Mortgage Market Update

From the desk of Joe Bailey

Keeping You Informed…

Planning To Use The $8,000 Tax Credit? It’s Time For A Re-Pre-Approval

 As the federal home buyer tax credit nears its April 30 end-date, there’s a lot of would-be home buyers in California and elsewhere working hard to get under contract.

What’s A Re-Pre-Approval?

If you’re among them, a piece of advice: If your pre-qualification and/or pre-approval letter is more than 8 weeks old, get yourself “re-pre-approved”. Mortgage guidelines have been in flux and your original lender letter may now be invalid.

As examples, over the past half-dozen months, the majority of lenders have reduced risk tolerance with respect to:

• Maximum debt-to-income ratios : Now capped at 45%
• Minimum allowable credit scores : Heavy penalties starting below 740
• Calculation of “assets in reserve” : Only 60% of some assets can “qualify”

For buyers of condominiums and certain townhomes, even the subject property itself comes under tougher scrutiny.

You Only Get One Chance To Claim The $8,000 Tax Credit

Today’s mortgage applicants need to be a complete package. It takes more than just good income and credit to get approved anymore and today’s buyers would be prudent to revisit their qualifications.

What passed underwriting in January may not pass in May.

Being pro-active brings other advantages, too. If a mortgage re-pre-approval does unearth an issue, addressing and correcting it up-front will be simpler than trying to clean it up once a home’s already under contract. If things fall apart after the April 30 deadline and you lose your claim on $8,000 — tough noogies.

With More Homes Going Under Contract, Home Prices Certain To Rise This Spring

As expected, the Pending Home Sales shot higher in February, boosted by the federal home buyer tax credit’s April 30 deadline.

Pending Home Sales Spike

Versus the month prior, February’s index rose 8 percent but remains well off the highs set last October.

For today’s home buyers and seller, the Pending Home Sales Index is an important measurement. This is because a “pending home” is a property that is under contract to sell, but not yet closed.

According to the National Association of Realtors®, 80% of homes under contract close within 60 days, historically. Therefore, a higher Pending Sales figure in February projects that April’s Existing Home Sales will be higher, too.

More Pending Home Sales Means Higher Home Prices

If you’re a California home buyer today, no doubt you’ve noticed the extra market activity.

On right-priced homes, multiple offer situations are more common; sales prices are settling closer to listing price; Days on market is falling. These are the signs of a buyer-heavy market.  It drives home supplies down and home prices up.

It’s a good time to be a seller, in other words.  Especially as buyer activity looks poised to peak.

Get Ahead Of The Surge To Get The Best “Deals”

When the home buyer credit faced its last expiration in November 2009, we saw a pattern of buyers rushing to beat the deadline.  There’s no reason to expect that won’t happen again. And as it does, Pending Home Sales should continue to climb. Average home sale prices should rise.

Home buyers may find it smart to go under contract sooner rather than later. Pending Home Sales is a warning shot.  Higher home sales figures are ahead.

“Play like a champion today!”

 Joe Bailey - Loan Officer
O.  (831) 689-8500
C.  (831) 251-5167

Joe.Bailey@BaileyMortgage.com

Mortgage Market Update

From the desk of Joe Bailey

Keeping You Informed…

FHA Rulebook Changes: Higher Fees, Bigger Down Payments, And More Mortgage Insurance

Life as an FHA borrower just got tougher.

In an effort to shore up its flailing balance sheet and dwindling capital reserves, the Federal Housing Authority rolled out sweeping financial changes on Wednesday.  FHA borrowers must now look better on paper and have more cash at closing.

Mortgage insurance premiums are rising, too.

In its official announcement, the FHA said it’s trying to “better position the FHA to manage its risk while continuing to support the nation’s housing market”.

The changes are effective with case numbers assigned starting April 5, 2010.

One widely speculated change wasn’t made — the increase of the FHA minimum down payment.  Homebuyers in California and elsewhere can still buy with just 3.5 percent down.  However, the FHA did roll out a number of other changes, including:

• An increase in Upfront MIP from 1.75 percent to 2.25 percent
• A reduction in maximum seller contributions from 6 percent to 3 percent
• A Congressional request to increase monthly mortgage insurance premiums

Furthermore, the FHA’s new guidelines institute a minimum FICO requirement of 580 to make the minimum 3.5% down payment, requiring 10 percent for any applicant whose credit score falls below that level.

But, just because the FHA allows a 580 FICO, it doesn’t mean that banks will approve it.

The official term here is “investor overlay”. It’s when the banks use FHA guidelines as a starting point for their own set of underwriting rules which are often more strict; banks have a good reason for making investor overlays.

Last week, the FHA subpoenaed 15 lenders — including the well-respected 1st Advantage Mortgage in Lombard, Illinois — because of abnormally-high FHA default rates.  The act was a shot across the bow, it seems, because in Wednesday’s FHA statement, the group established an official benchmark for FHA loan performance.

If a bank’s defaults exceed the mean by a certain number of sigmas, the FHA terminates the bank. Period.

For this reason, FHA investor overlays will be a running theme of 2010.

The FHA changes go into effect this spring.

“Play like a champion today!”

 
Joe Bailey – Loan Officer
O.  (831) 689-8500
C.  (831) 251-5167

JBailey@JoeBailey.biz

Mortgage Market Update

From the desk of Joe Bailey

Keeping You Informed…

Foreclosure Distribution In The United States (2005-2009)

Foreclosures have always been an issue for banks, but since 2005, the percentage of foreclosure filings coming from the top 10 foreclosure-filing states has moved markedly higher.

• Q1 2005 : 64.3 percent
• Q4 2009 : 72.4 percent

The U.S. foreclosure problem is concentrating by geography.  And meanwhile, the 10 states included in the list — California, Florida, Illinois, Arizona, Michigan, Texas, Georgia, Nevada, Ohio and Nevada — account for just 45% of the nation’s population.  Distilled, 45 percent of states represent 72 percent of foreclosure filings.

Clearly, some states are more foreclosure-heavy than others. We must use caution when interpreting national housing statistics. A few states can distort the bigger picture.  For example, when RealtyTrac says annual foreclosures reached 2.8 million last year and that foreclosures are up by one-fifth, that’s a national story.  On a local level, however, the story’s much different.

10 states showed year-over-year improvement in 2009 — including Ohio and Indiana. Both states had been hard-hit by losses in manufacturing.  And even when we examine states like Florida and Arizona — two of the most foreclosure-heavy states in the nation — we can find areas in which foreclosure filings are down and the housing market is thriving.

Miami is a terrific example of this.

All real estate is local.  Period.  We can’t compare states any more than we can compare Bakersfield to Beverly Hills.  Big picture data is important, but it’s what happens on the streets that matters, pardon the pun.

Once you’ve found a home and need a prequalification letter to accompany your offer, send me an email and I’ll get you handled. 

“Play like a champion today!”

 
Joe Bailey - Loan Officer
O.  (831) 689-8500
C.  (831) 251-5167

JBailey@JoeBailey.biz

Find Out Information About when to refinance and Read Helpful Tips About should i refinance my mortgage and no cost refinance.

Cash back mortgage refinancing is a great way for homeowners to use their homes equity, and quickly obtain a large amount of money that can be used for anything. Different from a personal loan, cash out refinancing typically offers people much more money with much better interest rates, terms, and conditions. Here are some things people should know when considering a cash out refinancing.

There are many reasons for wanting to use your homes equity. Many people have medical bills or other financial hardships that need immediate attention. Other homeowners want to use their homes equity to complete home improvements or repairs, pay college tuition, or for other major life expenses. While a cash out refinance does potentially provide a homeowner with a big lump of money, always remember that it needs to be paid back.

This means that it is generally a good idea to have a productive plan for the money you are getting. Even if most of it is going to be used to prevent or help a financial problem, the rest should be used to improve your homes value, your financial future, or both. Some people come into problems down the road when they unwisely spend the money from a refinancing on things that are not going to benefit them now. However, the money has absolutely no restrictions on what it can be spent on and some homeowners use it for extravagant vacations, expensive cars, or for other big ticket items. The choice is yours, just make is wisely and with the long run in mind.

Here is a very simple example of how a typical cash out mortgage refinancing can work. Say you owe $50,000 over the next 5 years on your 30 year mortgage. With a cash out refinance, you can take out a new home loan for $100,000 due over 10 years, and pocket the $50,000 difference. This is the money you are able to use for anything you want. This money often comes at a much better interest rate than a typical personal loan would be at.

While this type of refinancing may not be beneficial for everyone, it is a great option for many people. Make sure you understand the long term effects, what you want to do with the money, and the benefits of cash out refinancing before you get yourself into anything. A lot of people actually get themselves into a really bad financial situation if they improperly prepare, understand, or get a cash back refinance. Do not be one of these people.

Once you know the difference you are aware of what each of these options mean so you can make educated choices for your loan modification needs. As you navigate through this complex process it is important to learn as much as you can so that you know what you are getting every step of the way and you can have more control of your process.
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Mortgage Market Update

From the desk of Joe Bailey

Keeping You Informed…

Why You Won’t Always Get The Lowest Advertised Mortgage Rates

 Mortgage rates are low but maybe not for you, specifically.

If you’ve ever wondered why loan officers can’t give you the best “advertised rate”, it’s not because of a bait-and-switch scheme or something worse.  Most likely, you’re being quoted higher mortgage rates because of a government mandate called Loan-Level Pricing Adjustments.

LLPAs are changes in loan costs based on your personal risk traits.

Fannie Mae and Freddie Mac first introduced loan-level pricing adjustments in April 2008 and they’ve been a constant cause of consternation among conforming borrowers since.

The problem is loan-level pricing adjustments aren’t exactly Prime Time news and so the first time most people hear about them is at the point of application. LLPAs can raise a person’s mortgage rate by a full percentage point or more.

To understand what LLPAs are and how they work, let’s talk about auto insurance.

For all of us, there is some base insurance rate for which we all qualify.  It’s based on our age, our credit and the ZIP code in which we park the car.  From there, however, adjustments are made — drive a riskier car, pay a higher premium.  Have a history of accidents, pay a higher premium. Things like that.

The same goes for mortgage loans, the more the risk, the higher the rate.  A few of the risk factors that can change a person’s mortgage rate include:

• Living in a condo with less than 25% equity in the home
• Having a credit score of less than 740
• Living in a 2-unit, 3-unit or 4-unit home
• Using a home as an investment property
• Doing a “cash out” refinance with less than 40% equity in the home
• Having a second mortgage to subordinate

Each of these traits — historically — increases the likelihood of your default.  Therefore, to hedge, Fannie Mae and Freddie Mac charge flat fees to offset potential future losses.

LLPAs are not discretionary fees; sources of profit or padding.  Nor are they junk fees.  LLPAs are mandatory costs triggered by specific loan characteristics.  There’s no flexibility, either.  If you trigger the guidelines, you pay the fees.

The Fannie Mae Loan-Level Pricing Adjustment chart is as thorough as it is punitive. At least borrowers get to choose how they pay them:

1. LLPAs can be paid as a traditional “closing cost”, due at closing.
2. LLPAs can be built into an interest rate. In general, interest rates increase 0.250% for each 1 percent of loan-level pricing adjustment.

It doesn’t take much to trigger the risk-based pricing of Fannie Mae and Freddie Mac; in fact, a lot of conforming mortgage applicants do trigger the LLPAs.

“Play like a champion today!”

 
Joe Bailey – Loan Officer
O.  (831) 689-8500
C.  (831) 251-5167 

JBailey@JoeBailey.biz

Find Out Helpful Info About home loan mortgage refinance loan and Read Info About lowest mortgage rate refinance and home loan mortgage refinance loan.

For people with good credit getting mortgage refinance loans is no problem, but in times of economic uncertainty the people who need to refinance the most due to hard times often also have bad credit perhaps because of a high debt to income ratio, or a defaulted loan, or even simply because they have opened too many credit cards lately.

Mortgage refinance loans are much easier to get if your credit is pristine because the bank considers you much less of a risk than if you are seeking Bad Credit Refinance Loans, because of the bad credit, it’s very hard to get a loan (If you defaulted on credit card loans what’s to say you won’t default on your mortgage refinance loan) but because we are in such economic turmoil so many people are having problems with their loans and going into foreclosure that the government has set up numerous programs that were created to help those with bad credit get a bad credit mortgage refinance loan.

Recently the federal government released billions of dollars to allow people with low incomes and bad credit turn their variable interest rate loans which have gotten very expensive into low interest fixed rate loans. The mortgage interest rates can help millions of people avoid foreclosure on their homes and be able to sleep better at night. Check out your local government websites as well as information on the united states department of housing and urban development (also known as HUD) and on the federal housing administration’s website. These sites can become invaluable tools to help reduce your mortgage payments and get your bills under control.

It’s very important to get your mortgage rate under control as quickly as possible especially now because soon the government packages will expire and as the economy recovers interest rates will skyrocket leaving those who hesitated behind. With houses being large purchases of hundreds of thousands of dollars, even a 1 percent decrease in your annual percentage rate can save you tens of thousands over the lifetime of your loan.

Along with helping you with bad credit mortgage refinance loans, the united states department of housing and urban development and the federal housing administration can help new home buyers purchase homes for a very low down payment hopefully to stimulate the housing market adding buyers and slowly driving up property costs.

If you feel bogged down by your home, and think you will lose it because your mortgage loan payments are too high look into those governmental departments and perhaps a little research can change your life for the better!

About the Author
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Taking out a mortgage on a new home is a very big step in your life. If you are obtaining a mortgage loan for the first time, there are a few things you should consider.

Before you search for a new mortgage loan, you first need to know what type of loan is best for you. There are many types of loans available on the market to choose from. Some mortgages are very traditional and straightforward, while others might be a little more difficult to complete understand.

If you are buying a home for the first time, an FHA loan might be just right for you. FHA loans are obtained through a regular mortgage lender, but they are backed by the U. S. Government. Qualifying for an FHA loan is easier than other loans because lenders know that the loan is secured by government funding.

The most traditional loan on the market is the fixed rate mortgage. With a fixed rate mortgage, you choose the length of time you want to pay off the mortgage, as well as the interest rate. Fixed rate mortgages usually have a payback period of 10 to 30 years. During the life of the loan, the interest rate will remain the same.

Adjustable rate mortgages are similar to fixed rate mortgages in that you choose the length of time you want to pay on the loan, as well as the interest rate. The difference with this type of loan is that the interest rate will change during the life of the loan. As the prime lending rate goes up and down, the lender has the option to raise or lower the interest rate on your loan.

Veterans of the U. S. Military have an option that other borrowers do not have. Many veterans will be able to qualify for a V. A. Loan. Most mortgages require the borrower to have a down payment to purchase a home. The V. A. Loan is different in that no down payment is required for qualified borrowers.

There are a number of newer loan types on the market today that look very attractive to borrowers. Many loans look like there is a lot of flexibility in the way they can be paid. Watch out! If you take the time to read the fine print on some of these mortgages you will see the hidden truth. Some of these loans require a balloon payment. Balloon payments require the borrower to come up with a very large amount of money to finish paying off the loan.

If you find the loan you want, but the interest rate is not as low as you would like, you can change the rate. Lenders allow you to pay points to lower the interest rate. A point is a percentage of the loan amount, usually 1%. By paying points, you will be able to lower the interest rate. This is a particularly good option for fixed rate loans.

Finding a good mortgage loan is easy these days. If you search the Internet, you will find many mortgage lenders doing business online. Do a little research first, decide what type of mortgage is right for you and you will have no trouble finding the mortgage loan that is right for you.

When you’re deciding to buy a house, some of the factors that you have to take into account are mortgage rates. As mortgage rates are important for home-buyers, GIC rates are important for investors. If you’re interested in a customized financial plan, remember to visit us.

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In the several months that have past, the mortgage loaning business has started picking up. This is because banks and mortgage institutions have started offering the lowest mortgage refinancing rates in the history of this business.
This has contributed heavily to the picking up of these businesses. In the past week, you will find that the average rate for a thirty year mortgage was 5.68%.

This is the lowest mortgage refinancing when you compare it to the previous year which was at 6.3%. The decline in the rates has led to an influx of refinancing due to the fact that home owners are looking to get out of the adjustable rate mortgages.

By refinancing at this time, such home owners can have the opportunity of lowering the rate on their fixed mortgages. At the end of January, the applications that were made for mortgage refinancing stood at 22%.

This was a research that was done by the Mortgage Bankers Association. For those who are paying the normal mortgage rate, they should consider the current lowest mortgage refinancing that is available.

There are some skeptic borrowers who will want to wait in the hope that the current rate will go to a further low rate. Long term rates are in the lowest mortgage refinancing meaning at this time the chances of them going lower is highly unlikely.

That is why such skeptics are being advised to refinance before the rates start to rise again. The Federal Reserve has reduced short – term rates by fifty percent appoint by the end of the previous week.

Though these cuts have an impact on lower rates for credit cards and car loans, they do not necessarily influence the long – term mortgage rates. This is because mortgage rates are reliant on the changes in the economy.

Some of the time you will see that short rates may go down but mortgage rates will do the exact opposite.

Because long – terms rates have been known to be directly influenced by inflation, you will find that the bonds yields will rise. A boost on the inflation rate therefore will mean a direct rise to the mortgage rates.

That is why those people who are waiting for the rates to go lower are at a very high risk of getting higher refinancing rates in the future.

About the Author
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If you don’t want to give a continuous monthly payment for your house and want to save money, you can do it by refinancing your home. If you get a refinance mortgage loan you can easily save your money without paying monthly payments. Under a mortgage refinance plan, your present deal is reinstated with a different deal. It supplies its borrowers with many benefits. It decreases the house payment and releases some of the equity built in a lump sum payment or installments.
Mortgage refinance refers to changing the current loan with some other loan. It is capable of giving a positive edge if your credit history is not up to the mark. Your personal lender must be knowledgeable of your history and can suggest you favorable terms of refinance mortgage loan.

There are various types of refinance mortgage loan which you can find in the market. Through these loans you can refinance your mortgage.

1. Fixed Rate: Here, the interest rate on the base amount is fixed through out the years of the payment of the loan.

2. Adjustable Rate: This type of loan has changing interest rates depending on the market condition. In this type of refinance mortgage loan, there is generally an introductory rate period where the interest rate is fixed for a few years (3 and 5 years are common) at a very low rate. After this introductory period has passed, the rate becomes a true variable rate, focused on the rates of the market.

3. Fully-amortizing loan: Through this loan the monthly payments are changeable with interest rates, and towards the balance.

4. Balloon Home Loan: The interest rate here is fixed for a set period of time. Afterwards, it works as an adjustable interest rate.

5. Home Equity Loan: This is a fixed rate loan allowing you to tap into your equity while giving you a fund to spend. This type of loan is ideal for mortgage refinancing only if you have enough equity in your home to pay off your original mortgage lender.

When applying for a refinance mortgage loan you need to be careful and to be fully informed. You should know that whether it beneficial for you or not:

- While applying a refinance mortgage loan you must understand about that loan and do some research on it. – You must have a full control over your debts, and there is no hidden cost. – Make sure that your repayments will be reduced and not increased. – Your lenders fully inform you about the consequences of the steps you are taking. – You are better off as a result of the solution you have chosen.

Several mortgage companies can be able to assist you through relationship with lenders with a mortgage refinance loan. But make sure about the company’s performance.

Whatever refinance mortgage loan you have chosen, with fixed interest rates or with variable interest rates, you have to study all the related data to avoid errors which may lead to the loss of real estate. It is also important to find appropriate mortgage loan rates and interest rates among an enormous variety of mortgage loan companies and lenders.

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Mortgage Market Update

From the desk of Joe Bailey

Keeping You Informed…

The Easy-To-Understand 2010 Home Buyer Tax Credit Program Summary

November 6, 2009, Congress modified the $8,000 First-Time Home Buyer Tax Credit program, turning it from a “first-time” buyer program into an “everyone” Home Buyer Tax Credit program.

Under the program’s new terms, first-time buyers are eligible for up to $8,000 in federal tax credits and long-time homeowners get up to $6,500. A “long-time” homeowner, according to the IRS, is someone who has used a home as a primary residence for at least 5 consecutive years dating back to 2002.

This is an important qualifier for existing homeowners.

If you plan to claim the Home Buyer Tax Credit in 2010, here’s what you need to know.

First, you need to know that the tax credit is federal. Therefore, it doesn’t matter whether you live in California, Chicago, or anywhere else — if you file U.S. taxes, you’ve cleared the first eligibility hurdle.  All you have to do is file.

Second, you need to know your deadlines.

In order to claim the Home Buyer Tax Credit, you must be under contract for your new home no later than April 30, 2010 and you must be closed on your new home between the dates of November 7, 2009 and June 30, 2010.

So long as you meet these dates, you’ve cleared the second eligibility hurdle.

Third, you need to know what types of home buys are specifically excluded by the IRS.

1. The home may not be acquired from a mother, father, spouse, or child
2. The home may not be acquired from an entity in which you’re a majority owner
3. The home may not be acquired by gift or inheritance
4. The home’s primary buyer must be at least 18 years of age
5. The home’s purchase price may not exceed $800,000
6. The home must be meant for use as a primary residence

These rules ensnare just a small percentage of home deals so if you meet the eligibility requirements as shown above, you’re probably going to be in the clear.  It’s at this point, though, that you should double-check just how much of the credit you’re eligible to claim.

The maximum tax credit as authorized by Congress is for up to $8,000 for first-time home buyers and for up to $6,500 for long-time homeowners.  Not everyone will get access to the full amount.

For one, the tax credit is limited to 10% of the home’s purchase price.

• A $300,000 home is eligible for up to $8,000 in credits to first-timer home buyers and up to $6,500 to long-time homeowners
• A $50,000 home is eligible for up to $5,000 in credits to first-time home buyers and up to $5,000 for long-time homeowners

And secondly, the tax credit is tied to the home buyer’s income levels.

If you are a single-filer with the IRS and your income is less than $125,000, you will receive the maximum credit. This is the same for joint-filers with income below $225,500. In households where income exceeds those limits, however, the home buyer(s) is subject to a tax credit haircut.

The credit reduction is 5% for each additional $1,000 in claimed income.

• Single-filer earning $125,000 : 100% of the tax credit
• Single-filer earning $126,000 : 95% of the tax credit
• Single-filer earning $127,000 : 90% of the tax credit
• Single-filer earning $145,000 : 0% of the tax credit (i.e. no credit)

The math is the same for joint-filers:

• Joint-filers earning $225,500 : 100% of the tax credit
• Joint-filers earning $226,500 : 95% of the tax credit
• Joint-filers earning $227,500 : 90% of the tax credit
• Joint-filers earning $245,500 : 0% of the tax credit (i.e. no credit)

At this point, you know your own eligibility, and the size of your credit. However, you may still have questions. Thankfully, the IRS thought of that with their Bizarre Scenario FAQ.  It’s worth a look.  The FAQ includes scenarios for couples getting married, divorced and separated, plus “flipping” and various “renting homeowner” scenarios.

Here’s how to claim your Home Buyer Tax Credit.  There are just 2 very basic steps:

1. Review the eligibility requirements above — just in case!
2. File your 2010 taxes online

Or, if you want to receive your tax credit faster, consider filing an amended 2009 return. This is especially helpful for self-employed home buyers and other folks that typically file between April 15 and the October 15 deadline.

That’s it! Just be sure that you’ll use your new home as your “main home” for at least 3 years. Otherwise, the IRS will reclaim your refund.

Lastly, please remember that I am a loan officer — not an accountant. Consult a tax professional for tax matters.  You can also use me for rate quotes. 

“Play like a champion today!”

 Joe Bailey – Loan Officer
O.  (831) 689-8500
C.  (831) 251-5167

JBailey@JoeBailey.biz