Mortgage Bonds are soaring higher

Mortgage Bonds are soaring higher on this weekend’s announcement that Fannie Mae and Freddie Mac will come under control of the government.

The government’s move to create a line of $200 billion to back all Fannie Mae and Freddie Mac loans at all costs is great news for homeowners. First, it ensures the continued liquidity of conforming loans nationwide and, second, it ensures that buyers of this type of Bond have a safe investment going forward. There’s no doubt that this will help the US housing market move through the current crunch that we’re in.

So far this morning, the news has lead to a nice rally in pricing. When combined with the break above the 200-Day Moving Average, this may lead to attractive rates. Therefore, I recommend floating for now.

FHA Direct Endorsement

Dear Friends and Family,

I’d like to take a minute and let you know how the company I work for is staying competitive in this ever-changing market. I’ve found recently that FHA loans are one of the fastest growing loan programs in the market today. I am helping families buy homes with little to no money down. Zero to 3% down is still a possibility even in this difficult market.

Franklin Loan Center has just completed its FHA Direct Endorsement approval process. This means I am now able to process, underwrite, approve, draw loan documents, and fund FHA loans IN-HOUSE with my Team!!! FHA 30 days or less!! This means you get the house you want at low interest rates and payments with my no-hassle loan close guarantee.

The reason I share this with you is because we’ve you may have a friend, co-worker, or family members who have been thinking about buying a house. Let me know if I can help with my FHA program and expert knowledge.

By the way, I am never too busy for any of your FHA Lending Needs.

The markets volatility

The markets volatility sure isn’t loosing any gas and slowing down. That’s right take a look at this week’s newsletter which continues to discuss the market volatility and inflation concerns by investors. What will it take to get oil to $100 a barrel down from $130? Some say a fed funds increase.

Also, have you noticed signs that tomatoes are in trouble? The FDA has warned about salmonella in red raw tomatoes. See below.

Make it a great week and stay hydrated out there! IT’s HOT!

Rates closed the week

Rates closed the week up on some products and flat on other.

· Unemployment rate is up to 5.5% from 5.0% last month
· The half point raise was the biggest jump since February of 1986
· Oil prices continue to rise and started the day at $136 per barrel. Watch this as inflation causes interest rates to increase.
· It’s NOT all bad though… the stock market lost some of its gain today which is good for mortgage pricing. We’ll see how things play out next week.

100% financing

Are you tired of your clients hearing NO, NO, NO, I can’t find anyone to qualify me on 100% financing, interest rates are too high, I don’t have enough money for a down payment or closing costs, or I am in a declining or soft real estate market and cannot meet my lender’s new qualifying guidelines?

If you are tired of hearing these objections, then I can help you sell more homes because I can turn these frustrated clients into buyers.

Call me today to discuss the benefits of FHA financing for your clients. I have a privately funded down payment assistance program that has been approved by the FHA to help get families into homes.

This program allows:
Down payment and closing cost assistance to the buyer
Lower interest rates
No declining or soft market policy
Easier to meet with low or no credit scores needed
No asset reserves required
This program is restricted to primary residences only
Full documentation, but also allows non-occupant co-borrowers to help qualify.
The maximum loan amount 500K.

The responsibility of executing this program correctly will be based on the ability of the buyer, seller, and lender all working together to accomplish our goal. I will be more than happy to school all who are involved in the transaction to help accomplish this goal.

The Mortgage Business of 2008 Quick Tips

The mortgage business of 2008 is turning into a wild ride! It’s like a never ending adventure that continues to throw a curve balls in my direction. Some of the things I’ve learned recently.

1. Canadian financing… requires 30% down. No income needs to be verified, no social security number, or credit report. I’ve got several programs to help with Canadian or foreign national financing.

2. FHA property flipping states that a seller cannot hold title to a property for less than 90 days which includes the purchase agreement dates. Make sure its more than 90 days from when the purchase agreement is signed.

3. 100% financing is still available… ask me how.

4. Most people don’t understand the benefits of reverse mortgages. If you are home equity rich and cash flow poor reverse mortgages can make sense.

5. Many banks are moving away from stated income, stated asset loan programs and most have discontinued no document and no ratio programs.

Call Sean La Rue at (760)837-1488 or simply apply at Loan Application

Bear Stearns bailout

I hope you had a relaxing Easter weekend. This weeks update covers the news about last weeks Bear Stearns bailout. Ever thought about the Pros and Cons of buying a car versus leasing one? This week’s update covers it all! Also, just in case you didn’t get a chance to read why new mortgage rates go up after a Fed cut see the attached article.

I’d like to address one topic today. Have you ever noticed in the Desert Sun that many of the articles are written by the Associated Press? Ask your clients who wrote the articles they are reading and quoting and ask them if it’s a nationally related article or a local article. You may be surprised!