A quick update on loan programs

Happy Halloween!

A quick update on loan programs. Please call with questions.

Agency Jumbo Loans : Loans that are between $417k -500k… your clients have 2 weeks to lock their loans in to get the benefit of conforming jumbo pricing which have lower interest rates than loan amount over $500,000. An agency jumbo loan was part of the economic stimulus program rolled out by the Government in February 2008 and is set to expire at the beginning of 2009. Loans must be locked by November 13th and closed by year end.

USDA:100% financing is still available for your listings in DHS and Coachella and selected areas of Indio through the USDA! No credit score? That’s ok. No mortgage insurance required either. Call me to find out more info.

Cal- HFA (Chaffa) still allows 100 percent financing with a 680 fico or better if you meet the low income requirements. USDA,

Calsters – teacher program. 3% down 80% 1st and 17% 2nd with no mortgage insurance and payments are deferred on the 2nd mortgage for 5 years!

FHA is still my favorite program because it has no income or property eligibility restrictions and is the most lenient for underwriting guidelines. Current down is 3%; however it will change January 1, 2009 to 3.5%. Get your buyers off the fence now!

Canadian/ Foreign Nationals: 30% down with a minimum loan amount of $200,000. Full Documentation with an International Credit Report and reserves with the servicing bank.

Franklin Loan Center provides me the platform to stay competitive for you in this market. In-house local approvals and 30 day fundings! I look forward to working with you soon.

I am NEVER too busy for any of your referrals! Make it a great day.

Franklin Loan Center’s platform

Happy Friday!

The weeks been great so continue the momentum into the weekend a hold an open house! Print out the attached is the weekly rate update and keep a few copies at your open house. Rates are looking good and Franklin Loan Center’s platform has never been better!! I can handle all of your financing needs! Have a great weekend and remember…

I’m NEVER too busy for any of your referrals.

FRANKLIN LOAN CENTER IS NOW FHA APPROVED!!

FRANKLIN LOAN CENTER IS NOW FHA APPROVED!! This means great things to come when you have clients who are in need of NO and LOW down payment assistance.

Wow, I hope you’ve had an exciting week like I have! Yesterday we got the announcement that the conforming loan limit / FHA limit for Riverside County has increase to $500,000 for single family homes. We are still waiting to be able to lock loans at the new limits. You’ll notice on my rate sheet (attached) that I am still using the conforming loan limit of $417,000 until I am able to lock. Also, there are specifics we are verifying regarding these new limits! As I get more information I’ll pass it along.

This week I’ve attached two articles you should read.

DO YOU HAVE CLIENTS WAITING FOR ANOTHER FED RATE CUT? Read the first article, “Fed Cuts Mortgage Rates Go Up?” to knock them off the fence as mortgage rates will most likely go up after a cut! PRINT COPIES TO PASS OUT!

DO YOU HAVE CLIENTS WAITING FOR PRICING TO COME DOWN? Read the second article, “Ignore All the Headlines” to encourage them to take advantage of low interest rates. PRINT COPIES TO PASS OUT!

Attached is my weekly rate sheet! I’m NEVER too busy for ANY of your referrals! Make it a great week.

FHA Mortgage Limits List – FHA Forward

Message: MORTGAGE LIMITS SUCCESSFULLY COMPLETED

Mortgage maximums as of Wednesday March 05, 2008
(1 records were selected, 1 records displayed.)
MSA Name
MSA Code
Division
County Name
County
Code
State
One-Family
Two-Family
Three-Family
Four-Family
Last Revised
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (MSA)
40140

RIVERSIDE
065
CA
$500,000
$640,100
$773,700
$961,550
03/05/2008

FHA Mortgage Limits List – Fannie/Freddie

Message: MORTGAGE LIMITS SUCCESSFULLY COMPLETED

Mortgage maximums as of Wednesday March 05, 2008
(1 records were selected, 1 records displayed.)
MSA Name
MSA Code
Division
County Name
County
Code
State
One-Family
Two-Family
Three-Family
Four-Family
Last Revised
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (MSA)
40140

RIVERSIDE
065
CA
$500,000
$640,100
$773,700
$961,550
03/05/2008



***Canadian / Foreign National Financing***

In the market this week it remains volatile with large gains and losses in mortgage bonds. Last week Bush approved the Economic Stimulus Plan and HUD has up to 30 days to determine the new conforming loan limits. I expect to hear next week or the week after. I’ll keep you informed as soon as that information comes out.

***Canadian / Foreign National Financing*** 30% down!! It’s so easy! Call me for details!

Oh by the way, I’m NEVER too busy for your referrals! Make it a great week!

News of the Fed Fund cut

This week has been more proof of the volatility of the market. Rates dipped earlier in the week and then bounced up with the news of the Fed Fund cut. However, they are only slightly higher than last week yet will continue to trend downward.

Many of you are getting information regarding declining market loan-to-values. I am continuing to do research on the policy changes and here’s the latest. If you are a borrower putting down 20% on a full documentation purchase and the maximum loan-to-value for the program is 95% you do not have to reduce the loan to value for the borrower by 5% it remains a 20% down payment. If you have any questions about current or future deals please contact me.

SOME INVESTORS HAVE NO DECLINING MARKET POLICY. It just depends on the bank and the borrower’s profile.

There is news that the conforming loan amount currently set at $417,000 will be temporarily increased to $750,000. See the article by clicking below.
http://www.latimes.com/business/la-fi-jumbo25jan25,1,2691497.story?ctrack=2&cset=true

Looking for Canadian financing? I’ve got the programs to get your home purchased fast.
I’m never too busy for any of your refinancing or purchase referrals! If you are interested in refinancing a loan now may be the time. Have a great weekend!

Happy Holidays!

Good Afternoon and Happy Holidays!

Mortgage pricing is up slightly this week as investors moved money out of bonds after the PCE-Core report came in today slightly above expectations…. Okay okay what does this mean? The PCE measures consumer spending and is a report to measure inflation. We’ll be watching inflation to make sure it doesn’t get too far out of control. But if inflation continues to be a problem rates will continue to go up. If you are working with clients be sure to pass along this information so they can get locked in at the low of 2 year mortgage rates.

**QUICK TIP** CANADIAN FINANCING 70% NO VERIFIED INCOME NO CREDIT REPORT.

Give me a call if I can help. I’m never too busy for any of your referrals.