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Matt Steinmetz

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

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

This video by Matt Steinmetz covers some details about how tax returns affect you qualifying for a mortgage loan.

Please share with the buttons below and leave a comment.

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

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

Happy Holidays!

Matt Steinmetz

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

This video discusses the estimate from the Mortgage Bankers Association that the loan volume for 2012, industry wide will drop by 25%.  This will force more lenders, individuals and companies, to leave the industry.  The video also touches on where rates are today and what to expect.  Watch to see what this means for you.

Matt Steinmetz
Mortgage Banker
Branch Manager
nmls#221315

Envoy Mortgage
Concord, Ca
Contra Costa County

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

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.

www.mattsteinmetz.com

www.envoy925.com

www.envoyca.com

 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

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