Mortgage Payment Protection Takes Away Job Loss Worry

A recent survey showed that many potential home buyers were reluctant to proceed with their home buying plans when faced with the uncertainty of their job stability. Yet with the drop in home values and interest rates, we see one of the most historic opportunities to buy a home and buyers not ready to take advantage, may miss out.
H.E.L.P. is on the way. Allied Home Mortgage will now protect the home buyer with a FREE mortgage protection plan. This plan makes their FHA mortgage payment of up to $1800 for up to a six month period of time should a borrower lose their job during the first 2 years of their loan. An emergency grant is also available should finances drastically change during this same period. Agents and builders can also participate in providing this Homebuyer Education and Loan Protection Plan to their buyers. Complete details for the program can be obtained from our Spanaway WA office at (253)536-5626. News press releases will be going out shortly.

Significant Rate Drop Today

Due to the drastic change today in rates, I want to let you know what is happening. We are now seeing interest rates for 30 yr mortgages in the middle 5% range, significantly dropping enough to at least run the numbers to see how this would affect your buyers purchasing power.
I would highly suggest that you send out an EMAIL to all your "fence-sitting" prospective buyers about this. The market remains very volatile. Last week alone, pricing changed on average of every 3 hours, 38 minutes, with this week no let up. If the figures work for them, we should move quickly to get something locked in before they go away. This is the most aggressive drop yet, but I cannot determine its’ longevity. I would encourage your prospective buyers to check how this rate drop would positively affect their buying power. Usually, when rates drop by a full point, we see an additional 10% of buying power. As an example, someone previously having a 6.5% rate on a $200,000 loan would have a payment of $1264.14 principle and interest. With a rate of 5.5%, their payment of $1264.14 could allow them to have a loan of $222,000. Or that same loan amount of $200,000 would know give them a payment of $1135. BIG changes!

Your Own Agent Website

In cooperation with alamode.com, we have made arrangements for agents to obtain their own FREE web site on the internet. This basic site allows for your listings to be showcased, links to many free reports for your clients, loan information, and much more. Many distinct style choices are available. To view an example of what one local agent chose, CLICK HERE to view his new web site. We will help you all along with way. First of all, you must choose a URL. I always suggest that you buy your own name. After all, your name is what you want people to remember, right?
You may even want to buy 2 URL's, one your name, and one having something to do with what you do or where you work, i.e. BrettSellsHouses, TeresaSellsPierce, TheWBHomeTeam, etc. This helps people doing searches to find you. Think small and easy to remember (again, think your name), since your business card may not be able to hold http://www.isellhomesinandaroundtacomawaandvacinity.agentxsites.com (not a real site, I hope).
Also, if you choose to upgrade your site, I have made arrangements for a reduced price for you, so don't just upgrade off of the site and end up paying $499. I can get the site for $299.00. Contact me for info first should you choose to do this.
Internet presence is extremely important and if you think that people go to your branded broker website just to look at pictures of agents to pick one they want to work with, think again, unless you look like Angelina Jolie or Brad Pitt. (Sorry, had to throw that in). People want to see homes!
Check this out: http://www.AgentSignIn.com and click on FREE Agent Web Sites to get started.
Call (253) 536-5626 if you need help. Cheap URL's can be purchased at http://www.godaddy.com.

ALERT: Down Payment Assistance Still Has Chance - ACT TODAY!

Many of you have had buyers that have benefitted from being able to buy a home using Down Payment Assistance. As you know, AmeriDream and other Down Payment Assistance (DPA) programs were eliminated October 1, 2008 due to the passage of H.R. 3221. You are probably asking yourself how Congress could eliminate these programs that are so critical to the stabilization of home prices and our economy.

We need you to take action! Congress is coming back to Washington, DC on November 17th for a week long Lame Duck Session where they plan to take up a new Economic Stimulus package and we need your help. Please call your Senators and House Representative today! Insist that the language in H.R. 6694 is included in any new Economic Stimulus package.

DPA programs promote responsible homeownership for credit worthy homebuyers, gives instant equity and do not use a single tax-payer dollar. Now is not the time to turn our backs on responsible homeownership! DPA provides affordable homeownership opportunities for low-to-moderate homebuyers. The ripple effect of those borrowers entering the market allows the “move-up” buyers to sell and re-purchase. New homebuyers are needed to stabilize home prices. Simply said, DPA needs to be brought back to allow the full recovery of our economy.
It's not too late! Take Action! Congress needs to hear from you TODAY!

Last month H.R. 6694 fell by the wayside because of the $700 billion bailout. Another chance is now before us….

H.R. 6694 will allow DPA to exist in a fiscally responsible manner and will NOT cost taxpayers any money, in fact it MAKES money for Treasury. We need programs like DPA. Programs that don't use tax-payer dollars and bring new credit-worthy home buyers into the market.
After all, tax-payers SPENT $700 billion to bail out Wall Street, it’s time Congress authorizes programs that help Main Street...and don't use my tax payer dollars. Don’t forget IT’S NOT TOO LATE, Call or write your Members TODAY!

>> CLICK HERE FOR A VIDEO PREVIEW <<

Thank you!

FHA 203KS-NEW FHA PROGRAM -"The Baby K"

This new FHA program allows borrowers to finance improvements/upgrades up to $35,000 into the mortgage at the time of purchase. All work must be completed within three months of closing. The work must be done by licensed contractors. If your buyer is in a profession that demonstrates the ability to perform some of the work it would be allowed, (i.e.. electrician can perform electrical update).

Type of repair or updates are:
Repair/replacement of roofs, gutters, and downspouts
Upgrade of existing HVAC systems
Upgrade of plumbing & electrical systems
Flooring
Exterior decks, patios, porches
Minor remodeling (as long as it does not involve movement of structural walls) no additions.
Painting – interior/exterior
Weatherization – including storm windows/ doors, insulation, weather stripping, etc
Purchase & installation of new appliances (including washer and dryer)
Disability access improvements
Lead based paint stabilization or abatement of lead-based paint hazards
Basement finishing/remodeling, which doesn’t require structural repairs
Basement water-proofing
Window & door replacement
Exterior wall re-siding Septic system and/or well repair or replacement.

We will be doing a seminar shortly on how this program can bring faster sales to your listings needing repairs. Call us at (253)536-LOAN for details or drop us an email.

USRD to Adjust Income Limits

Effective January 20, 2009, an income limit modification will allow easier qualification for buyers using 100% USRD loan. Previously, income limits were based upon family size from 1-8 with each size based upon 115% of median family income. Although that is not changing, we will move to a 2 tier system using the income for a family of 4 for family size 1-4, and income limits for a family of 8 for sizes 5-8. Family household larger than 8 will have an additional 8% per individual added to the 8 person income limit.

This is definately going to help individual and married couples with family sizes less than 4 or between 5-8, qualify for homes easier. To give an example using current income guidelines: a family size of 1 was limited in income to a maximum of $53,250. Using the new guideline, that individual could not qualify for a 100% USRD loan having a maximum income of $76,100.

Of course, at this point, we do not know what the 2009 median incomes figures will be, but should they stay the same, our new system for maximum income limits will be:
Family Size 1-4 = $76,100
Family Size 5-8 = $100,450

Since this loan is one of the only loans available for non-veterans wanting 100% financing, this should be a great loan to use. Make sure your listings are advertising for 100% if located in an eligible area. Maps are available. Email info@mortgageinwashington.com for any Washington county you need a map for. We will be hosting seminars about USRD before the year end. Watch this blog for details.

VA to Allow 100% Refinance

In an effort to aid veterans with subprime mortgages, the Veteran's Administration has just announced that they will start to allow refinancing to 100% loan-to-value, up from the previous limit of 90%. This news should help provide an additional way out of a potentially harming subprime mortgage. Drop a quick email to info@mortgageinwashington.com for a copy of the VA announcement.

Using a Reverse Mortgage for Buying a Home

Today, HUD annouced the establishment of guidance for purchasing a home using an FHA HECM Reverse Mortgage. This is great news for seniors and the real estate community in general. To give you an idea of how this works:

• 
  Appraised Value/MCA* $300,000
  Sales price $300,000
  Principal Limit** $ 199,500
  Minus Loan Fees $ 15,500
  Avail. HECM proceeds $184,000
  Req. Investment $ 116,000

* Appraised Value/MCA is defined as the maximum claim amount and is used to determine the principal limit which is the lesser of the appraised value or the FHA national mortgage limit. The principal limit is the maximum amount available to the HECM mortgagor.
** Assumes the age of the youngest HECM mortgagor is 67 and a principal limit factor of .665 for a 5% expected average mortgage interest rate.

In the above example, the buyer would bring $116,000 to the closing table for the purchase of this $300,000 home and have NO mortgage payments going forward! Owner occupancy is mandatory of course and homebuyer education is required. Call me at (253) 536-5626 for more details about this program. I am developing a web page and a seminar with all the details and will blog when they are ready. GOOD SELLING!

Welcome!

Hi,

You have been reading and hearing about it for months. Blogging is THE new way to increase your internet exposure. Since you are viewing this, I assume you sell real estate for a living. You have chosen to make this a career. How are you doing? Are you thriving? Well, no matter whether you are an old pro or a fresh new rookie, our goal is to provide marketing ideas that you can fit right into your existing marketing to enhance and hopefully increase your lead conversion (MAKE YOU MORE MONEY). This blog will continue to keep you informed as new marketing ideas come up and educated about changing loan programs and mortgage guidelines.

Visit http://www.AgentSignIn.com for FREE agent websites and to learn about how to get your listings greater exposure on the internet using individual websites.