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

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

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

the link above will give you a few details.  Here are some details:

• Temporary assistance for unemployed homeowners while they search for re-employment.  Payments reduced to affordable level for a minimum of three months, and up to 6 months for some borrowers, while eligible homeowner looks for new job.
• All servicers (who you make the check to)  are requirement to consider alternative principal write-down approach and increased principal write-down incentives.  This pertains to borrowers who owe more than 115% of the homes value
• Other implementations are to reach more consumers and help those going through foreclosures by making the process smoother.

Thank you,
Matt Steinmetz
NMLS# 221315

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

The fed planned to spend 1.25 trillion dollars buying mortgage backed securities, which are really just bundles of loans, like yours, that are sold on a secondary market, like stocks and bonds.  They have spent over 1 trillion and with only 12 weeks remaining will be winding down this program.  Why should you care?

Since the secondary market is like any other and responds to supply and demand, when there is less demand, investors will need to be enticed to buy.  How do you do that?  With larger returns.  In this case returns are created by the interest rates, so you can see that higher rates will be needed.  This is of course passed on to the consumer, meaning home loan rates are expected to go up. 

If you or anyone you know has been on the fence, to buy or refinance, time is running out.  We may or may not see one more dip before the 12 weeks is up, but rest assured that unless the Fed extends the program, rates will go up.

Couple higher rates with foreclosures and short sales, we can expect a slight loss in the (small) gains we saw late last year in housing prices.  As rates go up the buyers lose purchasing power and are less likely to buy higher priced homes. 

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

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

This is Good News!  If you have been involved in a purchase of a foreclosed home, you know that the escrow companies were forced on you by the seller.  These companies, for the most part, were out of the area, over worked and simply not caring to your needs, since their client was the bank with the foreclosure.  Terrible service is usually accompanied with these transactions.  Now you can choose your own escrow company, a local company that you or your agent/lender has a relationship with.  One that will care for your needs.

A small victory but one that helps!

 
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

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

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?

Please take the poll and feel free to leave a comment or share with your social networks.
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

The city of Baltimore claims that they have lost tax revenue because Wells Fargo put buyers into subprime loans that should not have qualified for a loan, and that Wells encouraged loan officers, through compensation packages, to give subprime loans to borrowers even if they could get better loans.  All of the foreclosures have taken away property tax revenue and Baltimore want to be paid.  Two former loan officers have made statements to support that Wells Fargo encouraged this sort of steering clients into subprime loans.  I am curious to find out the results of this.  If Wells Fargo is found liable for this, what do you think should be the penalty?  Comment below.

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Matt Steinmetz

Envoy Mortgage

Concord, CA Contra Costa County

The article goes on to say that 1 in 5 homeowners owe more than their property is worth and with record unemployment today, the Treasury Dept. is looking at ways to save jobless homeowners from losing their home.

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Matt Steinmetz

Envoy Mortgage

Concord, CA Contra Costa County

Many Banks that held off on foreclosing on delinquent mortgages are now planning to move forward.  A lot of banks held off because they signed up for Obama’s Home Stability Plan, but reports show that a large amount of  the loans that have been modified by the lender are still delinquent.  People are still not paying their mortgages, even after modifications go through.  Not only does this clog up the modification departments for those who want help and would pay, but it tells the lenders the pograms don’t work and perhaps foreclosure is the way to go.  Either way, a new wave of foreclosures is on the horizon and this will depress home values further.  This is good news if you are in the market to buy. 

Matt Steinmetz

Envoy Mortgage