Weekly Mortgage Update From Tom Balk In December, the Agencies (FNMA and FHLMC) are going to be revising their underwriting software. This version (I have been told) will only accept debt ratios to 45% of income (down from as high as 64.9%. Currently I can do ratios to 64.9% (see success story below). So this […]
Success story – A client found a property that he and his fiancee fell in love with but she had a few past credit issues; so we could not use her income. Previous lender was pushing them into an FHA loan (where he would make a lot more money). I found a source in the […]
Via the California Association of Realtors The State Bar of California has recently launched numerous investigations against attorneys for misconduct related to loan modifications. In a rare move, the State Bar has released the names of 16 attorneys under investigation, by opting to waive investigation confidentiality in favor of public protection. These attorneys have allegedly […]
From San Francisco Business Times: San Francisco’s new Radiance in Mission Bay, is the first large residential development south of Mission Creek. It might seem a bit remote or undeveloped, but thats part of its charm. “It is like an island, but it’s exactly what I was looking for,” said Spiers. “I woke up this […]
In my opinion, we have a small window of continuing low rates. SO if you, or anyone you know, have any desire to obtain a mortgage in the 4’s or low 5’s NOW is the time to call me! If I had a dollar for the number of times I am asked ‘So Tom, where […]
Mortgage Rates took a big jump last week. The Jobs Report last Friday capped off the 5th consecutive day of selloff in the Mortgage Bond Arena. Job Losses came in at 247K rather than the expected loss of 328K. To many investors, this was a strong signal that that economy has turned the corner and […]
Having a read of this recent article from The Economists website will energize recent Bay Area transplants as well as reinvigorate long time Bay Area residents. It follows the writer over the course of a week as he visits area institutions and events pushing the boundaries of science. Techs and the city Jul 31st 2009 […]
Three weeks ago I started informing real estate agents, who had buyers in process with me, that I would be able to close on a purchase transaction in 30 days or less. My purpose for doing this was to increase the chances of having our mutual client’s offer accepted. If competing offers were coming in […]
Well, it has been an exciting few weeks. Five weeks ago the yield on the 10 year bond was 2.85% and today it ended at 3.79%. This has resulted in interest rates being a lot higher than 2 weeks ago. If you get an offer on one of your listings, make sure you have the […]
Well, it has been an exciting few weeks. Four weeks ago the yield on the 10 year bond was 2.85% and today it ended at 3.85%. This has resulted in interest rates being a lot higher than 2 weeks ago. If you get an offer on one of your listings, make sure you have the […]
via the Wall Street Journal Prices Are Generally Falling, But a Few Markets Have Shortages of Midpriced Homes By JAMES R. HAGERTY Falling home prices are starting to ignite bidding wars in a few parts of the U.S. as first-time buyers compete with investors for the same foreclosed properties. In most of the nation, the […]
As always, email tom@afirealestate.com to continue the discussion. We look forward to hearing from you. Mortgage Rates are down a little bit this week BUT today and yesterday have both seen a slight trend upward (which the press hasn’t mentioned) trend mainly due to weaknesses shown in the Jobs report. The DOW stock average managed […]
Here’s a couple of articles you might find interesting. For more info please contact my colleague Tom. I think you’ll find that now’s a great time to buy. From Active Rain: “The bigger problem that continues to persist is the expectancy of rates to drop. Last week after the meeting that is all you heard […]
Courtesy sfgov.org. MEDIA ALERT — I-280 N/B KING STREET EXIT TO BE CLOSED SATURDAY MARCH 28 – WEDNESDAY APRIL 1ST (WEEKDAY MORNING COMMUTE HOURS EXCEPTED) and I-280 S/B KING STREET ENTRANCE TO BE CLOSED SUNDAY MARCH 29 from 1 PM – 4 PM FOR FILMING OF TV PILOT IN SAN FRANCISCO NORTHBOUND TRAFFIC ON I-280 […]
From Stratfor After experiencing the worst repeated month-on-month declines since the 1982 recession, U.S. housing starts jumped dramatically in February — up 22 percent at an annualized rate to 583,000 units, according to U.S. Commerce Department data released Tuesday. The current recession is a truly global phenomenon that has enervated economies the world over. It […]