FHA is lowering the cost of homeownership – FHA Mortgage Insurance Premium Reduction

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FHA has reduced annual mortgage insurance premiums that will take effect January 26, 2015. FHA will temporarily approve cancellation requests for active FHA Case Numbers within 30 days of the effective date.

Contact us to find out how this change can save you money in your purchase or refinance!

 

EMAIL jaynelle.bell@gmail.com   Direct: 510.206.7144

Getting a Mortgage When Lenders say No

New mortgage rules are pretty clear about what you have to do to convince a lender you’re a qualified mortgage borrower. Meant to measure your ability to repay, the new rules created a list of eight things lenders had to check to make sure you could repay your mortgage.

Those protections help ensure we’re not going to see a repeat of the mortgage crisis any time soon. The new rules are also designed to reward banks for staying away from risky products like interest-only loans. But if you can’t meet any of the eight standards you’re going to find it harder to get a new mortgage or refinance your existing mortgage.

The NATIONAL ASSOCIATION OF REALTORS® predicts the changes will slice about 5% to 7% of borrowers out of the market.

Where do you turn if you’re in that 5% to 7% or you like your balloon loan and want to refinance into another balloon loan?

The fine print in the new rules created some exemptions that you can use to try again if you don’t meet one or two of the eight qualified mortgage checks, or if you want to go with a loan product that the rules discourage lenders from making.

1. Your State Housing Finance Authority

State Housing Finance Authorities specialize in helping first-time and low-to-moderate income homebuyers and homeowners. They’ll often give you a below-market interest rate or the option of putting down as little as 3%.

Read more: http://www.houselogic.com/blog/home-loans-mortgages/getting-a-mortgage-when-lender-says-no/#ixzz2tfBXvYBa

OPERATION HOPE Credit Counseling Program

Those with bad credit often find themselves in a debt spiral—unable to afford to pay off debts, they face high finance charges and difficulty getting work or loans to start businesses or go to school.

Operation HOPE provides free one-on-one credit counseling services at all HOPE Center locations and over the phone. Our Certified Personal Finance Counselors help clients identify specific debt and budgeting issues—and take steps to establish or improve their credit.

Our credit counseling program includes:

  • Free TransUnion credit report.
  • One-on-one consultation with a credit professional.
  • Assistance in writing dispute letters.
  • Comprehensive budget preparation.
  • Credit and Money Management Workshop.

 

Credit Counseling Program.

5 Stupid Ways to Pay Off Your Debt

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The easiest way to recognize a “stupid” debt repayment method is to think about whether the debt is actually paid off when the method’s complete. As you think about ways to get rid of your debt load, ask yourself, “Is this just a quick, easy solution to tide me over or will this really, once and for all, get rid of the debt?” Here are some of the worst (and most costly) ways to “pay off” your debt. p>5 Stupid Ways to Pay Off Your Debt Article.

Bank of America to Streamline Short Sale Process

Bank of America says it’s making changes to its short-sale procedures that will shorten decision times on short sale offers to 20 days, down from 45 days or longer.

The new task flow in Bank of America’s short-sale management platform, Equator, will enable short-sale specialists to conduct tasks like document collection, valuations and underwriting simultaneously. When buyers walk, agents will have five days instead of 14 days to submit a backup offer.  Contact us for more information.

Investment Funds Crowding Out Local Investors and First-Time Home Buyers | Bay Area Real Estate Trends

Investment Funds Crowding Out Local Investors and First-Time Home Buyers

Inventory is already tight at the low-end, and now local investors and first-time home buyers are having to compete with large institutional funds. This is bad news for all of us little guys.

The Wall Street Journal reports: Read the complete article

 

 

 

Investment Funds Crowding Out Local Investors and First-Time Home Buyers | Bay Area Real Estate Trends.

FHA Home Buyer ALERT: Mortgage Insurance Premiums Increase April 2012

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FHA MIP ALERT: Mortgage Insurance Premiums Increase April 2012.

The FHA Upfront Mortgage Insurance Premium will go up .75% from it’s current 1% of the loan amount to 1.75%. This increase applies regardless of term or loan to value, which includes 15 year fixed FHA home loans.

The FHA Annual Mortgage Insurance Premium will go up .10% from it’s current 1.15% of the loan amount to 1.25% on loan amounts up to $625,500 beginning April 1st, 2012.

Read the complete article :FHA MIP ALERT: Mortgage Insurance Premiums Increase April 2012.

FHA buyers must accelerate their home search and purchase before April, 2012

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Accerelate your property search. View property by neighborhoods, city map

Use our property search map and connect with a Watermark Properties agent today.

Professionals share ideas, information at free workshop for distressed mortgage holders – San Jose Mercury News

Professionals share ideas, information at free workshop for distressed mortgage holders – San Jose Mercury News.

here are strategies homeowners can use to get through the current home finance crisis. A group of volunteer professionals are sharing those ideas and information at a free community workshop Feb. 18 for distressed mortgage holders that will be held at the Salvation Army Church community room in Concord.

Despite news of recent government proposals, homeowners struggling with high payments on loan amounts exceeding their home’s current value may not expect new programs to be a magic bullet that will save them, according to attorney and workshop panelist, Brian A. Ripley.

“The government is not going to be the answer,” Ripley said.

Read the complete article.

Californians to get up to $18 billion in mortgage relief in settlement with nation’s biggest lenders – San Jose Mercury News | | Watermark Properties Real Estate BlogWatermark Properties Real Estate Blog

Californians to get up to $18 billion in mortgage relief in settlement with nation’s biggest lenders – San Jose Mercury News | | Watermark Properties Real Estate BlogWatermark Properties Real Estate Blog.

federal government

Loan Modification Hell – YouTube Contact me and get out now

Loan Modification Hell – YouTube.

Only 9% of property owners qualify for loan modifications and most of those owners lose their property to foreclosure.within two years of receiving the modification because loan modifications benefit the bank not the consumer. My short sale approval is 90%, because I work with motivated sellers who want to end the financial nightmare and get back on the road to financial health.   Some lenders provide you up $20,000 to move on.

 

Interested in the detailed benefits of a property shortsale.

Contact me today.

Successful Hercules Short Sale by Jaynelle Bell, Watermark Properties

Successful Hercules Short Sale by Jaynelle Bell, Watermark Properties, Dec. 2011