I will be attending this event and am the Treasurer for the CCAR YPN. This is an exciting new networking group and I look forward to all of our future events, starting with this party!
For more info see this post http://mattsteinmetz.com/blog/ccar-ypn-party/
See you there!
Matt Steinmetz
Envoy Mortgage
2151-A2 Salvio St
Concord, CA 94520
Tags: ca, concord, envoy mortgage, matt steinmetz
Click above to see more info regarding the Contra Costa Association of Realtors Young Professionals Network kick off party. It is going to be a great time, come by and join us. It’s Free!
Matt Steinmetz
Tags: CCAR YPN, matt steinmetz
From Fannie Mae Announcement SEL-2010-05
Fannie Mae is updating several policies regarding the future eligibility of borrowers to obtain a new mortgage loan after experiencing a pre foreclosure event (pre foreclosure sale, short sale, or deed-in-lieu of foreclosure).
The “waiting period” – the amount of time that must elapse after the pre foreclosure event – is changing and may be dependent on the LTV (loan to value) ratio for the transaction and whether extenuating circumstances contributed to the borrower’s financial hardship (for example, loss of employment). In addition, Fannie Mae is updating the requirements for determining that borrowers have re-established their credit after a significant derogatory credit event.
In the past a borrower would have to wait 4 years after a deed in lieu of foreclosure to get a Fannie Mae loan. Now with 20% down that time frame is 2 years, otherwise it’s still 4 years and capped at 90% LTV.
Pre foreclosure sales and short sales are 2 years, with the same LTV restrictions.
Extenuating circumstances may allow a borrower to get a loan up to 90% after just 2 years.
Borrowers must show they have re-established credit and show good payment history and good fico scores.
After a foreclosure borrowers still have to wait 5 years to buy again under Fannie Mae, but FHA is 3 years and VA is 2.
Thank you,
Matt Steinmetz
NMLS# 221315
Envoy Mortgage- Hiring experienced Loan Originators, Ask me more.
2151-A2 Salvio St.
Concord, CA 94520
Phone 925-671-9501 x119
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FHA * VA * CALPERS * CALVET * FHA 203K Rehab Loans * Energy Efficient Mortgages * HomePath * Flips * County/City Homebuyer Assistance Programs
Be on the look out for FHA, as they are trying to raise the monthly mortgage insurance premium (MIP) from .55% to .85%.
Reading in my posts below you will see that they are already raising the upfront MIP from 1.75% to 2.25%.
Check back here, as I will let you know if this gets passed.
Mortgage rates improved today to 4.75% for a no point 30 year fixed conforming loan. This is the lowest in at least the last 315 years, except for when it was at this level earlier this year. If you missed it then, you’re lucky, you get another chance. Call me today!
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.
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