Major Update

Attached are several updates for rates, working with the tax assessor’s office, and the changes for FHA refi’s taking cash-out.

Updating Property Taxes
I’ve had many requests for information regarding the tax assessor’s office and lowering your clients property taxes. See the form attached, have your clients fill it out, and send it in. I recommend they send it certified mail so they know it was received. When I close a loan or estimate payments I estimate taxes based on the new purchase price It’s possible, that after closing, that based on the old tax basis the county could try to collect at the higher previous tax basis (ie previous owner). This is especially pertinent on foreclosed homes in Southern California. Use the attached forms for your clients benefit and get in the habit of completing them at closing so the changes will be nearly immediate.

FHA Financing Update:
New loan limits are supported and available to lock at $500K.
Down payment requirement is still only 3.5%.
Fico score is also the same, which is required to be a 620 Fico.

The biggest difference you all need to know about is the appraisal requirements. For all loan amounts above $417K, and have a LTV greater than 95%, will be required to have 2 appraisals. The best way to avoid a second appraisal we can have the buyers put 5% down. If they want to do the second appraisal this can be done too. This is a FHA requirement.

There is only 1 more week to pull a case number for anyone interested in doing a cash-out refinance to 95% loan to value using the FHA program. The loan to value changes to 85% after next week. See the attached mortgagee letter from HUD.

Conforming Loans – or High Balance Loan Amounts
Loan Amounts also extended in Riverside County to $500K.
Max cash out is $200K on all these loans.

I hope this information is helpful. Call me with questions and make it a great week!

I am never too busy for any of your referrals.

CHECK OUT TODAYS BONUS FLYER!

CHECK OUT TODAYS BONUS FLYER! Want to save your client $375?
Print out this FREE APPRAISAL flyer and give it to your clients. I’ll pay their appraisal fee at closing.

Market Update

·Loans from $417,000 to $500,000 are called Agency Loans and recently the pricing has become better across the board.
·Rates this week are flat to up after the Fed meeting minutes came back with talks of high inflation
·Have your home re-assessed for your property tax bills. The county is reassessing property values to lower tax bills. Riverside County residents needing more info may contact the assessor’s office at 800-746-1544 or http://riverside.asrclkrec.com
·Print the FREE APPRAISAL flyer for new referrals.

Attached you will find my current rate sheet for the weekend. These rates have been accumulated from, Chase, Wells Fargo, IndyMac, Countrywide, Citi Mortgage, Wachovia, and Everbank. I have handpicked the best rates from all these banks for the most popular loan programs, so that I can ensure you and your clients the very best deal.


Market Update and FREE APPRAISAL flyer

Clients & Friends,

CHECK OUT TODAYS BONUS FLYER! Want to save your client $375? Yeah of course you do!!
Print out this FREE APPRAISAL flyer and give it to your clients. I’ll pay their appraisal fee at closing.

Market Update

·The jobs report came in at 20,000 jobs lost this month, which is a lot better than expectations of 75,000.
·Float interest rates until next week as a result of the market opening weak this morning and since improving.
·Do you have a cash buyer? Ask me about my Strategic Equity planning program and help maximize your clients’ investment.
·Print the FREE APPRAISAL flyer for new referrals.

Attached you will find my current rate sheet for the weekend. These rates have been accumulated from, Chase, Wells Fargo, IndyMac, Countrywide, Citi Mortgage, Wachovia, Everbank, and Washington Mutual. I have handpicked the best rates from all these banks for the most popular loan programs, so that I can ensure you and your clients the very best deal.

See the article below…

Smaller Property Tax Bills in the Desert Sun April 27, 2008.

Make it a fantastic weekend and I’ll talk to you soon!