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Duration : 0:2:25
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Duration : 0:11:0
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Duration : 0:3:30
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Duration : 0:9:42
In this new web commercial from Freddie Mac, learn to spot a foreclosure scam and find out how to avoid becoming victim to home foreclosure fraud. (Follow this link for a Spanish version: www.youtube.com/watch?v=qQQJ6unRYaY)
Duration : 0:2:2
First Time Home Buyers use FHA Mortgage and Seller Paid Closing Costs to Buy Real Estate Now. Best Market Conditions for Foreclosures and Short Sales in Decades. Go To http://RealEstateMarketingThisWeek.com
Part 4 (Excerpt)
80% of homes can be purchased with FHA Financing
You also talked about this graph you put together, it talks about the month of November was a 25% increase over the previous year. Obviously prices have gone down and it looks like it then has gone back up, and so once we finish selling off this inventory there is a good chance that were going to be finding or hitting the bottom.
I think just in that region of $150,000 to $200,000 region that prices have really stabilized at this point, they may go down a little bit more, but I think for the most part, because that is where the financing is right now, with the FHA and the conforming loan limits, anybody in that price range can still get a loan. If youre looking to buy something over $400,000 youre going to have a lot more trouble just because the financing is not available.
Well the financing is a lot more difficult over the $417.000 loan amount number. Luckily Velocity Financial still has some of the interim small jumbo financing available, still with decent rates and the larger jumbos there is still financing available but nothing like this median home price of $275,000 and below. Well and I think what that goes back to, specifically with the FHAs, because, what percentage of the closing costs can be contributed by a seller on an FHA loan? Its pretty high right?
FHA financing, the Federal Housing Administration has had a standing rule for quite some time that the seller can contribute up to 6% of the sales price towards the closing costs. Realistically on a $250,000 purchase price youre not going to need 6% towards closing costs, so you would want to use that money to lower the price or buy down the interest rate, or any number of different things. So in a situation like that you could have the seller come in, pay all of your closing costs for you, you can keep that money in the bank, you could use it to fix up the house, you can do whatever, and all you would be responsible for is a small down payment.
Thats correct, 3% of the sale price down, you can have the seller pay the property taxes up to a year in advance, the home owners insurance, the home owners association fees, they are called prepaid or escrows. They can pay all of that. What is the loan limit right now for FHA? Currently the FHA loan limit is $346,250, its kind of an odd number, that does go away at the end of this month, December. However if youre lucky enough to have a home picked out in that price range, you want to try to get it done by the end of the year, so long as were able to get it underwritten in house, our firm will still be able to close on that with a higher loan limit after the first of the year.
The new limits probably going to be your next question, so as of January 1 in Maricopa County its $271,000. Even at 271, with the scenario I was talking about before, in Maricopa County, 70-80% of the home sales still would have fit within that 271 limit. Yes, one thing that I do want to point out is that when the Housing and Recovery Act of 2008 expires that huge loan limit of 346 expires, that was the deal, they are going to try to get it extended but we cant plan on that necessarily, but only 10% of the properties in Maricopa County fit into that 271 to 346 range.
Now I know the answer to this but you dont happen to be qualified to do FHA loans are you? Yes Velocity Financial is FHA approved, were one of less than 15% of the lending institutions in Arizona that can do FHA financing, not only for purchases but for refinancing as well. Which I think is some of the stuff we want to talk about as well because some of the old rules for refinancing simply dont apply anymore.
Brett did you have anything to add? Yes, two things stood out to me in that discussion and one of the things was the bigger picture concept in my mind thats the way it works. Its how I am wired, I start with that then I narrow my way down to the specific scenario given a clients circumstance.
What that big picture represented to me and one of the things that you pointed out with your charting Dan and the work that you have done, is the year over year home sales is shrinking the inventory that exists in Maricopa County, and when that inventory shrinks, we all know that new homes and building had pretty much dried up, so allowing that inventory to shrink is a very positive thing in terms of stabilizing, or placing a bottom, or putting the housing market back on a path of growth long-term, and so that was one of the things that stood out to me.
Duration : 0:6:32
http://www.stockmarketfunding.com [8:59:59 AM] SMFTrader: Goldman Sachs, SEC, Paulson, Abacus 2007-AC1, Goldmans Abacus deals In seven of Goldmans Abacus deals, the bank went to the American International Group for insurance on the bonds. Those deals have led to billions of dollars in losses at A.I.G., which was the subject of an $180 billion taxpayer rescue. The Abacus deal in the S.E.C. complaint was not one of them. Goldman Sachs received a Wells Notice and was accused of securities fraud in a civil suit filed Friday
Duration : 0:5:0
Amidst the Real Estate & Mortgage Meltdown; Foreclosure Fraud & Scams; Real Estates Future is Great. First Time Home Buyers, FHA Loans & Seller Paid Closing Costs. Go To http://RealEstateMarketingThisWeek.com
Part 1 (Excerpt)
Forget the doom and gloom, First Time Home Buyers can buy with FHA
Thanks to my very great friend Brett Fallon for taking the time to be here in studio today. Brett is one of America’s finest financial advisors. And of course the infamous Dan Havey. Now we all love Dan Havey because he was instrumental in getting me into the mortgage industry about 14 years ago. Most importantly, Dan was instrumental in helping us put together the loan modification hotline and he is the author of Real Estates Future.
So today we have a few things we want discussed in regard to the economy, what’s happened, were wrapping up the year. You may have heard about this in the media, of course the media’s job is to scare you. Well our job is to tell you the truth. So Brett you have some data and some information that you wanted to share
Some of the things you hear in the media, you cant escape, its pretty much doom and gloom, sky is falling, this is the next Great Depression. It’s over for all of us and we should all just pack up and go. That kind of stuff is pervasive out there and creates fear and a lot of anxiety amongst people who are either investors, people who are looking to buy a house, looking to refinance a mortgage.
People dont realize there are certain tools that exist that we will talk about during the course of the show today. They should understand that some of the things that we discussed prior to today’s broadcasts were interest rates. Interest rates are at historic lows. Money is cheaper right now than it has ever been. We know the Fed recently reduced the Fed Funds Rate and that is the rate that banks are lending money to one another at.
Right now that rate is zero. Historically, that’s never happened in the United States before. The Fed’s idea is to help to unfreeze this credit market and we keep hearing all this talk about how credit markets are still frozen, that the global recession is deepening, there is evidence to the contrary of that. Some of the moves that the FED is making are working. We’re starting to see, and you and I were talking recently about some clients that were helping in terms of refinancing existing mortgages. Well, if the credit markets are frozen how come we got those loans complete?
Well, that’s a good point, and you got a call I think it was last Monday or maybe the Monday before, someone called you and asked if there was any money to refinance. What can I do? Well the reality of it is there is plenty of money out there for refinances, in some cases there’s issues with property values. That’s why there are different options for those types of people
Well from a buyer’s perspective, todays property valuation is a good thing, if I’m a buyer. Thats a good point too. People are interested in buying and the huge opportunity today. This is an unprecedented opportunity in my opinion, both in terms of the dollar and the real estate market. And for those who understand those dynamics and are willing to entertain the deal, they will be handsomely rewarded. There is no doubt about it.
And as we spoke on the last show, home prices in November for Maricopa County show that the median home price is down as low as $160,000 already. And it reminds me a lot about when I got into the industry, way back in 1989 and the type of financing we had then was FHA and Fannie Mae. And were back to that again now. We’ve got sanity back into the market and home prices have come down. But right now, it’s a perfect time, especially for first-time homebuyers or a move up buyer who can buy under the Fannie Mae limit of $417,000. If you can get into that range, and as we spoke before that 78% of the homes in Maricopa County that sold last month sold for under $250,000. I think that right now is the time just to get out there and find a house to move your family and children into with an FHA loan.
Michael, you don’t have to have exactly perfect credit do you? You can have a couple of dings if need be, right? You’re exactly right, each case has its own merits, every FHA loan is underwritten individually. There are many cases where collections are okay, there needs to be a explanation. You dont have to have the 720 plus credit scores like you do for Fannie Mae and Freddie Mac to get the best rates…
Duration : 0:6:10
First Time Home Buyers use FHA Mortgage and Seller Paid Closing Costs to Buy Real Estate Now. Best Market Conditions for Foreclosures and Short Sales in Decades. Go To http://RealEstateMarketingThisWeek.com
Part 7 (Excerpt)
The old rules no longer apply and Suze Ormond should know that.
We have Dan Havey the author of Real Estates Future in the studio today.
Michael, I was just curious, back when I got into the industry many, many years ago there used to be a rule of thumb that if you were going to refinance you had to lower your interest rate by at least two percent and I know as time went along and products changed that really became unnecessary, but I am just curious in todays mortgage market its a lot different than we were dealing with even two years ago. Is that still true that there is a 2% rule? Whats going on now?
I happened to catch Suze Orman on television and she was talking about mortgages, the caller who called in to the program, the question became I believe similar to what Dan just asked, her comment was that basically if you’re in 6% interest rate or above now is the time to re-fi. That is what she said, a blanket recommendation. I know a lot of people put a lot of credence into what she says, maybe you could speak to that, the lowest interest rates you’ve seen in your career, you have been doing this for a while.
I have, and they are. You know there was a lot of speak the last couple weeks about the Fed, the Fed funds rate by the way is the lowest it’s ever been in history. As of this week the discount rate is to the point that banks are lending money to each other at nothing, the Fed funds rate for intrabank lending is at zero, the problem is the banks don’t have any money.
To be serious about the refinancing, because its a serious topic, I think people are starting to see their mail boxes filled with lots of advertising crap about refinance. I believe that doing the refinance is no different from doing a loan modification or buying a house, you need to sit down with the human being that’s local, that you can know is a legitimate source. You’re going to give all this personal information about you, your family, your kids, your Social Security number, you want to make sure you have somebody there that you know whos legit.
In regard to the old rule of thumb 2%, nothing could be further from the truth, and I will expand, but to the point of Ms Ormond that if youre at 6% or higher, that is a blanket statement and blanket statements never work. We just did a refinance for a guy who was at 5 1/2%, and it makes sense. Every situation is different, as far as how much do I have to lower my interest rate to make it work? It depends on the type of mortgage that you get.
The only type of loan to get today in December of 2008 is a 30 year fixed. I know that one of the things that was really interesting to me, and that you and I have referred clients to one another for several years, so we share a number of clients, were familiar with those families and those households, and this is Wednesday, on Monday and Tuesday of this week I’ve had seven phone calls from clients who you’ve already done loans for, refinances for, asking if this is the time to refinance a loan that is only a couple years old.
And I know in several of those cases the answer is yes you’re actually helping families right now with that process. I am and we do. To answer the question, you need to determine what the payback term is, in other words when your refinance is done it’s a new loan, there’s the title insurance, appraisals, lots of different things may need to be done, not in every case, but in most cases there are costs associated with that. The cost has to be offset by the amount of savings. Its a breakeven analysis
Absolutely it is, the shorter the breakeven the better the loan. I am working on a case right now which is going to be done in the next couple of days where the guy lowered his interest rate by an1/8 of a percent and it made sense for him. It’s not for everybody, 2 percent or lower, 2% is significant, now you’re talking about really significant savings in terms of cash flow…
Duration : 0:6:31
Now, The U.S. Attorney’s Office is conducting a criminal investigation over their mortgage deals.
The Wall Street Journal was first to report that the U.S. Attorney’s Office in Manhattan was looking at the investment house’s mortgage securities deals. Those deals had attracted a civil suit by the Securities and Exchange Commission.
The Journal’s source said the investigation stemmed from a criminal referral by the SEC, and came just days after 62 House lawmakers asked the Justice Department for a criminal probe.
CBS News Business Correspondent Rebecca Jarvis said it was to be expected.
“We know that often times, these types of investigations that become civil in the first place, turn into criminal investigations down the road,” said Jarvis.
A Goldman Sachs spokesman downplayed its importance and said they were not surprised by the report of an inquiry due to the recent focus on the firm. He added that they would cooperate fully with any request for information.
The standard for any criminal conviction is much higher than a civil one.
“Prosecutors must show that there was an intention to commit fraud. Not simply that this business, that Goldman Sachs, accidentally committed fraud in terms of trying to protect itself from mortgage securities and the housing crisis. So the burden of proof here is high,” said Jarvis.
The issue in all of the investigations is whether Goldman Sachs knowingly bet against its own investors on mortgage securities. Time will tell what these investigations discover.
Duration : 0:2:49