Silence the Naysayers!

I've been going round and round about if you can buy FHA after having just done a short sale.  Yes, you can IF:

- you have not had a late mortgage payment in 12 months
- you are forgiven all debt and no other deliquent or deficiency amount exists

of course all other standard qualifying terms still exist.  You must have a 580 fico (differs with each lender), qualify based on income and debt ratios, and other lender overlays.

Read it for yourself here:
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/.../09-52ml.pdf

Get out there and invest in your future while the market is down and get rid of that burden you are carrying now.  Just KEEP MAKING YOUR MORTGAGE PAYMENTS UNTIL ESCROW CLOSES!!

Senior Citizen Loan Programs- Saving $ with a Reverse Mortgage

Senior Citizen Loan Programs- Saving $ with a Reverse Mortgage

 

Basically, accessing your homes equity to take care of costs without paying as much upfront for the loan.

  

To Qualify

 

Borrower Requirements:

 

You must:

• Be 62 years of age or older
• Own the property outright or have a small mortgage balance
• Occupy the property as your principal residence
• Not be delinquent on any federal debt
• Participate in a consumer information session given by an approved HECM counselor

  

HECM Saver

 

HUD has just introduced a major new FHA insurance product for reverse mortgages.

 

HECM Saver gives seniors a new option for accessing their home’s equity to pay for health care costs, home repairs and other needs. Despite the popularity of the HECM loan product, we have noted concerns that some senior citizens find that the upfront fees are too high for them. In response, we created this new product which will provide seniors with another reverse mortgage option that significantly lowers costs by almost eliminating the upfront Mortgage Insurance Premium that is required under the standard HECM option.

  

HECM Saver

  

will have an upfront premium of only .01 percent of the property's value. This provides the borrower with significant savings in comparison to HECM Standard’s two percent upfront premium. Under HECM Saver, the principal limit, or amount of money available to a borrower, is lower than under HECM Standard. Borrowers will receive approximately 10 to 18 percent less proceeds under the HECM Saver option than they would receive under HECM Standard, which lowers the risk to the FHA insurance fund. See if you qualify, then call Me, Valli Lopez 619-916-9595

 

http://rmc.ibisreverse.com//rmc_pages/rmc_aarp/aarp_index.aspx

 

Reverse Mortgage Calculator

 

RATES

I can't be more excited about interest rates.  4% is seriously obtainable.  I am getting refis up the wazoo.  Busier than ever and greatful for it all.  New Mortgage Calculator has been uploaded.

Politics

It's my personal opinion, but I believe with elections coming up, the market is almost frozen due to lack of trust.  We don't know, as consumers, what's next, what is the government going to do next?  It makes it hard for us to survive as agents and loan officers, but I guess that's why my mother always told me to Weather the Storm.  Easier said than done.  Stocks are Up, Rates are down but our housing market lost 30 billion in list value last month, we are facing DEflation, ....something's fishy...I'd say, wait out your purchase, wait out your sale...maybe temporarily apply for a loan modification, even tho only 30% have been approved, try it out and wait until November to see if politics can drive this market back up.

Soft Market For Investors

I've shown 1.9 million in property in the last week at least!  Exhausted, yes, satisfied, no (aside from the SLiders at Applebees) but realistically, I'm suprised by this market in San Diego right now.  It is so soft right now, I do not understand why flips aren't selling as fast as they were at the beginning of the year.  Stay tuned to find out why as I research in the next few days the causes of this soft market.