CA Bay Area Real Estate Seminars

Fannie Mae to Become Biggest Landlord in USA!?!

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So how do you feel this new program from Fannie Mae and Freddie Mac will impact the real estate innvestment market. What are your thoughts?

Fannie Mae and Freddie Mac are asking the Federal Government for another $15 Billion dollars in bailout money because of defaults and foreclosures! To add to the Federal control Fannie Mae is rolling out a new program to lease back foreclosed homes and let tenants rent. Fannie Mae is to become the Biggest Federal Landlord in the Country! Watch this Video for More Details! The program is band new and was just announced last Thursday. Fannie Mae will become a land lord on a national scale! They will be leasing back the propeties to clients for one year with a month to month lease option thereafter.

How do you feel about this program? Your comments are welcome.

Until Next time Here is to your success! Jason Wheeler 925-285-2172 |

Stimulus Programs are Bringing Buyers Out of Woodwork in CA Bay Area |

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!

FHA 203K Rehab Loan. Perfect for today's REO fix up environment. Get up to $30,000 upon closing for repairs and upgrades on your new home purchase.
$100 Down Payment and Closing Assistance on HUD Bank Owned Homes.
Contra Costa Mortgage Credit Certificates. Get up to 20% tax credits on interest paid on your mortgage throughout the year!
100% Financing with VA Loans!
Government Programs up to 97% Financing. with $8,000 in Tax Credits for First time buyers.
Fannie Mae Freddie Mac Refinance Plus! HARP Refinance your home up to 125% of the value.
Concord CA Affordable Housing and First Time Home Buyer down payment assistance up to $40,000!

Rates 11/05/2009

30 Year Fixed Conventional $417,000 and Below 4.75% NO Points
30 Year Fixed High Balance $417K to $765k 5.375% NO Points
5/1 Conventional ARMs at 4.00% NO Points

Rates are subject to changes without notice not everyone will qualify for any given program. Call 925-285-2172 for consultation and pre approval. If you have questions about qualifying for any of the programs above or if you just like to learn more, we take a professional approach to helping you find the best solutions for your unique situation.

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 |

If You Never Fail You Will Never Really Live |

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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 |

Finally a Huge Blow to the HVCC! Will It be Repealed?

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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 |

Down Payment Assistance in Concord CA | Bay Area Real Estate Financing

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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.

<table summary="First time homebuyer income requirements" cellpadding="0" width="65%"> <tbody> <tr> <th width="27%">Household Size</th> <th width="26%">60% of Median*</th> <th width="26%">80% of Median*</th> <th width="21%">100% of Median*</th> </tr> <tr> <td>1</td> <td>$37,500</td> <td>$46,350</td> <td>$62,500</td> </tr> <tr> <td>2</td> <td>$42,840</td> <td>$53,000</td> <td>$71,450</td> </tr> <tr> <td>3</td> <td>$48,240</td> <td>$59,600</td> <td>$80,350</td> </tr> <tr> <td>4</td> <td>$53,580</td> <td>$66,250</td> <td>$89,300</td> </tr> <tr> <td>5</td> <td>$57,840</td> <td>$71,550</td> <td>$96,450</td> </tr> <tr> <td>6</td> <td>$62,160</td> <td>$76,850</td> <td>$103,600</td> </tr> <tr> <td>7</td> <td>$66,420</td> <td>$82,150</td> <td>$110,750</td> </tr> <tr> <td>Maximum Loan Amount</td> <td>$40,000</td> <td>$30,000</td> <td>$20,000</td> </tr> </tbody> </table>

* 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 |

What Closing Costs Come with a Home Loan? | Mortgage Banker Bay Area

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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.