$18 billion in mortgage relief for troubled California homeowners

California Attorney General Kamala Harris may be a hero to many Californians struggling with their home loans after obtaining a $25 billion multi-state agreement with major banks over a document signing scandal. The Mercury News broke this story recently about the agreement. Of course, this news comes too late for many people who lost their […]

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San Jose Weekly Mortgage Market Commentary 9/27/2009

The week that was: FNMA 4.5% coupon went up 53 bps for the week, improving mortgage rates. August durable goods orders fell 2.4%, largest decline for this series since January. Existing home sales dropped 2.7% in August on a seasonally-adjusted basisĀ the first decline in five months; but the University of Michigan final index of […]

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San Jose Weekly Mortgage Market Commentary 9/20/2009

The week that was: Markets were treated to comments all through the week that the recession is over; Bernanke and Warren Buffet got the ball rolling at mid-week and added more conviction that worst is behind the economy. Even though Bernanke and many others have repeatedly said growth will be slow and likely the “new […]

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First HVCC, then MDIA & now DRASTIC changes to FHA Guidelines

Federal Housing Administration (FHA), which insures lenders against losses on home mortgages, announced a series of changes that will have far-reaching impact on the housing market of San Jose, the entire San Francisco Bay Area and rest of the country. Background – The agency confirmed that, as of Sept. 30, it would fall short of […]

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San Jose Weekly Mortgage Market Commentary 9/13/2009

The week that was This week didn’t have much in the way of economic data; weekly claims declined 26K. U. of Michigan consumer sentiment index jumped to a stronger read than expected but somewhat ignored as recently it has become more volatile. In my view the most significant data this week was the July consumer […]

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3% CHDAP DownPayment Assistance for San Jose First Time HomeBuyers

This post will help you find all the details on 3% down payment assistance program (CHDAP) for San Jose and rest of the Bay Area First Time Home Buyers. I have earlier blogged about CalHFA 5% downpayment program & $8000 First Time Home Buyer Credit in my earlier posts. The California Homebuyers Downpayment Assistance Program […]

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San Jose Weekly Mortgage Market Commentary 8/23/2009

The week that was Mortgage loan delinquency, borrowers 60 or more days past due, increased for the tenth straight quarter, hitting an all-time national average high of 5.81% for the second quarter of 2009, according to the latest data from TransUnion.com. This statistic is up 11.3% from the first quarter’s 5.22% average. Sales of existing […]

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New Truth in Lending Requirement will Clog the Pipeline

Beginning on Thursday, July 30, 2009, the Truth in Lending Act requirements regarding initial and final disclosures to borrowers, the timing of when fees can be charged and when closings may occur will become effective. These new regulations lengthen the time needed to close loans in order to ensure that borrowers have enough time to […]

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4 Cs of Home Loans in Bay Area

If you are planning to get a Home Loan in Bay Area, you should be aware of the 4Cs of Lending. Capacity Lenders usually look for a minimum of 2 years of work history in the same line of work. Any employment gaps or extended time off must to be explained. If you had a […]

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