Orange County has a couple different USDA hardiness zones
Mine is 10a
Here's a link that is interactive
to the United States Department of Agriculture Map
enter your zip code
http://planthardiness.ars.usda.gov/PHZMWeb/Default.aspx
7/02/2016
6/30/2016
Low Rates
If you locked your rate in the last two weeks
JUMP SHIP and come over to lower rates
Ask me how
(949) 784-9699
The
stock market’s plunge following the Brexit vote was bad for most people’s retirement accounts but good for those looking to refinance their mortgage. Even as
the market has started to recover its losses and the flight to bonds’ safety
has eased, home loan rates remain down.
Despite
the low rates, growing pessimism over the direction of the economy is spilling
over into home-purchase sentiment. Pending home sales – those deals that are
under contract but have not closed – declined in May, marking their first
annual drop in nearly two years. Rates may be low, but not many people are
rushing out to make a big purchase such as a home with so much economic
uncertainty. The group most likely to benefit from low rates are homeowners
seeking to refinance.
According
to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate
average plunged to 3.48 percent with an average 0.5 point. (Points are fees
paid to a lender equal to 1 percent of the loan amount.) It was 3.56 percent a
week ago and 4.08 percent a year ago. Since the beginning of the year, the
30-year fixed rate has plummeted nearly 50 basis points. (A basis point is 0.01
percentage point.) It has fallen 18 basis points in the past month alone.
The
15-year fixed-rate average sank to 2.78 percent with an average 0.4 point. It
was 2.83 percent a week ago and 3.24 percent a year ago.
The
five-year adjustable rate average dropped to 2.70 percent with an average 0.5
point. It was 2.74 percent a week ago and 2.99 percent a year ago.
Website:
blog:
Cell : (949) 784- 9699 7 AM – 7 PM 7 days a week
Trashes Dodd Frank
 |
| Burned Kettle
Calling the Dodd-Frank Act a “negative force,” presumptive
Republican presidential nominee Donald Trump says he will unveil a plan to
overhaul the controversial Wall Street reform law that was passed in 2010 in
response to the crisis.
|
While he did not disclose specific changes he would dismantle Dodd-Frank.
“Dodd-Frank has made it impossible for bankers to function,”
Trump said “It makes it very hard for bankers to loan
money for people to create jobs, for people with businesses to create jobs. And
that has to stop.”
The presumptive Democratic presidential nominee, Hillary
Clinton, was swift to respond to Trump’s stated intention to overhaul
Dodd-Frank. Wednesday morning, Clinton tweeted, “Latest reckless idea from
Trump: gut rules on Wall Street, and leave middle-class families out to dry.”
I'm not sure either one knows what they are speaking about. Dodd Frank was a well meaning but stupidly executed plan. Dodd Frank made the big banks richer and the little guy not to get a mortgage. Dodd Frank did not get the crooks and liars out of mortgage banking, the tin men sales people moved to loan modifications, those who couldn't pass a knowledge test moved to sell cars or work under someone else's license. I challenge Borrowers who say they had no idea their payment might go up. I do admit that African Americans were preyed upon by some lenders, who gave them higher rate loans. Of the thousands of Option ARM loans I closed I have a tough time convincing a Borrower whose rate is now under 3% but has to make principle payments to refinance.
Republicans have been trying to roll
back Dodd-Frank ever since it was passed in July 2010. Lately several
bills aimed at chipping away at the law have gained traction in Congress.
In mid-April, two bills
passed in the House Financial Services Committee; one to repeal Dodd-Frank’s
bailout fund for large, complex financial institutions and one to put the
Consumer Financial Protection Bureau’s spending on a budget in an attempt to
make the Bureau more accountable to taxpayers. CFPB has become the gorilla in the day care center.
Rep. Jeb Hensarling (R-Texas), Chairman of the House Financial
Services Committee, recently told DS News that “America needs a new vision—a
new model for financial reform—because the Dodd Frank Act is a failure.”
Democrats have generally been fiercely protective of Dodd-Frank
and highly critical of Republican efforts to undermine it. Rep. Maxine Waters
(D-California), ranking member of the House Financial Services Committee, said
of those two bills that passed in the Committee in mid-April, “Both of these
bills, if enacted, would take our financial system back to September of 2008,
when regulators did not have the tools to protect consumers or the broader
economy from financial sector ruin. It would take us back to a time when we
were hemorrhaging nearly 800,000 jobs a month, household wealth dropped by $13
trillion, and millions of our fellow Americans were facing foreclosure,
eviction, and potential homelessness.”
Where is our country going?
Tip if your kettle gets black from propane gas not being mixed right- Fells Napha soap on the pot can help. Rather than just calling the kettle black
Refinance Rules After Modification by Lender
Mortgage RATES HAVE DIPPED AGAIN!!!!
Often Borrowers forget to tell Loan Officer/ Mortgage Banker that they completed a loan modification. Unfortunately these are handled like other credit dings such as Short Sales. One vital piece of information in determining the wait period is if forgiveness of debt (reduction of the loan amount was granted). This may not show on your credit report, however the information will be hung up with your laundry.
Below is a list of lenders and what their rules or wait periods are:
Refinance after Modification
FHA
3 year wait period if government assistance/principal write-down.
Exceptions to 3 years if substantial documentation of extenuating circumstances
Never less than 1 year.
Must have documented extenuating circumstances.
No lates on the mortgage in question in last 12 months
Must review all modification paperwork from lender.
Borrower must be in compliance with all lender’s requirements, such as occupancy time-frame, resale time-frame, if any.
Reason for short sale must be fully mitigated and supported by documentation.
Fannie requirements
Review all modification documentation and determine if there was principal forgiveness.
Obtain pay history from servicer (outside the credit report)
showing no 60 day lates in last 12 months. (as part of the deal the lender often agrees to waive or remove derogatory ratings.
Fannie wants to know if the borrower has been delinquent.)
CHASE requirements
4 year waiting with max 90 Loan to Value or Combined loan to value - in general HELOC seconds are NOT going to grant any new credit,
but a subordination of existing second may be arranged LTV/ CLTV.
7 year waiting for > 90 LTV/CLTV
3 year waiting if extenuating circumstances,
only on primary or NCO with up to 90 LTV/CLTV.
Must obtain explanation statement from borrower,
third party documentation confirming the events were isolated
and reduced Borrower income
Must review all modification paperwork from lender.
(Chase orders package from
lender not Borrower to avoid secrets)
Must go by more restrictive of these guidelines or AUS
Freddie Requirements
4 years wait
2 years wait with documented extenuating circumstances.
Must obtain explanation statement from borrower,
third party documentation confirming the events were isolated and reduced Borrower income
Must review all modification paperwork from lender.
Underwriter must comment on 1008
Wells Fargo Requirements
4 to 7 years wait
2 years wait if documented extenuating circumstance
Must review all modification paperwork from lender.
Minimum 680 credit score required
At least 10% down payment or greater if required by transaction
Reestablished credit
VA Requirements
Call the appropriate VA office to discuss the specifics of the case
Have lender modification documentation available
Depends on hardship (proof as with all these cases is a box
of paperwork to be verified)
June 2016 Caroline Gerardo copyright
(949) 784- 9699 cell
NMLS 324982
these rules of course can change
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