I thought I would write a post showcasing all the newer loan programs that the government has made available because of the stimulus and other incentives mostly for first time buyers. As an investor it helps to have those regular buyers ready to buy that wholesale deal or short sale that I've been working on as an Investor. Let me know what you think.

I also have a new source of Hard money that is going up to 70% LTV for thos Fix and Flippers that are out there.

Hot Home Mortgage Programs!

Rates 11/05/2009

Bank Bailouts Find Another way to Hose the Consumer! learn why the artificial rates are helping to get people to buy houses! Watch your credit cards!!

Until Next time Here is to your success! Jason Wheeler 925-285-2172 | Come to a FREE Bay Area Event |

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This is a great video to spend a minute on especially if you are feeling frustrated or discouraged with whatever you are working on. So many ask me how I got where I am and tell me I'm lucky to have found success.  It for sure is not luck. You must fail... Somtimes countless times before you ever really start seeing rewards. The key is staying in the game long enough to start seeing those rewards. Don't quit three feet away from gold

If you've never failed then you will never ever see success!

Until Next time Here is to your success! Jason Wheeler 925-285-2172 | Come to a FREE Bay Area Event |

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It looks like your National Assosiation of Mortgage Brokers has made some significant progress on repealing the HVCC appraisal restricitons that have been allowing the Banks and the Government to control Housing prices since May 1st of this year. If you are in the industry then you know that this has been a major pain for anyone in the Real Estate business including the consumers and th first time home buyers.

If you are an active Investor buyer or Real Estate professional you likley can't wait for this horrible law to be overturned.

This Report form Think Big Work Small is absolutely worth taking two minutes to check out. The wheels are in motion to have HVCC repealed allowing Mortgage Brokers and Real Estate Agents work more efficiently for thier clients.

Until Next time Here is to your success! Jason Wheeler 925-285-2172 | Come to a FREE Bay Area Event |

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First Time Homebuyer Program

What is the First Time Homebuyer Program?

It is a second mortgage loan program to assist qualified low-income individuals with the purchase of their first home.

What are the maximum income limits and FTHB loan amounts?

Income eligibility is based on Household size. The maximum loan amount is determined by the income bracket of the household. Households earning at or below 100% of Area Median Income are eligible for up to a $40,000 loan. (Refer to household size at all income levels)

How much money can I borrow?

The maximum loan amount is 20% of the home sales price, or appraised value, whichever is lower, up to the maximum of $40,000 based on household income and household size.

* As of April 2, 2009

Who is eligible for a loan?

Borrower must be a first time homebuyer, which is a household that has not owned a home within the past three years. Borrowers must be able to qualify for a first mortgage from a participating lender. The homebuyer must provide a minimum of 3% of the purchase price.

What homes are eligible for purchase?

Homebuyers may purchase an existing single-family detached home, condominium, or townhouse located anywhere within Concord City Limits.

What are the loan terms?

• Borrower's Disclosure (currently being updated)
• The loan is a zero-interest, 15-year loan. Loan payments are deferred, with the loan being due at the end of 15 years or earlier if the house is sold.
• The City loan carries shared appreciation, when the home is sold. For example, if the original sales price is $200,000 and the City loan is $20,000, the City's "share" of the appreciation is 10%. At the time of sale or refinance to pay off the City loan, 10% of the appreciation will need to be paid to the City. When the City loan is paid off the shared appreciation obligation ceases.

Inclusionary Housing

The FTHB Program may be used in conjunction with affordable units generated through the Inclusionary Zoning Ordinance to purchase a new home. The income eligibility is based on household size and is allowable up to 120% of Area Median Income cap ($107,150 for a family of 4). In cases where the FTHB Program is used to purchase an Inclusionary unit, the loan may be increased up to $50,000. This increase is intended to encourage low and moderate-income families to purchase inclusionary units, which are subject to the 45-year deed restriction. Although new inclusionary units are not for sale at this time, units are anticipated to be built over the next few years.

Are there any other requirements?

• Borrowers must attend a City-approved FTHB Counseling Workshop. Schedule a free workshop online through www.Crediteducation.org Classes are typically held within Concord at least two Saturdays per month.
• A home purchased under the FTHB program must be, and remain, the borrower's principal place of residence. The property cannot be leased or rented during the term of the City loan.
• Persons with ownership in most real estate assets are not eligible.
• Funds are limited. Assistance is provided on a first-come, first-served basis, as long as funds remain available.

For First Time Home Buyer classes schedule on-line at: www.crediteducation.org.

Until Next time Here is to your success! Jason Wheeler 925-285-2172 | Come to a FREE Bay Are Event |

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Closing Costs When Buying or Refinancing a Home

When you talk to a lender, they usually prepare a "Good Faith Estimate" of closing costs.  Sometimes they will give it to you right away, but they are only required to mail it to you within three business days of application.

Because the lender is the one who prepares the estimate, many buyers associate all the closing costs with the lender.  This is not correct.  The lender is only preparing an estimate of the costs you may incur when buying or refinancing and is not required to list all potential costs.  Nor does the lender know what all the costs are actually going to be.  The estimate is an educated guess based on past experience.  Some things will get left out.  Always anticipate the actual costs are going to be more than the estimate.

When comparing two lenders, don't look at the "total" cost.  Only compare the costs actually charged by each lender.  Both lenders are only making informed guesses about costs charged by others. The next page is a detailed summary of costs you may have to pay when you buy or refinance your home. The costs are listed in the order that they should appear on a Good Faith Estimate you obtain from a mortgage lender. There are two broad categories of closing costs. Non-recurring closing costs are items that are paid once and you never pay again. Recurring closing costs are items you pay time and again over the course of home ownership, such as property taxes and homeowner’s insurance.  

Some of the items that appear here do not traditionally appear on a lender's Good Faith Estimate and lenders are not required to show all of these items.

Until Next time Here is to your success! Jason Wheeler 925-285-2172 | Come to a FREE Bay Are Event |

Aug. 6 Market Commentary -- The number of Americans filing claims for jobless
benefits fell last week, a sign more employers have stopped paring staff as the recession eases.
Applications dropped by 38,000 to 550,000 in the week ended Aug. 1, figures
from the Labor Department showed today in Washington, marking the fifth consecutive
week of fewer than 600,000 claims. The total number of people collecting unemployment insurance rose.
The pace of job cuts has slowed even as unemployment is projected to exceed 10
percent by early next year. Economists surveyed by Bloomberg News say a report
tomorrow will show the jobless rate jumped to the highest in 26 years in July.
Stagnating wages and falling home values also mean consumer spending, 70 percent of the economy, will be slow to recover.
“Labor market conditions are gradually improving,” Zach Pandl, an economist at
Nomura Securities International Inc. in New York, said before the report.
Nonetheless, he said, “claims have to continue to fall from these levels before we can expect a rebound in consumer spending.”
Economists forecast claims would drop to 580,000 from a previously estimated
584,000, according to the median of 40 projections in a Bloomberg News survey.
Estimates ranged from 550,000 to 600,000.
The four-week moving average, a less-volatile measure than weekly initial
claims, fell to 555,250 from 560,000 the prior week.

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You always hear abou that "no cost loan" however the old addage is true there is no such thing as a free lunch. Ask your professional about what the true cost is of the "no cost loan" or call us at 925-954-7082 anytime and we would be happy to explain the differnces, benifits and pitfalls of the several various ways to structure a mortage. If you are buying property in the Conta Costa Bay area and you need a Mortgage Loan then we are absolutley top notch in customer service and consulting. We will find the right solutions for your sit your situation.

No fees but a higher interest.
In this option the lender offers to cover all the expenses related with the mortgage with the condition that the borrower accepts a higher rate of interest. The higher rate of interest will be charged during the whole lifetime of the mortgage. It is important that you ask for detailed estimates of the real costs of this no-cost alternative. This estimate should show the cost of the mortgage fees and how much extra interest you will be paying with the higher rate of interest.

Taking a loan to pay the loan fees.
This option of no-cost loan modification actually involves taking on a loan to pay for a loan, or at least the loan fees. With this option the lender covers the mortgage modification fees but includes the fees as part of the loan. This will mean the borrower will have to pay for the fees with interest as part of their modified mortgage. Again it is important to understand what the real costs of your no-cost mortgage modification will be. Ask for an estimate that details the real cost of your mortgage fees after paying interest on them for the length of the loan.

Lenders will often try to include a prepayment penalty clause in the mortgage or loan contract to discourage borrowers from changing loans in the early years of the modified loan. As far as you can you should try to avoid or reduce this penalty as they will reduce flexibility when trying to find a better deal in the future.

Until Next time Here is to your success! Jason Wheeler 925-285-2172 | Come to a FREE Bay Are Event |

Consumer Confidence Continues to Plunge.

July 24 (Bloomberg) -- Confidence among U.S. consumers fell in July for the first time in five months as mounting unemployment and depressed wages shook households. The Reuters/University of Michigan final index of consumer sentiment decreased to 66, better than forecast, from 70.8 in June. A preliminary reading was 64.6. The biggest employment slump of any recession in the last eight decades may be making more Americans feel their jobs are in jeopardy. The growing insecurity, together with falling home values, is prompting households to limit spending and save more, meaning an economic recovery will take time to gain speed.

Consumers remain very cautious,| David Semmens, an economist at Standard
Chartered Bank in New York said before the report. They’re concerned about the outlook for jobs. Consumer spending will be fairly flat at best.

The confidence index was forecast to fall to 65, according to the median of 57