To help us sort thru the maze of new financial programs and developments, here are some comments directly from the experts themselves:


From Lani Furrows, Bank of America, November 3, 2009:

Senate Clears Homebuyer Tax Credit Extension to Pass This Week

After two weeks of delay, the Senate last night cleared the way to pass a seven month extension and expansion of the tax credit for homebuyers.  By an 85 to 2 roll call vote, the Senate voted to cut off debate on a package of measures that includes the homebuyer credit, making it virtually certain that the legislation will reach President Obama for his signature this week.
The homebuyer tax credit, due to expire in 28 days, would be extended through April 30 of next year.  First-time buyers who are in process of making a purchased would not need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline.
For the first time, the legislation cleared last night makes move-up buyers as well as first-time buyers would be eligible for a credit.  The $8,000 maximum first-timer credit will continue and will now available to couples with income up to $225,000, a nearly $55,000 increase above the level in existing law.  A new $6,500 maximum credit would also be available to move-up homeowners who have lived in their current residence for five of the prior eight years.. 
 
Lani Furrows
Vice President
Retail Mortgage Sales

View My Website
Direct: 858.795.6824
Mobile: 619.316.3106
Fax: 866.923.8410
lani.furrows@bankofamerica.com

Bank of America
9191 Towne Centre Drive , Suite 380
San Diego, CA 92122
 Equal Housing Lender



From Cydney Gant Shinn, September 18th:

Housing Starts Increase to a Nine-Month High
New York Times (09/18/09) P. B3
In its latest report on residential construction, the Commerce Department reported that building activity jumped in August to the highest level seen in nine months. The pickup was led by a 25.3 percent surge in groundbreakings on new apartments, which more than offset a 3 percent slowdown in the single-family housing market. All in all, starts on new homes and apartments recovered from a 0.2 percent slide in July to gain 1.5 percent last month, which saw 598,000 units on an annualized basis. In another indicator that the housing sector is starting to recover, Commerce also said that building permits were up 2.7 percent in August.

Mortgage Rate Nearer to 5 Percent
Wall Street Journal (09/18/09) P. C4
Home loan rates remained near three-month lows this week and dipped even closer to the 5 percent threshold, Freddie Mac reported in its survey. According to the firm, average interest on 30-year fixed loans fell to 5.04 percent from 5.07 percent a week ago; while 15-year mortgages averaged 4.47 percent, down from 4.5 percent last week. Five-year adjustable-rate mortgages held steady at 4.51 percent, while one-year ARMs dropped to 4.58 percent from 4.64 percent. Freddie Mac economist Frank Nothaft believes the pattern of decline could lead the survey to a record annual low for 2009.

As you can see from the articles above, interest rates are still at historic lows.  Coupled with the first time home buyer credit, and a competitive market, it is a tremendous time for your clients to buy a home.  Wanted to make you aware that because we do everything "in house", we can move very quickly.  Conventional or FHA loan - application to funding in Two Weeks, VA loans - application to funding in Three Weeks.  If you have any questions or would like to pre-qualify your clients, I will be available this weekend to assist you.  My cell number is 619-838-2456, or my email is Cydney@sdfunding.com.
Hope you have a great weekend!
 
Cydney Gant Shinn
Loan Officer
San Diego Funding
2448 Historic Decatur Suite 205
San Diego, Ca 92106
Cydney@sdfunding.com
619-838-2456 Direct
619-574-0966 Fax 



From Julie Ozanich, May 30th:

Hello!
What a whirlwind week!

Wednesday rates hit their worst one day performance since October. The Treasury has literally been printing money by way of Treasury auctions to pay for the massive spending.  And these hundreds of Billions of dollars of new bond supply have to be absorbed by the market, so the additional supply literally weighs on the entire Bond market and drags prices lower.  Anytime supply vastly exceeds demand, prices will move lower.  And as prices move lower, yields rise- that rise in yield will attract new buyers as they get a higher return on their investment.

Friday the buyers were out and helped push those rates back down a bit.  Whew.

Consumer sentiment came in a bit better than expected, showing that consumers are beginning to feel better about their economic prospects ahead.

The New York Fed purchased 25.5 Billion in Mortgage Backed Securities in the latest week bringing the year to date total to $481B out of the $1.25T allotted.

Have a great selling weekend!

Julie Ozanich
Chase Home Loans
858-605-3814
Fax 866-875-9659


From Julie Ozanich, April 10th:

We have rolled out the Homeowner Affordability and Stability Plan to help
current homeowners refinance into our current lower rates!

Here's a few highlights:
- Up to 105% LTV- no CLTV limitation- however, 2nd mortgage must approve
subordination
- If you don't have MI now- you won't have to get it
- If loan currently with Chase, must be employed and active employment
verified but no verification of income or assets
- If self-employed or receive other passive income, first 2 pages of 2008
federal tax returns required
- If you have a non-Chase mortgage, we will need full documentation
- No minimum credit score requirements if currently a Chase serviced loan-
just don't have any late payments on mortgage
- Available on 2nd homes and investment properties

I am still on the edge of my seat for the increased jumbo-conforming loan
sizes up to $697,500.  We are being told it is coming any moment!

Have a HAPPY EASTER!

Call me! Your purchase business still has my PRIORITY given to it!  I look
forward to hearing from you!!

Julie Ozanich
Chase Home Loans
10790 Rancho Bernardo Road
CA2-0864
San Diego, CA 92127
858-605-3814
Fax 866-875-9659

 
From Clay Sheffrey, April 3rd: 

Here we come.... to save the day!!!!!

 
No I don’t have super powers to stop that speeding train or the ability to leap tall buildings in a single bound,
But what I can do is save your home.
Starting Monday April 6 th I will have the resources necessary for us to save your clients home will finally be available to us.
 
Here is a little bit about the ways that we can help your clients retain their homes and avoid BK and/or Foreclosure.
 
THE HARP PLAN ( Home Affordable Refinance Program )
        - Allows borrowers with 1st and 2nd mortgages to refinance the 1st Mortgage while subordinating the 2nd mortgage..
        - Current 1st must be owned by Freddie Mac or Fannie Mae
        - 1st Loan must be at 80% Loan to value
        - Loan can not have Mortgage Insurance.
        - 2nd Loan must currently be serviced by Wells Fargo to be eligible.
 
Truthfully not many clients will fit into the program, it is limiting but there will be some clients with current 1st and 2nd mortgage combinations that will fit nicely into this program, have your clients call us to determine eligibility ( Id tell them to call us on Wednesday the 8th so we have plenty of time to absorb the changes being placed in the system over the weekend )
 
Option #2.
 
        I have had so many clients inquire about Loan modifications, are they for real? Do they work? Is it a scam? All valid concerns.
My largest complaint was always why pay a lawyer for something I can do myself.?
Truthfully if you deal with the lender yourself then you have nobody looking out for you except you and you are not a professional. Lawyers are professionals that know how to work with lenders to negotiate a modification that will work for you.
        If you are interested in taking advantage of low rates like a 30 yr fixed at 4.5% then a LOAN MODIFICATION is not for you. Loan modifications are designed to keep the borrower in the home for the next 5 years by lowering their payments dramatically so that they can pay off other debt, improve their financial picture and avoid foreclosure. The lender doesn’t want your home!. Loan modifications can give you a low rate as low as 1% for the first year or two with a guarantee of low rates for the 1st 5 years. The payment minimums are interest only so the borrower can apply their resources to paying off debt and improving their financial picture so that after the 5 year period they are in a position to sell ( with equity ) or refinance into a longer term plan. The best case loan modification applications are for.
       
        - discrepancy in Debt to Value ( underwater on your home )
       
        - Financial hardship ( loss of job, income or other event that affected ability to pay.
 
        - ARM loans, or Neg am loans ( fixed rate loans will not be modified )
 
        - Late Payments.
 
        - Severe Debt to income ratio problems.
 
        If you have questions about Loan modifications please contact me on my cell phone.  I have a relationship with a law firm that can boast the following about their loan modification program.
 
        - 100% success rate, They will not take the clients money unless they know it can be done.
 
        - Free consultation with a complete application package.
 
        - Lowest cost I have found. $2000 upfront cost with a $295 close out fee.
 
One success story to share briefly,  Borrower had Neg am payment at 6% of $1274
        Loan was modified to 1% Interest only for the first 2 years with payments of $249 per month  saving the borrower $1000 a month ( cost of loan mod recovered in under 3 months )
        2% interest for the 3rd year at $747 per month
        and 5 % for the 4th and 5 th years.
 
        This borrower was set to save $24000 in the first 2 years alone and that doesn’t take into account the negative amortization and adjusting rate on his loan.  That $24000 can be used to eliminate debt and eventually begin to pay principal again on his.
 
        I trust these guys and believe in the modification, if you have clients, friends or family in trouble it is worth a chance to submit a complete application at no cost and receive the free consultation.
Clayton S. Sheffrey
Mortgage Consultant
Homeservices Lending
MAC M0874-011
2830 Shelter Island Dr
San Diego,  CA  92106
(619) 225-5541 Tel
(866) 513 4952 Fax
(619) 708 0876 Cell
clayton.s.sheffrey@hsl-ca.com



From Julie Ozanich, April 3rd: 

The Obama 2009 Stimulus package, called the Homeowner Affordability and
Stability Plan is here next week!  The is the refinance option for folks
who have paid their mortgages on time up to a 105% LTV.   Guidelines roll
out on Monday so stay tuned and if you are interested in the program and
know someone interested in the program give me a call after Tuesday of next
week for more details!  This is for loans up to $417,000.

One day after the mark to market was ruled to be relaxed by FASB, we are
hearing stories of banks already saying they may not need to sell assets to
raise capital, which is encouraging to the financial system.

The Labor Department reported that the economy lost 663,000 jobs in March,
close to expectations of -660,000, and pushing the total number of jobs
lost since the recession began in December of 2007 to 5.1 million.

I will be available all weekend- call me to help prequalify your next
homebuyer!

Julie Ozanich
Chase Home Loans
10790 Rancho Bernardo Road
CA2-0864
San Diego, CA 92127
858-605-3814
Fax 866-875-9659




From Clay Sheffrey, March 31: 

Tomorrow is April 1 2009, Rates will be at their lowest point in the history of time tomorrow ( wait for it…… )
  
Aprils fools. :)
 
        Actually the above statement is not too far from the truth, Rates have stayed low hovering around the 4.875% with No points mark ever since the Treasury announced the increase in funds to be used to purchase "toxic assets" on March 19th.
        The level we are at now is likely the lowest we will ever see rates go, according to "experts" who claim to know more about the secondary market that I do.
 
        The affect of this move by the treasury has already been felt. Many individuals have already started to inquire about refinancing and the mortgage application numbers ( when released will reflect this )
 
        Id like to talk a little about what we can do that is outside the box of normal lending. We have many products that normal brokers don’t deal with and can be very useful to you and your clients.
 
        #1 FHA Streamline refinance.- we just helped a borrower who bought last year, refinance his current FHA loan and lowered his rate by 1.375%. His refinance required NO APPRAISAL, and all the borrower had to bring in to close his escrow was his normal monthly payment.  This is a great product for anyone who purchased in 2008 at the 6% rate range and wants to now lower rates down to their current levels. If you have past client that closed a loan with us or anyone else have them contact us to take advantage.
 
        #2 REHAB 203K Loans. Attached is a flyer to describe this loan. It’s a great loan for people who are buying properties that need work. This loan is an all in 1 loan that does not require a refinance after the work is done. This product has a little higher rate than a normal FHA loan but still only requires 3.5% down!!!  Call for more details.
 
        #3 REVERSE MORTGAGES - These loans are only for individuals over 65 years of age but requires no documentation, no income and has NO PAYMENT EVER!!!! Imagine that for your elderly clients. This loan can be used to purchase or Refinance a Owner occupied property only.
 
        For now rates are still low, every scenario is different but most people are in the High 4's or Low 5's
 
Thanks for reading.
 
Regards
 
 
Clayton S. Sheffrey
Mortgage Consultant
Homeservices Lending
MAC M0874-011
2830 Shelter Island Dr
San Diego,  CA  92106
(619) 225-5541 Tel
(866) 513 4952 Fax
(619) 708 0876 Cell
clayton.s.sheffrey@hsl-ca.com
 


From Clay Sheffrey, March 19: 

EVERYONE
 
        Well Tim and I did everything we could to contact as many people as possible to take advantage of what we knew was a very small window of opportunity. The record setting investment into Mortgage backed Securites that occurred yesterday sent rates immediately to historic lows.  This morning the correction of that activity has already begun and rates will likely be higher tomorrow if not sooner, (This afternoon.)
 
        Seems that this ship has sailed or will be sailing soon.
        If you know you want to lock in and are ready to commit call us and we will do whatever we can. 
 

     If you or any of your clients want to get onto our REFI RATE WATCH list, call us and we will take down the information necessary to lock in a rate when it hits the magic mark. This is FREE service but does require commitment.
 
Some other things to think about and rates to talk with your client about.
 
        FHA purchase of a SFR under $417,000 with 3.5% down. 5.0% with NO POINTS>
 
        Conforming purchase of a SFR with loan at $417,000 or less and a LTV of 80% or less 4.87% NO POINTS>
 
        HSL VS BROKERS 
        ** Did you know FHA Loans have NO FICO requirement, but Brokers have to have a  minimum FICO score of 620. HSL can do FHA loans down to a 500 FICO score. Keep this in mind.
 
        ** FHA STREAMLINE REFINANCES- anyone who bought a home using an FHA loan last year can do a STREAMLINE REFI with very little cost and could take advantage of the new lower rates. Have your past clients from 2008 call us to discuss.
 
       HOPE YOU ALL HAVE A GREAT DAY AND WEEKEND>

Clayton S. Sheffrey
Mortgage Consultant
Homeservices Lending
MAC M0874-011
2830 Shelter Island Dr
San Diego,  CA  92106
(619) 225-5541 Tel
(866) 513 4952 Fax
(619) 708 0876 Cell
clayton.s.sheffrey@hsl-ca.com

From Julie Ozanich, March 19:

Folks- any First Time Buyer that can afford the house payment should be
buying a house NOW!

Call me with any questions or for assitance!!

Julie Ozanich
Chase Home Loans
10790 Rancho Bernardo Road
CA2-0864
San Diego, CA 92127
858-605-3814
Fax 866-875-9659



From Clay Sheffrey, March 18: 

AGENTS>
I hope you all have been well and have been doing lots of business.
Tim and I have been working hard in this crazy market and are dealing with the curveballs as they are thrown at us.
Today was HUGE in the mortgage world. Here is a snap shot of what happened, what it means and what you should be doing.
        The 500 Billion designated to buy Mortgage backed securities set aside last November has been increased to 1.25 TRILLION dollars.  This is huge and sent the stock market up and rates down.
        This resulted in a change in cost of over 1/2 a pt.
        For Example.
        75% LTV REFI at 4.5% on a SFR under $417,000 at 9am was 1.625% pts to lock
At NOON the same refi was 1.0%pt to lock.  That is  a huge drop.
 
        Now before you all get any crazy ideas this announcement does not mean rates will continue to drop lower than the levels we are at right now. It is almost mathematically impossible with the way the financial markets are set up right now for Rates to drop much lower than their current levels. The truth is that a rate of 4.5% is the lowest in history,  George Washington paid 5%. ( not a fact just a joke ) 
 
        Typically when huge news like this drops,  we have a 48 to 72 hour window where rates are priced incredibly good. I believe this afternoon and hopefully tomorrow to be one of those windows.
 
        If you yourself have been thinking of refinancing or know of anyone, have them call us, we can get them approved and locked in a matter of hours and they will be taking advantage of historically low interest rates.
 
        I will follow up tomorrow morning with everyone with rates for tomorrow as well.
 
Regards.
 
Clayton S. Sheffrey
Mortgage Consultant
Homeservices Lending
MAC M0874-011
2830 Shelter Island Dr
San Diego,  CA  92106
(619) 225-5541 Tel
(866) 513 4952 Fax
(619) 708 0876 Cell
clayton.s.sheffrey@hsl-ca.com


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