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Paul Luykx

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75 day credit makeovers - Add ons! - New reverse mortgage limits

04-19-09
Paul Luykx
I hate to bring it to you, but the cost of borrowing has gone up. I am referring to add-ons (read about it), and credit scores. Just a reminder that Prospect Mortgage is a direct Fannie, Freddie, FHA lender: Great pricing and quick approvals (30-day closes anyone?). Make it a good week folks! - Paul
75-day credit makeovers
For scores below 660 I recommend 75 day credit makeovers for 50-100 score improvements. The cost is reasonable and it comes with a guarantee. All the more reason to start the process of getting buyers "mortgage ready" as early as possible!.
New reverse mortgage limits give seniors lifeline
Some good news arrived recently, especially for older homeowners who continue to make mortgage payments on their primary residence. The economic stimulus bill signed into law raises the single national loan limit for the country's most popular reverse mortgage to $625,500 from the previous ceiling of $417,000. Read more
Panel: Inventories dropping but no bottom yet
Forbes recently gathered a panel of real estate experts to discuss the housing and mortgage markets. Panelists included Pat Lashinsky, Spencer Rascoff, Peter Slatin, Michael Feder and Donald Trump Jr. Read more
Rates up a bit
For the week ending April 16th the 30-year fixed averaged 4.82% with an average 0.6% fee, down from last week when it averaged 4.87%. This time last year it averaged 5.88%. Freddie Mac rate surveys.

Some cities feel more pain than others
Forbes evaluated economic conditions in the 50 largest metro areas and identified 10 areas where the cost of living and unemployment are highest. Read more
States contemplate loans for first-time home buyers
New York and Missouri hope to adopt plans to offer loans against the $8,000 first-time home buyer tax credit. Read more

Contact me for further information or assistance.
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"There is nothing more uncommon than common sense"
Frank Lloyd Wright (1857-1959)
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Now a direct lender! - Rates up - Stated loans back

04-11-09
Paul Luykx
This week I joined Prospect Mortgage, the nation's largest independent direct lender. What this means: More options than any single source, faster turnarounds, excellent pricing, and niche mortgage programs. Loan modification service is unchanged. My commitment to excellence and ridiculous work ethic also unchanged :) I look forward to serving you even better! - Paul
About Prospect Mortgage
As the nation's largest independent direct lender, Prospect has greater control over your transaction and is able to quickly approve and close loans in-house. In fact, we are able to fund loans that other lenders may deny. Prospect is a privately-held national mortgage banking firm licensed in all 50 states. We are backed by Sterling Partners, a multi-billion dollar equity investment group, with a 25-year history in funding world-class organizations. We are growing at a time when other lenders are shrinking and closing up shop. Our business model was formed during a challenging market, so we know what it takes to meet customer needs during these tough times. Read more
Stated income loans are back
Maximum LTV is 70%. Rates a bit higher, and Fico requirement higher. Available for investment and owner-occupied properties.
Rates up a bit
For the week ending April 9th the 30-year fixed averaged 4.87% with an average 0.7% fee, up from last week when it averaged 4.78%. This time last year it averaged 5.88%. Freddie Mac rate surveys.

America's 10 wealthiest towns
A new study from BusinessWeek magazine ranks the richest towns in the United States by average household income and net worth. Read more

First-time home buyers driving home sales
First-time home buyers breathed new life into the U.S. real-estate market last month, seizing on increased affordability and driving home sales to their biggest monthly gain in five years. Read more

Contact me for further information or assistance.
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"Winners never quit and quitters never win"
Vince Lombardi (1913-1970)
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Record low rates - Optimism - What RE will recover first - Top 10 risks

03-30-09
Paul Luykx
Rates keep coming down, more purchase money applications, and no upward pressure on rates. Loan mods are closing faster, and signs of optimism everywhere. Life is good >>> well ok, getting better then :)) - Paul
Households say now good time to buy
Prices and other factors are said to have first-time buyers' attention, according to a new survey by Century 21 that focused on first-time home buyers. Read more
High mortgage fees keep banks afloat
Home refinancing is forecast to hit a two-year high and banks are reaping the profits. Meanwhile, home purchase mortgage origination fees are the costliest in eight years, according to data compiled by the Federal Housing Finance Agency. Read more
Long term rates set another record
For the week ending March 26th the 30-year fixed averaged 4.85% with an average 0.7% fee, down from last week when it averaged 4.98%. This time last year it averaged 5.85%. The current rate is the lowest since FM started tracking rates in 1971. Freddie Mac rate surveys.

Top 10 business risks for real estate
A new Ernst & Young report cites continuing economic uncertainty and the affects of the credit crunch as the key challenging issues that face the industry. Read more

What will recover firsts?
Multifamily houses and rental buildings will lead real estate's recovery, and signs are it could happen before the end of the year. Read more

Contact me for further information or assistance.

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"Democracy is a process by which people are free to choose
the man who will get the blame"
Laurence J. Peter (1919-1990)
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MHAP website - Rates down - MHAP refi's - DPA impact study

03-24-09
Paul Luykx
The big news this week was the 1 Trillion mortgage investment by the Feds, resulting in a drastic reduction in mortgage rates, in turn resulting in another wave of refinances, and even purchase money applications! - Paul
Making Home Affordable Progam website
The Obama administration has a new Making Home Affordable Program to help troubled homeowners reduce monthly payments by refinancing or modifying their current loans. Both programs are aimed at homes occupied by their owners, not investment properties or vacation homes. On March 19, the government launched a website to guide homeowners through the process. Please contact me for questions or service.
Understanding the MHAP refinancing plan
The refinancing program is for an 4-5 million homeowners who are current in their monthly payments but cannot refinance to loans with lower interest rates and payments because their homes have fallen in value. Read more
Rates down
For the week ending March 19th the 30-year fixed averaged 4.98% with an average 0.7% fee, down from last week when it averaged 5.03%. This time last year it averaged 5.87% Freddie Mac rate surveys.

Boom-years borrowing hits churches
Add houses of worship to the list of casualties of the mortgage crisis. Foreclosures and delinquencies for congregations. Read more.
Study emphasizes DPAs positive impact
The resilient story of downpayment assistance providers' fight to legalize DPA shows how market demand for affordable products keeps the lid open on an issue some in the industry prefer to ignore
Contact me for further information or assistance
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"About the time we can make the ends meet,
somebody moves the ends"
Herbert Hoover (1874-1964)
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Right time to buy? - Rates down - Commercial loan mods - More loan eligible for Obama refi's

03-15-09
Paul Luykx
Until last summer commercial loan modification was not an unfamiliar concept and residential modifications were virtually unheard of. Now the need for commercial modifications is increasing. Contact me if you have a situation to evaluate. // Rates are down to just over 5% for 30-yr fixed. // Reminder: Freddie and Fannie's tougher credit score and down payment rules go into effect April 1st! - Have a good week folks - Paul
More mortgages eligible for refinancing
Fannie Mae and Freddie Mac have published the rules governing their upcoming mass refinancing campaigns, and they're more favorable for borrowers than indicated at first by the White House and Treasury, especially for owners of second homes and small investment properties. Read more
Moody's Economy: "Right time to buy"
An increasing number of noted economists are focusing on positive aspects in the current real estate market. "Despite the darkening national economic outlook and weak condition in the housing market, some positive signs give hope that housing is about to hit bottom," it was stated in a recent report from Moody's Economy. "Lower home prices along with tax credits for eligible homebuyers, and further mortgage rate declines, could mean now is the right time to buy." Read more
Are investors holding up loan modifications?
The big problem is with the stubborn investors, who have contracts saying the loans cannot, in some cases, be modified. Read more

Rates down a bit
For the week ending March 12th the 30-year fixed averaged 5.03% with an average 0.7% fee, down from last week when it averaged 5.15%. This time last year it averaged 6.13% Freddie Mac rate surveys

Loan modification services no longer needed?
Au contraire, mes amis! To make sure you are actually approved AND get the largest possible benefit you'll want to have an experienced negotiator and an attorney representing you. Don't skimp on this one. It will be your most beneficial "refinance" ever!
Contact me for further information or assistance
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"Don't be a spectator, don't let life pass you by"
Lou Holtz
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