addtoany_list"><li><a class="a2a_dd addtoany_share_save" href="http://www.addtoany.com/share_save?linkurl=http%3A%2F%2Ffocusondavis.com%2F2008%2F11%2Fconsidering-foreclosure-read-this-first%2F&linkname=Considering%20Foreclosure%3F%20Read%20This%20First."><img src="http://focusondavis.com/wp-content/plugins/add-to-any/share_save_171_16.png" width="171" height="16" alt="Share/Bookmark"/></a></li></ul></div></div><div class="div-1"><div class="post_category"><div><span class="label">Categories: </span><a href="http://focusondavis.com/category/buying-a-home/mortgage-info/" title="View all posts in Mortgage Info" rel="category tag">Mortgage Info</a>, <a href="http://focusondavis.com/category/selling-your-home/" title="View all posts in Selling Your Home" rel="category tag">Selling Your Home</a>, <a href="http://focusondavis.com/category/short-sales-foreclosures/" title="View all posts in Short Sales & Foreclosures" rel="category tag">Short Sales & Foreclosures</a>, <a href="http://focusondavis.com/category/selling-your-home/davis-ca-short-sales-expert/" title="View all posts in Short Sales & Refinance" rel="category tag">Short Sales & Refinance</a></div></div><div class="post_edit"><span></span></div><div class="post_comments"><div><a href="http://focusondavis.com/2008/11/considering-foreclosure-read-this-first/#respond" title="Comment on Considering Foreclosure? Read This First.">No Comments »</a></div></div></div></div> <div class="post post_number_5 post_odd" id="post-109"><h2><span><a href="http://focusondavis.com/2008/09/summering-year-round-buying-a-home/" rel="bookmark" title="Permanent Link to Summering Year Round… Buying a Vacation Home">Summering Year Round… Buying a Vacation Home</a></span></h2><div class="post_date"><span>September 19, 2008</span></div><div class="post_content"><p><img alt="" src="http://focusondavis.com/davis-ca-real-estate-images/VacationHome.jpg" title="California Vacation Property" class="alignleft" width="340" height="300" /><strong>Enjoyed your summer vacation? Thinking of investing in your local hotspot, but wondering if it is a wise choice? There are ways to comfortably afford the vacation home of your dreams while making smart financial choices. A vacation home can be a very wise investment when the proper financing methods are utilized.</strong></p> <p>Here are a few tips and strategies:</p> <div class="normal_font"> <ul> <li>If you have multiple location choices, <em>make sure you are working with a Real Estate Professional who is a specialist in the location you want to purchase in. Also, make sure you are working with a Certified Mortgage Advisor who has experience with Investment and vaction homes:</em> <ul> <li>From an investment perspective: <ul> <li>Which area is likely to appreciate more in value over the next several years?</li> <li>Which area is more likely to enable you to rent out the home when you are not using it (if you desire to do so)?</li> </ul> </li> <li>From a lifestyle perspective: <ul> <li>Which area provides more amenities and lifestyle benefits?</li> <li>Which area is a better value in terms of living space and upgrades?</li> </ul> </li> </ul> </li> <li><strong>If you plan on renting out the home</strong> when you are not utilizing it for personal use, make sure you are working with a professional to help you evaluate the cash flow implications. Additionally, by working as a team with your CPA, Mortgage Advisor and Real Estate professional they can help you determine the tax consequences of your decisions.</li> </ul> </div> <ul> <li><strong>Know your credit score!</strong> You may be able to get a better mortgage rate and more favorable loan terms by restructuring some of your balances on credit cards, car loans, etc. a Mortgage Advisor can help you correct errors on your credit report and determine which balances to restructure or pay off in order to improve your credit score.</li> <li><strong>Know how much you can spend and determine how much you can afford.</strong> Your Mortgage Advisor can help you: <ul> <li>Finance your vacation home based on your monthly payment comfort level</li> <li>Determine how much cash to use as your down payment and where to get these funds</li> <li>Understand your before and after-tax monthly payments</li> <li>Restructure some other debt you may have to free up more monthly cash flow that enables you to improve your vacation home buying budget financing</li> </ul> </li> <li><strong>Determine whether to rent or buy a vacation home based on timeframe, budget and local market conditions.</strong> A Mortgage Advisor can help you run the numbers to determine if it is better for you to rent or buy a vacation home based on your individual circumstances.</li> <li><strong>Don’t get caught in the “pre-approval” / “pre-qualification” trap.</strong> It is always better to get a full approval / loan commitment from a Mortgage Advisor before you even start looking for a vacation home. Many mortgage brokers and lenders will give you a “pre-approval” or “pre-qualification”, but these are often meaningless. What you really need is a bona fide commitment from a mortgage lender that you are in fact approved for financing.</li> <li><strong>Don’t be scared by “Housing Bubble” misinformation.</strong> For the last four years, the national media has been scaring potential home buyers with continuous chatter about a so-called “housing bubble”. For the last four years, the national media has been wrong. It is always wise to base your decision to buy or not to buy on fact, not emotional hype.</li> </ul> <p>Please feel free to give me a call and I would be happy to help you evaluate your options to purchase your new vacation. home.</p> <h3>Marc Thompson, CMPS<br /> <span class="golden"><strong><span style="#0000ff;">UMAX Mortgage</span></strong></span></h3> <div><span style="x-small;">437 F Street<br /> Davis, CA 95616</span></div> <p><span style="x-small;">530-753-8800 direct<br /> 415-520-0706 fax<br /> <a href="mailto:mthompson@umaxmortgage.com"><span style="x-small;">mthompson@umaxmortgage.com</span></a><br /> <a href="blank"></a></span></p> <div class="addtoany_share_save_container"><ul class="addtoany_list"><li><a class="a2a_dd addtoany_share_save" href="http://www.addtoany.com/share_save?linkurl=http%3A%2F%2Ffocusondavis.com%2F2008%2F09%2Fsummering-year-round-buying-a-home%2F&linkname=Summering%20Year%20Round%26%238230%3B%20Buying%20a%20Vacation%20Home"><img src="http://focusondavis.com/wp-content/plugins/add-to-any/share_save_171_16.png" width="171" height="16" alt="Share/Bookmark"/></a></li></ul></div></div><div class="post_tag"><div><span class="label">Tags: </span><a href="http://focusondavis.com/tag/1031-exchange/" rel="tag">1031 exchange</a>, <a href="http://focusondavis.com/tag/investment-property/" rel="tag">investment property</a>, <a href="http://focusondavis.com/tag/second-home/" rel="tag">second home</a>, <a href="http://focusondavis.com/tag/vacation-home/" rel="tag">vacation home</a></div></div><div class="div-1"><div class="post_category"><div><span class="label">Categories: </span><a href="http://focusondavis.com/category/buying-a-home/" title="View all posts in Buying a Home" rel="category tag">Buying a Home</a>, <a href="http://focusondavis.com/category/buying-a-home/mortgage-info/" title="View all posts in Mortgage Info" rel="category tag">Mortgage Info</a>, <a href="http://focusondavis.com/category/tools-resources/davis-ca-real-estate-news/" title="View all posts in Real Estate News" rel="category tag">Real Estate News</a>, <a href="http://focusondavis.com/category/tools-resources/" title="View all posts in Tools & Resources" rel="category tag">Tools & Resources</a></div></div><div class="post_edit"><span></span></div><div class="post_comments"><div><a href="http://focusondavis.com/2008/09/summering-year-round-buying-a-home/#respond" title="Comment on Summering Year Round… Buying a Vacation Home">No Comments »</a></div></div></div></div> <div class="post post_number_6 post_even" id="post-94"><h2><span><a href="http://focusondavis.com/2008/08/high-debt-to-income-ratio-mortgage-loans/" rel="bookmark" title="Permanent Link to High debt to income ratio mortgage loans">High debt to income ratio mortgage loans</a></span></h2><div class="post_date"><span>August 15, 2008</span></div><div class="post_content"><p>Many people have high debt to income ratios and can still qualify for a mortgage loan. There are many options available out there for people who have a high debt to income ratio, also referred to as DTI. One solution to a high debt to income ratio is to work with a lender that allows for a high debt to income ratio. Typical good credit lenders allow for debt ratios around 40%, although many times an automated underwriting system may qualify borrowers with a much higher DTI too. Typical below average credit score lenders will allow a maximum debt to income ratio of 50%. Then there are even a few other lenders who will allow debt to income ratios up to 55%, and sometimes even 60% on rare occasions. Consult a mortgage broker today to find the right lender for your individual situation.</p> <p>There are also no ratio loans that some lenders can provide.</p> <p>There are also programs available for high credit score borrowers called No Doc loans. This is when a lender does not require income information from the borrower and will base the loan on the creditworthiness of the borrower.</p> <p>If you are doing a mortgage refinance it may be possible to consolidate some of your other debts, such as credit cards, car loans, etc. into your new mortgage. By eliminating your other monthly debt payments, leaving you with just your new mortgage payment, you might find that this significantly lowers your debt to income ratio.</p> <p>Even if you make more than enough money to comfortably pay for the mortgage you may find that you have to look at some of these other types of loans because the lender will not accept all of your income. Some examples would be a 2nd job, commission income, or bonuses that you have been receiving less than 2 years. Lenders may also not include rental income you receive if you rent out rooms in your home and do not have a signed lease, or proof of 12 months payments received.</p> <p>If you fall into one of these categories you may need to look at a loan that allows a high debt to income ratio, even though your actual income may be more than sufficient to qualify.</p> <p>Having a high debt to income ratio no longer means you are forced to accept the high rates and unfavorable terms of many subprime loans. If you have sufficient compensating factors, such as a perfect mortgage payment history and high credit scores, you may be able to qualify for a loan only slightly more expensive than someone with a low debt to income ratio. Be sure to ask your loan officer to submit your loan to various Automatic Underwriting programs prior to accepting a high rate subprime loan.</p> <p>On higher debt-to-income ratio borrowers, a lender will sometimes require a certain amount of disposable income before approving this high debt ratio loan. Disposable income is calculated by taking the gross monthly income minus the monthly liabilities. If the borrower has a large amount of disposable income, say $3000 a month, then the lender is more likely to approve the loan.</p> <p>Paying off high payment credit card and car loan accounts as part of a debt consolidation or cash out refinance is a great way to qualify for a lower rate mortgage.</p> <p>Paying off debts will lower your dti ratio. There is a top and bottom dti ratio.<br /> The top ratio is your housing expenses only. The bottom dti ratio is all your expenses. If you have any questions about any of this please feel free to give me a call!</p> <p>-Darin Zabel</p> <p> 530.753.5657</p> <p> <a href="mailto:Dzabel@mortgageitdown.com">Dzabel@mortgageitdown.com</a></p> <div class="addtoany_share_save_container"><ul class="addtoany_list"><li><a class="a2a_dd addtoany_share_save" href="http://www.addtoany.com/share_save?linkurl=http%3A%2F%2Ffocusondavis.com%2F2008%2F08%2Fhigh-debt-to-income-ratio-mortgage-loans%2F&linkname=High%20debt%20to%20income%20ratio%20mortgage%20loans"><img src="http://focusondavis.com/wp-content/plugins/add-to-any/share_save_171_16.png" width="171" height="16" alt="Share/Bookmark"/></a></li></ul></div></div><div class="post_tag"><div><span class="label">Tags: </span><a href="http://focusondavis.com/tag/approve/" rel="tag">approve</a>, <a href="http://focusondavis.com/tag/automated-underwriting/" rel="tag">automated underwriting</a>, <a href="http://focusondavis.com/tag/average-credit/" rel="tag">average credit</a>, <a href="http://focusondavis.com/tag/bay-area/" rel="tag">Bay Area</a>, <a href="http://focusondavis.com/tag/borrowers/" rel="tag">borrowers</a>, <a href="http://focusondavis.com/tag/bottom-ratio-dti/" rel="tag">bottom ratio DTI</a>, <a href="http://focusondavis.com/tag/ca/" rel="tag">CA</a>, <a href="http://focusondavis.com/tag/car-loan/" rel="tag">car loan</a>, <a href="http://focusondavis.com/tag/consolidate/" rel="tag">consolidate</a>, <a href="http://focusondavis.com/tag/credit-card/" rel="tag">credit card</a>, <a href="http://focusondavis.com/tag/creditworthiness/" rel="tag">creditworthiness</a>, <a href="http://focusondavis.com/tag/darin-zabel/" rel="tag">Darin Zabel</a>, <a href="http://focusondavis.com/tag/davis/" rel="tag">davis</a>, <a href="http://focusondavis.com/tag/debt/" rel="tag">debt</a>, <a href="http://focusondavis.com/tag/disposable-income/" rel="tag">disposable income</a>, <a href="http://focusondavis.com/tag/dti/" rel="tag">DTI</a>, <a 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county</a></div></div><div class="div-1"><div class="post_category"><div><span class="label">Categories: </span><a href="http://focusondavis.com/category/buying-a-home/mortgage-info/" title="View all posts in Mortgage Info" rel="category tag">Mortgage Info</a></div></div><div class="post_edit"><span></span></div><div class="post_comments"><div><a href="http://focusondavis.com/2008/08/high-debt-to-income-ratio-mortgage-loans/#comments" title="Comment on High debt to income ratio mortgage loans">3 Comments »</a></div></div></div></div> <div class="post post_number_7 post_odd" id="post-93"><h2><span><a href="http://focusondavis.com/2008/08/what-the-housing-bill-means-for-you/" rel="bookmark" title="Permanent Link to What the housing bill means for you">What the housing bill means for you</a></span></h2><div class="post_date"><span>August 15, 2008</span></div><div class="post_content"><div></div> <p><span class="subhead"></p> <p class="body">Here’s an interesting article I just came across on Bankrate.com:</p> <p class="body">The housing rescue bill, soon to become law, is full of goodies and not-so-goodies for homeowners and those who aspire to be homeowners. Here are some highlights.</p> <p> </p> <p> </p> <p></span></p> <p class="body"><span class="subhead">First-time homeowner tax credit</span><br /> The law will extend a tax credit of up to $7,500 to first-time homebuyers. A first-time homebuyer is defined as someone who hasn’t owned a home in three years.</p> <p class="body">The tax credit is for 10 percent of the purchase price, up to $7,500, but phases out for higher-income homeowners. Homeowners are eligible for the tax credit if they bought after April 8 of this year and before July 1, 2009.</p> <p class="body">This is a tax credit, not a deduction. It reduces the homeowners’ tax bill by up to $7,500 for the tax year in which the purchase was made. If you buy a house this year, you get the tax credit for the 2008 tax year — the one with a filing deadline of April 15, 2009. If you buy a house next year by the end of June, you get the tax credit for the 2009 tax year. It’s a one-time credit; you don’t get to keep taking it year after year.</p> <p class="body">There is a catch, and that is that the money has to be repaid over 15 years, starting two years after you buy the house. That makes the tax credit an interest-free loan. If you take the full $7,500 tax credit, your income tax bill will increase by $500 a year for 15 years. If you sell the house before then, you’ll have to pay Uncle Sam the remaining balance.</p> <p class="body">Complex issues, such as divorce, death, sale of the house at a loss and conversion of the house into a vacation home are accounted for in the law.</p> <p class="body"><span class="subhead">Forgiveness to allow refinancing into FHA</span><br /> A lot of people have fallen behind on their mortgage payments after the rates went up on their adjustable-rate mortgages, or ARMs. And they can’t refinance into fixed-rate loans because their homes have lost value, and they owe more than their houses are worth.</p> <p class="body">Soon to be a law, the housing rescue bill seeks to help these people get out of trouble. It encourages lenders to forgive some of their debt so they can refinance at lower amounts into mortgages insured by the Federal Housing Administration, or FHA.</p> <p class="body">It works like this: The lender has to forgive all the debt above 90 percent of the home’s current appraised value. If that leaves you scratching your head, here is a hypothetical example, using round numbers:</p> <p class="body">Sometime before Jan. 1 this year, you bought a house for $125,000 and got an ARM for $110,000 after making a $15,000 down payment. But the house lost value. Now it’s worth $100,000, based on an appraisal. Meanwhile, the ARM’s rate went up and you can’t afford the full payment every month.</p> <p class="body">Under this law, the lender would forgive everything you owe above $90,000. Let’s say that you owe $105,000 of that original $110,000 loan. The lender would forgive $15,000, and let you pay off the loan for $90,000. The lender would not be allowed to seek any of that $15,000 later.</p> <p class="body">That allows you to find another lender who would underwrite a $90,000 mortgage to be insured by the FHA. That loan amount would include the upfront FHA insurance premium of roughly $2,700.</p> <p class="body">Again, there is a catch. If you take refuge in this program, you’ll have to share your home-price appreciation with the FHA. If you sell the house (or refinance the loan) less than a year after refinancing into the FHA loan, the FHA gets all of the house price appreciation. The FHA’s cut decreases over the next five years — but never goes below 50 percent.</p> <p class="body">What does this mean to the borrower? Take the example above. You refinanced when the house was appraised at $100,000. A little over two years later, you sell the house for $120,000. You split that $20,000 difference with the FHA. In this case, because it’s between two and three years later, the FHA gets 80 percent. The FHA would get $16,000 and you would get $4,000.</p> <p class="body">The equity-sharing arrangement goes like this: If you refinance or sell less than a year after getting the FHA loan, the government gets 100 percent of the home price appreciation. If it’s more than a year but less than two years, the FHA gets 90 percent. The FHA’s cut then decreases by 10 percent until the five-year mark. Anytime after that, the FHA gets half of the appreciation, no matter how long you have the loan or own the house.</p> <p class="body">This arrangement will encourage homeowners to keep their FHA-insured mortgages for at least five years, but to refinance before home prices zoom upward again.</p> <p class="body"><span class="subhead">Working with home equity debt</span><br /> The government has been trying all year to encourage lenders to forgive debt so homeowners can refinance their loans for lesser amounts and remain in their houses. Lenders have been reluctant to forgive the debt. The FHA-refinance plan is another way of encouraging debt forgiveness.</p> <p class="body">Among the sticking points: Many homeowners have home equity lines of credit or home equity loans. In most cases, these lenders will lose that entire loan balance under the FHA-refinance plan. The new law is low on specifics, but it gives the FHA permission to give second lienholders a cut of the home price appreciation proceeds that the FHA collects.</p> <p class="body"><span class="subhead">Down payment assistance soon to be a thing of the past</span><br /> The housing rescue bill, soon to be a law, bans down payment assistance programs such as the ones offered by Nehemiah and AmeriDream. The ban goes into effect Oct. 1.</p> <p class="body">Down payment assistance programs took advantage of a loophole in the way the FHA treats down payments. To get an FHA-insured mortgage, the homeowner has to make a down payment of at least 3 percent. Homeowners don’t have to save even that much; the 3 percent can come as a gift from family members or nonprofit organizations.</p> <p class="body">Regulations don’t allow the home seller to provide the down payment money. That’s where down payment assistance programs come in. They are nonprofits. That allows the seller to give the 3 percent down payment money to Nehemiah or AmeriDream, and then Nehemiah or AmeriDream can turn around and “give” the down payment to the homebuyer as a “donation.”</p> <p class="body">Fannie Mae and Freddie Mac don’t allow sellers to indirectly give down payments to buyers. But the FHA has allowed this type of transaction for years. The FHA has long complained that down payment assistance programs artificially inflate house prices, and that loans using down payment assistance are more likely to default. But prominent congressional democrats have protected the down payment assistance programs on the grounds that they allow many minority families to become first-time homebuyers.</p> <p class="body">House democrats wanted to keep the loophole open, and Senate leaders wanted to close it. With this law, the Senate won.</p> <p class="body"><span class="subhead">Property tax deductions for all homeowners</span><br /> Under current law, you can deduct your property taxes from federal income tax — but only if you itemize deductions on Schedule A. That leaves out people who don’t have enough deductions to warrant filling out Schedule A. They have to take the standard deduction — and that means they can’t deduct their property taxes.</p> <p class="body">The housing rescue bill, soon to be law, changes that. For homeowners who pay property taxes, it increases the standard deduction by $500 for single filers and $1,000 for couples filing jointly. This will be a boon to people, such as retirees, who own their houses outright, and therefore don’t pay any mortgage interest, so they can’t itemize.</p> <p class="body">You can’t increase the standard deduction by more than the property-tax bill. So if you’re married filing jointly and you pay $800 in property taxes, you get an $800 deduction, not a $1,000 deduction.</p> <p class="body"><span class="subhead">Loan limits extended permanently</span><br /> There are maximum amounts for loans that the FHA will insure, and that Fannie Mae and Freddie Mac will guarantee. Those limits were raised temporarily this year. The new law raises limits permanently.</p> <p class="body">For FHA-insured mortgages, the new limit will be 115 percent of the median home price in that area, up to $625,500. That provision will affect loan limits in higher-cost areas. In lower-cost areas, the current FHA limits won’t decrease.</p> <p class="body">For conforming mortgages — those eligible to be bought by Fannie Mae and Freddie Mac — the conforming limit will remain at least $417,000 for a single-family home. It can be higher than that. Starting next year, the new limit is either $417,000 or 115 percent of the area’s median home price, whichever is higher — up to $625,500. After that, the limits go up or down according to a price index.</p> <p class="body"><span class="subhead">More regulations on reverse mortgages</span><br /> A reverse mortgage is an advance against home equity. It’s for homeowners age 62 or older, and the reverse mortgage doesn’t have to be repaid until the borrowers die or move out.</p> <p class="body">Because reverse mortgages are for elderly borrowers, there is concern that dishonest lenders and brokers take advantage of borrowers. Borrowers are required to get counseling first, to learn the pros and cons of reverse mortgages. The law will result in strengthened qualifications for counselors.</p> <p class="body">The law bars insurance salesmen from originating reverse mortgages and prohibits originators from requiring homeowners to buy annuities or insurance products. (There’s one big exception: The FHA insures reverse mortgages, and borrowers will buy that coverage.)</p> <p class="body">Finally, the law limits origination fees on reverse mortgages. They can’t exceed 2 percent of a reverse mortgage of up to $200,000. For a reverse mortgage amount above that, the limit is $4,000, plus 1 percent of the loan amount above $200,000. Origination fees can’t exceed $6,000 in any case. In future years, this upper limit is indexed to inflation.</p> <p class="body"><span class="subhead">Manufactured housing</span><br /> FHA-insured loans for manufactured houses are limited to a maximum of $48,000 — a limit that has been in effect since 1992. That limit finally will be increased to about $70,000 and will be indexed to inflation. These are the limits for loans in which the borrower is buying only the manufactured home and not the land under it.</p> <p class="body">According to the Manufactured Housing Institute, the raised limit will make a big difference to thousands of families. Under the $48,000 limit, a lot of families can afford only single-section homes. The increased limit will allow more people to buy double-section homes — what are colloquially known as double-wides.</p> <p class="body">The law directs Fannie Mae and Freddie Mac to come up with new products and flexible underwriting standards for manufactured houses.</p> <p class="body"><span class="subhead">Veterans</span><br /> Service members returning from active duty abroad will be given breaks, effective as soon as the president signs the bill into law.</p> <p class="body">Some protections apply to service members whose military obligations affect their ability to repay debts — primarily, reservists and members of the National Guard who are called to active duty. They have to leave their jobs and, in many cases, take pay cuts.</p> <p class="body">For these service members, there are protections having to do with foreclosures and interest rates. If a service member had a mortgage before entering active duty, a lender can’t start foreclosure proceedings until nine months after the service member returns from active duty. Formerly, the protection period was 90 days.</p> <p class="body">Also, when someone with a mortgage is called up to active duty, the interest rates on all previously existing debt are capped at 6 percent. That goes for mortgages — and for home loans, that 6 percent cap extends until one year after the service member returns from active duty.</p> <p class="body">The Defense Department will be required to provide foreclosure-prevention counseling upon request to service members who are returning from active duty abroad.</p> <p class="body"><span class="subhead">Miscellaneous</span><br /> Other provisions of the law:</p> <ul class="body"> <li>It will establish an Office of Housing Counseling, which coordinate all federal housing counseling functions, as well as produce booklets that will be given to people applying for mortgages.</li> <li>It will require licensing and registration of all mortgage brokers. Several states have begun to license mortgage brokers and share the information through the Conference of State Bank Supervisors; this law extends that initiative nationally.</li> <li>It won’t ask questions about tornadoes. An earlier version of the bill would have commissioned a study into how to “mitigate the risks to manufactured housing residents and communities resulting from tornados.” The inquiry into this head-scratcher will have to wait for another bill; it was deleted in the final version that passed into law.</li> </ul> <p>Darin Zabel</p> <p>530.753.5657</p> <p><a href="mailto:Dzabel@mortgageitdown.com">Dzabel@mortgageitdown.com</a></p> <div class="addtoany_share_save_container"><ul class="addtoany_list"><li><a class="a2a_dd addtoany_share_save" href="http://www.addtoany.com/share_save?linkurl=http%3A%2F%2Ffocusondavis.com%2F2008%2F08%2Fwhat-the-housing-bill-means-for-you%2F&linkname=What%20the%20housing%20bill%20means%20for%20you"><img src="http://focusondavis.com/wp-content/plugins/add-to-any/share_save_171_16.png" width="171" height="16" alt="Share/Bookmark"/></a></li></ul></div></div><div class="post_tag"><div><span class="label">Tags: </span><a 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Explained</a></span></h2><div class="post_date"><span>August 15, 2008</span></div><div class="post_content"><p><span style="Verdana;">The advantages of the CalPERS Loan are protection, opportunity, comfort & security. A person can use a CalPERS home loan benefit and rest easy when obtaining a home loan. </span></p> <ul> <li><strong>100 percent Financing</strong><br /> For conventional fixed rate CalPERS financing, purchase a home with a 95 percent CalPERS mortgage loan and up to a 5 percent Personal Retirement Account Secured Loan (PRASL). For CalPERS government financing, purchase a home with a 95 percent or greater loan-to-value (LTV) (up to maximum FHA LTV limits**) and secure all or a portion of the difference with a PRASL. Only CalPERS offers this excellent benefit. </li> <li><strong>FREE 60-Day Rate Protection</strong><br /> Lock in the interest rate and eliminate concerns about interest rate increases. During the 60-day rate lock, CalPERS is taking the interest rate risk. Other loan programs charge extra for a 60-day rate lock, or the borrower takes the interest rate risk by floating until loan approval. </li> <li><strong>Two FREE CalPERS Float Downs</strong><br /> Receive the lowest CalPERS interest rate on three applicable dates: date of application*; date of loan approval; and date loan documents are drawn. Most other loan programs don’t offer float downs or charge extra for this benefit. </li> <li><strong>Controlled Closing Fees</strong><br /> CalPERS has set maximums on some of the fees involved with a home loan, making the CalPERS loan very affordable. Most other loan programs have higher closing fees. </li> <li><strong>Closing Cost Assistance</strong><br /> With CalPERS FHA/ARM financing, the borrower may buy up the ARM margin from 2.00 percent to 2.75 percent and directly offset a portion of his closing costs. The borrower’s own funds, a gift from a relative, and seller contributions** may also be used to pay for closing costs. CalPERS ensures that the borrower won’t be overcharged on his loan closing fees. </li> <li><strong>Conventional and Government Fixed/ARM Financing Available Purchases and Refinances</strong><br /> (including streamlined refinances) </li> <li><strong>Competitive Interest Rates</strong><br /> Set daily.</li> </ul> <p>-Darin Zabel</p> <p>(530) 753-5657</p> <p><a href="mailto:Dzabel@mortgageitdown.com">Dzabel@mortgageitdown.com</a></p> <div class="addtoany_share_save_container"><ul class="addtoany_list"><li><a class="a2a_dd addtoany_share_save" href="http://www.addtoany.com/share_save?linkurl=http%3A%2F%2Ffocusondavis.com%2F2008%2F08%2Fcalpers-loans-explained%2F&linkname=CalPERS%20Loans%20Explained"><img src="http://focusondavis.com/wp-content/plugins/add-to-any/share_save_171_16.png" width="171" height="16" alt="Share/Bookmark"/></a></li></ul></div></div><div class="post_tag"><div><span class="label">Tags: </span><a href="http://focusondavis.com/tag/100-percent-financing/" rel="tag">100 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href="http://focusondavis.com/tag/san-francisco-bay-area/" rel="tag">San Francisco Bay Area</a>, <a href="http://focusondavis.com/tag/security/" rel="tag">security</a>, <a href="http://focusondavis.com/tag/seller-contributions/" rel="tag">seller contributions</a>, <a href="http://focusondavis.com/tag/wwwbrokeroutpostcom/" rel="tag">www.brokeroutpost.com</a>, <a href="http://focusondavis.com/tag/wwwgooglecom/" rel="tag">www.google.com</a>, <a href="http://focusondavis.com/tag/wwwyahoocom/" rel="tag">www.yahoo.com</a></div></div><div class="div-1"><div class="post_category"><div><span class="label">Categories: </span><a href="http://focusondavis.com/category/buying-a-home/" title="View all posts in Buying a Home" rel="category tag">Buying a Home</a>, <a href="http://focusondavis.com/category/buying-a-home/mortgage-info/" title="View all posts in Mortgage Info" rel="category tag">Mortgage Info</a></div></div><div class="post_edit"><span></span></div><div class="post_comments"><div><a href="http://focusondavis.com/2008/08/calpers-loans-explained/#respond" title="Comment on CalPERS Loans Explained">No Comments »</a></div></div></div></div> <div class="post post_number_9 post_odd" id="post-91"><h2><span><a href="http://focusondavis.com/2008/08/fannie-mae-and-freddie-mac-explained/" rel="bookmark" title="Permanent Link to Fannie Mae and Freddie Mac Explained">Fannie Mae and Freddie Mac Explained</a></span></h2><div class="post_date"><span>August 15, 2008</span></div><div class="post_content"><p>Fannie Mae and Freddie Mac are the biggest supplier of mortgage funds in the US.</p> <p>Fannie Mae is also referred to, as FNMA. FNMA stands for Federal National Mortgage Association Freddie Mac is also referred to, as FHLMC. FHLMC stands for Federal Home Loan Mortgage Corporation. Freddie Mac and Fannie Mae both buy mortgages on the secondary market. This allows lenders to keep originating new mortgage loans constantly because Freddie and Fannie keep buying the mortgages from them, or from the primary market. An example of this is: You buy a home and obtain a mortgage from Bank A, Bank A is considered the primary lender, or the primary market, Bank A then sells your mortgage to Fannie or Freddie on the secondary market and this allows Bank A to have those funds available once again to give another homeowner a mortgage.</p> <p>Fannie Mae and Freddie Mac computerized and simplified the loan underwriting process with the introduction of two automated underwriting systems. Freddie Mac’s Loan Prospector and Fannie Mae’s Desktop Underwriter revolutionized the mortgage industry by reducing the loan risk assessment process down to minutes rather than weeks.</p> <p>A large number of conforming loans are bought and serviced by Fannie Mae and Freddie Mac.</p> <p>Though Fannie and Freddie loans may offer the best rates, they are the most stringent around. If you have a unique situation it may be better to consider other options. Your loan officer can best describe these alternatives.</p> <p>Fannie Mae is a privately-owned corporation authorized to make loans and loan guarantees. Fannie Mae is not backed or funded by the U.S. government, nor do the securities it issues benefit from any explicit government guarantee or protection.</p> <p>Fannie Mae and Freddie Mac both offer programs to those with less than perfect credit as well. There is generally a pricing adjustment for such “just missed” loans.</p> <p>Fannie Mae (FNM/NYSE) and Freddie Mac (FRE/NYSE), two of the nation’s largest sources of financing for residential mortgages, announced today the joint availability of 83 non-executable Spanish translations of the Fannie Mae/Freddie Mac Uniform Instruments to help lenders and others in the residential mortgage industry better serve Spanish-language dominant consumers in becoming homeowners. The translations are meant to complement the English-language documents a mortgage borrower would sign.</p> <p>Conventional lending programs must follow the guidlines set by Fannie Mae and Freddie Mac. Lenders will conform their conventional products to meet these guidlines in order to be able to sell the loan to Fannie Mae or Freddie Mac. Conventional financing usually offers the best interest rate, however most lenders will offer alternative financing options that do not follow the strict guidlines of Fannie Mae and Freddie Mac. Contact your mortgage broker to see what financing option will best fit your needs and situation.</p> <p>Darin Zabel</p> <p>(530) 753-5657</p> <p><a href="mailto:Dzabel@mortgageitdown.com">Dzabel@mortgageitdown.com</a></p> <div class="addtoany_share_save_container"><ul class="addtoany_list"><li><a class="a2a_dd addtoany_share_save" href="http://www.addtoany.com/share_save?linkurl=http%3A%2F%2Ffocusondavis.com%2F2008%2F08%2Ffannie-mae-and-freddie-mac-explained%2F&linkname=Fannie%20Mae%20and%20Freddie%20Mac%20Explained"><img src="http://focusondavis.com/wp-content/plugins/add-to-any/share_save_171_16.png" width="171" height="16" alt="Share/Bookmark"/></a></li></ul></div></div><div class="post_tag"><div><span class="label">Tags: </span><a href="http://focusondavis.com/tag/automated-underwriting-systems/" rel="tag">automated underwriting systems</a>, <a href="http://focusondavis.com/tag/best-rates/" rel="tag">best rates</a>, <a href="http://focusondavis.com/tag/bought/" 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class="post_edit"><span></span></div><div class="post_comments"><div><a href="http://focusondavis.com/2008/08/fannie-mae-and-freddie-mac-explained/#respond" title="Comment on Fannie Mae and Freddie Mac Explained">No Comments »</a></div></div></div></div> <div class="post post_number_10 post_even" id="post-90"><h2><span><a href="http://focusondavis.com/2008/08/how-market-conditions-affect-interest-rates/" rel="bookmark" title="Permanent Link to How Market Conditions Affect Interest Rates">How Market Conditions Affect Interest Rates</a></span></h2><div class="post_date"><span>August 15, 2008</span></div><div class="post_content"><p>When the Chairman of the Federal Reserve lowers “rates,” he lowers the “Federal Funds” rate. It’s the interest rate at which large banks lend funds to one another and is a “short-term” rate. Mortgage interest rates are long-term, up to 30 years. Longer-term interest rates are sensitive to expectations about inflation. When short-term rates fall, like the ones the Federal Reserve controls, borrowing and spending usually increase, which can actually cause inflation. Longer-term rates, like mortgage interest rates, can rise when concerns about inflation increase.</p> <p>Markets are often ahead of the Federal Reserve. Mortgage interest rates are determined every day in active public markets. If those markets believe the economy is slowing, interest rates may fall as markets anticipate that the Federal Reserve might lower short-term rates. This happened in the last half of 2000 when mortgage rates began steadily dropping, even though the Federal Reserve left their short-term rates unchanged. The opposite can happen as well. Mortgage rates can rise well ahead of the Federal Reserve increasing short-term interest rates.</p> <p>It’s almost impossible to accurately predict the future of something as complex as the U.S. economy. However, it is important that we, as mortgage consumers, understand some of these market dynamics. Sometimes, a lack of understanding can cost us a lot of money.</p> <p>It is important to note that Adjustable Rate Mortgages (ARMs) and Fixed Rate Mortgages are affected differently by an increase made by the FED or Federal Reserve. The FED makes adjustments to the short term rates which in turn affects things like the bond market, a key determining factor in the 30 year fixed rate. The 30 year rates work in the opposite direction to the 10 year note. If the price of the 10-yr note falls, the rates rise.</p> <p>Adjustble rates are comprised of two things an Index, and a Margin. The margin is set by the banks so when the FED adjusts the rates, banks in turn make adjustments. The Index is a regularly published rate that is independent of the lender and generally used as a market indicator. Examples of and Index would be: PRIME, LIBOR, MTA, COSI, etc.</p> <p>Because Adjustable Rate Mortgages and Fixed Rate Mortgages are affected differently it is very important to find a mortgage professional who understands the market conditions and the relation between the bond markets and interest rates. Your mortgage broker can help you make the decision on when to lock a rate which can save you thousands of dollars over the life time of your loan. He can also help you choose the right program!</p> <p>Bond prices and bond yields have a direct effect on long term interest rates. Bond prices and bond yields always move in opposite directions (if one pays more for a bond, the yield decrease, and vise versa). Bond prices, hence their yields, are affected by many economic indicators. Some of the monthly economic indicators the bond market pays close attention to are Non-Farm Payrolls, Unemployment Rate, and Gross Domestic Products, Consumer Price Index, Producer Price Index, and Retail Sales. As a rule of thumb, when these economic indicators forcast a strong or inflationary economy, bond prices fall and bond yields increases, interest rate will go up. If a weak economy or low inflation is expected, bond prices rise, bond yields falls and rate will fall.</p> <p>One aspect of the economy that can cause interest rates to rise is inflation. One of the reasons interest rates were so high back in the 1980’s was that the market felt that inflation was out of control. Investors demand high rates of return when there is inflation because they are investing or loaning with today’s dollars and being repaid with tommorrow’s money. If the market senses inflationary trends, interest rates will usually rise.</p> <p>When the Stock Market is in a Bull trend (Up Trend) it is indicative of monies flowing into the market. Historically, The stronger the up trend in stocks, the weaker the real estate market will be during the same period. Weak real estate markets (lack of demand) will result in declining prices in home values, which usually correlate to a rise in mortgage interest rates.</p> <p>Many domestic and international investors, particularly those investing in the country’s stock and currency markets, will respond to a hike in interest rates by moving money out of the country. This is due to a belief that the increased cost of borrowing will weaken balance sheets and devalue equities, thereby creating a ripple effect which weaken’s the country’s currency.</p> <p>This is why it is important to “shop” for your mortgage with lenders on the very same day. Key factors can see mortgage rates changed several times in a given week, sometimes in the same day. The lender that you get a rate from on Monday may not be able to give you the same rate on Wednesday.</p> <p>This is why you must rate lock if you like the rate available to you.</p> <p>Darin Zabel</p> <p>(530) 753-5657</p> <p><a href="mailto:Dzabel@mortgageitdown.com">Dzabel@mortgageitdown.com</a></p> <div class="addtoany_share_save_container"><ul class="addtoany_list"><li><a class="a2a_dd addtoany_share_save" href="http://www.addtoany.com/share_save?linkurl=http%3A%2F%2Ffocusondavis.com%2F2008%2F08%2Fhow-market-conditions-affect-interest-rates%2F&linkname=How%20Market%20Conditions%20Affect%20Interest%20Rates"><img src="http://focusondavis.com/wp-content/plugins/add-to-any/share_save_171_16.png" width="171" height="16" alt="Share/Bookmark"/></a></li></ul></div></div><div class="post_tag"><div><span class="label">Tags: </span><a href="http://focusondavis.com/tag/30-years/" rel="tag">30 years</a>, <a href="http://focusondavis.com/tag/adjustable-rate-mortgages/" rel="tag">Adjustable rate 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Buying and Selling Your Davis, CA Home with Keller Williams agent Carmen Isais

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