Watch Matt Steinmetz in his YouTube video about refinancing even if you owe more than your house is worth with Fannie Mae’s HARP.

Matt Steinmetz is a Branch Manager for Envoy Mortgage with offices in Concord, Walnut Creek, Capitola and Vacaville California

Leave a comment here or call Matt at 925-671-9501 x119

This video by Matt Steinmetz talks about obtaining a mortgage loan on a non warrantable condo.

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To some it’s obvious and to others it’s not, but the following items are critical during the loan process.  If you have questions about these or are in the middle of your loan process and have to do one of these let me, or your loan officer know (always tell your loan officer) so you can be sure you are not affected negatively.

IMPORTANT

It is critical to the success of your loan package that you avoid doing any of the following until after your loan has closed escrow:

1. Do not change or quit jobs.

2. Do not switch banks, make cash deposits or move your money around.  If you do please keep a complete crystal clear paper trail that shows all money transfers and deposits between accounts.

3. Do not pay off bills. You should continue to pay the amount required, but do not assume that paying a debt off will alwasy benefit your score or loan approval.

4. Do not make any major purchases.  Adding debt can be detrimental.

5. Do not close credit accounts or apply for any new credit cards or loans.

If you must do any of the above, PLEASE CONTACT YOUR LOAN OFFICER IMMEDIATELY. Audits are done just prior to funding and you may be placing your loan in jeopardy if you do not notify your lender of any changes.

Hope that helps!  Please share and leave comments here.

Matt Steinmetz

First off this video is a little long.  I find myself pressed for time this holiday season so I shot this in one take just to be sure to get this out.  Watch it in parts if you must as it’s about 5-6 minutes long.

Click here to view the embedded video.

The updates I received are both encouraging and discouraging!   They’ll raise you up and bring you down!  Who knew loans could be so dramatic, like a Hollywood picture show!

If you prefer to read here it is:
No Loan To Value limit on “refi plus” loans- Refi Plus is a manual underwritten loan through your current servicer.
· DU refi plus loans will NOT be eligible until March 2012- DU Refi Plus loans can be originated by any licensed originator once the automatic underwriting systems are updated.  Until then you can only apply trough your current servicer.
· No Combined Loan To Value Limits- those with second loans can still qualify
· 105% LTV for fixed period (5 or greater) ARMS and 40 yr terms 2.

Refi plus u/w changes
· No late pays in past 6 months · No more than 1×30 in months 7-12 · No minimum credit score requirement when payment is not increasing more than 20%. · Re-qualify borrow if PITI is increasing by more than 20% and borrower must have/meet: 620 FICO, 45% max DTI, verify income/assets/assets to close per selling guide · If note provides for more than one payment, then use lowest payment to qualify · If payment is increasing 20% or less, than normal refi guidelines apply
Bankruptcy and Foreclosure policy-Waiting and re-establishment requirement removed on BOTH the new and existing loan 4. LLPA (Loan Level Price Adjustments)
Lender follows DU findings re: income, employment, asset, fieldwork c. Lender complies with all other requirements to the guide · When DU offers a fieldwork waiver, Fannie will accept property value estimate submitted to DU as the market value, and Lender is not required to make any rep or warrant as to value, marketability, and condition. · If Lender obtains appraisal on property, then standard reps and warrants apply · Lender not responsible for Condo project eligibility rep/war except for the requirement of the property is not in a condo/coop hotel or motel.

Other requirements with respect to the original loan:
a. the loan was eligible for sale to Fannie the first time
b. original loan was in compliance to current laws
c. No know scheme or patter of fraud involving 2 mortgages and 2 perpetrators, etc
d. Condo, coop, or PUD project must meet original requirements
e. If no new appraisal obtained, Lender must rep/war that the current value is not less than the original value from the original appraisal report.(Fannie Mae is confirming if this is accurate or not. · If a new appraisal received, then Lender must rep/war just like any other loan
· Lender not responsible for any QC findings from Fannie after the fact · Lender not responsible for any max DTI (except as stated earlier)
· Not responsible for acceptable credit history (except as stated earlier)
· Not responsible for undisclosed liabilities (except as stated earlier)

Contact me or COMMENT BELOW and share with your friends and social media 

Matt Steinmetz
www.mattsteinmetz.com
twitter:steinmetzmatt

http://ow.ly/7uYDe Here is the Fannie Mae Selling Guide

The HARP program has been extended through 12/31/2013.

“Fannie Mae is removing the maximum LTV ratio limit for Refi Plus mortgage loans secured by fixed-rate mortgages with terms up to 30 years. This includes loans with terms of 15 years, which were previously restricted to a maximum LTV ratio of 105%. There continue to be no limits on the CLTV or HCLTV ratios.

The maximum LTV ratio limits for all occupancy and property types are:

• no maximum for fixed-rate mortgages with terms up to 30 years,
• 105% for fixed-rate loans with terms greater than 30 years up to 40 years, and
• 105% for ARMs with initial fixed periods greater than or equal to five years and terms up to 40 years (as permitted by the ARM plan).”

 WOW!! This sounds good so far! This is effective for loans with application dates after 12/1/2011. Though it sounds like it may take awhile for the systems to be updated to allow for these loans to be purchased by Fannie Mae.  This may mean that lenders would have to hold these loans, on their books, for a few months and many simply won’t want to do that. (possible strike 1 here) 

Underwriting Requirements (see video)

Click here to view the embedded video.

In addition they are eliminating the need for a new property appraisal where there is a reliable AVM (automated valuation model)

Here is the Federal Housing Finance Administartion release.  In here it reminds you the loan must be owned by Freddie Mac or Fannie Mae to qualify and how to determine if your home is.

Lastly this is not required for lenders to participate in and most lenders will need a few weeks to implement these changes.  Look for lenders to know more in December.  Hopefully many will participate and do so with overlaying their own, more stringent, guidelines. (fingers crossed)

Share this with the buttons below, people you know will want to know about this!

Thank you,
Matt Steinmetz  nmls# 221315
Envoy Mortgage
2151-A2 Salvio St.
Concord, CA 94520

The limits now expire on December 31, 2013 and applies to all high cost areas like ours in Contra Costa County and surrounding areas.  Fannie Mae and Freddie Mac are limited to $625,500 in our area but that is still better than the $417,000 that it would be at if Congress did not raise this prior.

Spread the word as this should help some folks and make them happy.  Share this along with the buttons below.

Click here to view the embedded video.

Thank you,
Matt Steinmetz  nmls# 221315
Envoy Mortgage
2151-A2 Salvio St.
Concord, CA 94520

Visit Envoy925.com

Office:925-671-9501 x119
Fax:925-671-9512

Down Payment Assistance*FHA*VA*HomePath*FHA
203K*Less Than 90 Day Flips*USDA*Condo Approvals*Escrow Holdbacks*and now Up
to 8 Financed Properties

1. every time you list property, ccar generates a free property website at streeturls.com and google indexes this site
2. home opens today.com #1 open house website in norcal
3. CCAR has over 2700 followers on Facebook (maybe Realtors should link your listings here?)Free training on social media at ccar
4. CCAR mobile portal m.ccartoday.com
5. 20 photos on mls listings and soon to be more.  My Question to CCAR-Can you geo tag those? (this will help with Google’s new  localized search results)
6. cloud cma?   (sorry I didn’t get much on this topic.  Please comment if you have info to share)
7. Short sale help desk coming soon at CCAR

Robert A. Kleinhenz Ph.D. 
Deputy Chief economist CAR 

• GDP normal grows at 3.6%- coming out of a recession needs to grow faster.  3rd qtr 2011 grew 2.5%
• Unemployment continues to be high
• On Avg we are adding 125k people to job force each month.  We need to create at least this many jobs to keep unemployment from getting worse plus we have to add more for the people that were laid off.  This is why unemployment isn’t getting better.
• Inflation seems to be tame and in check for now.  Other items like jobs are more important to focus on
• need to produce 400k jobs per month to get to a 6% unemployment
• When economy is slow Gov. can get involved to jump start economy- but the consumer spending is a huge portion and needs to come back.  In 3rd qtr 2011 consumer spending went up ut consumer savings went down at the same time.
• We are growing but not growing fast enough
• fed has committed to keeping interest rates low for next couple of years.
• House sales should see around 500k annually (total units sold), we are just below this for the year and was a little below this last year around 491k
• 250k sold annually in 2007
• Home price- median price for state $287,440 this is down 8.3% year over year.  Fairly stable home prices over the past couple months.
• 55% of total market place were non distressed sales up to September- 45% REO and short sales
• See video on shadow inventory
• CA housing leads the nation. CA bottomed out first and is recovering first “we took our licks early on”
• 76% of deals did not close escrow on time in 2011 out of clients surveyed by CAR
• Watch this video regarding standing/shadow inventory:

Click here to view the embedded video.

As of Sept. 2011 on Contra Costa County we had 3,600 in shadow inventory or 2.6 months of inventory.  This is moderate pressure on the market.  Rents are on the way up (↑ 8% in the Oakland MSA)  However the outlook for home sales in 2012 is barely better than 2011.  This is interesting the since affordability in Contra Costa County is very high.  Buyers are getting much more bang for their buck than just a few years ago.  Speaking of buyers, it’s no surprise to me that 34% of sales in 2011 were for first time buyers.  Here’s a good spot to plug my buyer education page! 

A copy of the presentation information can be found at www.car.org/marketdata 

The remainder of the information was regarding laws that will come into play.  Most were dealing with short sales, foreclosures, and notices to renters when filing a N.O.D.  and N.O.S. for homeowners.  I encourage you to call the CAR legal hot line for more info on laws.  (I don’t want to quote them wrong on this!) 

My brain locked into the following bit of info/opinion as it was also mentioned last year at the same event.  Which is that the housing market will see a shortage of inventory later this decade.  Meaning that since new homes are not readily being built, when the market turns around and homes are being purchased faster, inventory will be low.  When inventory is low and qualified buyers are high… That means increases in home prices.  Demand>Supply

Please share this with the buttons below and leave a comment.  Let me know what you think about all of this and how it affects you!

Thank you,
Matt Steinmetz  nmls# 221315
Envoy Mortgage
2151-A2 Salvio St.
Concord, CA 94520

Visit Envoy925.com

Office: 925-671-9501 x119
Fax: 925-671-9512

Down Payment Assistance*FHA*VA*HomePath*FHA 203K*Less Than 90 Day Flips*USDA*Condo Approvals*Escrow Holdbacks*and now Up to 8 Financed Properties

Fannie Mae’s Homepath program allows for 10% down for investors when buying a Homepath home.

Non Fannie Mae Homepath homes can use normal conventional financing with 15% down for investment property loans.  This does require mortgage insurance but with prices so low you may still have positive cash flow while keeping 5% of the sales price in the investors pocket vs. putting 20% down.

Thankyou,
Matt Steinmetz  nmls# 221315
Branch Manager
Envoy Mortgage

2151-A2 Salvio St.
Concord, CA 94520

Office: 925-671-9501 x119
Visit Envoy925.com

FHA*VA*HomePath*FHA 203K*Less Than 90 Day Flips*USDA

Condo Approvals*Escrow Holdbacks*and now Up to 8 Financed Properties

 BUYERS:Fannie Mae is once again offering closing-cost assistance for buyers who close on a home in the mortgage giant’s real-estate owned (REO) inventory, but in most states will not bring back cash bonuses it previously paid to buyers’ agents.

Buyers who put in initial offers on or after April 11, and close on the sale of a Fannie Mae HomePath property by June 30, will be eligible to receive up to 3.5 percent in closing-cost assistance.

AGENTS:Fannie Mae said it will offer a $1,000 bonus to buyers’ agents in California and Washington whose clients close on a HomePath property by June 30.

 Thank you,

 Matt Steinmetz   nmls# 221315

 Envoy Mortgage 

2151-A2 Salvio St.

Concord, CA 94520

 Visit Envoy925.com 

Office: 925-671-9501 x119

FHA*VA*HomePath*FHA 203K*Less Than 90 Day Flips*USDA*

Condo Approvals*Escrow Holdbacks*and now Up to 8 Financed Properties

Follow me on  My Blog ,  LinkedIn , Facebook, or Twitter

Whether you are a first time buyer, a seasoned or a want to be investor, or considering a 2nd home, it’s time to buy again! 

New construction has slowed to recrod lows and in 72% of U.S. cities it is cheaper to buy than rent which means as soon as the economy picks up there could be a housing shortage which will push prices higher.  Low home prices today coupled with low mortgage rates makes it easier to buy and for investors, easier to get positive cash flow. 

Don’t shrug off homes that need repair either, check out this post Funding your Fixers  and with FHA or even Fannie Mae’s Home Path you can put less money down.

 Matt Steinmetz   nmls# 221315 

Branch Manager 

 Envoy Mortgage   

2151-A2 Salvio St. 

Concord, CA 94520 

Visit our new website http://www.envoy925.com  

Office: 925-671-9501 x119 

FHA*VA*HomePath*FHA 203K*Less Than 90 Day Flips*USDA*Condo Approvals*Escrow Holdbacks*and now Up to 8 Financed Properties 

Follow me on LinkedIn , Facebook , or Twitter