Once Obama sings it, this bill will allow FHA to raise it’s annual premiums from .55% to 1.55%.  The idea is that FHA, being the crutch of our housing recovery, can better position itself and rebuild reserves.  The idea is that FHA will lower its upfront premium, which went up from 1.75% to 2.25%, and raise it’s annual premium (paid monthly) as needed.  Whether or not FHA raises it partially or all the way to 1.55% is what we wait for.

Thank you,

Matt Steinmetz

NMLS# 221315

Envoy Mortgage- Hiring experienced Loan Originators, Ask me for info.  

2151-A2 Salvio St.

Concord, CA 94520

Phone 925-671-9501 x119

FHA * VA * CALPERS * CALVET * FHA 203K Rehab Loans * Energy Efficient Mortgages * HomePath * Flips * County/City Homebuyer Assistance Programs

We are interested in hiring experienced loan officers with a current pipeline/book of business.  Envoy Mortgage is also interested in complete branches or mangers looking to bring on their office. 

Envoy Mortgage is known for it’s speed and technology.  For more information you can contact me and visit these links.

www.envoyca.com

www.envoymortgage.com

Thank you,
Matt Steinmetz
NMLS# 221315

Envoy Mortgage- Hiring experienced Loan Originators, Ask me for info.  
2151-A2 Salvio St.
Concord, CA 94520

Phone 925-671-9501 x119

msteinmetz@envoymtg.com

FHA * VA * CALPERS * CALVET * FHA 203K Rehab Loans * Energy Efficient Mortgages * HomePath * Flips * County/City Homebuyer Assistance Programs

Envoy Mortgage offers a wide range of products and is known for it’s ability to close fast.  With mortgage rates a record lows, we are happy to assist you with your home purchase or refinance.  First Time Buyer’s can take advantage of city or county down payment assistance programs.  Call us today!

Join the team!

Thank you,
Matt Steinmetz

Envoy Mortgage -Voted Top 25 Tech Savvy Lenders by Mortgage Technology Magazine
2151-A2 Salvio St
Concord, CA 94520

Phone 925-671-9501 x119

msteinmetz@envoymtg.com

Apply for a loan online

 FHA* VA * CALPERS * CALVET * FHA 203K Rehabilitation Loans * Energy Efficent Mortgages

NMLS#221315

By a very strong bipartisan vote of 406 – 4 the House passed H.R. 5072, the “FHA Reform Act of 2010″. This bill, sponsored by Rep. Waters (D-CA) and Capito (R-WV) strengthens the FHA mortgage insurance program while keeping the program affordable and available for responsible homeowners. The bill will allow FHA to increase the annual (monthly) premium. This is a victory for homebuyers. In February, FHA increased the upfront premium from 1.75% to 2.25%. With this new authority, HUD will DECREASE the upfront premium to 1% and increase the annual premium from .55% to .85%. This will reduce the upfront burden on homeowners while most quickly restoring FHA’s reserves to the congressionally mandated level. The bill also included an amendment to increase the FHA multifamily loan limits in multi-story (elevator) buildings. The House defeated amendments to raise the FHA downpayment requirement, decrease the loan limits, and cap the market share for FHA. The NAR-supported bill now moves to the Senate.

Thank you,

Matt Steinmetz
NMLS#221315
Envoy Mortgage -Voted Top 25 Tech Savvy Lenders by Mortgage Technology Magazine 

2151-A2 Salvio St
Concord, CA 94520

Phone 925-671-9501 x119

msteinmetz@envoymtg.com

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

Follow me on Twitter
Apply for a loan online

FHA * VA * CALPERS * CALVET * FHA 203K Rehab Loans * Energy Efficient Mortgages * HomePath * Flips * County/City Homebuyer Assistance Programs

Still to come are the possible changes to the allowable amount of seller credits, form 6% to 3%, and the possible change from allowing 3.5% down to 5% down payment.

As for rates, they have gone up about .25% in the last few days and today is no different.  The market is already looking like we’ll have a reprice for the worse.  As you know from my previous posts, the Feds have stopped buying MBS or mortgage backed securities.  This leaves a lot of supply on the market and with out demand, rates will have to go up to entice investors into the market place.

Last Friday also saw the best jobs report in 3 years and the stock market is reacting positively to that today, as it was closed on Friday.

Feel free to comment or share with anyone you know.

Thank you,
Matt Steinmetz
NMLS# 221315

Envoy Mortgage- Voted Top 25 Tech Savvy Lenders by Mortgage Technology Magazine
2151-A2 Salvio St.
Concord, CA 94520

Phone 925-671-9501 x119

Follow me on Twitter
Learn When to Pay Points
Apply for a loan online

FHA* VA * CALPERS * CALVET * FHA 203K Rehabilitation Loans * Energy Efficient Mortgages * HomePath * Flips

Starting May 1st, the very day after the federal tax credit ends, California’s tax credit kicks in!!!

This time it’s not just for new homes either.  First time buyers, purchasing new or existing homes can apply for the lesser of 5% of the sales price or $10,000.  This is good for accepted purchase contracts from May 1st through Dec 31, 2010. 

Post a comment and let me know what you think about this.  Is it going to help?  Do you know anyone who needs to know this?  Please pass this along by using the share button, or copy the link in your browser.

I’m here to help, let me know what I can do for you, or someone you know.

Thank you,

Matt Steinmetz

NMLS# 221315

Envoy Mortgage- Voted Top 25 Tech Savvy Lenders by Mortgage Technology Magazine

2151-A2 Salvio St.

Concord, CA 94520

Phone 925-671-9501 x119

Follow me on Twitter

Learn When to Pay Points

Apply for a loan online

FHA* VA * CALPERS * CALVET * FHA 203K Rehabilitation Loans * Energy Efficient Mortgages

Vacaville opening in October 2009 with also only 3 originators has already expanded its space and is already home to 10 originators.

Next was Fullerton, CA in Orange County with 3 originators and our newest office is in San Diego and starts with 5 originators.  I am sure these will be expanding in no time.

Our sites for our next office? San Luis Obispo and with any luck, that will be very soon!

We are always looking for experienced, and active loan originators.  If you or someone you know would like to see what Envoy Mortgage has to offer, please visit www.envoyca.com or contact me for more information.  Individuals or branches are accepted.  Envoy Mortgage is a mortgage bank and not a net branch.

Join the team!

Thank you,
Matt Steinmetz
NMLS# 221315

Envoy Mortgage- Voted Top 25 Tech Savvy Lenders by Mortgage Technology Magazine
2151-A2 Salvio St.
Concord, CA 94520

Phone 925-671-9501 x119
msteinmetz@envoymtg.com

Follow me on Twitter
Learn When to Pay Points
Apply for a loan online

FHA* VA * CALPERS * CALVET * FHA 203K Rehabilitation Loans * Energy Efficient Mortgages

Best bet is to lock in now.  Rates are still very low and why risk missing the boat when the forces seem to be stacking against rates going lower.

Thank you,
Matt Steinmetz
NMLS# 221315
Envoy Mortgage- Voted Top 25 Tech Savvy Lenders by Mortgage Technology Magazine

2151-A2 Salvio St.
Concord, CA 94520
Phone 925-671-9501 x119

msteinmetz@envoymtg.com

Follow me on Twitter
Learn When to Pay Points
Apply for a loan online

FHA* VA * CALPERS * CALVET * FHA 203K Rehabilitation Loans * Energy Efficient Mortgages

I heard the Tavern on the Green in Central Park is or has just closed. Here is a picture I took while there last September. Many people remember this place by the manicured animal shapes like this one.

The Fed says that the Fed’s Mortgage Backed Securities purchase program (see previous post), will end March 31st.  Overall this news was taken bad as rates got a little worse yesterday.

Also in a previous post, I commented on FHA changes.  Well it looks like the date for the increase in up front mortgage insurance (UFMIP) is April 5th.  The increase, just days after the Fed stops buying MBS’s, takes the UFMIP from 1.75% of the loan amount to 2.25%.  If you look at a $300,000 purchase price, and use FHA with the minimum 3.5% down, after April 5th your UFMIP will be $1,582 higher!  This is can be a problem for a lot of people.  I know, because I see how people struggle to save just enough for a down payment and closing costs.

It is true that UFMIP can be, and usually is financed into the loan amount, how ever that means higher payments.  While the impact to payments is low, those buyers who are already on the border for qualifying will be affected.

At some point the cap for seller credits will come into play as well.  Currently a seller can credit 6%, but FHA will shrink that to 3% sometime soon.

Leave a comment, subscribe and forward to a friend.

Thank you,
Matt Steinmetz
Envoy Mortgage- Voted Top 25 Tech Savvy Lenders by Mortgage Technology Magazine

2151-A2 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

FHA* VA * CALPERS * CALVET * FHA 203K Rehabilitation Loans * Energy Efficient Mortgages