• You CAN sell homes in need of minor or major repair.
• You CAN Help clients purchase or refinance a home and include money for repairs or renovations.
• Loans Based on Home’s Value AFTER improvements are made.
• Save Time and Money with our One Time Close.
• Purchase Closes, You Get Paid, Repairs Begin.  Nice!

-> Do you have clients who are selling, purchasing or refinancing a home in need of minor or major renovations or repairs? 

-> Did you know that if buyers pay cash they have to wait 6 MONTHS before they can pull their cash back out to make those needed repairs. 

-> Did you know that instead of deferring much-needed repairs, our renovation loan allows owners and buyers to purchase and renovate a home with one loan!

THIS LOAN IS PERFECT FOR:

• Sellers (or potential sellers) who’s homes are “dated” or in need of repair – This is a great listing tool!
• First-time Homebuyers, Owner Occupants Only
• Move-Up or Down Buyers, Owner Occupants Only
• Homeowners looking to upgrade an existing owner occupied property
• Buyers purchasing Bank-owned Foreclosure Purchases, Owner Occupants Only

ELIGIBLE REPAIRS:

• Repair roofing, gutters and downspouts
• Build a garage or add a room
• Remodel kitchens and baths
• Replace flooring, tiling and carpeting
• Update plumbing, heating/cooling,
• electrical systems and appliances
• Landscape yard, build deck or fence
• Install or repair well or septic system
• Add energy efficient windows, doors or siding
• Even structural work….

Helping You Succeed!  Jana and Marc

If yesterday you thought you weren't going to get your $8000 Home Buyer Tax Credit... Today you can breathe a sigh of relief. Whew! Approved last night - you now have until September 30th to close as long as you were in contract by April 30th.  Gotta love those foreclosures and short sales... they can take a long time to close.

Sorry folks, still no new tax credit for future purchase contracts but I think that's a good thing.  This housing market needs healthy, sustainable recovery not more unsustainable stimulus.  Not picking sides here - but there is no such thing as free money, right?!

Read all about it here: http://www.mortgagenewsdaily.com/07012010_tax_credit.asp.

Happy 4th of July everyone!  Jana

Realtors and prospective buyers - check it out!

(Click on video to watch)

The Federal Home Buyer Tax Credit ended April 30^th and now a creative Realtor should suggest that their sellers embrace a long term strategy called Seller Credits -- now being coined as the “Do it yourself stimulus package or home buyer tax credit.”  Buyers... Use these credits to buy down your rates to get the biggest bang for your buck. Yes, you read that correctly, a seller credit can save the buyer more money over time by reducing the rate and payment than you would save up front by offering a reduced price.

This is a win, win, win and win.  Offering Seller Credits as part of your promotion, or as a counter to a reduced price, means more money for the sellers (win), it helps stabilize home values rather than erode them (win), and it means lower payments and greater savings to the buyer (win) and yes, it maintains the well earned commission of the real estate agent (win). 

Below is the link to the article:
http://www.cnbc.com/id/36828305/ 

-> Link.

-> And, watch this:

- Jana

A seller does not have to be behind on a home loan to seek a short sale. If sellers wish to pursue a short sale, they must owe more than what the home is worth, demonstrate the house cannot be sold for the amount owed, and suffer from a legitimate financial hardship that makes the mortgage unaffordable.

The next step in the short sale process is to assemble a short sale package. This package will include such things as a financial statement showing monthly expenses, income documentation, bank statements, tax returns, a listing agreement, purchase agreement, an estimated HUD statement and a financial hardship letter.

If the home is sold as part of a short sale, there will be a difference between the amount owed and what the bank collects. This is called the shortage or the deficiency. Sometimes this deficiency may be negotiable. Some banks will seek a promissory note for the deficiency, meaning that the seller may be responsible to pay the difference between what the home sold for and what is owed to the lender. Some lenders might choose to file a collection or a judgment for the amount owed. The seller should be certain that any amount of debt, or release from debt, is received in writing. If the deficiency is forgiven, the lender can write off the shortage with the IRS, which means the seller may be responsible for paying taxes on the amount of the deficiency. However, the Mortgage Debt Relief Act of 2007 generally allows taxpayers the potential for relief from tax on mortgage debt forgiveness.

A short sale will affect the seller’s credit score. To minimize the effect on a credit score, sellers should avoid making late payments on their mortgage and work with the bank to report the sale in the best possible manner.

Courtesy of Prospect Mortgage.

(Click image for enlarged view)

Good News – Rates ended the day better after breaking through the 30 day moving average (shown above – yes, up is good in this case). Here’s a peek into one of the daily updates that I receive as a Mortgage Coach member – it’s a quick read and eliminates a lot of the fluff that is out there.  I’m happy to answer any questions. -Jana

Via RateWatch.com: Mortgage and long-term Treasury rates are falling suddenly today, as the SEC’s fraud charge against Goldman Sachs is tanking the stock market.
     
Couldn’t happen to a nicer bunch of people. The 10-year T-note has broken below recent 3.80% resistance to 3.77%, mortgages headed toward 5.00%.
     
Interpreting new economic data is trickier than ever, even for professionals, as an odd confluence has tipped public sources into uniform economic cheerleading. The whole country would like not to hear another word about recession, and is hungry for news of recovery. Media tend to supply whatever it takes to sell soap.

CNBC years ago dispensed with real news. Bloomberg television was a reliable replacement, but this winter cloned CNBC’s grinning kids in happy talk (its web-based news is still as straight as anything available). The WSJ under Murdock is dumbing-down to the USAToday of business. It does have the old, reliable hostility to real estate and government, but its stock-boosting leads to a parade of “strong-recovery” stories. The New York Times has been the counterweight, but now it has a President that it likes, and pushes administration success and recovery.
     
Meanwhile, the economy is in a cycle never seen before, parts in actual recovery, parts not, and which one is predominant and trend-setting should preface every story.
     
The legitimate good news this week: March retail sales jumped 1.6%. If only by means of stimulus doesn’t matter -- the deficit spending and big tax refunds are supposed to work. Industrial production crept upward .1%, but capacity in use has been in a steady climb to 73.2%, as has every measure of manufacturing. Some of that is just pipeline-filling, but some is honest exporting, as the emerging world and Asia continue to rocket and consume. China’s GDP shot up 11.7% in Q1.
    
That’s it for the good news. Careful readers saw mini-stories about another jump in unemployment claims, up 45,000 in two weeks. Harder to find: a sudden sharp drop in purchase mortgage applications, just when the expiring tax credit (and that recovery thing) was supposed to boost them. The major dailies dutifully reported the chasm between administration housing policy and result, but with far too much deference.
    
I could not find the following news in any outlet listed above. The National Federation of Independent Business has been the definitive small-business trade group and surveyed its members since 1973. It issued two reports this month: its regular survey opened, “The persistence of Index readings below 90 is unprecedented... 18 consecutive months.” Every sub-index chart shows a recession-level “L” tipping to weaker. The top small-business problem is basic: sales volume is awful.
     
The second report at www.nfib.com is a special study on small-business credit, and Perfesser Bernanke’s testimony revealed the Fed had assisted its preparation (no leading outlet gave priority either to the study or the Fed’s involvement). The title  revealed most of the 45-page content: “Small Business Credit In A Deep Recession.” The report detailed a crucial linkage -- and surprise to the NFIB itself -- small business is terribly reliant on real estate credit, and that is in the shortest supply of all.
     
Perfesser Bernanke gets it, now. Fed commentary has been stuck on the banker line, that credit is short because applicants are lousy, but the Chairman’s testimony changed: “Banks have been... imposing tough lending standards and terms; this caution reflects bankers’ concerns about the economic outlook and uncertainty about their own future losses and capital positions.” Thank you, sir. Better late than never.
     
Jamie Dimon preened at Chase’s 55% pop in Q1 earnings, and noted the splendid health of big business. He doesn’t know any small business people. Probably wouldn’t want his daughter to marry one. The fine print in his quarterly result: three-quarters of the $3.3 billion net income was from trading profits, not from lending, and new bad-debt chargeoffs continued their $7 billion-per-quarter pace.”

by: Lou Barnes, Mortgage Coach