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Paul Luykx

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Homebuyer Scouting Report - Use of LLC - Some constr loans, helocs not available

07-13-09
Paul Luykx
Next week I am launching the Homebuyer Scouting Report, a fabulous homefinding service for prospective homebuyers. It is a feature-rich online service that presents all MLS listings in real time and (only!) your contact info. A great way to firm up relationships with your prospects, and my relationship with you. - You'll be impressed. /// Some construction loans and helocs are not available at the moment. Call me early on if any of these are part of a planned financing structure! /// Make it a good week! - Paul
Rates down
For the week ending July 8th the 30-year fixed averaged 5.20% with an average 0.7% fees and points. 45-year mortgage trend.
Closing in an LLC
I recommend against it for properties with 4 units or less. Few lenders still allow it, and those that do - you've guessed it - will charge for it! I am advised that there are insurance policies available that, although not perfect, provide reasonable alternative protection. Contact me if you need help with this.

Real Estate seeing uptick
Forbes.com: Real estate might be seeing a seasonal uptick, after the RPX index for housing prices in U.S. metropolitan cities was up in April. "A lively discussion of property investments and the economy by a panel of real estate experts: Donald Trump Jr. of the Trump Organization, Peter Slatin of Real Capital Analytics and Michael Feder of Radar Logic". Read.
Year 2005 - a look back at popular mortgage programs
Here’s a look at some of the loan programs available in 2005 to finance real estate. The article is about AZ real estate, but with a few exceptions (conventional stated loans for example are available) applies to all states. Read.
Boom times for real estate fraud
The FBI reports a surge in suspicious activity. Expect more. Read.

Available
- Direct lender of FHA, Fannie, Freddy, VA, USDA, Jumbo, other loans
- Same day loan decision (guaranteed)
- 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)
- 95% LTV Fannie Mae condo loans
- Loans for non-residents
- Rehab and construction loans
- Non-warrantable property
- Reverse mortgages
- Commercial loans
Contact me for excellent service.
_________________________

"The most effective way to do it, is to do it"
Amelia Earhart (1897 - declared dead 1939)
1 Comment
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Where do prices really stand? - 100% financing - Loan mod prospect #1 question

06-27-09
Paul Luykx
span lang="EN">Meltdown 101: Where do home prices really stand?
Is the historic U.S. housing market crash close to being over, or is the end still far, far away? Good read.
Home Buyer Tax Credit could expand
A first-time home buyer tax credit of up to $8,000 has helped to move housing inventory during an otherwise sluggish real estate cycle. Now both legislators and the business community are hoping to build on the incentive's success by expanding it. Read more
100% financing not available? - Wrong!
USDA financing (which we offer) allows for 100% financing PLUS seller concession closing cost. There is an upfront funding fee, but NO PMI, There are geographic and income restrictions, but it is amazing how many areas qualify. Here's the beef.

Should I pay my mortgage?
This seems to be #1 question for people considering loan modification. Unfortunately there are several answers and which is correct for you depends on the Circumstances. Attorney Richard Zaretsky addresses the common scenarios in this article. For loan modification help go here.
Reverse mortgages for home purchases
The feds issued new guidelines at the start of 2009 that would allow older borrowers to use reverse mortgages to buy a principal residence. But few lenders were ready to offer this option — until fairly recently. (We do - P). Read more
Rates mixed
For the week ending June 25th the 30-year fixed averaged 5.42% with an average 0.7% fees and points, up from last week when it averaged 5.38%. This time last year it averaged 6.45%. Freddie Mac rate surveys.

Available
- Same day loan decision (no ifs or buts)
- 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)
- 95% LTV Fannie Mae condo loans
- Loans for non-residents
- Rehab and construction loans
- Non-warrantable property
- Reverse mortgages
- Jumbo loans at near conforming rates
- Commercial loans
Contact me for excellent service.
_________________________

"Every horse thinks its own pack heaviest"
Thomas Fuller (1608-1661)
2 Comments
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125%LTV refi's? - Non-warrantable loans - 203(k) summary - FHA loans at risk?

06-19-09
Paul Luykx
FHA lending criteria have become stricter, and the trend will continue I think. The divergence between FHA and Fannie/Freddie is still significant. and F/F are not likely to lower their standards! /// And now the surging demand for FHA loans is putting the program at risk. US watchdog warning. /// Make it a good week folks. Call me if I can help - Paul
125%+ refinances?
The Obama administration is considering allowing Fannie Mae and Freddie Mac to refinance loans with current loan-to-value ratios of 125%, or higher. Read more
FHA 203(k) rehab loans
203(k) loans are the perfect for home renovations, handyman specials, and improvement of foreclosed property. The lending value can be as high as 110% of total cost. Summary

10 cities most likely to bounce back quickly
Forbes magazine has identified the top 10 cities that it believes are poised for recovery by examining unemployment figures, projected gross domestic product from Moody’s Economy.com, and housing affordability data from the National Association of Home Builders. Read more
Loans for non-warrantable condos
Condo's can be "non-warrantable" due to not enough (pre-)sales, too many renters, HOA control not turned over to owners, more than 10% ownership concentration, and many other factors. It is not "one size fits all" and it can be complex, but we do have loan options available. More information
Low inflation pushes rates back down
For the week ending June 18th the 30-year fixed averaged 5.38% with an average 0.7% fees and points, down from last week when it averaged 5.59%. This time last year it averaged 6.42%. Freddie Mac rate surveys.

Available
- Same day loan decision (no ifs or buts)
- 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)
- 95% LTV Fannie Mae condo loans
- Loans for non-residents
- Rehab and construction loans
- Non-warrantable property
- Reverse mortgages
- Jumbo loans at near conforming rates
- Commercial loans
Contact me for excellent service.
_________________________

"There is no such thing as a good excuse"
John P. Grier (1914-2002)
2 Comments
Blog_tag

Rates heading to 6% - Buyer tax credit to $15K? - Borrow FHA down pmt

06-13-09
Paul Luykx
Rates are headed for 6.00%. In just 2 1/2 weeks much of the Fed's work to drive rates lower has unraveled. 5 reasons they might retreat - and why they might not. /// The homebuyer tax credit may be expanded in a number of ways. Let's also hope the Nov 30 deadline gets extented (See below) /// You can now publish my newsletter on your website with ann RSS feed. Go here to do it. /// Make it a good week folks! - Paul
Congress weighs tax credit expansion
Legislation introduced in Congress Wednesday would expand the First Time Home Buyer Tax Credit to any purchaser and increase the maximum available to $15K. Read more.
Sources of FHA down payments
Did you know that a family member can take out a loan to gift the down payment, or that the home buyer is allowed to take out a fully collateralized loan for it? In all there are about 18 possible sources for FHA down payments. Check it out.

10 most undervalued cities
Homes in the majority of U.S. markets are undervalued right now, but housing prices may have yet to find a floor, according to IHS Global Insight. Here are 10 cities IHS finds the most undervalued.
Commercial mortgage defaults
The default rate on commercial mortgages held by U.S. banks may rise to the highest in 17 years in the fourth quarter as debt for refinancing remains scarce and the recession drags down rents. Read more
Rates hit 7-month high
For the week ending June 11th the 30-year fixed averaged 5.59% with an average 0.7% fees and points, up from last week when it averaged 5.29%, and increased again thereafter. This time last year it averaged 6.32%. "Higher mortgage rates are slowing refi's but not demand for home purchases. Over the 3 weeks ending June 5th, interest rates for 30-year fixed-rate mortgages rose nearly 1/2%. Applications for refinance fell each week during this period while applications for home purchases consecutively rose, according to the Mortgage Bankers Association" said Frank Nothaft, Freddie Mac vice president and chief economist. Freddie Mac rate surveys.

Available
- Same day loan decision (no ifs or buts)
- 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)
- 95% LTV Fannie Mae condo loans
- Loans for non-residents
- Rehab and construction loans
- Jumbo loans at near conforming rates
- Commercial loans
Contact me for excellent service.
_________________________

"There is nothing like a dream to create the future"
Victor Hugo (1802-1885)
8 Comments
Blog_tag

Rates at 25 week high - Multi-family opps - Lowball appraisals - Credit repair

06-06-09
Paul Luykx
Rates are at a 25-week high. They increased again by 0.25% approx on Friday, peaking at just under 6.00% (no points) /// Reminder that FHA loans with 560+ Fico and stated loans to max 70%LTV are still available /// Make it a good week folks! - Paul
Opportunity: multi-family development and condo conversions
Multi-family development and condo conversions are low-hanging fruit as the market recovers. High density housing, just beginning to gain steam before the housing downturn hit, is poised to be one of a handful of straws that stirs the soup, according to many housing industry experts. Read more. Note that I offer financing and expertise for aquisition, construction/rehab, and sales. The 3 phases are connected and structuring the financing right is critical. The warrantability issue again is a significant issue here. Further information.

How you can get your (buyer's) credit score up..
Credit history and credit score reflect how a person has borrowed and repaid debt. Credit score improvement is something we automatically look for with every application because of the drastic implications (approval or not, and the rate). One can basically improve the record and score in 3 ways:
1. Good credit habits (6 months+). Read more
2. Credit makeover (75 days). Read more
3. Rapid rescore (2 weeks). Read more
What is credit repair?
Credit repair seeks to remove derogatory items by delivering proof of inaccuracy OR requesting creditors deliver the proof of accuracy. If the creditor cannot deliver, or will not (happens a lot), the item will be removed. The whole process is conceptually simple, but as so often - the devil is in the details. We do "everything right" with our very effective 75-day credit makeover, often resulting in 50-100 score improvements.
Rates hit 25-week high
For the week ending June 4th the 30-year fixed averaged 5.29% with an average 0.7% fees and points, up from last week when it averaged 4.91%, and increased again thereafter. This time last year it averaged 6.09%. "The 30yr fixed rate caught up to the recent rise in long-term bond yields this week to reach a 25-week high," said Frank Nothaft, Freddie Mac vice president and chief economist." And the slowdown in the housing market has now detracted from economic growth for the past 13 quarters, the longest quarterly stretch since at least 1947. Freddie Mac rate surveys.
Lowball appraisals cause problems
Real estate pros in some areas say too-conservative appraisals are hurting their businesses. Read more. (Realtors, I recommend you meet the appraiser at the property and provide him/her with a set of your own comps! - P).
Available
- Same day loan decision (no ifs or buts)
- 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)
- 95% LTV Fannie Mae condo loans
- Loans for non-residents
- Rehab and construction loans
- Jumbo loans at near conforming rates
- Commercial loans
Contact me for excellent service.
_________________________

"The human race has one really effective weapon, and that is laughter"
Mark Twain (1835-1910)
2 Comments