Are you a State of California Employee?
Are you a State of California Employee (example: Cal Highway Patrol, CalTrans, State Prisons, State Hospitals, DMV, Franchise Tax Board), County Employees (examples: City Parks & Recreation, City Mayors Office, City Fire Department, City Libraries, City Clerk Office), Municipal Employees (examples: City Utilities workers, LA DWP, Calif Legislature Employees, including Judges, Court reporters, School Employees, Cafeteria, Administration, Custodians Yard Maintenance, California State University System Employees
Rates for conforming loans up to $417,000
and JUMBO loans up to $1,668,000.00 !!!!!!.
Check out these benefits for CalPERS Members:
• Competitive Interest Rates on Purchases & Refinances
• 100% Financing Options*
• Controlled Closing Costs
• 30, 60 or 90-Day Rate Lock with 2 float down Opportunities*
• Reduced Mortgage Insurance Rates*
• Reduced Escrow & Title Fees*
• Closing Cost Assistance*
• Real Estate Assistance with Cash Rebate*
• Program Available Nationwide!
Please call me if you have any questions regarding this program!
Todd DwyerLet me be the Mortgage Professional you Deservetodd@todddwyer.comwww.USFHMTG.com
Direct 310-500-7801* subject to approval
Should you buy a home now?
Thursday, August 07, 2008
Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS®
With home prices in California declining by 37.7 percent in June compared with a year ago, some consumers are wondering if now is the right time to purchase a home, or if they should wait for prices to stabilize. Some real estate experts believe that home prices will continue to decline and that buyers should wait, while others recommend that home buyers take factors other than price into consideration, such as the benefits of owning versus renting.
MAKING SENSE OF THE STORY FOR CONSUMERS
· Consumers who are hesitant about purchasing a home today because they fear price depreciation, need to understand that real estate is cyclical and that prices will increase again. Home buyers should view a house as a long-term investment and not be fixated on short-term prices. Some economists believe that consumers should purchase a house if they plan to live in or hold the property for at least seven years. This will allow the market to stabilize and homeowners to possibly profit from their investment, if they decide to sell.
· Although a typical monthly mortgage is higher than a rent payment, home buyers who qualify for a fixed-rate mortgage, such as those backed by the Federal Housing Administration, will have consistent monthly payments, while renters are generally subjected to annual rent increases. Mortgages also can be paid off and the house can be owned free and clear, while renters will consistently have a monthly payment.
· To help home buyers lower the financial risk of homeownership, experts recommend that consumers purchase a home within their means and have enough in savings or other assets to cover the mortgage payment for at least six months if they lose their job.
Time to lock in your mortgage rate
Thursday, August 07, 2008
Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS®
Although still historically low, mortgage rates are rising slightly. Some analysts predict that mortgage rates will continue to increase over the next six weeks, while some forecasters expect rates to reach 7 percent by year’s end. Experts recommend that consumers work with their mortgage servicer to lock in a low interest rate. A “locked” or fixed rate will provide consumers long-term savings, and allow home buyers to determine their monthly homeowner expenses several weeks before closing.
MAKING SENSE OF THE STORY FOR CONSUMERS
• With inflation rising and some investors in mortgage-backed securities demanding higher rates to purchase bonds, home buyers should work with their broker to lock in a low interest rate. For every half point interest rate increase, the monthly payment on a typical $294,600 mortgage increases by approximately $100. That adds up to a savings of roughly $1,200 annually and $36,000 over the life of a 30-year loan. The calculations are based on the median price of a single-family existing home in California in June of $368,250 and the borrower providing a 20 percent down payment.
• To lock in an interest rate, consumers should contact their broker and request the rate in writing. As long as the home buyer has a contract or a binder on the home, this should be a simple request. Rates can be locked in for up to 60 days, by only adding an extra eighth of a point to the rate. If a consumer would like the interest rate to be guaranteed for longer than 60 days, most lenders will request some payment up front.
• Locking in interest rates is not without risk. If prevailing interest rates decrease, consumers with a locked rate may have to pay the higher interest rate. Some lenders may offer consumers the lower rate plus an eighth of a point, if the rates drop substantially. That scenario does not seem likely though, based on current economic conditions.
Summary of Key Provisions of H.R. 3221 – The Housing Stimulus Bill (as of 7/30/08)
H.R. 3221, the “Housing and Economic Recovery Act of 2008,” passed the House on July 23, 2008, by a vote of 272-152. On Saturday, July 26, 2008, the Senate passed the bill by a vote of 72-13. The President signed the bill on July 30, 2008. The bill includes the following provisions:
- GSE Reform
- FHA Reform
- FHA foreclosure rescue
- Seller-funded downpayment assistance programs
- VA loan limits
- Risk-based pricing
- GSE Stabilization
- Mortgage Revenue Bond Authority
- National Affordable Housing Trust Fund
- CDBG Funding
- LIHTC
- Loan Originator Requirements
For more information, visit http://www.realtor.org/governmentaffairs
Non-Profit Downpayment Assistance Programs in Jeopardy!
Take Action Today to Support Downpayment Assistance!
Nehemiah Corporation of America, a national non-profit organization, has helped 290,000 families who would have otherwise been locked out of homeownership due to lack of downpayment funds.
The Department of Housing and Urban Development (HUD) has re-issued a proposed rule which would threaten the opportunity for low to moderate income families to access downpayment assistance by eliminating all private downpayment assistance programs.
Preserve private downpayment assistance programs for families who are credit-worthy, but lack the savings necessary to fulfill their homeownership goals, protect the already fragile economy, improve the current housing market, and save jobs.
Take Action Today to Support Downpayment Assistance!
We have one month to defeat this rule
You MUST speak up now! Assist Nehemiah to help other families experience the pride and financial benefits of homeownership. The proposed rule comment period ends on August 15, 2008.
Click on here to defeat this rule
