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Paul Luykx

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Fannie goes to 620 - Home buyer tax credits extended and improved - Big funnel building

11-07-09
Paul Luykx
Home buyer tax credits have been extended and improved! Up to $8,000 for qualified first-time home buyers purchasing a principal residence is available. And up to $6,500 for qualified repeat home buyers. Details. Make it a good week folks! - Paul
What will your business look like in 12 months from now?
The Home Buyers Scouting Report, the ultimate funnel building, and contact conversion solution - is off to a flying start. If you missed it last week, go to my blog to read up and go for a test drive! Note that it is also my program to refer clients to you!

Minimum Fannie Fico to 620
The minimum Fico for Fannie Mae loans is going up to 620 effective December 12th. Read more. Note that as of today my minimum FHA Fico's for a purchase still start at 560!

What the Fed's latest move means for mortgages
The Federal Reserve may be keeping interest rates intact at near 0%, but consumers planning to buy a home or refinance one in the following months may want to take note: The end of record-low mortgage rates appears to be a step closer. Read more. Freddie Mac rate surveys.
Available
- Direct lender for FHA, Fannie, Freddy, VA, USDA, Jumbo, other loans
- Same day loan decision
- 30-day closes (45-days for FHA)
- FHA loans down to 560 Fico
- 50-70% LTV stated income loans (600-700 Fico needed)
- 90% LTV Fannie Mae condo loans
- Loans for non-residents
- Rehab and construction loans
- Non-warrantable property loans
- Reverse mortgages
- Commercial loans
Contact me for excellent service!

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"Ignorance is a voluntary misfortune" -
T.L. Haynes, The Royal Path of Life, 1886
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Home Buyers Scouting Report - HB tax credit extended and expanded? - Mixed housing data

10-31-09
Paul Luykx
I am pleased introduce the The Homebuyers Scouting Report. The Home Buyers Scouting Report is the "MLS for buyers" - a contact capture and conversion system. It is a revolutionary new system that can drastically improve your sales volume. (See below). /// It looks like the home buyer tax credit will be extended and expanded. /// Mortgage applications are down due no more tax credit driven purchases. /// Make it a good week folks! - Paul

Problem: You are losing most of your contacts!
How often do you connect with prospective clients (open house, ad call, personal sphere, cold calls, etc.), hand them your business card, follow up with them, and never have them convert to a sale? 80%, 90%, 95% of the time? Do you have to have to maintain a HUGE funnel of clients in order to actually get a few sales? You also know that buyers want all the available information, but they want to be able search for what they want when they want it - without having to wait for you to send them listings. If you're not around, they may go to someone else. NAR reports that buyers will on average visit 7 websites, connect with 17 realtors, and spend 6-9 months in their education phase. So how can you beat the odds and increase your conversion rate?
Solution: The Home Buyers Scouting Report!
The Home Buyers Scouting Report can help you beat the odds an increase your conversion rate in a big way! You use the MLS to list your sellers. And you use the HBSR to show the listings to your buyers. What if you could also use it to allow your buyers to peruse real time listings at their leisure with only YOUR contact info associated with all listings? The Home Buyers Scouting Report is a contact capture and conversion system which allows you to "own" and support literally hundreds of home shoppers, respond to their inquiries on a daily basis, and zero in on who is ready to buy/sell. Read more.
Rates flat
"Economic data releases this week offered mixed signals as to the state of the housing market. Total existing home sales jumped 9.4% to an annualized rate of 5.57 million homes in September, the strongest pace since July 2007, according to the NAR. However, new home sales unexpectedly fell 3.6% to 402,000 houses, the weakest since June of this year, based on figures from the Department of Commerce. Nonetheless, stronger housing demand has lowered the inventory of unsold existing homes in September to the lowest since January of this year and for new homes the lowest since November 1982, which should help stabilize falling house prices." said Frank Nothaft, Freddie Mac vice president and chief economist. Freddie Mac rate surveys.
Available
- Direct lender for FHA, Fannie, Freddy, VA, USDA, Jumbo, other loans
- Same day loan decision
- 30-day closes (45-days for FHA)
-- FHA loans down to 560 Fico
- 50-70% LTV stated income loans (600-700 Fico needed)
- 90% LTV Fannie Mae condo loans
- Loans for non-residents
- Rehab and construction loans
- Non-warrantable property loans
- Reverse mortgages
- Commercial loans
Contact me for excellent service.

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"Chaos is the score upon which reality is written" - Henry Miller
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Rates up a bit - New tax credit deals - New FHA condo rules delayed - Big sales rebound

10-24-09
Paul Luykx
Fannie Mae is raising the minimum Fico to 620 from 580. Fannie pricing is also more dynamic (higher score, lower rate), has more restrictive program criteria: 680 needed for PMI, more reserves needed, and more. Count on FHA tightening up as well. Read more. /// Make it good week folks! - Paul
 

"I'll improve my Fico by paying off my collections" 
Not necessarily. Your score can actually go down! "A recent paid collection is often worse than a distant unpaid collection". Credit score and repair info.
 
New FHA condo rules delayed to Dec 7th              
Implementation of FHA’s new policy for condominium project approval and condo unit financing will be delayed until Dec 7th. Also note that the minimum down payment may go to 5%, and seller concessions eliminated next year.

Rates up a bit
"Following bond yields, long-term mortgages rates edged up slightly this week," said Frank Nothaft, Freddie Mac vice president and chief economist.
"Although rates for 5/1 ARMs and traditional 1-year ARMs are around half a percentage point below 30-year fixed mortgages, consumers appear to be seeking the stability of fixed-rate mortgages.  Freddie Mac rate surveys
 
Big rebound in existing home sales
Existing-home sales bounced back strongly in September with first-time buyers driving much of the activity, marking five gains in the past 6 months, according to the NAR. Read more.
 
Available
- Direct lender for FHA, Fannie, Freddy, VA, USDA, Jumbo, and other loans
- Same day loan decision
- 30-day closes (45-days for FHA)
- Condo (conversion) financing services. Information
- FHA loans down to 560 Fico
- 50-70% LTV stated income loans (600-700 Fico needed)
- 90% LTV Fannie Mae condo loans
- Loans for non-residents
- Rehab and construction loans
- Non-warrantable property loans
- Reverse mortgages
- Commercial loans 
 
Contact me for excellent service. 

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"Only as high as I reach can I grow, only as far as I seek can I go, only as deep as I look can I see, only as much as I dream can I be."  - Karen Ravn
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Rates up a bit - Credit rescoring - 2010 predictions - 5 reasons to use concessions

10-17-09
Paul Luykx
The Fed is buying less mortgage backed securities for the 5th consecutive week. And this is why you care: The gradual effect may be a rise in interest rates. Read more. /// Basically 1 week left for sales that need to close by Nov 30th to take advantage of the tax credit! /// Make it good week folks! - Paul

What is rescoring?
Rescoring is a legitimate process that seeks to increase credit scores temporarily to secure a mortgage approval, or a better rate. Virtually any score can be improved by at least 20 points. It's cheap, and it takes only 5 days to do it. Contact me to make your clients "mortgage ready" !
Why use a seller conession?
1. Reduce cash required by up to 50%+
2. Avoid PMI if you hare hovering around the 80% LTV mark
3. Use it to pay for allowable expenses (much more than just closing costs)
4. Qualify for the loan by using it to buy down the rate
5. Ease payment shock by getting a temporary buydown
Read more

Long-term rates up slightly
Rates rose slightly over the week, but the 30-years fixed remained below 5% (4.92% with 0.7% fees) for the 3rd consecutive week," said Frank Nothaft, Freddie Mac vice president and chief economist. "Homeowners are taking advantage of these low rates to refinance their current balances. Over the past 5 weeks, more than 3 out of 5 applications were for refinancing, according the Mortgage Bankers Association. Freddie Mac rate surveys
MBA: Foreclosures will peak and sales will rise 11% next year
Foreclosure rates will continue to climb through late next year, peaking only after the U.S. unemployment rate reaches 10.2% in the second quarter, and sales will rise 11%
Available
- Direct lender for FHA, Fannie, Freddy, VA, USDA, Jumbo, and other loans
- Same day loan decision
- 30-day closes (45-days for FHA)
- Condo (conversion) financing services. Information
- FHA loans down to 560 Fico
- 50-70% LTV stated income loans (600-700 Fico needed)
- 90% LTV Fannie Mae condo loans
- Loans for non-residents
- Rehab and construction loans
- Non-warrantable property loans
- Reverse mortgages
- Commercial loans
Contact me for excellent service.

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"Time is what we want most, but what we use worst"
Wiliam Penn (1644-1718)
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New FHA condo rules - Tax credit extension? - Min down pmt to 5%?

10-10-09
Paul Luykx
There are new FHA condo rules. Just like with the new Fannie rules you will be disappointed if you think it will make things easier. Details. // Speaking of FHA, it looks like the minimum down payment may go to 5%. // Rates eased yet further this week. // Basically 2 weeks left for sales that need to close by Nov 30th to take advantage of the tax credit! // Make it good week folks! - Paul

What is credit repair?
Credit repair seeks to permanently remove derogatory items that will otherwise depress credit scores on a long-term basis. In essence it involves delivering proof of inaccuracy OR requesting creditors to deliver the proof of accuracy. If they cannot deliver, or will not (happens a lot), the items in questions will likely be removed. The whole process can deliver drastic score improvements and while conceptually simple - the devil is in the details. Contact me to make your clients "mortgage ready" !
New FHA condo rules
- Spot approvals eliminated
- No more than 30% of units can be financed with FHA loans
- 50% pre-sale requirement for new projects
- At least 50% of units must be owner occupied
- Read more

Long-term rates easing further
The 30-yr fixed is down from 4.94% to 4.87% with 0.7% fees and points this week. This time last year the 30-yr fixed rate was 5.94%. Freddie Mac rate surveys
Home Buyer Tax Credit extension likely
Extending the First-Time Home Buyer Tax Credit, due to expire at the end of November, is high on the Democratic Congressional to-do list, legislative aides said. Read more. (Don't count on the same terms, if and when. Last year's "tax credit" was nothing more than an interest free loan - P)
Available
- Direct lender for FHA, Fannie, Freddy, VA, USDA, Jumbo, and other loans
- Same day loan decision (pre-approvals)
- 30-day closes (45-days for FHA)
- Condo (conversion) financing services. Information
- FHA loans down to 560 Fico
- 50-70% LTV stated income loans (600-700 Fico needed)
- 90% LTV Fannie Mae condo loans
- Loans for non-residents
- Rehab and construction loans
- Non-warrantable property loans
- Reverse mortgages
- Commercial loans
Contact me for excellent service.

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"When you have a dream, you've got to grab it and never let go"
Carol Burnett
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