My New Blog

Currently the incentives for “flippers” are the availability of mortgages at historically low interest rates and low-priced distressed properties now on the market.  However, the risks maybe great for these buyers with home values in many markets still in an up-and-down volatile mode.

For Buyers purchasing the “flipped home”, they may incur additional fees required due to the perceived risk by mortgage investors because of the home value volatility.  Regardless, purchasing in this market maybe an opportune time for some of these Buyers.

On 7/21/10,  Mr. Godi was interviewed by CNBC regarding the housing market in Stockton, CA.  He explains how one of their listings that is a short sale is being handled. 

http://http://www.cnbc.com/id/15840232/?video=1549737588&play=1

According to a survey recently taken by the Home Buying Institute, FHA home loans are now the most popular way to finance a purchase. In fact, it reported that about 87 percent of prospective homebuyers plan to use this type of mortgage to finance their next home.

Participating respondents surveyed, 53.8 percent said they wanted to use an FHA home loan for the smaller down payment, 19.2 percent said they thought the overall qualification process would be easier, 13.5 percent said they previously had trouble qualifying for a conventional loan, 7.7 percent said they had low credit scores and 5.8 percent felt their income was too low to qualify for a regular loan. FHA's market share has already grown considerably in recent years. In the first quarter of this year, almost half of all homebuyers used an FHA mortgage to purchase a home.

Our First Priority Financial branch currently is utilizing FHA loans and it equates up to 70% of their borrowers for the Stockton - Lodi area.

Fannie Mae announced on June 23rd that they are making changes to the policies regarding the amount of time that must pass after a foreclosure before a borrower can purchase with a Fannie Mae backed loan again.

Borrowers who choose to walk away from their home and that had the capacity to pay their mortgage or did not complete a payment alternative with their loan servicer will be ineligible for a new Fannie Mae backed mortgage loan for seven years from the date of foreclosure.

"Walking away from a mortgage is bad for borrowers and bad for communities and our approach is meant to deter the disturbing trend toward strategic defaulting. On the flip side, borrowers facing hardship who make a good faith effort to resolve their situation with their mortgage servicer will preserve the option to be considered for a future Fannie Mae loan in a shorter period of time" said Terence Edwards, Executive Vice President for Credit Portfolio Management.

For jurisdictions that allow for deficiency judgments, Fannie Mae will also take legal action to collect the outstanding mortgage debt from borrowers who strategically defaulted on their loans.

On a positive note, according to TBWS Rate Alert on 7.13.10 "Interest rates are holding very well with the advances in the stock market over the past 10 days.” It is still a great time to refinance or purchase. Give us a call to take advantage of the amazing rates.

And, if you had a foreclosure two or more years ago, call us to see if we can help get you back on the path to homeownership.

There was an interesting article posted 6/6/2010 by The Stockton Record regarding energy efficient homes and a local developer, http://www.recordnet.com/apps/pbcs.dll/article?AID=/20100706/A_NEWS/7060316&emailAFriend=1 .

The financing for these types of improvements have been available from FHA since 1993. Here at First Priority Financial Stockton, we have always had this program as an integral part of our FHA financing. We have helped many of our clients get the energy improvements with not only purchases but refinances. Please click the following link to watch one of our videos giving more information on this program http://www.thinkbigworksmall.com/mypage/archive/2411/50371 .

According to Freddie Mac, interest rates are the lowest they have been since 1971. You may be able to get a brand new heating and air conditioning system or one of the other four energy efficient improvements and reduce your PG&E bills. You may even possibly lower your house payment at the same time. What are you waiting for? Call us to see if you qualify for this program.

On June 24, 2010 Alan Zibel reported in the Associated Press that mortgage rates hit the lowest point since "Freddie Mac" started tracking in 1971. This makes purchasing or refinancing a home more affordable. What are you waiting for? Contact us today to know if this is an opportunity for you.

The Financial Reform bill will be reviewed by the Senate and Congress this week with hopes of having the bill on President Obama's desk by the 4th of July. Stay tuned.

The week of 6/18/10, the Market Composite Index observed in their survey the lowest 30 year contract rates since the week ending May 15, 2009. This Friday ended with a positive note reagrding interest rates. It's a great time to have an annual review and confirm if refinancing your current mortgage, especially if you ...have an adjustable rate mortgage is right for you. What are you waiting for? Contact someone you trust and learn more.

"HUD To End All Homelessness in the USA"

http://www.thinkbigworksmall.com/mypage/archive/2410/51357

Carri & I spent the day in Sacramento, CA networking and learning about social media with local Real Estate Sales and Lending professionals. Pat Kitano spoke about real time local soft marketing and the "Breaking News" network.

Mike Mueller educated us on blogging and told the group that blogging is an option that allows you to change and add content. He later joined Pat Kitano on a live webinar during the event sharing tips on "Facebook Fanpage".

Thanks for the insight.

Zenet Negron, Mike Mueller, Pat Kitano