Refinance Lower Payment

Mortgage Rates Drop  - Freddie Mac: The U.S. economy remains on solid ground, inflation is contained and the threat of higher short-term rates is fading from view, which has allowed mortgage rates to drift down to their lowest level in 10 months. http://www.freddiemac.com/pmms/


THE TIME TO REFINANCE IS NOW
If you did a loan in 2017 or 2018 you can save some money on monthly payments
Call me and ask me how much you will save
Let's crunch the numbers and see your 2019 future

(949) 784- 9699
C G
Caroline Gerardo Barbeau
NMLS #324982

http://www.cmgfi.com/agents/caroline--gerardo-barbeau/

http://www.cmgfi.com/agents/caroline--gerardo-barbeau/


Busy bees get their paperwork in and save money

Market News

The Case-Shiller home price index appreciated at a slower pace in November, marking the slowest annual pace of appreciation since  January 2015. Month-over-month the index is up 0.3% and year-over-year the index is up 4.7%. Despite having no reports for January due to Federal Partial Shutdown now information is flowing,  until we hit another wall In January, consumer confidence declined, most likely due to the 35-day government shutdown.  The index plunged from 126.6 in December to 120.2 in January. For the week ending 1/25, new purchase applications were down 2.0%  and refinance applications dropped 6.0% for a composite decrease of 3.0%. The ADP employment report added 213,000 jobs in January. Large firms added 66,000 jobs,  midsize companies added 84,000 jobs and small businesses added 63,000 jobs. Although the government has reopened, the release of the first estimate for fourth-quarter  Gross Domestic Product has been delayed until further notice. The pending home sales index declined in December, down 2.2% month-over-month and 9.8% year-over-year. After hitting a record low the previous week, initial jobless claims increased to a  seasonally adjusted annual rate of 253,000, for the week ending 1/26.  Continuing claims also increased to a level of 1.78 million. The release of November’s new home sales report was delayed because of the  government shutdown and released last Thursday. In November, new home sales soared a staggering 17% month-over-month, marking a 2.7% annual increase, and reaching a seasonally adjusted annual rate of 657,000 homes. In January, the labor market continued to show strength with the addition of 304,000 nonfarm payrolls,  296,000 private payrolls, and 13,000 manufacturing payrolls. The unemployment rate ticked upward to 4.0%.  The participation rate was virtually unchanged at a rate of 63.2%.  Average hourly earnings increased 0.1% month-over-month and 3.2% year-over-year.  The average workweek totaled 34.5 hours. US construction spending tracks total spending on private and public construction project.   Total construction spending increased 0.8% month-over-month and 3.4% year-over-year. In January, the consumer sentiment index inched up to a level of 91.2.

This week's important economic reports include: ISM manufacturing index MBA applications State of the Union address Weekly jobless claims Consumer credit

WEEK OF FEBRUARY 4, 2019

Get Your Offer Accepted

 Why was your offer rejected?

Low ball price

Too long of escrow time frame

Unflexible on closing time frame

Unwilling to release contingencies

Contingent sale of another house

Unknown lender

Unknown Realtor

Unpleasant parties of any sort

You reveal you are an attorney

You reveal negative information


How to fix this:

Have a printed pdf copy of your Pre- approval with few or no conditions with fast close
time frame written as guarantee. Mine say I can close in fifteen days if they need it.

Don't go looking at houses or properties twenty percent higher than what you are pre-approved
for, it will only make you unhappy.

IF prices are too high, expand your expectations, expand the location, shrink up the square footage.

Work with lender and Realtor who are respected in the community.

We can often bridge the loan without making a contingent offer, ask how

Have your polished, sweet, smart Realtor make the offer in person

Make the offer fast and be available to answer counters quickly.

Open your emails, answer texts and phone calls promptly.

Don't fall in love with one house.

Call me (949)  784- 9699

C G

NMLS #324982
CMG Financial

Down Payment Assistance

v

uyer Guide: Down Payment Assistance

Description

DOWN PAYMENT ASSISTANCE | 

Down payment assistance programs help borrowers who may be unable to afford a down payment secure mortgage financing for a new home. Such programs distribute funds to qualified borrowers to cover the down payment or closing costs. There are over 2,400 homebuyer assistance programs available throughout the United States. Many prospective homebuyers may not be aware of the down payment assistance programs in their local market. As of 2015, RealtyTrac and Down Payment Resource reported that 87% of homes and condos can qualify for down payment assistance. 

Programs vary on a state-to-state and county-to-county basis and provide different repayment options based on the type of loan. Down payment assistance programs are offered by state Housing Finance Agencies (HFA), cities and counties, housing authorities, nonprofit organizations, and even employers. Like other assistance programs, down payment assistance programs may have debt-to-income ratio requirements, income limits, and other variables to qualify. Down payment assistance is not limited to first-time homebuyers or borrowers with low cash reserves. Qualifications vary from market to market. 

While some borrowers, such as first-time home buyers, may benefit from down payment assistance programs, other borrowers are better suited for programs like Federal Housing Administration (FHA) loans and their down payment options. Grants do not usually have to be repaid if the borrower is in the home for a designated period of time. Some down payment assistance programs require repayment, while others have repayment periods that expire. 

What's stopping you from owning a home? 

Introducing the Home in Five Advantage Grant

The Home in Five Advantage Grant is designed specifically for home buyers financing home anywhere in Maricopa County, including the city of Phoenix. Qualifying home buyers can receive a non-repayable down payment/closing cost assistance grant up to 3.5% of the loan amount AND never need to repay this money. 

Home buyer must also qualify for a USDA, FHA, or VA loan. Contact me for a safe, 30 year fixed rate loan with NO prepayment penalty. 

Up to 3.5% of Loan Amount

-2.5%-3.5% of loan amount for qualifying home buyers 

-For a primary residence only

-Must occupy the home within 60 days of purchase

-Home can be anywhere in Maricopa County and Phoenix

-Minimum credit score of 640

-Maximum income of $88,340

-Maximum purchase price of $300,000

-Must attend an 8-hour home buyer education course