My speciality for the last 3 years has been primarily to focus on helping 1st time home buyers make the dream of home ownership a reality. Wow what a cliche I just said. Anyhow my question of the week from many real estate agents is: How am I going to help buyers who having very little or nothing down?
In the past, the answer was pretty straight forward, we would look into down payment assistance. With Housing Bill HR-3221 doing away with my favorite pet, clients, lenders and real estate agents are scrambling to find good solutions to help these buyers get into ... Continue Reading
With so much talk about down payment assistance programs (DPA's) going away some homeowners will 
be left out in the cold and will be wondering about how they too can buy a home in such a great buyers market.
Most lenders out there are just not offering any 100% financing options. Our company is very limited in this situation as well. Currently we only have 1 program that will finance a borrower 100%. It has so many limitations that is just does not work with the typical homeowner. Some will qualify, but most do not.
So your best options are to work with the loan programs that do require a minimum down payment and seek out the Home in 5 Bond Program. I wrote a blog about the pro and cons of this program back in August of 2007: Home in 5 Bond Program VS. Ameridream DPA, Maricopa, Arizona. Up until recently, I really felt that Ameridream was the better alternative to this program. Ameridream was funds that did not need to be repaid, and the bond does. However, since DPA's are going to be a thing of the past starting October 1, 2008 I think a great alternative is the Home in 5 Bond Program. Our company and has already been set up to do this program, not every lender is set up. The funds are available throughout the state of Arizona. If you have limited funds to buy a home and still want to buy in this market, please give me a call.
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I provide full service mortgage planning and guidance for the Tempe/Mesa AZ community. I specialize in helping first-time homebuyers obtain homeownership through FHA, VA and conventional mortgages.
Definitive Mortgage Planning and Guidance
Trusted Advisor
Gary Miljour has over 15 years of experience in the Real Estate and Mortgage Services Industry. His studies in business managment have prepared him to consult, educate, and guide his clients into solid mortgage solutions. You can put your trust in Gary to get the job done.
Integrity & Knowledge
Gary prides himself on being a professional through every step of the transaction. He has made a choice of not trying to be a fit for all individuals, but instead choosing to work with those that he is best suited to help. Having focused knowledge of his client's specific loan programs and products allows Gary to create better and stronger relationships with his customers.
"A solid, long term mortgage plan is always better than a short term solution" Gary E. Miljour
Homeowners First
The purchase of your first home will be one of the largest investments you will ever make. You will need a plan and some thorough guidance along the course of that long term investment. Gary is the trusted advisor that you can rely on for education and guidance.
Specializing with first time home buyers, Gary has an expansive knowledge of programs such as FHA, VA, government bonds, little down payment, or zero down payment loans. He presents customized options and services for all of your financing possibilities.
Gary believes it is of the up-most importance to keep the client informed throughout the entire transaction. He meets with clients in person, sets flexible appointments and will work around even the most hectic schedule. Gary is there at your side from the beginning of the loan application to signing the final papers at the title company.
Gary's years of experience and knowledge allows him to help with every facet of the transaction. With his expansive network of reliable, trusted professionals you can count of him to direct you to the right service provider.
Investors
Mortgage planning requires highly specialized financial expertise. It demands hands-on experience throughout the entire investment process. Gary understands the time, labor, and costs involved in completing investment projects. Whether it is the short term endeavor, equity/appreciation opportunity, or long term cash flow property, Gary has solutions for the real estate investor. He offers discounted services based on volume purchases, and is dedicated to relationships that make sense.
Gary has hand selected an expansive network of reliable, trusted professionals from every area of real estate. As a client, you become a member of an exclusive team that is prepared to assist you in every aspect of your investment.
The Small Business Professional
Locating untapped resources within your organization can be the cornerstone toward obtaining life's financial and retirement goals. Gary helps uncover these hidden resources. By restructuring mortgage loans and equity, he can help fund additional projects and expand your business. He also assists in freeing up funds for long term investments and retirement goals.
Friday: 08/22/08 10:30 AM EDT : Treasuries are down this morning as stocks are rallying. Rumors of a buyout of Lehman Brothers have bolstered the financial sector and a decline in oil futures has provided support for the general market. There are no major economic releases slated for today.
After a surge in oil prices yesterday, they are retreating this morning. In recent trading, the price of a barrel of crude oil for October delivery was down by $2.52 to $118.66. The move helps alleviate inflation fears which are especially exposed today because of this morning's address by Federal Reserve Board Chairman Ben Bernanke at the Kansas City Fed's Annual Economic Symposium.
While the recent decline in oil prices is encouraging, Mr. Bernanke said, "Nevertheless, the inflation outlook remains highly uncertain, not least because of the difficulty of predicting the future course of commodity prices, and we will continue to monitor inflation and inflation expectations closely. The FOMC is committed to achieving medium-term price stability and will act as necessary to attain that objective.(BERNANKE SPEECH)
Stock traders are focusing on the drop in oil and a rebound in the finance sector. Bonds are suffering due to the unwinding of some safe-haven flows as stocks recover. Bond traders are also looking ahead to next week's influx of supply. The Treasury will be conducting its monthly auction of 2-Year Notes on Wednesday and its auction of 5-Year Notes on Thursday.
Last month's 2-year offering had a record high face value of $31 billion and the 5-year offering had a face value of $21 billion -- the largest in five years. Next week's issues are expected to be as large as last months.
Thursday, 08/21/08 : Thin trading conditions, typical at the end of summer, made for some aimless price moves in the stock and bond markets yesterday. By the end of trading, stocks were narrowly mixed and Treasuries had given back what they made on Wednesday. In late trading, the 10-Year Treasury Note was down by 7/32, raising its yield to 3.83%; the Dow was up by 12.78 points to 11,430.21; and the Nasdaq was down by 8.70 points to 2,380.38.
The economic data released yesterday generally depicted a weak economy that failed to take traders by surprise. The level of initial jobless claims fell last week but remained near five-year highs. The Index of Leading Economic Indicators for July posted the largest decline in eleven months. And the Philadelphia Fed Index of manufacturing activity contracted in August for a ninth straight month.
Oil prices also surged. The price of a barrel of light, sweet crude oil for October delivery rose by $5.62 on the New York Mercantile Exchange to settle at $121.18, the highest close for a front-month contract since August 4.
Despite the negative economic and inflation implications of the increase in oil prices, the jump provided a boost to the energy sector of the stock market. This helped offset another decline in the financial sector, though the mortgage secondary market agencies Fannie Mae experienced a modest technical rebound following steep losses in recent sessions. Freddie Mac suffered another loss but it was mild compared to recent declines and the closing price was well off its worse level of the day.
The stocks of the agencies have declined because of concerns that they will have to be bailed out by the government.
Although there were a number of significant market influences, the major indices were little changed. The Dow gained 0.11% and the S&P 500 rose by 0.25%. The Nasdaq slipped by 0.36%. But for the first four sessions of the week, the Dow has lost 1.97%; the S&P 500, 1.58%; and the Nasdaq, 2.94%.
In contrast, there has been little significant movement in Treasuries in the first four days of the week. On Monday, the yield of the benchmark 10-Year Note fell by 2 basis points (yield moves inversely to price). This was followed by a gain of 2 basis points on Tuesday, a decline of 3 basis points on Wednesday, and an increase of 3 basis points yesterday . . . .
source: LionMTS
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