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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
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
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
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
