Matt Steinmetz's Blog » fha

FHA 203k Retained by Envoy Mortgage

Matt Steinmetz — Fri, 18 May 2012 15:13:17 +0000

Click here to view the embedded video.

In this video I discuss how Envoy Mortgage has rolled out their own FHA 203k Streamline product that is funded by Envoy and the servicing rights retained by Envoy. This means Envoy Mortgage has control of the process form start to finish and beyond. Servicing means you will make your payments to Envoy and not have your loan sold around to other lenders. Let me know what you think by leaving comments below and sharing with your communities.

Thank you,
Matt Steinmetz nmls# 221315
Envoy Mortgage
2151-A2 Salvio St.
Concord, CA 94520
Visit Envoy925.com
Office: 925-671-9501 x119

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

Energy Efficient Mortgage

Matt Steinmetz — Sat, 21 Apr 2012 20:25:04 +0000

Here is a link to a presentation I gave at the Contra Costa Association of Realtors on Energy Efficient Mortgages. There is no sound but I am happy to speak with you about the program should you have questions.

Matt Steinmetz

Envoy Mortgage
Concord, CA
Contra Costa County

Non Warrantable Condos

Matt Steinmetz — Sun, 11 Mar 2012 16:39:34 +0000

Click here to view the embedded video.

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

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FHA to Change Allowable Seller Credit Amount?

Matt Steinmetz — Wed, 25 Jan 2012 23:35:15 +0000

In a separate Federal Register notice to be published soon, the FHA will propose to reduce the maximum allowable seller concession from its current level to one more in line with industry norms. The current level exposes the FHA to excess risk by creating incentives to inflate appraised value. The revised proposal reflects public comments received on an earlier proposal published in a Federal Register notice on July, 15, 2010. The revised proposal calls for a 30 day comment period. Following an analysis of the public comments received, a final rule will be issued.

Do you think this is a good or bad idea? Let me know by commenting below (log in using your facebook or twitter account through Disqus)

Matt Steinmetz

What Not To Do During Your Loan Processing

Matt Steinmetz — Mon, 23 Jan 2012 17:19:34 +0000

What Not To Do

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

Standard Items Needed for Loan Approval

Matt Steinmetz — Sun, 22 Jan 2012 17:17:41 +0000

Standard Items Needed for Loan Approval

The following items are normally needed during the loan process. Your lender may require more or less but this gives you a basic idea of what to expect. All of these items may not apply to you, for example if you are not divorced you can ignore that requirement.

Most current paycheck stubs (cover 30 days) for all jobs, disability, etc
W-2 or 1099s for years 2009 and 2010 for all employers and all income received
Complete copies of your Federal tax returns with all of the schedules for 2009 and 2010 (page 2 signed)
Divorce decree/marital property settlement or Legal Separation paperwork if applicable
Most recent 3 months bank statements for all bank accounts (all pages)
Current quarterly statements of investment accounts (retirement, 401K’s) (all pages) if being used for down payment, reserves, or for paying closing costs
Complete bankruptcy papers, including final discharge document if applicable
Landlord name, address and phone number for last 2 years (if you rent)
Proof of current homeowner’s insurance policy on your home
Mortgage statement for your Current Mortgage(s) (for all properties) and all houses
Clear and enlarged copy of Drivers License for each borrower
Copy of Trust paperwork if title is held in a Trust or Income comes from a Trust

Let me know if you have any questions!

Matt Steinmetz

FHA Home Flipping Policy

Matt Steinmetz — Thu, 22 Dec 2011 22:11:00 +0000

In February, FHA extended the FHA property flipping waiver until December 31, 2011. As of now, this waiver has not been extended again and will expire on 12/31/11.
All loans that are utilizing the waiver to get around the 90 day seasoning required by FHA on flip properties (mainly being used now by investors who are fixing/flipping homes) must have a FULLY EXECUTED purchase contract and must have a FHA case number assigned on or before 12/31/11. No extensions will be given to this deadline. Any loans with case numbers & contracts January 1^st or later will require 90 days seasoning prior to the borrower making loan application, with the only exceptions being the following:

4155.2 4.7.h Exceptions to the 90-day Restriction

The only exceptions to the 90-day resale restriction described in HUD 4155.2 4.7.e are for

•	properties acquired by an employer or relocation agency in connection with the relocation of an employee

•	resales by HUD under its Real Estate Owned (REO) program

•	sales by other United States Government agencies of single family properties pursuant to programs operated by these agencies

•	sales of properties by nonprofits approved to purchase HUD-owned single family properties at a discount with resale restrictions

•	sales of properties that are acquired by the seller by inheritance

•	sales of properties by state and federally-chartered financial institutions and government sponsored enterprises

•	sales of properties by local and state government agencies, and

•	sales of properties within Presidentially Declared Disaster Areas.

If HUD decides to extend the waiver, we will notify you ASAP.

Happy Holidays!

Matt Steinmetz

FHA Loan Limits Increased! Again!

Matt Steinmetz — Wed, 16 Nov 2011 06:24:09 +0000

Congress to restore FHA loan limts to $729,750 http://ow.ly/7uXep (NOT FANNIE MAE OR FREDDIE MAC) but still this is good news!!!

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

CCAR’s Big Event 2011

Matt Steinmetz — Sun, 13 Nov 2011 22:10:14 +0000

This is my 2nd Big Event and I find them informational. It is also a good chance to say hello and rub some elbows. This event was held at the Lesher Center for the Arts. Here’s what was said this year.

CCAR

Presented by Bruce Adams

every time you list property, ccar generates a free property website at streeturls.com and google indexes this site
home opens today.com #1 open house website in norcal
CCAR has over 2700 followers on Facebook (maybe Realtors should link your listings here?)Free training on social media at ccar
CCAR mobile portal m.ccartoday.com
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)
cloud cma? (sorry I didn’t get much on this topic. Please comment if you have info to share)
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

First Time Buyer Video Series Part 1

Matt Steinmetz — Sat, 02 Jul 2011 16:57:53 +0000

Click here to view the embedded video.

Matt Steinmetz goes through his First Time Buyer Booklet in sections to walk you through the details of buying a home.

In this video we discuss terms and what to consider when buying a home.

Matt Steinmetz is the branch manager of the Concord, Walnut Creek and Danville, CA Envoy Mortgage Offices located in Contra Costa County. You can find more information at the following websites.