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"The Weekly Wrap Up"
Presented by Jason Wheeler
I hope you have been finding these emails for a few nuggets of information useful. My goal is to keep you informed and updated on what's new in the financing world. You can get in touch with me for any financing questions between 9am and 7pm Monday through Saturday on most weeks at 925-285-2172. My commitment is service to business partners and clients!
Great news from CA legislation for once. A bill was just passed to have banks make decisions on Short Sale offers within 21 days. This doesn't take effect until 1/1/2010 though! You can read more about it here!
Hot Programs!
Below is a bit of news on the weeks pricing trends and mortgage rates!
Here we are wrapping up Friday 9/25/2009 rates have been flat compared to the last two weeks at this time. We have not seen pricing this good since May. If you had to lock at all this week you were likely pretty close to the week before or better by an eighth or so. You can look at weekly rate trends Here.
EVENT!
Investor Forum in Fremont CA RSVP Here
Until Next time Here is to your success! Jason Wheeler 925-285-2172 | Come to a FREE Bay Are Event |
Subscribe Via RSS Feed | Subsrcribe Via Weekly Email News Letter
"The Weekly Wrap Up"
Presented by Jason Wheeler
As we all hurry out of town for the long weekend I wanted to drop a quick note to update you on what happening in the ever changing world of Real Estate Finance this week. My goal is to keep you informed and updated on what's new in the financing world. You can get in touch with me for any financing questions between 9am and 7pm Monday through Saturday on most weeks at 925-285-2172. My commitment is service to business partners and clients!
Hot Programs!
Below is a bit of news on the weeks pricing trends and mortgage rates!
Here we are wrapping up Friday 9/4/2009 rates have bee consistently lower for the past two weeks. We have not seen pricing this good since May. If you had to lock at all this week you were likely better off than the week before. You can look at weekly rate trends Here.
ANNOUNCEMENT!
Investor Forum in Concord CA 9/10/09! RSVP Here!
Join us with Bob Snyder and learn from a ton of Real Estate Entrepreneurs and Investors. This will be a packed evening event where you will learn nuts and bolts Real Estate Investment knowledge to take advantage of what is happening in the market RIGHT NOW!
Until Next time Here is to your success! Jason Wheeler 925-285-2172 | Come to a FREE Bay Are Event |
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It is a second mortgage loan program to assist qualified low-income individuals with the purchase of their first home.
Income eligibility is based on Household size. The maximum loan amount is determined by the income bracket of the household. Households earning at or below 100% of Area Median Income are eligible for up to a $40,000 loan. (Refer to household size at all income levels)
The maximum loan amount is 20% of the home sales price, or appraised value, whichever is lower, up to the maximum of $40,000 based on household income and household size.
| 1 | $37,500 | $46,350 | $62,500 |
| 2 | $42,840 | $53,000 | $71,450 |
| 3 | $48,240 | $59,600 | $80,350 |
| 4 | $53,580 | $66,250 | $89,300 |
| 5 | $57,840 | $71,550 | $96,450 |
| 6 | $62,160 | $76,850 | $103,600 |
| 7 | $66,420 | $82,150 | $110,750 |
| Maximum Loan Amount | $40,000 | $30,000 | $20,000 |
* As of April 2, 2009
Borrower must be a first time homebuyer, which is a household that has not owned a home within the past three years. Borrowers must be able to qualify for a first mortgage from a participating lender. The homebuyer must provide a minimum of 3% of the purchase price.
Homebuyers may purchase an existing single-family detached home, condominium, or townhouse located anywhere within Concord City Limits.
The FTHB Program may be used in conjunction with affordable units generated through the Inclusionary Zoning Ordinance to purchase a new home. The income eligibility is based on household size and is allowable up to 120% of Area Median Income cap ($107,150 for a family of 4). In cases where the FTHB Program is used to purchase an Inclusionary unit, the loan may be increased up to $50,000. This increase is intended to encourage low and moderate-income families to purchase inclusionary units, which are subject to the 45-year deed restriction. Although new inclusionary units are not for sale at this time, units are anticipated to be built over the next few years.
For First Time Home Buyer classes schedule on-line at: www.crediteducation.org.
Until Next time Here is to your success! Jason Wheeler 925-285-2172 | Come to a FREE Bay Are Event |
The Mortgage Credit Certificate Program, authorized by Congress in the Tax Reform Act of 1984, provides financial assistance to "First time homebuyers" for the purchase of new or existing single-family home. In 1985, the State adopted legislation authorizing local agencies, such as Contra Costa County, to make Mortgage Credit Certificates (MCCs) available in California. Contra Costa County MCC authority can be used in all cities as well as the unincorporated areas of the County. The Contra Costa County Community Development Department will administer the program.
The MCC Program is a homebuyer assistance program. The MCC provides qualified first time homebuyers with a federal income tax credit. Income tax credits reduce an individual's tax payment(s) by an amount equal to the credit. Under the MCC program, the maximum tax credit available is equal to 20 percent of the annual interest paid on the borrower's mortgage. By reducing the borrower's federal tax liability, the tax credit essentially provides additional income which can be used for mortgage payments.
In the example given in Table 1, a borrower with a 7.5 percent fixed rate 30-year mortgage of $150,000 would make $11,203 in interest payments during the first year of the mortgage.1 Under normal circumstances, the borrower deducts 80 percent of that interest ($8,962 in our example)-along with other allowable deductions-from his total gross income in order to figure the "adjusted gross income" used to calculate his/her total tax liability. After the borrower has calculated the total tax liability, under the MCC program the remaining 20 percent of the interest ($2,241 in our example) is also deducted from his/her total tax liability. If this subtraction results in a negative number-in other words, if the borrower is unable to use the entire MCC tax credit in this particular tax year-the credit may be carried forward and used, up to three calendar years in the future. The borrower may consider adjusting his/her federal income tax withholding (W-4) so as to benefit on a monthly basis for the MCC. By taking this action, the borrower will have more disposable income to make mortgage payments.
Table 1: Effect of a Mortgage Credit Certificate - Example |
||
1. |
First Mortgage Amount |
$200,000 |
2. |
Mortgage Rate Interest |
7.5% |
3. |
Annual Interest Payment |
$15,000 |
4. |
Mortgage Credit Certificate Rate |
20% |
5. |
Annual MCC Amount (Line 3 x Line 4) |
$3,000 |
6. |
Monthly Credit Amount (Line 5 ÷ 12) |
$250 |
Note that the MCC program applies only to the borrower's federal tax liability. State taxes are not affected.
Mortgage Credit Certificates are available to first-time homebuyers in Contra Costa County. Table 2 shows the purchase price and income limitations for MCC Program participants.
Table 2: MCC Program Purchase Price and Income Limitations |
||
| Purchase Price | Non-Target Areas | Target Areas |
| New (never occupied) units | $629,005 | $768,784 |
| Existing (resale) units | $619,381 | $757,021 |
| Income | ||
| 1 and 2 person households | $100,560 | $120,672 |
| 3+ person households | $117,320 | $140,784 |
To obtain an MCC, a purchaser of a new or existing single-family home works with any mortgage lender participating in the MCC program and applies for an MCC and a mortgage loan at the same time. Lenders process the underlying mortgage using standard procedures, with adjustments to those procedures as needed to satisfy the MCC requirements. The lender is responsible for underwriting and execution of required State and federal certifications and affidavits. The County reviews executed certifications and affidavits from the lender in order to determine qualification and eligibility of the MCC applicant.
An MCC cannot be issued to a homeowner who is refinancing an existing mortgage or to an applicant desiring to assume an existing mortgage unless (1) the mortgage is held by a current MCC holder and (2) the sales price of the house being sold falls under the sales price maximum for the program. In all other cases, only new, first mortgages are eligible for MCC participation.
Loans with an MCC attached to them can be refinanced once and the MCC can be reissued. If the refinance loan is then refinanced, the homeowner loses the MCC. The RMCC can be done directly with the homeowner without involving the lender. There are no restrictions regarding the amount that can be refinanced. The fee for an RMCC is non-refundable $200. RMCC Letter, RMCC Application, RMCC Certifications, RMCC Application Checklist
The number of MCCs available depends on the amount of issuing authority for which the jurisdiction applies.
In order to discourage individuals from buying a home primarily to benefit from the tax credit and short term appreciation potential, the federal government has initiated a recapture of a portion of the tax credit if a home is sold within the first nine years after purchase. Certain conditions must exist for the recapture to take effect. The County MCC staff and your lender can outline the specifics of this recapture program at the time of your application.
The Contra Costa County MCC Program eligibility requirements are as follows:
Until Next time Here is to your success! Jason Wheeler 866-833-7413 | Come to a FREE Bay Are Seminar |
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This little known program is available in Pleasant Hill CA. The information below is from The Pleasant Hill City Website.
ELIGIBLE HOUSEHOLDS
The house must be within the city limits of Pleasant Hill and owner-occupied. The current, combined monthly income of the entire household must be less than the amount listed on the bottom of the next page – based upon family size. It is important to note that this program is designed for Pleasant Hill homeowners who are not able to qualify for conventional loans.
ELIGIBLE PROPERTIES
FINANCIAL ASSISTANCE
TYPES OF REHABILITATION
2008 MONTHLY INCOME LEVELS
Number of Persons Living in House 1 2 3 4 5 6 7
Total maximum income $5,025 5,742 6,458 7,175 7,750 8,325 8.900
Until Next time Here is to your success! Jason Wheeler 866-833-7413 | Come to a FREE Bay Are Seminar |
Get FREE MP3 of Think and Grow Rich and download the ebook by Napoleon Hill!
I can show you a unique system that can yield significant profits in the next four to six weeks while we help you build a real estate investment income. Get in touch with me not later but right now!
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Jason Wheeler is an accomplished Real Estate Investor and mentors those who would like to become successful in Real Estate Investing. He provides all the latest mortgage products and consulting services in order to help anyone from the first time home buyer to the most sophisticated investors. Jason also mentors those who are serious about building a full time or part time real estate investment income.
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Use this section to write about your specific areas of expertise. Do you specialize in first time buyers - listing high end homes - etc. Are there specific market area's that you specialize in? The more you write about your area's of expertise the more knowledgeable you'll sound to a potential buyer or seller.
“Jason is a very customer-oriented mortgage loan officer. I find that he is a very good and responsive communicator, and that he focuses on finding the very best solution for each client.” February 5, 2008
Wade Cantrell , Owner , Computer Sales and Service/Computer Renaissance
was a consultant or contractor to Jason at Windsor Capital Mortgage
“In a business of networking and referrals, Jason consistently exhibits a depth of knowledge and adds value to the market place. He provides insight while educating those he services. Jason always assists in achieving the best outcome possible.” October 20, 2008
Francoise Greenwalt , President , LifeDesigns ~ Independent Herbalife Distributor
was with another company when working with Jason at Pleasant Hill Chamber of Commerce
“I worked with Jason when he was working with a core group of business professionals starting up a chapter of BNI. His efforts and leadership guided that group to becoming an active networking member of the Contra Costa business community.” October 16, 2008
'Trey McAlister' , Certified Trainer/Coach , Referral Institute SFBay
was with another company when working with Jason at Pleasant Hill Chamber of Commerce
“I have funded three loans with Jason's help and at times, due to my unemployed / retired status funding was difficult but Jason figured out a way to do it. He is easy to work with and very didicated to making things happen in a positive professional manner for his clients.” October 15, 2008
Top qualities: Great Results , Personable , Expert
Gary Lazarus
hired Jason as a Mortgage Real Estate Loans in 2006 , and hired Jason more than once
“Jason was able to help me sort out a very bad situation with a close friends mortgage. Rather than just selling a product he took a look at what was being offered by some one else and suggested that we stick with what we had. It turned out to be the best thing we did. I would highly recommend Jason for your mortgage needs especially if you are looking for some one that will deal with you fairly AND a high degree of integrity.” October 14, 2008
Top qualities: Great Results , Expert , High Integrity
Charley Daly
hired Jason as a Financial Advisor in 2008
“Working with Jason while he served as President of our BNI Chapter was a pleasure. He always kept us on point and encouraged our chapter to establish additional networking opportunities outside of our scheduled weekly meeting to help our businesses grow. As a mortgage broker, his desire to put his clients' best interests first was always a priority. He would let you know immediately if he would be in a position to help you out with your lending situation, and remained involved every step of the way.” October 30, 2008
Staci Burnaugh , District Sales Manager , E-chx, Inc
was with another company when working with Jason at BNI
Hank T. Pleasant Hill CA
If you are looking for a hardworking, honest mortgage broker look no further than Jason Wheeler. He is extremely knowledgeable in his field of expertise and understands the market like no other. I highly recommend Jason...he is fantastic!
Blaire P. Moraga CA
With all these low interest rates, I too wanted to see if I could refinance. Jason took a quick look at our position without a single form. Based on our conversation and his research we wouldn't really gain from a refi. There are countless brokers who would have tried hard to switch me into a number of products, but Jason advised us to sit tight.
To me, that’s the sign of a true professional - advises in the clients best interest not their own. When the market changes, I'll be sure to talk with Jason first.
Dess Benedetto, Danville CA
Jason Wheeler is a leader and forward thinker. He adapts his business model to the changing times and provides unmatched service. I met him through a professional business group (which he started and developed from the ground up) and I have the highest respect for him. I'm always impressed at his knowledge of the finance industry and his goal of creating wealth for individuals. I recommend his services to my clients whenever they need to refinance, obtain loans or wish to expand their portfolios through investing in real property.
Larry Seiden, San Jose CA
At the height of the mortgage industry meltdown in the fall of 08, we used Jason to not only get us the best deal (he did!), but to help rush our paperwork through the channels. Jason and his team went way beyond 5-star service! He even drove to my house in San Jose in the middle of the night to ensure our docs were in on time. His knowledge and his service are great! I've already recommended him to all my friends and told them whether you're buying or refinancing, you need a professional's help, so call Jason.
Larry Ribarich, Lafayette CA
Jason it a top notch professional who I have worked with for years. He is credible, caring, has deep interest in client needs and has always provided honest services. My professional dealings with Jason have always been rewarding.
I would and have recommended Jason to those in need of lending and Real Estate services. I have never been disappointed in his professionalism, sense of urgency and gets results.
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