Envoy Mortgage in Concord, CA is funding FHA purchase loans in under 30 days with 3.5% down for those who qualify.  Contact me for more details.

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

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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

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

For 1st time buyer’s or those who have not owned a home in the last 3 years, the tax credit is $4,000 for singles and $8,000 for couples, with income restrictions maxing out at $125,000 for singles and $225,000 for couples.

Current homeowners, who have owned a home for 5 of the previous 8 years, can now also get a credit of $3,250 for singles and $6,500 for couples with the same income restrictions. 

Purchase agreements must be signed by 4/30/2010 and close by 6/30/2010

Those in the armed forces, stationed outside of the U.S. on official duty for 90 days during the period of 1/1/2009 – 5/1/2010 have an extended time frame for signed purchase agreements to 5/1/2011 and closing to 6/1/2011.
 

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

Visit my blog for my most recent mortgage related update.

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

By Paul Muolo
National Mortgage News
Page 1
Sep 28, 2009

Eighteen months ago when industry veteran Rick Thompson bought into a small mortgage banking firm in the Houston area – with an eye toward molding it into a national lender – people thought he was crazy. “I was told this wasn’t such a good idea,” he said. “The industry had blown up, especially the middle-tier firms.”

A further challenge for Mr. Thompson – who’s been in the business for three decades – is the fact that Envoy Mortgage is a non depository and depends on warehouse lines of credit. “Three months ago our warehouse providers were Colonial, Guaranty and National City.”

In case you’ve been living in a cave, here’s an update on those three firms: Colonial Bank (once the nation’s largest warehouse provider) has gone bust, as has Guaranty. As for National City, it’s now the property of PNC Financial Services, a bank well known for loathing the residential mortgage business.

PNC, said Mr. Thompson, is continuing to extend credit to Envoy and BB&T “has picked up our Colonial line.” Even though three months ago Envoy had just there warehouse lenders, today it has six. And business is booming at the 50-branch retail-only lender. By the time 2009 ends, Envoy will fund $2 billion in loans, a handsome 189% gain from last year.

All of its originations are either Fannie Mae, Freddie Mac or FHA-guaranteed product. Most of its loans are sold servicing-released, but Envoy one day hopes to service its own originations. The company is a Fannie Mae seller/servicer and is waiting on final approvals from Freddie and GNMA.

Mr. Thompson, who made his name in the industry by managing Troy & Nichols of Monroe, La., and then later on Aegis Mortgage, Houston, wants to take the company to the next level. (Mr. Thompson left Aegis in 2006, a year before it filed for bankruptcy protection. He’s declined to talk in detail about Aegis’ majority owner, Cerberus Capital, but he’s made it clear in past interviews that he and the hedge fund’s upper management didn’t exactly see eye-to-eye. Aegis was a Fannie/Freddie/alt-A lender with occasional forays into subprime.)

His ultimate goal is to make Envoy into what he calls a “middle tier” lender, one that ranks between 10th and 50th nationwide. In short, he believes much of the old existing middle tier has gone bust and that in time a new middle tier will rise from the ashes. “We believe the middle tier will be reconstituted,” he said.

But to get there, Envoy, said Mr. Thompson, will need additional capital – and a banking charter. “We’re looking to buy a bank or affiliate with one,” he said. “I’ve been looking at a lot of banks these days but we’re not quite there yet.”

Whether he and his partners will actually get a bank remains to be seen, but rest assured he isn’t the only nonbank executive toying with the idea of getting his hands on a depository. Rumors abound that all sorts of former nonbank executives are lining up to buy depositories for the simple reason they want a reliable source of funds (deposits) which they can use to fund and service residential originations.

One West Coast-based nonbank servicer I know told me recently that he’s been looking at dozens of banks in California but so far hasn’t found a small to midsized depository that he can get comfortable with. “A lot of them have commercial (real estate) loans that are ready to explode,” he said.

As for Mr. Thompson, he’s hopeful. He believes that thanks to the industry’s warehouse crisis being small these days puts nonbanks of all sizes at a major competitive disadvantage. “Smaller firms are definitely having a tougher time getting warehouse lines. There’s a fear about buyback requests,” he said. “And then there’s the cost of compliance – it keeps going up.”

On a personal note I enjoy working with Envoy Mortgage and look forward to the future as we grow.  Envoy is truly a great company to work for.

Matt Steinmetz

Just in case you were not aware of this little program here is some information about the the Energy-Efficient Mortgage.
-Finance up to 15% of an existing home’s value or 5% of a new homes value
-The monthly energy savings are added to your income, to help you qualify
-There is a 3% minimum investment required by you, but rebates and other incentives from the governmanet may be applied toward your contribution.

Some items you can use the money for are:

• Windows and Doors
• Heating and Cooling
• Insulation

If you’d like to know more, contact me today.

Also, feel free to Share or Comment

Thank you,

Matt Steinmetz
Envoy Mortgage
2151-P 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

Contra Costa County, home loans, mortgages, Concord, CA, refinance, rahab loans, 203K, FHA 

Mortgage rates are still great and in the low 5′s for a conforming 30 year fixed.  This assumes good credit and the ability to qualify.  It truly is a great time to buy or refinance if you can.  No one knows how long these rates will last and there is certainly a lot of information that says, by the end of the year, rates will increase.  I have covered this many times in previous posts, but in short we have an oversupply of mortgage backed securities on the secondary market and not enough investors buying them.  This means more supply and not enough demand, which makes rates go up so that investors are enticed to buy.  Aside from this when inflation goes up so will rates.  The Fed will also play a role in this as they are currently buying the mortgage back securities, but will stop by December 31st.  Even with out the inflation concern you can see how an already over supply, and losing a major purchaser of the supply can cause even more of an over supply, pushing rates higher. 

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