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Mortgage Are Attainable

October 6, 2008

I­ thi­nk i­t’s­ i­m­­portant for peopl­e out there to und­ers­tand­ that m­­ortgages­ ARE attai­nabl­e ri­ght now­.  Hous­es­ are bec­om­­i­ng afford­abl­e.  I­’ve had­ s­om­­e negati­ve c­om­­m­­ents­ on a few­ of the arti­c­l­es­ I­’ve w­ri­tten regard­i­ng the m­­arket bottom­­i­ng out and­ regard­i­ng s­i­tti­ng on the fenc­e to buy.  

I­n­ the I­n­lan­d Empi­re w­e are s­eei­n­g multi­ple o­f­f­ers­ that i­n­ man­y­ c­as­es­ bi­d the pri­c­e up o­n­ a f­o­rec­lo­s­ed ho­me.  As­ f­ar as­ f­i­n­an­c­i­n­g go­es­, the lo­w­er purc­has­es­ pri­c­es­ that w­e s­ee to­day­ mak­e F­HA an­d VA ho­me lo­an­s­ w­i­thi­n­ reac­h o­f­ man­y­ buy­ers­.  Un­f­o­rtun­ately­, there are a ren­ters­ o­ut there w­ho­ do­n­’t reali­ze that w­i­th to­day­’s­ pri­c­es­, an­ us­i­n­g an­ F­HA lo­an­ f­o­r q­uali­f­y­i­n­g, they­ c­an­ have a mo­rtgage pay­men­t that i­s­ les­s­ than­ they­ are pay­i­n­g i­n­ ren­t!  
THAT’S­ WHEN Y­O­U KNO­W THAT THE M­ARKET IS­ NEAR THE BO­TTO­M­

We have not ex­per­ienced any­ f­unding­ is­s­ues­.  S­tated Incom­­e and cr­eative f­inancing­ is­ al­l­ b­ut g­one (Ther­e ar­e a coupl­e b­anks­ s­til­l­ doing­ it) B­UT we don’t need thos­e tool­s­ with pur­chas­e pr­ices­ having­ com­­e down s­o f­ar­.

THIS­ C­REDIT C­RIS­ES­ IS­ N­OT AF­F­EC­TIN­G­ HOM­E L­OAN­ F­UN­DIN­G­S­ - EDUC­ATE YOUR C­L­IEN­TS­ AN­D POTEN­TIAL­ C­L­IEN­TS­ BEC­AUS­E M­OS­T PEOPL­E ARE L­UM­PIN­G­ IT AL­L­ TOG­ETHER!
He­r­e­ i­s the­ de­al­.  R­i­ght n­o­w­ FHA l­o­an­s have­ co­me­ b­ack w­i­th fu­l­l­ fo­r­ce­.  My­ o­ffi­ce­ do­e­s ab­o­u­t 90% o­f i­t’s pr­o­du­cti­o­n­ i­n­ the­se­ go­ve­r­n­me­n­t l­o­an­s.  The­y­ ar­e­ gr­e­at an­d ar­e­ he­l­pi­n­g man­y­ pe­o­pl­e­ ge­t i­n­to­ pr­o­pe­r­ti­e­s r­e­spo­n­si­b­l­y­.  B­e­cau­se­ the­y­ ar­e­ go­ve­r­n­me­n­t l­o­an­s, the­se­ l­o­an­s sti­l­l­ fu­n­d, b­e­cau­se­ i­n­ve­sto­r­s w­i­l­l­ sti­l­l­ pu­r­chase­ the­m.  
No­w­ l­et’s­ l­o­o­k at C­o­nventio­nal­ l­o­ans­.  As­ l­o­ng as­ th­ey m­eet F­annie M­ae guidel­ines­, th­ey are el­igibl­e f­o­r s­al­e to­ F­annie M­ae.  As­ I typ­e th­is­, F­annie M­ae h­as­ al­ready been bail­ed o­ut by th­e go­vernm­ent.  Th­at m­eans­ th­at th­ey to­o­ are bas­ic­al­l­y go­vernm­ent ins­ured l­ike F­H­A.  Th­is­ m­eans­ th­e m­o­ney is­ s­til­l­ th­ere to­ f­und l­o­ans­ bec­aus­e inves­to­rs­ are w­il­l­ing to­ p­ro­vide th­e c­ap­ito­l­ bec­aus­e it’s­ a s­af­e inves­tm­ent f­ro­m­ th­eir s­tandp­o­int if­ it’s­ a go­vernm­ent ins­ured l­o­an.  
When­­ the med­i­a refers­ to the c­urren­­t c­red­i­t c­run­­c­h, thus­ far i­t’s­ c­red­i­t c­ard­s­, automobi­le loan­­s­, s­tud­en­­t loan­­s­, s­mall bus­i­n­­es­s­ loan­­s­, etc­.  N­­ot home loan­­s­. 
Chri­sto­pher M­u­lder - F­HA­ Lo­a­n Speci­a­li­st
H­o­­meQuest­ Financ­ial
951-515-2120
www.In­­lan­­dE­mp­ire­Le­n­­de­r.c­om

Housing Assistance

June 26, 2008

Many people don't know about the Fair Housing Council of Riverside County, Inc..

They are not a county agency but rather are a non profit company whose mission is to "provide comprehensive services which affirmatively address and promote fair housing (anti-discrimination) rights and further other housing opportunities for all persons without regard to race, color, national origin, religion, sex, familial status, presence of children, disability, ancestry, marital status, or other arbitrary factors."


They have a staff of housing counselors that can help you through your foreclosure as well as help guide you through the loan modification process for those who are eligible for loan modifications.

They have locations in Riverside, Palm Springs, Corona, Moreno Valley, Coachella, and a satallite office in Norco.

The other day I had a lunch meeting with a housing counselor who works in their Riverside location.  He told me that they have helped a lot of people sort out their mortgage nightmares.

You can reach the Fair Housing Council of Riverside County, Inc. @ 1-800-655-1812 or visit their website at http://www.fairhousing.net/

Chris Mulder
"The Inland Empire Lender"
HomeQuest Financial - An FHA Approved Office
951-515-2120
InlandEmpireLender@mac.com




Inland Empire Foreclosures Create Opportunity

June 3, 2008

There are a lot of foreclosures in the Inland Empire right now and there are many more coming.  While this is bad news for the existing homeowner, this news is GREAT for home buyers.  Now is the time for first time home buyers to enter the market and find great deals.  As a matter of fact, the next few years are going to be great times for first time home buyers to enter the market.  The prices are so low that the mortgage payment is oftentimes hundreds of dollars LESS than a comparable rent payment.  It's unbelieveable!

It's a great time for investors too.  With a 20% down payment, which is a much smaller chunk of money than it used to be when prices were higher, the monthly mortgage obligation is significantly less than the current rent value.  Take the money left over after paying the mortgage and put directly to principle and have that home payed off when you are ready to retire and don't forget that after all those years the home will have appreciated significantly from what it is today. 

And the rental market will be strong for a while.  Everyone who is currently losing their home to foreclosure is going to need to find a place to rent.  Fannie Mae recently commented on a changing the length of time out of foreclosure from 3 to 5 years and requiring at least 10% down payment.  That means that a conventional loan will be very difficult to obtain for at least 5 years.  And who knows, Fannie might come out with another change as foreclosures continue on this year and next and make it so that you must be 7 years out of foreclosure to even be considered for another conventional loan.

It's a great time to be in real estate folks.  It's a great time

Chris

Rent or Own?

April 30, 2008


I had written an entry a few entries ago about now being a great time to buy because some homes are priced at what I believe is the bottom of the market.  For those of you who read, I'll let you know that I still believe this is a great time to buy.  Now of course this doesn't apply to all properties.  You have to work to find the well priced REO's and short sales.  I'm working on a purchase money transaction in Moreno Valley where the mortgage payment including taxes, insurance, and payments to principle are a little over $1,600.  The house is a 3 bedroom home with a 2 car garage.  Last time I checked a decent apartment in the same city can cost $1,550 for 2 bedrooms and there is no garage and you can't deduct any portion of the payments on your tax return. 

That is why I know that some homes are priced at the bottom.  Now yes, all homes aren't priced that low, but there are several out there.  If you are curious to find them, give me a call (951-515-2120) or shoot me an email (InlandEmpireLender@mac.com) , because they are out there.  I know they are because I'm working on 3 transactions that are just like this one right now. 


Comments?







Some Clarification…

March 12, 2008

Okay, so I have some more information on the new FHA loan limits as well as the new conforming loan amount for Fannie Mae.

Here is the deal:

As of March 17th the new FHA loan limits will go live.  Fannie Mae is saying that conforming loan limit for Riverside County is a little over $600,000 but they won't have new established guidelines from them until perhaps as late as June 1st. 

So basically FHA is here and live as of March 17th for the higher loan limits of up to $500,000 but we'll have to wait awhile longer to see about the new conforming limits and if qualifying is going to change or become stricter. 

It's still great news that we now can go to higher loan limits with FHA as of next week.

Chris Mulder
www.InlandEmpireLender.com
951-515-2120

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