Huge headlines, scary story lines, and big government moving at breakneck speed to shore up our economic backbone.  You are undoubtedly hearing about an eminent and massive move by the Federal government to finally get its arms around the national, indeed global, financial crisis. The latest courtesy of my friend and Branch Manager Paul Gonzalez at our sister company CW Mortgage.   We are writing to you today to briefly shed some light on what this may mean to you and I.  It will be historic, with nothing in our Nation’s history to compare to it.  And this is going to happen literally in a matter of days.   The Federal government appears to be preparing a new entity that will purchase most, if not all, bad mortgages that are currently on the books of lenders and banks, and possibly Fann... 09/20/2008

Brookside Escondido continues to be a wonderful value! Located in North Escondido and adjacent to Reidy Creek golf course, Brookside is a gated community of 262 homes. This neighborhood is a fabulous value for anyone looking for large homes (from 2550 square feet up to over 3600 square feet), both single story and two story, large lots (minimum lot size in Brookside is 10,000 square feet) and lots of other amenities. It's also a gated community, with walking trails, low homeowner fees, and no mello roos! Below you'll see a chart (click on it to see a larger version) that shows the current listings and the five most recent sales. There are a few "Bank Owned" homes, and a couple of short sales as well. If you would like more information on Brookside, please call or email us. We not only l... 09/11/2008

Dating back to the turn of the century, Escondido's Grape Day originated in 1908 to celebrate the area's number one crop, grapes. When: 9:30 a.m. to 5 p.m. Saturday Where: Festival in Grape Day Park, 321 N. Broadway. Parade begins at 9:30 a.m., on Grand Avenue from Escondido Boulevard to Juniper Street. What: Grape stomping, free grapes for eating, arts and crafts, food court, fun zone and bake sale. In it's heyday, the Grape Day Parade was almost as popular as Pasadena's Rose Parade. If you are looking for a slice of history, packaged as good old fashioned family fun, then don't miss the Grape Day Festival and Parade. 09/05/2008

NEW FHA MORTGAGE CALCULATOR Shops Lenders for Lowest Rate: 30 year Fixed 1 Year Fixed Adjustable Rate 3 Year Fixed Adjustable Rate 5 Year Fixed Adjustable Rate 203(k) Rehabilitation Mortgage Calculates: Maximum Loan Amount for every County in the USA Loan amount and Mortgage Insurance Total Housing Expense     (Principal & Interest, Taxes, Insurance, Mortgage Insurance) Total Cost to Close Buyers Minimum 3% Investment Seller's Maximum 6% Contribution FHA Mortgage Calculator: http://www.themtgmentor.com/FHA_Mortgage_Calculator.html Market and Lending Updates: http://www.YourFhaGuru.com 08/30/2008

Home prices may be stabilizing Freddie Mac announced Thursday that its Conventional Mortgage Home Price Index (CMHPI) for purchases registered a modest 0.4 percent annualized decline in U.S. home values during the second quarter of 2008, following a downward revised 10.8 percent annualized drop in the first quarter. Bill Ladewig Market and Lending updates: http://www.YourFhaGuru.com 08/30/2008

August 30, 2008 Fannie Mae rule change on Buy and Bail:  If borrower retains current residence and purchases a new residence the following will apply: Borrower no longer needs to have 6 months reserves.  Lender will only need to verify what the DU approves the borrower with in verified assets.  Lender will still need to see 30% equity in the current property or must be able to qualify with both payments.  The lender also will need borrower to state what the intention is for their current property.  If renting, must provide evidence its rented or it is listed for rental.  This information needs to be reflected on the 1003 or a letter of intent needs to be in the file as the lender may not assume this material fact.   Good stuff for the right borrower!   Market and Lending updates: http:/... 08/30/2008

NEW FHA MORTGAGE CALCULATOR Shops Lenders for Lowest Rate: 30 year Fixed 1 Year Fixed Adjustable Rate 3 Year Fixed Adjustable Rate 5 Year Fixed Adjustable Rate 203(k) Rehabilitation Mortgage Calculates: Maximum Loan Amount for every County in the USA Loan amount and Mortgage Insurance Total Housing Expense     (Principal & Interest, Taxes, Insurance, Mortgage Insurance) Total Cost to Close Buyers Minimum 3% Investment Seller's Maximum 6% Contribution FHA Mortgage Calculator: http://www.themtgmentor.com/FHA_Mortgage_Calculator.html Market and Lending Updates: http://www.YourFhaGuru.com   08/29/2008

Mortgage Rates Down slightly this morningADVICE:  Lock Rates on today's down tick.MBS yields are currently at the bottom of established trading trend so the probability of rates increasing is high. FNMA 30Yr Mortgage Backed Securities (MBS) down 3.7 basis points* to 6.123%.  10 Year T-Bill Down 1 basis pts to 3.81% DJI Stocks  Up 140 in early trading. Crude Oil currently $118.26 per barrel *A Basis Point is 1/100 of a percent. Reverse Mortgage Broker Fee in Dispute 2008 Housing Bill eliminates 25% Fee to Brokers Not approved by FHA   10 Ways to Avoid A Closing Nightmare An easy list that will make your life easier   DPA May Not Be Dead! New Bipartisan Legislation Introduced   $7,500 First Time Buyer Tax Credit Up to $7,500 can be borrowed from IRS Market and Lending updates: http://www.... 08/28/2008

No More FHA Non-Allowable Closing Costs This is really, really old news.  FHA did away with their list of FHA Non-Allowable Closing Costs in June of 2006 but the question keeps coming up.  The only FHA Closing Cost that must be paid by the seller is the Tax Service Fee. Many banks reject FHA offers because they are using outdated information. When your REO buyers require FHA financing be sure to let the bank know that buyers and sellers pay their own FHA Closing Costs with the exception of the Tax Service Fee which normally runs about $80.00.  AND... The Banks should also be notified that FHA no longer requires a long list of repairs.  ONLY health and safety issues will be required. AND... If there are a lot of repairs the FHA 203k rehabilitation loan will allow the property to be purch... 08/26/2008

Mortgage Rates Down slightly this morningADVICE:  Lock Rates on today's down tick.MBS yields are at the bottom of established trading trend so the probability of rates increasing is high. FNMA 30Yr Mortgage Backed Securities (MBS) down 6.4 basis points to 6.179%.  A Basis Point is 1/100 of a percent. 10 Year T-Bill down 3 basis pts to 3.80% DJI Stocks  down 28 in early trading. Crude Oil currently  up at $116.15 per barrel Reverse Mortgage Broker Fee in Dispute 2008 Housing Bill eliminates 25% Fee to Brokers Not approved by FHA   10 Ways to Avoid A Closing Nightmare An easy list that will make your life easier   DPA May Not Be Dead! New Bipartisan Legislation Introduced   $7,500 First Time Buyer Tax Credit Up to $7,500 can be borrowed from IRS Market and Lending updates: http://www.Your... 08/26/2008

Who are your representatives? When called upon to respond to industry threats do you know who to call, email and send letters? Click on: Find Your Representative.  All that is required is enter your zip code and the contact information for all your state and federal elected officials will instantly be available.  Save the link as one of your browser favorites so they will be always available when you need them to hear your voice. The current issue that needs your voice is pending legislation to reinstate the Down Payment Assistance (DPA) programs. The proposed legislation, HR 6694 is waiting committee assignment.  It could languish forever in committee unless you make your views known.  The new bill is a thoughtful response to an important issue.  It protects FHA with strengthened under... 08/16/2008

Tuesday's AM MarketWholesale mortgage rates are Up this morning after Fannie Mae Mortgage Backed Securities jumped 5.4 basis point to 6.378% from 6.325% yesterday. A basis point is 1/100 of a percent Dow Industrial Stocks were Down 121 in early trading. Crude oil is up 0.2% from Monday's close at $114.56 a barrel. Treasury yields declined as speculation that the credit crisis that started a year ago has yet to bottom and after a report showed the U.S. trade deficit unexpectedly shrunk 4.1% to $56.8 billion in June on record exports and a decline in non-oil imports. Current market and lending updates at: http://www.YourFhaGuru.com   08/12/2008

I heard yesterday at a FHA seminar I attended (yes, after 38 years I'm still trying to figure out this business) that FHA loans are expected to finance 80% of new purchases.  Wow, good news for me, just like the old days. Below are few Government lending tips: For those of you who remember FHA from the old days, FHA is now much kinder and gentler. Agents presenting REO purchase offers should assure the bank that FHA no longer requires extensive repairs and termite reports are not mandatory although health and safety hazards must be addressed. FHA loans take no longer to close than a conventional loan with the same buyer.  FHA 203k Rehab loans take care of repairs over $5,000 and average 45 to 60 days to close because of dealing with construction bids.  The repairs begin after close.   U... 08/08/2008

Looking for Homes in South Escondido? You can get familiar with the South Escondido Real Estate Market here and find Escondido Homes For Sale and Communities and Neighborhoods on my Escondido Real Estate site. NEED AN ESCONDIDO REALTOR TO HELP YOU?            The Escondido Real Estate has tons of BANK OWNED HOMES AND FORECLOSURES right now for sale at ridiculous prices. The easiest way to find them is for me to send you a list of them that I personally sort through myself according to your search criteria. Again, the easiest way is to contact me and I will send you a personal list of what is available and then set you up on my ESCONDIDO AUTOMATIC HOMES FOR SALE UPDATES instant notification when new ESCONDIDO HOMES FOR SALE are just listed.         08/07/2008

Wholesale mortgage rates are down slightly this this morning after Fannie Mae Mortgage Backed Securities fell 4.8 basis points to 6.280% from 6.327% on Wednesday.  A basis point is 1/100 of a percent Dow Stocks were down 85 in early trading. Treasury yields dropped early Thursday, to the lowest point in two weeks, as government data showed the nation's economy grew at a rate slower than forecasted in the second quarter and as claims for jobless benefits indicate that slow economy is likely to continue. Market data and loan information: http://www.YourFhaGuru.com 07/31/2008

Attend Free FHA On-Line Class FHA Changes After October 1, 2008 FHA AFTER THE HOUSING BILL FHA Basics and How to work with the increased Downpayment and Elimination of Downpayment assistance. Friday, August 1, 9:30 to 11:00 AM Presented by Bill Ladewig Closing FHA Loans Since 1970 Space is limited.Reserve your Webinar seat now at:https://www1.gotomeeting.com/register/348323958   07/30/2008

Up to the mid 90's the primary VA loan marketed in So Cal was the VA NO/NO.  100% financing with NO Down and NO Closing costs (seller paid).  To the best of my knowledge, defaults and foreclosures remained within acceptable levels because those loans were, for the most part, carefully underwritten. Then along came the financing free-for-all where almost anyone could find some kind of loan and underwriting became a rubber OK stamp.  With the inevitable consequences came the typical kneejerk political reaction.  Politicians always seek the easy "sledge hammer" approach instead of the thought provoking "surgical solution" In this market, the industry needs all the buyers it can find.  Doing away with DPAs hurt the good buyers who could afford the mortgage payment but have not been able to ... 07/30/2008

Wednesday's Market Wholesale mortgage rates are up sharply this this morning after Fannie Mae Mortgage Backed Securities jumped 25.1 basis points to 6.561% from 6.310% on Tuesday.  A basis point is 1/100 of a percent Dow Stocks were up 130 in early trading. Treasury yields climbed early Wednesday, after the ADP Employment index showed private employers unexpectedly increased payrolls by 9,000 in July, after a revised 77,000 decrease in June. Bill Ladewig http://www.YourFhaGuru.com   07/30/2008

Wholesale mortgage rates are down this morning after Fannie Mae Mortgage Backed Securities slid 6.7 basis points to 6.310% from 6.377% on Monday.  A basis point is 1/100 of a percent Dow Stocks were up 136 in early trading. Treasury yields increased early Tuesday, as U.S. stock markets headed higher after U.S. consumer confidence unexpectedly ticked up in July, the Conference Board reported Tuesday. The level remained relatively low and job concerns persisted. Daily market updates are available at: http://www.YourFhaGuru.com   07/29/2008

Here in North County, especially in the inland corridors of communities like Escondido, buyers are resurfacing in large numbers. The reasons are simple…prices have declined significantly and interest rates are really low, and it adds up to more buying power for those in the market for a new home or investment property. You would think the opposite if all you did was read the newspapers.  Today I got up and read the headline in the business section of the local Sunday paper, headline reading “Real Estate Crisis About To Get Worse”. The story went on and on about how the number of foreclosures are expected to rise and continue to rise throughout 2008. The story continued on two additional pages and the secondary headline on the next page read “Crisis” continued from page one. The author t... 05/25/2008