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Archive for the ‘Homepath’ Category

“To Buy Or Not To Buy…NOW? That Is The Question!”

Friday, June 3rd, 2011

When is the right time to buy a home in today’s market? As a licensed Real Estate Broker and lender for almost 30 years, I can safely say the biggest consideration homebuyers have is affordability. The two main components of affordability are home prices and available loan products.

Home prices have dropped dramatically over the last several years and inventory of homes for sale has risen, offering buyers the opportunity to get a much nicer home for a reasonable price. Declining home prices, combined with record low interest rates, makes today’s buying opportunity unprecedented. Yet many interested buyers remain on the ‘proverbial fence’ expecting that home prices have not yet hit bottom. At the same time, most experts would agree that interest rates are likely to rise from here. So when is a good time to jump in and take advantage of this unique window of opportunity?

I can tell you from my decades of experience that no one can predict the absolute best time to buy when considering lowest prices and interest rates. If we assume home prices will continue to go down, while interest rates rise, there is a calculation formula I can show you that will help you determine when the best time to buy will be. Of course, it all depends on if home prices decline more and how soon interest rates go up! These are anyone’s guess. It doesn’t take long in a declining housing market for cost savings to be offset by higher interest rates and corresponding monthly payments!

 First-time Homebuyer

The bottom line is this: Affordability often boils down to the ability to qualify. The ability to qualify is another moving target worthy of immediate consideration. Along with today’s historically low rates, there are loan programs that only require 0 – 3.5% for a down payment! These low down payment programs will not last though. Already there is legislation pending to require borrowers to put more down payment, among other things. Unfortunately, qualifying for a home loan in the future will only get more difficult for many. Call me to better evaluate your personal situation. In my humble experienced opinion, unless you like to gamble, there has never been a better time than now to buy!
Photo of Philip Duncan

Philip Duncan
(916) 486-6430
pduncan@teamvitek.com


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Posted in Downpayment Assistance, FHA, First Time Homebuyer, Homepath, Uncategorized, VITEK Mortgage Group | Comments Off

Limited Time Offer
Closing Cost Assistance from Fannie Mae!



Tuesday, April 26th, 2011

Fannie Mae (FNMA) recently announced the return of their down payment assistance incentive for buyers of FNMA owned homes.  For any offer on a Fannie HomePath home received on or after April 11th, 2011 that closes by June 30th, 2011, buyer’s can receive up to 3.5% in closing cost assistance.  What’s the catch you wonder?  Well, one just need ask!

Here are the requirements:

  • Your agent MUST request (ask for) the incentive upon submission of your initial offer.
  • Your initial offer must be submitted on or after April 11th, 2011.
  • Your loan must close on or before June 30, 2011.
  • You must be purchasing the home as your primary residence.

You can find Fannie Mae owned homes by visiting their website at www.HomePath.com.

So, who exactly is Fannie Mae? Fannie Mae is a government-sponsored enterprise (GSE) chartered by Congress with a mission to provide liquidity, stability and affordability to the U.S. housing and mortgage markets.  Fannie Mae operates in the U.S. secondary mortgage market. This means, rather than providing home loans directly to consumers, they provide them through mortgage bankers, like VITEK, brokers and other primary mortgage market partners, to help ensure funds are available to lend to home buyers at affordable rates. When a home goes into foreclosure, in which Fannie Mae is the investor, they then offer these homes for sale through conventional methods.  You can search for these homes at the HomePath website.

In addition to currently receiving 3.5% in closing cost assistance, borrowers will also receive several other benefits when utilizing a HomePath Mortgage.

Some of those benefits include:

  • Low down payment and flexible mortgage terms (fixed–rate, adjustable rate)
  • Only 3% down payment requirement
    • Can be funded by the borrower’s own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer.
  • No lender-requested appraisal
  • No mortgage insurance (Ask me for cost details on loans without mortgage insurance.)
  • Expanded seller contributions for closing costs allowed
  • Available for primary residences, second homes and investment properties

Call or email me anytime with questions or for a pre-approval!

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Jennifer Remedios
(916) 486-6954
jremedios@teamvitek.com


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Posted in Downpayment Assistance, First Time Homebuyer, Homepath, Uncategorized, VITEK Mortgage Group | Comments Off

Thinking of Buying a Home? Tip 5 of 10 to Help.

Monday, March 14th, 2011

Today I’m posting tip #5 of a 10-part series on things you need to know before you start your house hunt.

TIP #5. Understanding Interest Rates

Interest rate options can come with pricing differences. Those differences are called “points”. A point is a fee charged by the lender, typically a percentage of the loan amount. Most buyers, when inquiring about rates, are looking for a rate quote at “par” pricing. This is the lowest interest rate at any given point-in-time, where the lender only charges 1% for the Origination Fee and there are no further “point” costs.

The rate on a real estate loan can be bought up or bought down based on investor or bank pricing over and above the 1% for the Origination Fee. For example: If a buyer does not have quite enough cash to close, the lender may agree to rebate the 1% Origination cost, by offering a slightly higher interest rate. This is acceptable to the lender since they expect to recoup the rebate over the life of the loan. In the same way, if a buyer wants a lower long-term rate, pricing from the lender can accommodate the rate buy-down through the charging of discount points. So that paying the lender a premium upfront, will result in a discounted note rate for the life of the loan.

Most buyers, especially first-time homebuyers, don’t buy the rate down for the long term. Sometimes, however, a seller will offer to credit the buyer up to 6% of the purchase price (FHA/VA limit) towards closing costs. This could potentially help by lowering the qualifying house payment. In this market most sellers are not willing to agree to such high closing credits. The exception can be found in new home communities, where a new home is move-in ready and a previous buyer “fell out”. In these cases some exceptional opportunities can be found!

Whether buying the rate down is something you weren’t initially planning to do, take some time to think through and calculate the benefits for your individual situation. If you are buying this home and planning to live there until it is paid off, then the investment of some extra cash upfront, for a lower rate over the life of the loan, would make sense. Additionally, these points are tax deductible in the year paid. But, since many folks really don’t plan on being in their home until it is paid off, keeping the extra cash in the bank could be more sensible. This is especially true for first-time homebuyers who can expect to have additional expenses in the first year of homeownership.

Not all lenders offer or allow permanent rate buy-downs. For instance, CalHFA already offers some of the lowest interest rates for first-time homebuyers, therefore paying additional points is not an option. Also, the one-half percent down-payment program, offered to any homebuyer who meets county income limits, has a set price with no option to buy the rate down.

If you are trying to determine if buying the rate down on your next home loan is the right option for you, contact me today. I can help you calculate the benefits for your individual situation, so you will feel confident you are making the right financial decision.

Photo of Ingrid Pierson

Ingrid Pierson
(530) 885-1545
ipierson@teamvitek.com
Licensed – NMLS # 233666


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Posted in CalHFA, Downpayment Assistance, FHA, First Time Homebuyer, Homepath, Uncategorized, Veteran, VITEK Mortgage Group | Comments Off

Thinking of Buying a Home? Tip 4 of 10 to Help.

Thursday, February 24th, 2011

Today I’m posting tip #4 of a 10-part series on things you need to know before you start your house hunt.

TIP #4. Cash to Close

Buyers typically tell me they have a certain amount of money ($5,000, $10,000, etc.) to put down on their new home purchase. After learning this amount, I always ask, “Is this the total amount you have to invest towards your home purchase, or is it just the amount you have designated for the down payment.” This is important for buyers to understand, because they will need to have funds designated for closing costs.

When you talk to a lender, you want to make sure to let them know how much in total you have to invest into your new home purchase. This along with your income and debt, will determine how much house you can afford.

Let’s separate the two; down payment and closing costs.

  1. Downpayment refers to the required investment amount for the loan program used for your purchase. Examples:
    • VA – No down payment required for Veterans with 100% entitlement.
    • USDA – Zero down payment required in qualifying areas
    • FHA – 3.5% down payment required
    • Conventional – 5% minimum down payment required
  2. 2. Closing costs are charges for services related to the closing of your real estate transaction. They include but are not limited to:
    • Lender Fees – Origination (typically 1% of the loan amount), admin, appraisal, inspection, credit report
    • Mortgage Insurance – Some pre-paid some financed
    • Title Policy Issuance Fees – Charged by title companies to insure the chain of title for the buyer (CLTA) and for the lender (ALTA).
    • Escrow Fees – Charged by the company acting as the neutral third party in the transaction. Commonly referred to as an Escrow Company.
    • Fire or Home Owners Insurance – (Possibly Flood Insurance if it is determined that the property is in a flood plain.)
    • Recording Fees – Paid to the local county recorder’s office. These fees are charged per page of your loan document.
    • Drawing Fees, Notary and Over Night Delivery Fees – All part of the escrow transaction.

Your lender should be able to give you a summary of what to expect for total costs including both recurring and non-recurring closing costs.

A knowledgeable lender will know how to help you cover some of these fees through grants. Grants can provide you extra money to cover closing costs, if you meet certain income limitations for your county. For more information on downpayment and downpayment assistance click here.

Some restrictions do apply, so contact me for more details.

Photo of Ingrid Pierson

Ingrid Pierson
(530) 885-1545
ipierson@teamvitek.com
Licensed – NMLS # 233666


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Posted in CalHFA, Downpayment Assistance, FHA, First Time Homebuyer, Homepath, Uncategorized, USDA, Veteran, VITEK Mortgage Group | 1 Comment »

Homepath – Special Financing for Fannie Mae REO’s!

Tuesday, June 22nd, 2010

With mortgage rates still at their lowest in decades, and home prices now more accessible, many renters are finding the dream of owning a home possible. As a first-time homebuyer though, it can often be hard to build up the savings necessary for the down payment and closing costs needed to purchase a home. There are several programs though, aimed to help first-time buyers cross the bridge into homeownership. The Homepath loan program for Fannie Mae REO’s is one such loan program. Homepath only requires a 3% down payment, and if the home will be your primary residence, the down payment can be funded through a gift. Because the Homepath loan program is only available on Fannie Mae REO’s, no appraisal will be required, saving you additional money! Below are some basic points to the Homepath home loan program:

    • Available on Fannie Mae REO properties with following symbol: Homepath Mortgage Logo

    • Less than perfect credit is okay

    • With Flex program (must be primary residence and owner occupied):

      • Only 3% down payment required

      • Down payment can be funded by savings; a gift; a grant; or a loan from a nonprofit

      organization, state or local government, or employer


      • Seller contribution acceptable


    • Available for purchase of primary residence, secondary homes and investment properties

    • No mortgage insurance required (restrictions apply, ask me for details)

    • No appraisal required

    • For a list of available properties, visit www.HomePath.com

If you, or someone you know is looking to purchase a home, Homepath may be a great option. Contact me today for further details on the program, or to get a home loan preapproval and one step closer to your dream of homeownership!

Nick Loris
Nick Loris
(916) 486-6932
nloris@teamvitek.com

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