11/02/10: CPK Market Update

By cpk • November 2nd, 2010

MARKET UPDATE for November 2, 2010

See this weeks RATES

As I write this month’s newsletter, I proudly wear my “I Voted” sticker, since today is Election Day. Two years ago we could have called the 2008 election the year of “Change.” Similarly, I would like to propose that this cycle be considered the year of “Opportunity.”

Opportunity, to me, is a word that captures the essence of the real estate industry today. Consider the following factors as examples. First, FHA and the Obama Administration have rolled out the FHA Short Refinance Program. This program allows homeowners who do not currently have FHA loans to refinance into FHA loans even if their loan balances currently exceed the values of their homes. FHA loan rates on 30 year fixed programs can be as low as 4.25% at 0 points and no closing fees! The current lender must be willing to “write off” a portion of the balance owed: so contact us for details on participating in this program if you find yourself with negative equity and a high loan payment.

Also, attention real estate agents and Realtors! Fannie Mae has announced that they will offer an additional incentive of $1500 to sales people who sell Fannie Mae owned properties. This incentive will last only through the end of 2010. This is part of the HomePath Program that also enables buyers to purchase a property owned by Fannie Mae with just 3% down and no mortgage insurance. The lenders CPK Mortgage works with offer these loans, so call us today for more information.

Finally, Diana Olick of CNBC on July 19, 2010 in her article “Remember Jumbo Loans? They’re Back!” accurately reports that “jumbo loans are not only getting cheaper, they’re getting easier to obtain.” Just look to the right of this newsletter to see the phenomenal jumbo interest rates.

As uncertain as the economy may be, there are certainly many great opportunities. Make this the year you capitalize on Opportunity.

PULSE ON POLITICS: EYE ON THE MARKET

Numerous reports have surfaced in the last few weeks about banks improperly foreclosing on properties. If you are concerned that your bank is improperly dealing with your loan, please contact CPK Mortgage for a referral to one of the outstanding real estate attorneys with whom we work.

ALTERNATIVE PROGRAMS: ADDING VALUE

FHA offers a seldom-heard-of program called the FHA Streamline Refinance. For two clients of mine whose applications I took last week, I am obtaining 30 year fixed mortgages for them at 4.25% at 0 points and no closing fees. Almost as exciting as this is the fact that with the “Streamline” program, they do not have to submit income documents which makes the loan much quicker and less painful. Call today to see if I can do the same loan for your current FHA loan!

SOCIAL RESPONSIBILITY

Several Beit T’Shuvah runners completed the LA Half Marathon last weekend with me. Beit T’Shuvah, the “House of Return,” helps people overcome addiction. Please consider running with the team or donating this year to help save lives.

“If there is anyone out there who still doubts that America is a place where all things are possible; who still wonders if the dream of our Founders is alive in our time; who still questions the power of our democracy, tonight is your answer.”

–President Barack Obama, November 4, 2008



 

« | Home | »