Stated Home Loan for 5.5% – 30 yrs FIXED – only for our valuable clients
BEST HOLLYWOOD HOMES TEAM WORKS WITH MORTGAGE BROKERS THAT CAN HELP YOU WITHOUT COMPROMISING THEIR INTEGRITY.
Call Best Hollywood Homes Team at 310-499-1305 to discuss your real estate needs first with our real estate consultants. After we mutually agree to work together on your next real estate purchase, we will put you in touch with a mortgage specialist for you to discuss your financial situation with them.
These are the best that I’ve seen rates in months. The market responded very favorably to the nationalization of Fannie and Freddie. These programs have barely been affected by the changes in the marketplace.
Here are some real loan options for “Stated” income borrowers:
–5.5% 30 year FIXED STATED!!
Available to $417,000 (small combo 2nds also available)
Will lend to 90% LTV (for employees, 80% for Self Employed) same rate up to 90%.
Owner Occupied and Second Home
PURCHASE, CASH OUT or REFI
Minimum 700 FICO
No reserve requirement
2.0 points + $995 broker fees (for 5.5%)
5.875% available at 1.0 point +$995
No points available at 6.25%
–INVESTOR 30 year fixed at 6.375% STATED!
Available to $417,000
Will lend up to 80% LTV
Maximum 4 financed properties, including primary
Purchase, Refi, and Cash Out
1 unit ONLY
2 months reserves
Seller can credit up to 2.0% towards closing costs
700 Minimum FICO, 720 preferred
6.375% Rate based on 75% LTV. At 80% it is 6.75%.
1.25 Point + $995 broker fees
–INVESTOR 30 year fixed at 6.375% STATED!
Available to 729,500 in high cost counties or county limit
Minimum 720 FICO required
will lend to 80% on Purchases and Rate and Term ONLY
–NO Cash out loans
1.0 point + $995
Only 2 months reserves
To qualify a buyer for a “Stated” loan a credit must be pulled and have a complete loan application.
***These programs are designed to help those who normally would be well qualified borrowers who now have a difficult time meeting lender requirements. OUR MORTGAGE SPECIALISTS WILL NOT DO A LOAN that compromises their integrity and challenges a borrower’s ability to repay. 90% Stated loan will be only done for those borrowers who have another source of income that cannot documented.
California’s Discount Foreclosure Sales Point to Housing Bottom
Thursday, August 07, 2008
Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS®
Recent economic developments indicate that California may be the first state to find the bottom, based on the increase in sales volume in the previous three months. In June, home sales rose for the third consecutive month, following a 30-month decline. Although approximately 40 percent of the transactions were foreclosure sales, the increase is allowing the market to stabilize by depleting some of the excess inventory. Some experts believe that once a neighborhood’s median home price declines to 50 percent from the peak value that the homes in that neighborhood will no longer depreciate.
MAKING SENSE OF THE STORY FOR CONSUMERS
· Although California leads the nation in foreclosures, the state’s foreclosure process is more efficient than other states, which likely will lead to a quicker rebound. Foreclosed properties are receiving multiple bids and financial institutions are selling these homes quicker than the market would typically allow.
· The Unsold Inventory Index in June decreased to 7.7 months from 10.2 months a year earlier, demonstrating that the market is improving.
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
Response to Igor Korosec regarding his support for permanently increasing the conforming loan limit
Dear Mr. Korosec:
Thank you for contacting me to express your support for permanently increasing the conforming loan limit. I appreciate the time you took to write and agree with you.
The Federal Housing Administration (FHA) plays an important role in insuring home mortgages for those in underserved communities. It is critical that FHA programs be modernized to provide more homebuyers and borrowers looking to refinance with the opportunity to obtain an FHA loan. This remains especially important in California where the cost of housing remains high. For homebuyers faced with so-called “jumbo loans” subject to higher interest rates, raising the government-sponsored enterprise (GSE) conforming loan limit will bring more liquidity to the market and lower interest rates.
On February 13, 2008, the President signed the Economic Stimulus Act of 2008 (H.R. 5140) into law. As the bill was being developed, I sent a letter to Senator Majority Leader Harry Reid (D-NV) expressing strong support for increasing the previous GSE conforming loan limit of $417,000 and the FHA loan limit of $362,790 to $729,750. While I am pleased that a temporary increase was included in the bill, the new loan limits will expire on December 31, 2008.
On July 11, 2008, the Senate passed the “Foreclosure Prevention Act of 2008,” (H.R. 3221) introduced by Senators Christopher J. Dodd (D-CT) and Richard C. Shelby (R-AL). Prior to Senate consideration of the bill, I urged Senators Dodd and Shelby to keep the FHA loan limit and GSE conforming loan limits at the current level of $729,750. The Senate passed its version of H.R. 3221 on July 11, 2008. While the Senate-passed version of the bill would only raise the loan limits to $625,500, the House-passed version would keep them at their current level. On July 11, 2008, I joined 52 members of the California Congressional delegation in sending a letter to leaders of the Senate and House leadership urging them to retain the $729,750 limits in the final version of this important bill.
I fully support the higher limit and will continue to push to make it permanent.
Thanks for writing.
Sincerely yours,
Dianne Feinstein
United States Senator
The Truth about Making Money in Today’s Real Estate Market
We would like to offer a complimentary real estate seminar (a $99 value) as a benefit to the employees at your company.
We would like to share our experience and knowledge to teach people how to make educated decisions about buying, selling and investing in today’s real estate market.
There is no obligation to buy anything. We are not selling products or services. Our mission is to educate and provide guidance with honesty and integrity for people who may be overwhelmed, doubtful or indecisive due to misleading messages in the media about local real estate. For example, did you know there are areas in Los Angeles county that have appreciated over the last year?
As realtors and members of the California Association of Realtors (CAR) and National Association of Realtors (NAR) we will discuss the facts not the hype. Topics will include:
• Last Market Crash
• Best Buying Opportunity in 35 years
• Where are the Deals?
• Why Should You Buy in Today’s Market?
• Why Should You Sell in Today’s Market?
• What You Should Know Before Buying?
• Incentives, Discounts, Promotions
• Ideas to Get a Down Payment
• How Does the Process Work?
Call us now!
Best Hollywood Homes Team & Promenade Realtors
http://www.BestHollywoodHomes.com
Email Igor Korosec
Gayle Barnes
Keller Williams Realty Sunset
Mortgage Review For the week of May 19, 2008 — Vol. 6, Issue 21
“It isn’t hard to be good from time to time… What’s tough is being good every day.” Willie Mays. This past week saw both good and bad economic reports being released, which in turn set the stage for another volatile week in the Bond market. And because good economic news is typically bad news for Bonds and home loan rates, a better than expected Retail Sales Report started a rough ride for Bonds early on. Adding further upward pressure on home loan rates were some inflationary concerns expressed by Richmond Fed President Jeffrey Lacker and Cleveland Fed President Sandra Pianalto…and inflation is the arch enemy of Bonds because it erodes the buying power of the Bond’s fixed payment returns to investors.
And speaking of inflation, the highly anticipated Consumer Price Index hit the wires on Wednesday. This read on consumer inflation was tamer than expected for April. Bond prices reversed course on the news and continued to improve amidst an extravaganza of economic reports, which were mostly all friendly to Bonds and home loan rates.
On Friday, the rally for Bonds continued, as Bond prices recovered all of their losses from earlier in the week. Helping fuel the rally was the worst University of Michigan’s Consumer Sentiment Index in 26 years. Remember that bad economic news is good news for Bonds. And the negative sentiment is certainly a reflection of the higher food prices, spike in fuel costs, soft housing market and tightening credit conditions that all are weighing on consumers.
When the volatile, crazy week was over, Bonds and home loan rates took in the good news with the bad news and ended the week unchanged from where they began.
BAD ECONOMIC NEWS CAN BE GOOD FOR BONDS, BUT BECOMING THE VICTIM OF IDENTITY THEFT IS JUST BAD NEWS. IN THIS WEEK’S MORTGAGE MARKET VIEW, WE EXPLORE SOME IMPORTANT TIPS ON KEEPING YOUR IDENTITY SAFE.
Forecast for the Week
Several reports are scheduled to hit the wires this week, with the potential to make for more good or bad days in the Bond Market. A big market mover may come Wednesday at 2:00pm ET, when Ben Bernanke and the Fed release the Minutes from their last meeting on April 30th. These minutes often give us greater insight as to what Bernanke and the Fed may be thinking about inflation and the state of the economy.
Remember when Bond prices move higher, home loan rates move lower…and vice versa. Despite some declines in the early part of the week, Bonds were able to rally back as you can see in the chart below. I’ll be watching closely to see if Bonds can remain above the layer of resistance at the 50 and 100-Day Moving Averages.
Don’t Become an Identity Theft Victim…
According to recent statistics released by the U.S. Department of Justice, about 1.6 million households experience theft of existing accounts other than a credit card (such as a banking account), and 1.1 million households discover misuse of personal information (such as their social security number) annually. In addition, a recent poll revealed that “sixteen percent of adults say they have had their credit or debit card used by someone they don’t know without their permission” and that “substantial numbers” of people have taken specific steps to help prevent identity theft from happening to them.
Here are some important tips for keeping your information safe and sound:
- Give it to me in writing. While many of us have limited our exposure to telemarketing calls by utilizing the Do-Not-Call registry, charities are exempt from the Do-Not-Call rules. If you receive a phone call from any charity, ask the caller to send you information in the mail instead of giving out your credit card information over the phone. If you get any resistance, just hang up. If someone isn’t willing to give you the chance to review some information, they could be interested in more than earning a commission.
- Just the facts. We often give unnecessary information like our date of birth and income level when we’re filling out things like warranty cards for new products we’ve bought or supermarket club cards. Share only what’s really necessary in every situation.
Navigating the Net. Never post your address or your full date of birth on any social networking sites because both are pieces of information needed to steal your identity. In addition, if you utilize internet job sites, never give a potential employer your Social Security number until they are ready to hire you. Also, thoroughly investigate companies before you submit your resume and check the privacy policies of any online job boards to make sure they won’t sell your information. - The world of paper. Even though the Internet has added a whole new dimension to identity theft, there are still important steps to take when it comes to paper items. First, never keep your Social Security number in your wallet, glove compartment, and other easy-to-access places. Also, never have it printed on your checks or use it as your password. Second, when you are ready to get rid of old documents that contain important information, shred them. And last, if you have to mail something that contains sensitive information, drop the letter in a secure mailbox instead of a mailbox that anyone can open (like the kind at the end of many people’s driveways).
The bottom line is this: When it comes to your personal information, share it on a need-to-know basis only!
Ernest Tepman President
The OCD Group Inc.
Los Angeles: 800-963-4623
E-Mail: marketupdate@theocdgroup.com
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Credit repair & how to increase FICO seminar
David Bartels’ Credit Restoration Company of Choice
Our Complimentary Marketing Tools Will Help You
Increase Your FICO Scores Up To 100 Points in 50 Days!
Join us for a Webinar on May 20
Strategically align with Financial Solution Services and receive complimentary marketing tools to help educate yourself on the importance of credit-worthiness and how to achieve it quickly. Safeguard your business and your financial well-being. Financial Solution Services will provide you with value-added services. Learn how to increase your FICO Score Up to 100 points in 50 days.
Title: Complimentary Marketing Tools To Help Increase Your FICO Score Up To 100 Points In 50 Days
Date: Tuesday, May 20, 2008
Time: 10:00 AM – 11:00 AM PDT
System RequirementsPC-based attendeesRequired: Windows® 2000, XP Home, XP Pro, 2003 Server, Vista
Macintosh®-based attendeesRequired: Mac OS® X 10.3.9 (Panther®) or newer
Space is limited.Reserve your Webinar seat now at:https://www1.gotomeeting.com/register/186946333
HOME BUYER SEMINAR
Senior real estate consultants of Best Hollywood Homes Team are well known for Home Buyers Seminars provided to give the latest information to buyers in Southern California. We want for people to make educated decisions on real estate purchases and investments.
Home Buyers Seminars cover:
- Current market conditions
- How to buy foreclosures
- Rent to buy options
- How to buy investment properties
- Strategies for selling your home and buying a new one in this market
- Home loan options
- Downpayment assistance
- Questions & answers
- Open forum
All attendees will receive 2 weeks access to our weekly updated foreclosure listings if we represent you as a client.
If you would like us to bring a seminar to your company, organization or work place please ask your human resources or executives to give us a call at 310-499-1305 or 323-898-8970. We will be glad to bring the seminar to your place. These seminars are free of charge as they are sponsored by real estate related companies that we work with (lenders, title or escrow companies). Some restrictions may apply based on the number of atendees.
If you are individual please email Igor Korosec or email Gayle Barnes with your name, city and phone number. A member of our team will contact you with a date and time of a seminar closest to your city. Price:$99 per individual or couples.
