Mortgage Loans

6/15/2012

Succulent Crafty Trend

A big trend in Orange County home gardens is using succulents as landscaping and in pots. I believe the fashion is stirred several things. First there is an interest in conserving water. My local water company Mouton Niguel Water put limits on the days, times and amounts of yard watering we are allowed to sprinkle. The strange thing is the Home Owner Associations seem to rebel against the look of a low water landscaped front yard. In fact numerous homeowners in Association tracts are fined if they don’t have sixty percent grass lawn in the front. The second reason I believe this is one of the dominant plant types at our local nurseries is - because they are cheap. The plants are not cheaper to buy, but they require little or no maintenance.

I am not the greatest fan of succulents, I am more interested in California natives, organic produce and cottage flowers but here is my crafty salute to gifts or new versions of potted succulents you can make in ten minutes. Little or no cost and a five year old can help you.

Items needed: find some recycled wire frames (old Christmas wreaths or recycled wire pots) sphagnum moss and some clippings from neighbors succulents. Offer to make them one in exchange for the clippings.

(I keep a large piece of cardboard on the one side of our garage for painting project tarps)

Spray paint the metal with some gloss paint to keep rust down. Make a nest of sphagnum that has been soaked in water and push in the plants. I added an epiphytic orchid that I have growing wild that I know requires little care. I used these garden labels that you can use a pencil to write a note or the name of the plant. I then took some old nail polish and just brushed it over the words to be able to read the label better.

I will practice and let this one grow. I have a number of antique wire baskets and I am toying with using them. Perhaps if you do a mortgage with me I will give you some...

6/12/2012

Mailboxes Laguna Beach

iron mailbox

Cast copper box now has a patina. The songbird on the top is surrounded by roses and hydrangeas

Caroline Gerardo

wood mailbox

This simple wooded box peeks out of a nest of bouganvilla.

Bouganvilla has big torns,

I hope they keep it down for the mail man's hands.

bird house made into maibox

A formal painted mailbox that duplicates the style of the house.

This once was a bird house.

hut mailbox

Asian motif mailbox with bamboo and ferns.

patina mailbox

A copper country mailbox.

funky mailbox

This mailbox is nailed into the eucalyptus tree.

mailbox on a stump

A mailbox you can purchase at Home Depot,

but with a twist. A tree stump provides the structure.

bird mailbox

The quail on this mailbox are ready to take off.

pipe mailbox

I don't know if this pipe one is functional.

6/11/2012

FHA increases PMI Today

Hidden Falls Trabuco Canyon

I hiked there Saturday with my teenagers

FHA Mortgage Insurance Premium Changes 2012

Up Front and Annual Mortgage Insurance Premium (UFMIP and annual MIP) Increases for all FHA Loan transactions and Decreased for Certain Streamline transactions.

Up Front and Annual Mortgage Insurance Premium (UFMIP and annual MIP) Increases.

FHA increased the upfront mortgage insurance premium (UFMIP) by .75 bps for all purchase and refinance transactions with case numbers assigned on or after April 9, 2012. Increases apply regardless of the amortization term or LTV ratio. FHA will continue to permit financing of this charge into the mortgage and will continue to calculate actual premium charges against the base loan amount before adding any financed UFMIP.

FHA increased the annual mortgage insurance premium (MIP) by .10 bps for all purchase and refinance transactions with case numbers assigned on or after April 9, 2012. If you are reading this today on June 11^th, you will be paying the higher premiums.

FHA Mortgage Insurance Premium Changes 2012

Mortgage Insurance Premiums
Loans > 15 years
Case #’s prior to April 8, 2012 UFMIP=100bps Case #’s on or after April 9, 2012 UFMIP = 175bps	Annual Premium
LTV	Case #s Through April 17, 2011	Case #s On/After April 18, 2011 through April 8, 2012		Case #s On/After April 9, 2012
<=95.00 percent	85 bps	110 bps		120bps
>95.00 percent	90 bps	115 bps		125bps
Loans <= 15 years and above 78%
Case #’s prior to April 1, 2012 UFMIP=100bps Case #’s on or after April 1, 2012 UFMIP = 175bps	Annual Premium
LTV	Case #s Through April 17, 2011		Case #s On/After April 18, 2011 through April 8, 2012	Case #s On/After April 9, 2012
<=90.00 percent	None		25 bps	35bps
>90.00 percent	25 bps		50 bps	60bps

Note: SF forward mortgages with amortization terms of 15 years or less, and a loan-to-value (LTV) ratio of 78 percent or less, remain exempt from the Annual MIP (see Mortgagee Letter 2011-35).

Increase to Annual Mortgage Insurance Premium on Mortgages with a High Outstanding Base Loan Amount

FHA is also exercising its pre-existing statutory authority to add an additional 25 bps to mortgages with base loan amounts exceeding $625,500. This change is effective for case numbers assigned on or after June 11, 2012.

Note: Jumbo/High Balance guidelines will be updated at a later date to reflect the June changes.

Term >15 Years
Base Loan Amount	LTV	Effective	Annual MIP
< $625,500	< 95%	June 11, 2012	120bps
< $625,500	> 95%	June 11, 2012	125bps
Above $625,000	< 95%	June 11, 2012	145bps
Above $625,000	> 95%	June 11, 2012	150bps
Term <= Years with LTV above 78%
< $625,500	< 95%	June 11, 2012	35bps
< $625,500	> 95%	June 11, 2012	60bps
Above $625,000	<=90%	June 11, 2012	60bps
Above $625,000	>90%	June 11, 2012

STREAMLINE TRANSACTIONS:

Note: Streamline guidelines will be updated at a later date to reflect the June changes.

Decrease to Annual Mortgage Insurance Premium on Certain Streamline Refinance Transactions

For all SF Forward Streamline Refinance transactions that are refinancing FHA loans endorsed on or before May 31, 2009, the Annual MIP will be 55 bps, regardless of the base loan amount. The endorsement date is on the Case Query screen in FHA Connection. This change is effective for case numbers assigned on or after June 11, 2012.

Decrease to Up-Front Mortgage Insurance Premium on Certain Streamline Refinance Transactions

For all SF Forward Streamline Refinance transactions that are refinancing existing FHA loans that were endorsed on or before May 31, 2009, the UFMIP will decrease from 1 percent to 0.01 percent of the base loan amount. This change is effective for case numbers assigned on or after June 11, 2012. These charges are substantial increases, note the $625,500. loan fees that apply to many areas of Orange County