I am still cranking out loans and what a great week! Franklin Loan Center is continuing to expand their underwriting, processing, and funding departments to make your fundings quicker and make you look good! Use us and experience the difference! We are continuing to expand our platform to remain competitive for loan programs. Cal-HFA, USDA, FHA, VA, Reverse Mortgages and Hard Money, as well. Call me for all of your funding needs!!
GO TO http://www.DESERTFHA.com TO RSVP FOR MY FHA EVENT ON TUESDAY MORNING 8:30 TO 10:00AM AT CDAR. (See the attached flyer)
Mortgage Bonds are attempting to build on the gains seen over the past two days, after being helped by some weak news in the Housing sector.
The lower-than-expected New Homes Sales for September were reported at their lowest level since January 1991. Additionally, building permits came in at a 27-year low. This weaker-than-expected news gave Mortgage Bonds a bit of a boost today.
Stocks continued their volatile ride yesterday as the Dow climbed a staggering 400 points after being down 400 on the day. This wild volatility demonstrates the need to work with a mortgage professional who is knowledgeable about the market in these crazy times. For now, I recommend floating to see if Bonds can continue to build on their momentum. I will be monitoring the situation carefully, and I will let you know if anything changes.
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.
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!
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!