AUGUST 28TH, 2009
By MATT STEINMETZ
According to the San Francisco Business Times the East Bay will get $6.7M to fight foreclosure blight. I have already emailed the author, Blanca Torres to inquire how the public can apply for such funds, once they are available. I will let you know, when I find out more. Perhaps combining this money with an Energy Efficient Mortgage or a FHA 203K loan would be the way to go!
According to the article, here is a list of some of the areas to receive funds and what they can be used for.
The East Bay received the following grants:
- Hayward: $1,554,489.
- Livermore: $356,115.
- Berkeley: $177,335.
- Fremont: $638,964.
- San Leandro: $559,007.
- Union City: $499,074.
- Pittsburg: $1,718,486.
- Contra Costa County: $1,159,124.
The funds can be used to buy and renovate foreclosed homes, demolish blighted homes, build new homes on vacant property or provide financing for residents to buy foreclosed homes and properties.
The grant for Contra Costa County is for cities and unincorporated areas that were not given an individual grant. In the North Bay, cities including Fairfield, Benicia, Suisin City and Solano County received a total of $4.27 million. Sonoma County landed $1.87 million.
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Thank you,
Matt Steinmetz
Envoy Mortgage- Voted Top 25 Tech Savvy Lenders by Mortgage Technology Magazine
2151-P Salvio St.
Concord, CA 94520
Phone 925-671-9501 x119
Learn When to Pay Points
Information about the $8,000 First Time Buyer Tax Credit
Information about the $10,000 New Home Tax Credit in CA
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FHA* VA * CALPERS * CALVET * FHA 203K Rehabilitation Loans * Energy Efficent Mortgages
AUGUST 24TH, 2009
By MATT STEINMETZ
This loan gives you extra cash to complete energy efficient improvements in your home. This loan is similar to the FHA 203K streamline loan, which is a larger scale rehab loan, but the EEM (Energy Efficient Mortgage) lends up to $8,000 maximum. The 203K and EEM can be used together.
Just in case you were not aware of this little program here is some information about the the Energy-Efficient Mortgage.
-Finance up to 15% of an existing home’s value or 5% of a new homes value
-The monthly energy savings are added to your income, to help you qualify
-There is a 3% minimum investment required by you, but rebates and other incentives from the governmanet may be applied toward your contribution.
Some items you can use the money for are:
- Windows and Doors
- Heating and Cooling
- Insulation
If you’d like to know more, contact me today.
Also, feel free to Share or Comment
Thank you,
Matt Steinmetz
Envoy Mortgage
2151-P Salvio St.
Concord, CA 94520
Phone 925-671-9501 x119
Fax 925-940-9639
Learn When to Pay Points
Information about the $8,000 First Time Buyer Tax Credit
Information about the $10,000 New Home Tax Credit in CA
Apply for a loan online
Contra Costa County, home loans, mortgages, Concord, CA, refinance, rahab loans, 203K, FHA
AUGUST 24TH, 2009
By MATT STEINMETZ
Over 13% of houses with mortgages are late on payments, or in foreclosure. That’s 1 in 8 homes and the highest percentage ever recorded by the MBA (Mortgage Bankers Association).
The frightening part is that Prime borrowers are now a large part of the crisis. I’m sure you’ve heard and even said that sub prime loans were at the start of all this. Then perhaps it was all of the people who put no money down or had interest only, or adjustable loans. Now, even those who were A paper clients with boiler plate loans are in trouble.
Whether unemployment be the main reason, or not, Prime borrowers are now 1 out of 3 foreclosures. Another factor, besides unemployment, are those who are just tired of paying for a house that will take years to recover to the point of owing what the house is worth.
AUGUST 19TH, 2009
By MATT STEINMETZ
Use the Register link in the sidebar, and become a member of my blog. Once you have registered and posted at least one comment to any of my posts, you will be entered to win 1 of 4 prizes (four winners in total, each winning one prize). Prizes will be $20 gift cards to Itunes, Starbucks, Macy’s or a coupon for $100 off closing costs when you close your next home loan with Matt Steinmetz and Envoy Mortgage. No purchase necessary. Registration starts as of the time stamp on this post and will end Monday, September 20th at midnight. Winners will be notified via email on Tuesday, September 21st. Be sure you have my email address in your email address book and/or listed as “safe”, so my email does not go into your spam folder. My email is matt@mattsteinmetz.com
**Instructions for Registration:**
In the sidebar, under the Meta heading, click the registration button. You will only need to fill out your email and a user name. You will then receive and email with your password. In that email is a link to the log in page. Type in your user name, that you chose, and the password from the email. This will take you to your profile page, where you can input your name. You do not have to fill out the profile entirely unless you want to. After you have save the changes at the bottom of the page. Click the “visit site” link at the top of the page. At that point choose any of posts and leave at least one response. Limit- one entry per person
Please contact me with any questions. Share with your friends so they can register as well.
Thank you,
Matt Steinmetz
Envoy Mortgage
2151-P Salvio St.
Concord, CA 94520
Phone 925-671-9501 x119
Learn When to Pay Points
Information about the $8,000 First Time Buyer Tax Credit
Information about the $10,000 New Home Tax Credit in CA
Apply for a loan online
AUGUST 13TH, 2009
By MATT STEINMETZ
Don’t hold your breath. As I excitedly read the guidelines for the new FHA program that allows you to erase 30% of your principle balance in order to lower your payments and hopefully not be underwater on your loan… I quickly realized this is yet another new program that the government spent a lot of time and money developing and that it will help very few.
The problem is that you have to already be in an FHA loan. Most of us do not, unless you bought in the last year or so. You have to be delinquent on your mortgage, AND already tried to resolve the issues with 3 other programs, before FHA will entertain your case.
Feel free to comment or share.
Thank you,
Matt Steinmetz
Envoy Mortgage
2151-P Salvio St.
Concord, CA 94520
Phone 925-671-9501 x119
Learn When to Pay Points
Information about the $8,000 First Time Buyer Tax Credit
Information about the $10,000 New Home Tax Credit in CA
Apply for a loan online
Matt Steinmetz, Concord, Ca, Contra Costa County, Envoy
AUGUST 10TH, 2009
By MATT STEINMETZ
The unemployment rate has dipped! But before you get too excited it went from 9.5% to 9.4%. While this is an improvement when you consider how many people this affects, it is still one of the worst unemployment percentages in decades. The Federal Reserve had recently stated that it expected the unemployment rate to hit above 10% sometime in 2009. Does this mean this is a temporary dip? Or are we seeing a trend reversal? Let me know what you think, leave a comment.
Thank you,
Matt Steinmetz
Envoy Mortgage
Concord, CA 94520
Phone 925-671-9501 x119
Learn When to Pay Points
Information about the $8,000 First Time Buyer Tax Credit
Information about the $10,000 New Home Tax Credit in CA
Apply for a loan online
Contra Costa county, Concord, CA, Envoy Mortgage, Matt Steinmetz
AUGUST 5TH, 2009
By MATT STEINMETZ
I have been reading about how home sales are up and have risen for the past 5 months. This is supposed to be a sign that the housing market’s supply over demand is leveling out. Knowing that a lot of vacant homes are not yet listed and that mortgage companies know now that foreclosure is cheaper than modifying a loan, I believe we will see more supply hit the streets. With school starting soon, the summer rush to buy a home will slow down. Though the rush to be in a new home by the holidays may prove to be a good market to be in. Fall is typically a great time to buy as sellers tend to be more negotiable. With out the hustle and bustle of the spring and summer home buying frenzy, those that need to sell will be ready to make a deal.
Mortgage rates are still great and in the low 5’s for a conforming 30 year fixed. This assumes good credit and the ability to qualify. It truly is a great time to buy or refinance if you can. No one knows how long these rates will last and there is certainly a lot of information that says, by the end of the year, rates will increase. I have covered this many times in previous posts, but in short we have an oversupply of mortgage backed securities on the secondary market and not enough investors buying them. This means more supply and not enough demand, which makes rates go up so that investors are enticed to buy. Aside from this when inflation goes up so will rates. The Fed will also play a role in this as they are currently buying the mortgage back securities, but will stop by December 31st. Even with out the inflation concern you can see how an already over supply, and losing a major purchaser of the supply can cause even more of an over supply, pushing rates higher.
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Matt Steinmetz
Envoy Mortgage
2151-P Salvio St.
Concord, CA 94520
Phone 925-671-9501 x119
msteinmetz@envoymtg.com
Learn When to Pay Points
Information about the $8,000 First Time Buyer Tax Credit
Information about the $10,000 New Home Tax Credit in CA
Apply for a loan online
AUGUST 5TH, 2009
By MATT STEINMETZ
The Economy is getting better! More Foreclosures on the Horizon! Worst unemployment rate in decades. Inflation is not a concern. Inflation will be a concern. The Economy is turning around.
You learn to not pay attention or at least not really believe what you read and hear in the news. If one expert says one way, another expert says another way. Who do you believe?
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Matt Steinmetz
Envoy Mortgage
2151-P Salvio St.
Concord, CA 94520
Phone 925-671-9501 x119
msteinmetz@envoymtg.com
Learn When to Pay Points
Information about the $8,000 First Time Buyer Tax Credit
Information about the $10,000 New Home Tax Credit in CA
Apply for a loan online
