We are starting to see something on government backed loans that has never happened before, credit score tiered adjustments.
Browsing Posts published in November, 2009
It’s ironic that the government and media claimed that the Home Value Code of Conduct (HVCC) was needed because mortgage brokers put pressure on appraisers to “hit” value.
In reality, lenders started requiring desk reviews and underwriters started pulling their own AVMs (Automated Valuation Model) from their desk at least 2 years prior to the HVCC going into effect. Here’s the ironic part, lenders started doing their job! The underwriter is supposed to determine the risk on every file and that includes the appraisal.
Now statistics show that since the implementation of the HVCC, appraisal fraud has increased by 46%!
Today’s National VA Mortgage Rates for 11/16/2009
*Please note that VA mortgage rates are subject to change, sometimes several times per day.*
*All VA mortgage rates assume a credit score of at least 620.*
*All VA mortgage rates posted are based on 30 day locks. *
*Please note that the VA mortgage rates posted are subject to adjustments for the following criteria*
1) Loans under $100,000.00.
2) State specific adjustments.
VA 30 year fixed
With 1.625 point – 4.625%!
With 0.75% point – 4.750%!
With 0 points – 4.875%!
VA 15 year fixed.
With 0.75 point – 4.25%!
With 0 points – 4.375%!
VA 3/1 year ARM
With 0 point – 3.875%!
VA 5/1 year ARM
With 1.125 point – 4.25%
With .25 points – 4.50%
Click here for your free customized quote.
Compare Today’s VA Rates with Today’s FHA Rates and Today’s USDA Rates
So it’s not really funny but it is amazing!
Not something you want to happen as first time home buyer!
Today’s National VA Mortgage Rates for 11/16/2009
*Please note that VA mortgage rates are subject to change, sometimes several times per day.*
*All VA mortgage rates assume a credit score of at least 620.*
*All VA mortgage rates posted are based on 30 day locks. *
*Please note that the VA mortgage rates posted are subject to adjustments for the following criteria*
1) Loans under $100,000.00.
2) State specific adjustments.
VA 30 year fixed
With 1.375 point – 4.625%!
With 1/2 (0.5%) point – 4.750%!
With 0 points – 4.875%!
VA 15 year fixed.
With 1/2 point (0.50%) – 4.25%!
With 0 points – 4.375%!
VA 3/1 year ARM
With 1 point – 3.875%!
With 0 points – 4.250%!
VA 5/1 year ARM
With 1 point – 4.25%
With 0 points – 4.50%
Click here for your free customized quote.
Do Not Try This At Home!
Another “snake in the water” story from the heart of Texas . Not just a yarn, though. Got pics.
In 20 years of fishing the Middle/Upper Brazos River, I can honestly say that I have never encountered a venomous snake (pit viper) within the riverbed. However, as I tell my clients, go outside the riverbed and that can be a very different story.
Obviously, just because I have never come across a venomous snake in the river, does not in any way mean they are not there. In fact, I always remain vigilant and on the lookout knowing that I’m simply overdue for my first encounter.
The way I look at it, Texas , venomous snakes and the outdoors will always go hand in hand.
So, I wasn’t too surprised when I observed a juvenile rattlesnake headed across the river while I was in my kayak flipping a jig for bass.
I continue fishing. However, I can’t help to notice the rattler has changed its course and is headed straight for my kayak.
At this point, I’ve pretty much quit fishing and have my attention focused on the intentions of this potentially pesky pit viper.
While tracking the rattler’s movement, I couldn’t help but think, from a fish’s point of view, how enticing the serpentine motion of this snake looked while in the water.
Suddenly, I am jolted back to reality by the fact the rattler is now alongside my kayak and is lifting its head out of the water in an apparent attempt to come aboard.
No way I’m having this ill intentioned reptilian hitchhiker nosing around the kayak. So, with a couple whacks of the paddle, it’s now docile as can be.
Now my mind begins to wonder… Hamm .
This rattler looks like mighty good big bass bait!!!
I put him in one of the footwalls on the kayak and paddle over to a series of submerged river lay downs so I can begin to put my plan into action.
Here is my “Superstar” getting warmed up in the bullpen.
Put me in, Coach!!!
I now cautiously rig the snake by hooking it through the bottom of the jaw and through the top of the head onto a weed less black 3/4 oz. jig.
On my sixth cast into the snag infested lay down my jig n snake combo gets destroyed on the fall as indicated by a telltale “thump” that reverberates all the way down my rod blank. I set the hook hard and immediately feel stiff resistance on the other end from what I know is a solid fish.
What happens next is something I’ll likely never forget as I watch my bass come cart wheeling out of the water with the rattler hanging out of it’s mouth!
The LMB gave a really good account of itself and I eventually get her alongside the kayak. I cautiously lip the opposite side of the cavernous mouth where the fish is hooked.
I now take a moment to pose with my oversize snake eating river bass before returning her back into the river depths.
I admit, my curiosity might have gotten the best of me on this one. However, I just couldn’t help it.
In the end…
It was just another Kayak Fishing Adventure on the Brazos River , Texas.
Please feel free to share your fishing stories with us!
I would like to take the time to thank every single active and retired member of our country’s armed forces.
Thank You!
The average age of the military man is 19 years.
He is a short haired, tight-muscled kid who,
under normal circumstances is considered by
society as half man, half boy. Not yet dry behind
the ears, not old enough to buy a beer, but old
enough to die for his country. He never really
cared much for work and he would rather wax
his own car than wash his father’s, but he has
never collected unemployment either.
He’s a recent High School graduate; he was probably an average student, pursued some form of sp ort
activities, drives a ten year old jalopy, and has a
steady girlfriend that either broke up with him when
he left, or swears to be waiting when he returns from half a world away. He listens to rock and roll or hip-hop or rap or jazz or swing and a 155mm howitzer.
He is 10 or 15 pounds lighter now than when he
was at home because he is working or fighting
from before dawn to well after dusk. He has
trouble spelling, thus letter writing is a pain for him,
but he can field strip a rifle in 30 seconds and
reassemble it in less time in the dark. He can recite
to you the nomenclature of a machine gun or grenade launcher and use either one effectively if he must.
He digs foxholes and latrines and can apply first aid like a professional.
He can march until he is told to stop,
or stop until he is told to march.
He obeys orders instantly and without hesitation,
but he is not without spirit or individual dignity.
He is self-sufficient.
He has two sets of fatigues: he washes one and wears the other. He keeps his canteens full and his feet dry.
He sometimes forgets to brush his teeth, but never
to clean his rifle. He can cook his own meals, mend
his own clothes, and fix his own hurts.
If you’re thirsty, he’ll share his water with you; if you
are hungry, his food. He’ll even split his ammunition
with you in t he midst of battle when you run low.
He has learned to use his hands like weapons
and weapons like they were his hands.
He can save your life – or take it, because that is his job.
He will often do twice the work of a civilian, draw half the pay, and still find ironic humor in it all.
He has seen more suffering and death than he should have in his short lifetime.
He has wept in public and in private, for friends who have fallen in combat and is unashamed..
He feels every note of the National Anthem vibrate through his body while at rigid attention, while tempering the burning desire to ‘square-away ‘ those around him who haven’t bothered to stand, remove their hat, or even stop talking.
In an odd twist, day in and day out, far from home, he defends their right to be disrespectful.
Just as did his Father, Grandfather, and Great-grandfather, he is paying the price for our freedom. Beardless or not, he is not a boy. He is the American Fighting Man that has kept this country free for over 200 years.
He has asked nothing in return, except
our friendship and understanding.
Remember him, always, for he has earned our respect and admiration with his blood.
And now we even have women over there in danger, doing their part in this tradition of going to War when our nation calls us to do so.
As you go to bed tonight, remember this shot. . .
A short lull, a little shade and a picture of
loved ones in their helmets.
Prayer wheel for our military… please don’t
break it Please send this on after a short prayer.
Prayer Wheel
‘Lord, hold our troops in your loving hands.
Protect them as they protect us.
Bless them and their families for the selfless acts they perform for us in our time of need. Amen.’
When you receive this, please stop for a moment and say a prayer for our ground troops in Afghanistan , sailors on ships, and airmen in the air, and for those in Iraq , Afghanistan and all foreign countries.
Of all the gifts you could give a US Soldier, Sailor, Coastguardsman, Marine, or Airman, prayer is the very best one.
Today’s National VA Mortgage Rates for 11/9/2009
*Please note that VA mortgage rates are subject to change, sometimes several times per day.*
*All VA mortgage rates assume a credit score of at least 620.*
*All VA mortgage rates posted are based on 30 day locks. *
*Please note that the VA mortgage rates posted are subject to adjustments for the following criteria*
1) Loans under $124,999.00.
2) State specific adjustments.
VA 30 year fixed
With 1 point – 4.75%
With 0 points – 5.0%
VA 15 year fixed.
With 1 point – 4.25%
With 0 points – 4.5%
VA 3/1 year ARM
With 1 point – 3.875%
With 0 points – 4.50%
VA 5/1 year ARM
With 1 point – 4.25%
With 0 points – 4.50%
Click here for your free customized quote.
It’s official.
In landslide votes, the extension/expansion of the first time home buyer tax credit passed both houses of Congress and is now on its way to the President’s desk for signing tomorrow.
The credit now goes through May 1st, which means you can sign a contract through May 1st as long as you close on the property by June 30th.
It gives up to $8000 for first time buyers (defined as not having owned a home for the past three years) and up to a $6500 credit to move-up buyers who have owned and occupied their current homes for at least five years.
Again, you have to be an owner occupant of this primary residence, no investors here, and there is an income cap for single filers at $125,000 and joint filers at $225,000. Oh, and the home you buy can’t be more than $800,000.
News Release
November 5, 2009
Fannie Mae Announces Deed for Lease™ Program
WASHINGTON, DC — Fannie Mae (FNM/NYSE) is implementing the Deed for Lease™ Program under which qualifying homeowners facing foreclosure will be able to remain in their homes by signing a lease in connection with the voluntary transfer of the property deed back to the lender.
“The Deed for Lease Program provides an additional option for qualifying homeowners who are facing foreclosure and are not eligible for modifications,” said Jay Ryan, Vice President of Fannie Mae. “This new program helps eliminate some of the uncertainty of foreclosure, keeps families and tenants in their homes during a transitional period, and helps to stabilize neighborhoods and communities.”
The new program is designed for borrowers who do not qualify for or have not been able to sustain other loan-workout solutions, such as a modification. Under Deed for Lease, borrowers transfer their property to the lender by completing a deed in lieu of foreclosure, and then lease back the house at a market rate.
To participate in the program, borrowers must live in the home as their primary residence and must be released from any subordinate liens on the property. Tenants of borrowers in this circumstance may also be eligible for leases under the program. Borrowers or tenants interested in a lease must be able to document that the new market rental rate is no more than 31% of their gross income.
Leases under the new program may be up to 12 months, with the possibility of term renewal or month-to-month extensions after that period. A Deed for Lease property that is subsequently sold includes an assignment of the lease to the buyer.
For additional information about the Deed for Lease Program, including full details on program eligibility, please review the Guide Announcement on www.efanniemae.com.
