The Fed Did not Raise Interest Rates Today

Ten Year Yields
Yield Spreads
Mortgage Rates
Today Jay Powell did not raise rates!!

Meanwhile President Trump is not happy with the Fed

LOAN Limits Dollar Amounts Increase

FHFA, the regulator of Fannie and Freddie, announced today that the standard conforming loan limit will increase from 453,100 to 484,350 for 2019.  The new ceiling for High-cost area limits will be $726,525 (which is 150% of 484,350).  Fannie and Freddie will release the full report on high cost area loan limits that are in between the stand limit and the ceiling soon.  Both Fannie Mae and Freddie Mac are still government loans, but dollar increase is helpful in high cost areas

The limits for Fannie and Freddie are typically based on acquisition date, meaning that we will likely be able to close at the new limits towards the latter part of December as long as we don’t sell the loans to them until after 1/1/2019.  We will announce the soonest closing dates for the new limits once our loan origination system vendor implements the changes and Fannie and Freddie give guidance on their automated underwriting engines.

We are still waiting on FHA to update their limits, so stay tuned for further updates.  I expect FHA to increase as well


How to Deal With Insurance After the Fire

Heart image I took last year in Boston's worst snow storm

How to Deal with Insurance After the Fires
California has a huge task of work ahead for us.
Homeowners who want to rebuild need to make 
claims and get planning. This is a list of some ideas
to keep in mind making a claim in the CAMPFIRE or
Woolsey Fire or any wild fire for that matter

You are entitled to assisted living expenses. That means your insurer can cut you a check often on the spot for expenses for expenses you've incurred from your mandatory evacuation. Keep copies of food bills, anything you bought even a soda.
It’s going to be hard to get new insurance and you may have to go to California Fair Plan which is not great. Make sure you add extended replacement cost endorsement. This is basically additional coverage intended to accommodate at least a portion of any unexpected cost increases.
You can also purchase additional coverage for code upgrades. For example, the rules might have changed for electrical systems or insulation since your house was built. Code-upgrade insurance protects you from so-called better-ments that your policy may not address.

Some policies don’t cover the foundation and plumbing, even if you have guaranteed replacement cost. The insurance company is required to settle in thirty days. Although they are human and out there making claims DO NOT assume they are going to help you make a total claim, they work for the company and shareholders. 

Rebuilding will be more costly than normal construction because there will be huge demand. Costs may run higher. Find out what Lowe’s are closing and buy at discount while they are closing stores. Think about using your settlement check and applying for FHA 203H which would allow 100% rebuild costs to add to the check. Call me if you need help with this (949) 784- 9699

Hopefully you have a video or photographs of your personal property, if not begin now and send to relatives who have visited to add to the list.  You won’t recall everything.

Make a complete list
Go room by room in a circle, mentally go through the drawers to recall what you owned

Electronics- televisions, old cell phones in desk, routers, the cable box that the cable company will charge you for (by the way turn off the cable now) printers, scanners, screens, and more.
Power sources
Framed artwork
Framed photographs
Carpet, rugs
Furniture: style, fabric, size
Side tables
Light fixtures
Pots pans
Kitchen tools, blender, mixer, oven, toaster, broiler, refrigerator, name the make and models
Food in the refrigerator and cupboards
Linens- kitchen ones, bedding, blankets, pillows
Night stands
Bathroom supplies, cleaning supplies, brooms, vacuum,
Bathroom shampoos, creams, makeup, nail polish, razors, tooth supplies, medicines, aromatherapy bottles, perfume,
Clothing oh my gosh this is a huge list- shoes, dresses, pants, party outfits, costumes, winter clothing, bathing suits…
Don’t forget your Christmas ornaments and all the decorations, candles, gee gaws and nick nacks

Then have someone double check again
Ask for help. We are all in this together.
LOVE and hugs and prayers

California Fire Victims Construction Loans or FHA Rehab Mortgages

President Trump declared federal disaster zones in Butte, Los Angeles and Ventura Counties in California

 Homeowners who are victims of these devastating fires are eligible for FHA rehab loans or construction loans. . With the Presidentially-Declared Major Disaster Area (PDMDA) in effect we are able to assist those victims through the FHA 203(h) program.

If you need help with forms or paperwork, call me and I will come and complete for you.

Borrowers may not have paper IRS taxes, w-2 forms and bank statements ready on hand but we will
find a way to recreate what is needed. Call me  (949) 784- 9699 

  • No Down Payment
    The FHA 203(h) Home Mortgage requires no down payment as one way to help victims of a major disaster get back into a home easier and more quickly, understanding the economic hardships that accompany these types of loss.
  • 100% Financing
    Homebuyers may finance a home for 100% of the purchase price.
  • Lower Closing Costs
    FHA loans allow sellers to give up to 6% of a home's purchase price to an FHA buyer to pay for loan closing costs.
  • Easier Credit Qualifying
    The FHA 203(h) allows for some leniency with mortgage payment history on damaged property but credit score minimums will still apply.
  • Government Insured
    The FHA loan is insured by the government. Supreme Lending can offer options for home buyers that might not qualify for a conventional product.

Camp Fire Woolsey Fire  Malibu Paradise