Whether you are dreaming of buying a new home, lowering your existing payments, or taking cash out, the CalSTRS Home Loan Program can help by offering competitive rates on mortgage loan programs.
Conventional 15 and 30 year fixed rate programs are available, up to $834,000 with as little as 5% down.
There is a 80/17 program, where the teacher can put 3% down with a 80% first mortgage and a deferred 17%second mortgage that has no payments due for 5 years! Mortgage loan amounts are available up to $650,000.
Who is Eligible? If you are a member of CalSTRS, you are eligible for a loan under this program. You may also be eligible to take advantage of the CalSTRS Home Loan Program if you currently receive a paycheck from a California public school district or California community college as a full-time or part-time employee.
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Last Week in the News Existing home sales fell 2.2% in May to a seasonally adjusted annual rate of 5.66 million units from a revised 5.79 million units in April. The inventory of unsold homes on the market decreased 3.4% to 3.89 million, an 8.3-month supply at the current sales pace, down from an 8.4-month supply in April. The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending June 18 decreased 5.9%. Refinancing applications fell 7.3%. Purchase volume fell 1.2%. New home sales fell 32.7% in May to a seasonally adjusted annual rate of 300,000 units from a downwardly revised rate of 446,000 units in April. It was the slowest sales pace since recordkeeping began in 1963. New home sales have fallen 78% from their peak in July 2005. Orders for durable goods - items expected to last three or more years - fell 1.1% in May after increasing a revised 3% in April. The drop was largely due to a decrease in demand for commercial aircraft. Excluding volatile transportation-related goods, orders posted a monthly increase of 0.9%. In its third and final report, the Commerce Department announced that gross domestic product - the total output of goods and services produced in the U.S. - increased at an annual rate of 2.7% in the first quarter of 2010, rather than the 3.2% increase initially reported. Initial claims for unemployment benefits fell by 19,000 to 457,000 for the week ending June 19. Continuing claims for the week ending June 12 fell by 45,000 to 4.54 million. Upcoming on the economic calendar are reports on the housing price index on June 29, pending home sales on July 1 and factory orders on July 2. |
Senate Passes Homebuyer
Tax Credit Extension
The Senate has passed a bill to give homebuyers another three months to close on their homes and receive tax credits up to $8,000. The Tax Extenders Bill would apply to homebuyers who met the April 30, 2010 deadline with a signed contract to purchase a new or existing primary residence. The amendment would extend the deadline to September 30, 2010 for homebuyers to close on their real estate transaction. The previous deadline was June 30, 2010. The bill now goes to the House of Representatives, where it is expected to pass.
The National Association of Realtors estimates that as many as 180,000 homebuyers have qualified for the tax credit and met the contract deadline of April 30, 2010, but might not be able to close their transaction by the June 30, 2010 deadline due to the sheer volume of loan applications in the pipeline.
The Institute for Supply Management reported that the monthly composite index of manufacturing activity was 59.7 in May, after reaching 60.4 in April. A reading above 50 signals expansion. It was the 10th straight month of expansion.
Total construction spending rose 2.7% to $869 billion in April, following an upwardly revised 0.4% rise in March. April's gain was the biggest since August 2000.
The National Association of Realtors reported that its pending home sales index, a forward-looking indicator based on signed contracts, rose 6% in April, after a revised 7.1% increase in March. On a year-over-year basis, pending home sales are up 22.4%.
Factory orders rose 1.2% in April, below the 1.8% increase economists had anticipated. It was the eighth straight gain and follows an upwardly revised 1.7% increase in March.
The Institute for Supply Management reported that the monthly composite index of non-manufacturing activity was 55.4 in May, unchanged from 55.4 in April. A reading above 50 signals expansion. It was the fifth consecutive month of growth. Economists had anticipated a reading of 55.6.
The Labor Department reported that in the first quarter productivity rose at an annual rate of 2.8% and labor costs fell at an annual rate of 1.3%.
Initial claims for unemployment benefits fell by 10,000 to 453,000 for the week ending May 29. Continuing claims for the week ending May 22 rose by 31,000 to 4.66 million. Employers added 431,000 jobs in May, following a 290,000 advance in April. This pushed the unemployment rate down from 9.9% in April to 9.7% in May.
Upcoming on the economic calendar are reports on wholesale trade on June 9, international trade on June 10 and retail sales on June 11.
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Last Week in the News Existing home sales rose 7.6% in April to a seasonally adjusted annual rate of 5.77 million units from 5.36 million units in March. The inventory of unsold homes on the market rose 11.5% to 4.04 million, an 8.4-month supply at the current sales pace, up from an 8.1-month supply in March. The Standard & Poor's/Case-Shiller 20-city housing price index - on a seasonally adjusted basis - was unchanged in March after a 0.1% decline in February. The consumer confidence index rose to 63.3 in May from a slightly revised 57.7 in April. Economists had anticipated a reading of 59. The index was benchmarked at 100 in 1985, a year chosen because it was neither a peak nor a trough in consumer confidence. The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications for the week ending May 21 rose 11.3%. Refinancing applications jumped 17%. Purchase volume decreased 3.3%. Orders for durable goods - items expected to last three or more years - rose 2.9% in April after falling a slightly revised 1.2% in March. The increase was largely due to a jump in demand for commercial aircraft. Excluding volatile transportation-related goods, orders posted a monthly decrease of 1%. New home sales rose 14.8% in April to a seasonally adjusted annual rate of 504,000 units from an upwardly revised rate of 439,000 units in March. Economists had expected a pace of 425,000 units. The April reading was the highest level since May 2008. Initial claims for unemployment benefits fell by 14,000 to 460,000 for the week ending May 22. Continuing claims for the week ending May 15 fell by 49,000 to 4.61 million. Upcoming on the economic calendar are reports on construction spending on June 1, pending home sales on June 2 and factory orders on June 3. |
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As one of the nation's largest independent residential retail lenders, Prospect Mortgage has greater control over your transaction and is able to quickly approve and close loans in-house.
My focus is to help my mortgage clients build and protect wealth by better managing their home equity and personal cash flow. Many homeowners have become frustrated and confused with the number of choices in today's mortgage market and the lack of both ethics and financial knowledge among many mortgage providers. Today life expectancy is higher than ever before; health care costs are skyrocketing; pensions are shrinking; social security is uncertain, and corporate America has gone through one bankruptcy after another.
Today's mortgage market can be a dangerous place for some consumers with real estate markets experiencing signs of a "instability"and "exotic" mortgages representing a greater market share than ever before. These signs point to the fact that homeowners and buyers need expert advice on how to manage their mortgage, cash flow and home equity. This trend toward expert mortgage advice is growing in popularity.
My mission is to incorporate five essential skill sets including:
· Financial market and interest rate analysis · Cash flow analysis · Debt analysis · Real estate equity management · Real estate investment analysis
I look forward to talking with you about your mortgage needs.
We offer a variety of home loan solutions including first-time homebuyer programs with down-payment assistance, FHA and VA, conventional, jumbo and super jumbo, reverse mortgages and more! This means you can rest assured that we'll provide you with a competitive loan that meets your unique needs.
I have a team of professionals that can assist in the real estate, tax, estate and finance and insurance area's.
"We've now hired Ray for mortgage planning in two house purchases. The fact that we returned to Ray two years after the first transaction speaks for itself in terms of our satisfaction. Ray did a fantastic job in answering all of your questions, taking care of the details, and making himself available through the process. We were especially impressed that he actually joined us for the document signing session for the second house. Since the transaction, Ray also has been great in answering questions on our options in the current macro environment. He's always been very responsive to our emails and very helpful in providing his thoughts." Ryan Goodman
"Ray is an incredibly personable person who is always looking out for the best interest of his clients. No deal is a good deal unless all parties are satisfied. Honest, hard working, with high integrity. One of the nicest people that you will encounter who is a wealth of knowledge and a fabulous resource. Whenever I speak with Ray, I'm always learning more about the mortage industry and the local lending climate. I am pleased to have Ray as a valuable resource and valued member of our community." Ed Banayat
Ray is an awesome mortgage broker. He had done several loans for my family and myself and a few of my clients. He was so personable and stayed on top of each detail that I fully trusted his expertise. I really felt that he provided the best customer service anyone could give. II would highly recommend him." Lynnel Callagy
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