Posted at 01:59 PM in Bond Market Info, Fannie Mae & Freddie Mac , FHA VA Government Home Loans WA, First Time Home Buyer WA, Home Refinance Tips WA, Investment Home Purchase WA, Low Mortgage Rate Loans WA, Mortgage Changes - Tips , Multi Unit Home Financing, New Home Loan Programs WA, Real Esate Market Updates, Sandpoint Mortgage Minute, Seattle Mortgage Minute, USDA Home Loans WA, Washington State Bond, Zero Down Home Loans WA | Permalink | Comments (0) | TrackBack (0)
i. When we get good news in the economy this generally causes interest rates to go up
ii. Bad unemployment figures, for example, cause rates generally to trend downward
….And the back and forth continues while the interest rates remaining fairly consistent.
Here are a couple of interesting tidbits to pass along:
Posted at 12:41 PM in Bond Market Info, Fannie Mae & Freddie Mac , FHA VA Government Home Loans WA, First Time Home Buyer WA, Home Refinance Tips WA, Investment Home Purchase WA, Low Mortgage Rate Loans WA, Mortgage Changes - Tips , New Home Loan Programs WA, Real Esate Market Updates, Rehab 203K WA , Sandpoint Mortgage Minute, Seattle Mortgage Minute, Team Evergreen Homebuyer Tips, USDA Home Loans WA, Washington State Bond, Zero Down Home Loans WA | Permalink | Comments (0) | TrackBack (0)
Short and Sweet:
1) The monthly mortgage insurance will be going up ever so slightly
2) The monthly mortgage insurance payment will NO longer be removed during the term of the loan – no matter the equity growth over the time.
Posted at 03:33 PM in Bond Market Info, Fannie Mae & Freddie Mac , FHA VA Government Home Loans WA, First Time Home Buyer WA, Home Refinance Tips WA, Investment Home Purchase WA, Low Mortgage Rate Loans WA, Mortgage Changes - Tips , Real Esate Market Updates, Rehab 203K WA , Sandpoint Mortgage Minute, Seattle Mortgage Minute, Washington State Bond, Zero Down Home Loans WA | Permalink | Comments (0) | TrackBack (0)
Good afternoon – We know there are some homes out there that are less than perfect. Here are some options available for working through DISTRESSED properties:
1. Easiest option – FHA 203K Streamline rehab loan.
-Get some bids, up to $31,500. Have the appraiser include it in the value, and add it to the loan amount.
-Work done after closing.
2. Another easy option – FHA loan appraiser calls out some work.
-Add the cost of the work into the loan. Work can’t be more than $5000 and the home must appraise high enough to cover the additional cost.
-Work done after closing.
3. Escrow Holdback – only works for cosmetic issues.
-Get three bids and we hold 1.5% in escrow.
-Work must be completed shortly after closing.
4. A full 203k (rehab) is another option and they can borrow up to the FHA loan limits in your county.
-Must keep the existing foundation – but the project can be major in scope if needed.
-If you’ve got a huge construction issue/remodel/repair consider a construction loan.
-Usually requires 25% down on the home price and funds 100% of the construction cost.
-Buyer can do the work themselves. Pays monthly interest only payments on the amount drawn.
We’re trying to keep this short and sweet so if you have any questions on any one of these options give us a call/email. Have a great day!
Posted at 09:07 AM in Bond Market Info, Fannie Mae & Freddie Mac , FHA VA Government Home Loans WA, First Time Home Buyer WA, Home Refinance Tips WA, Investment Home Purchase WA, Low Mortgage Rate Loans WA, Mortgage Changes - Tips , Multi Unit Home Financing, New Home Loan Programs WA, Real Esate Market Updates, Rehab 203K WA , Sandpoint Mortgage Minute, Seattle Mortgage Minute, Team Evergreen Homebuyer Tips | Permalink | Comments (0) | TrackBack (0)
Posted at 08:54 AM in Bond Market Info, Fannie Mae & Freddie Mac , FHA VA Government Home Loans WA, First Time Home Buyer WA, Home Refinance Tips WA, Investment Home Purchase WA, Low Mortgage Rate Loans WA, Mortgage Changes - Tips , New Home Loan Programs WA, Real Esate Market Updates, Rehab 203K WA , Sandpoint Mortgage Minute, Seattle Mortgage Minute, USDA Home Loans WA, Washington State Bond, Zero Down Home Loans WA | Permalink | Comments (2) | TrackBack (0)
With the High end market heating up a bit, we thought it would be timely to share some financing options available from Evergreen Home Loans. Many of you know that Kimberly and I are licensed in WA, CA and ID so we will include info on all three areas.
If you have a unique property or buyer please give us a call – we’ve got 5 or 6 top-notch Jumbo guidelines that we can pick and choose from to find you the winning combination for your transaction. Many of these options are internal to our bank (we underwrite internally), some of them are broker relationships we’ve developed….but options we do have.
Generally:
Some Funky Stuff:
Primary Residence
Second Homes
Posted at 10:00 AM in Bond Market Info, Fannie Mae & Freddie Mac , FHA VA Government Home Loans WA, First Time Home Buyer WA, Home Refinance Tips WA, Investment Home Purchase WA, Mortgage Changes - Tips , Real Esate Market Updates, Sandpoint Mortgage Minute, Seattle Mortgage Minute | Permalink | Comments (0) | TrackBack (0)
Download New Home Sales Nov 2012
Above is a recent chart showing the increase of New Home Sales. Feel free to share with your clients.
On a good note:
HARP Refinances dropped 18.5% in October even with record low rates. This will be beneficial to all your purchase transactions because you won’t have as much competition for closing with fewer refinances in process.
Side Topic:
Will the Mortgage Forgiveness Debt Relief Act of 2007 be extended by Congress by the end of the year? If not, homeowners will have to start paying income taxes on the portion of their mortgage that is forgiven in a foreclosure, short sale or principal reduction. That means if someone owes $150,000 on their home and it sells for $100,000 in a foreclosure auction, they could owe taxes on the remaining $50,000. For someone in the 25% tax bracket, that would mean paying $12,500 in taxes on the foreclosure. Similar taxes would apply for amounts that were forgiven in short sales and principal reductions." Attached is the link. Enjoy the read.
Posted at 10:32 AM in Bond Market Info, Fannie Mae & Freddie Mac , FHA VA Government Home Loans WA, First Time Home Buyer WA, Home Refinance Tips WA, Investment Home Purchase WA, Low Mortgage Rate Loans WA, Mortgage Changes - Tips , Multi Unit Home Financing, New Home Loan Programs WA, Real Esate Market Updates, Rehab 203K WA , Sandpoint Mortgage Minute, Seattle Mortgage Minute, Team Evergreen Homebuyer Tips, USDA Home Loans WA, Washington State Bond, Zero Down Home Loans WA | Permalink | Comments (0) | TrackBack (0)
Reasons why a borrower may still want to go USDA even though they have to come in with the funds for the value of the out-building:
There is more to this new announcement from USDA but we don’t want to get too deep in the weeds. If you’re interested in knowing more, please call or email and we’ll provide more detail.
WA STATE HOUSING:
IDA MORTGAGE:
Posted at 11:58 AM in Bond Market Info, Fannie Mae & Freddie Mac , FHA VA Government Home Loans WA, First Time Home Buyer WA, Low Mortgage Rate Loans WA, Mortgage Changes - Tips , New Home Loan Programs WA, Real Esate Market Updates, Sandpoint Mortgage Minute, Seattle Mortgage Minute, USDA Home Loans WA, Washington State Bond, Zero Down Home Loans WA | Permalink | Comments (0) | TrackBack (0)
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