The housing market is improving but many still face payments they can't afford. A national non-profit is back in Sacramento helping homeowners modify their loans so they can pay less.
The The Neighborhood Assistance Corporation of America is holding the American Dream Event Friday Aug. 28 - Tuesday Sept. 1 from 8 a.m. to 6 p.m. to allow homeowners to meet with their lender on-site to work out a solution.
Constance Arnick is retired and struggling to make her monthly mortgage payment.
“You only get paid that once a month so then you're filling up your car with gas and hoping you'll have enough next time you need to fill up,” Arnick said.
Her son died 2 years ago, but she's determined to make sure she can provide for her 3 granddaughters.
“If my overall principal was lower it would it would make my mortgage payment lower and it would be better for us all,” Arnick said.
And that's what NACA says it can help homeowners accomplish.
“People are not only getting those interest rates down to 2 percent but they're also getting principal reductions of 100-thousand dollars or more,” Tim Trumble, with NACA, said.
NACA says banks are doing loan modifications much more than they were in the past. Chris Hawkins was at risk of losing his home before attending a NACA event.
“Instead of actually buying my home, my home was worth less and less and more and more of a debt,” Hawkins said.
read more: http://www.abc10.com/story/news/local/sacramento/2015/08/28/naca-event-offers-affordable-mortgage-options/71346268/
Monday, August 31, 2015
Tuesday, August 25, 2015
Parkside Lending launches super-low down payment jumbo mortgage
Parkside Lending expanded its jumbo product offerings to go to 95% LTV without mortgage insurance as demand for jumbo mortgages grows in the market.
The San Francisco-based wholesale and correspondent lender created the new offering to help creditworthy borrowers with a down payment or equity as low as 5% fit into a traditional jumbo loan.
“We believe our new Jumbo loan offering is an important financing alternative for a specific segment of creditworthy borrowers,” said James Lamparter, executive vice president of sales at Parkside Lending. “We continue to grow our Jumbo product line as we identify different needs in the marketplace.”
Parkside noted that it will go to 95% LTV/CLTV on loan amounts up to $1 million without mortgage insurance on a 1 unit, owner occupied purchase or rate and term refinance.
Features of the product include:
An alternative to high balance loans (minimum loan amount: $417,001)
740 minimum credit score
24 months reserves (borrower’s own funds)
35% maximum DTI
Minimum down payment of 5% (borrower’s own funds)
Parkside Lending also offers jumbo loans on non-owner occupied transactions, and will go to 65% LTV/CLTV, 1-4 units.
This isn’t the first step the lender has taken this year to better supports its clients. Back in May, it announced that it would begin offering Federal Housing Administration-backed mortgages.
Jumbo loan demand has been steadily growing, with the Mortgage Bankers Association reporting in April that applications for some jumbo loan sizes increased in 2014, mainly in the $417,000 to $625,000 range and in the greater than $729,000 range.
see more: http://www.housingwire.com/articles/34854-parkside-lending-launches-super-low-down-payment-jumbo-mortgage
The San Francisco-based wholesale and correspondent lender created the new offering to help creditworthy borrowers with a down payment or equity as low as 5% fit into a traditional jumbo loan.
“We believe our new Jumbo loan offering is an important financing alternative for a specific segment of creditworthy borrowers,” said James Lamparter, executive vice president of sales at Parkside Lending. “We continue to grow our Jumbo product line as we identify different needs in the marketplace.”
Parkside noted that it will go to 95% LTV/CLTV on loan amounts up to $1 million without mortgage insurance on a 1 unit, owner occupied purchase or rate and term refinance.
Features of the product include:
An alternative to high balance loans (minimum loan amount: $417,001)
740 minimum credit score
24 months reserves (borrower’s own funds)
35% maximum DTI
Minimum down payment of 5% (borrower’s own funds)
Parkside Lending also offers jumbo loans on non-owner occupied transactions, and will go to 65% LTV/CLTV, 1-4 units.
This isn’t the first step the lender has taken this year to better supports its clients. Back in May, it announced that it would begin offering Federal Housing Administration-backed mortgages.
Jumbo loan demand has been steadily growing, with the Mortgage Bankers Association reporting in April that applications for some jumbo loan sizes increased in 2014, mainly in the $417,000 to $625,000 range and in the greater than $729,000 range.
see more: http://www.housingwire.com/articles/34854-parkside-lending-launches-super-low-down-payment-jumbo-mortgage
Thursday, August 20, 2015
Mortgage rates rise, boosted by improved housing market
Mortgage rates inched up this week following satisfactory news about the housing market's progress.
Numbers for new residential construction came in better than expected, which temporarily pushed U.S. Treasury bond yields higher on Tuesday. Mortgage rates commonly move in the same direction as government bond yields.
Housing starts edge up
Housing starts in July were at an annual rate of 1.206 million units -- a 0.2% increase over June, according to new data from the U.S. Census Bureau and the Department of Housing and Urban Development. Last month's rate is 10.1% higher than the July 2014 rate.
2015
%
30-year fixed
Jun
Jul
Aug
4.00
4.10
4.20
30-year fixed06/3/2015 : 4.03%
30 year fixed rate mortgage -- 3 month trend
"The housing market is a leading light of the economy and it looks like that will be the case for a while," says Joel Naroff, president and chief economist at Naroff Economic Advisors in Holland, Pennsylvania. "Home construction edged up in July to a level not seen since the fall of 2007."
Single-family housing starts were up 12.8% month over month, while multifamily starts fell 17.1%.
Additionally, homebuilder confidence has risen to a nearly 10-year high, the National Association of Home Builders reported earlier this week.
A look at this week's rates
The benchmark 30-year fixed-rate mortgage rose to 4.06% from 4.04%, according to Bankrate's Aug. 19 survey of large lenders. A year ago, the rate was 4.24%. Four weeks ago, it was 4.12%. The mortgages in this week's survey had an average total of 0.25 discount and origination points. Over the past 52 weeks, the 30-year fixed rate has averaged 4.03%. This week's rate is 0.03 percentage points higher than the 52-week average.
The benchmark 15-year fixed-rate mortgage rose to 3.28% from 3.26%.
The benchmark 30-year fixed-rate jumbo mortgage fell to 3.97% from 4%.
The benchmark 5/1 adjustable-rate mortgage rose to 3.24% from 3.2%.
Read more: http://www.bankrate.com/finance/mortgages/mortgage-analysis-082015.aspx
Numbers for new residential construction came in better than expected, which temporarily pushed U.S. Treasury bond yields higher on Tuesday. Mortgage rates commonly move in the same direction as government bond yields.
Housing starts edge up
Housing starts in July were at an annual rate of 1.206 million units -- a 0.2% increase over June, according to new data from the U.S. Census Bureau and the Department of Housing and Urban Development. Last month's rate is 10.1% higher than the July 2014 rate.
2015
%
30-year fixed
Jun
Jul
Aug
4.00
4.10
4.20
30-year fixed06/3/2015 : 4.03%
30 year fixed rate mortgage -- 3 month trend
"The housing market is a leading light of the economy and it looks like that will be the case for a while," says Joel Naroff, president and chief economist at Naroff Economic Advisors in Holland, Pennsylvania. "Home construction edged up in July to a level not seen since the fall of 2007."
Single-family housing starts were up 12.8% month over month, while multifamily starts fell 17.1%.
Additionally, homebuilder confidence has risen to a nearly 10-year high, the National Association of Home Builders reported earlier this week.
A look at this week's rates
The benchmark 30-year fixed-rate mortgage rose to 4.06% from 4.04%, according to Bankrate's Aug. 19 survey of large lenders. A year ago, the rate was 4.24%. Four weeks ago, it was 4.12%. The mortgages in this week's survey had an average total of 0.25 discount and origination points. Over the past 52 weeks, the 30-year fixed rate has averaged 4.03%. This week's rate is 0.03 percentage points higher than the 52-week average.
The benchmark 15-year fixed-rate mortgage rose to 3.28% from 3.26%.
The benchmark 30-year fixed-rate jumbo mortgage fell to 3.97% from 4%.
The benchmark 5/1 adjustable-rate mortgage rose to 3.24% from 3.2%.
Read more: http://www.bankrate.com/finance/mortgages/mortgage-analysis-082015.aspx
Monday, August 17, 2015
On the House: Presidential hopefuls and the mortgages they keep
You can't tell the 2016 presidential hopefuls without a scorecard, but thanks to the Loan Depot, we know something about their houses and how much their mortgages are.
I can't do them all in this space, so if anyone thinks I've slighted their favorite hopeful, email me and I'll send you the list.
Jeb and Columba Bush live in Coral Gables, in a 3,485-square-foot, four-bedroom, four-bath townhouse purchased in August 2011 for $1.3 million. Its assessed value in 2014 was $1.1 million. In July 2013, public records show, they refinanced their mortgage to a 30-year conventional loan for $754,000.
Hillary and Bill Clinton own a five-bedroom, four-bathroom 5,232 square-foot Colonial in Chappaqua, N.Y., purchased for $1.7 million in 1999, with an adjustable-rate mortgage of $1.41 million.
Their 5,152 square-foot D.C. home, with four bedrooms, six bathrooms and two half-baths, was purchased in 2001 for $2.85 million, with $2 million of it financed with a 30-year adjustable-rate mortgage at 7.25 percent.
It was paid off in 2007.
Ted and Heidi Cruz live in a two-bedroom, two and one-half bath luxury high-rise condominium with 19th-floor views of Houston built in 2003.
They bought it for $837,500 in September 2008 and financed $670,000 of it with a conventional, 30-year adjustable-rate mortgage.
In March 2011, public records show, they refinanced $417,000 to a 15-year fixed.
Rand and Kelley Paul live in a four-bedroom, three-bath, 4,206-square-foot home in Bowling Green, Ky., built in 1994.
Its total value was assessed at $525,000 in 2014 with a land value of $257,500.
In July 2014, they took out a 10-year conventional mortgage on the property for $172,500.
Read more at http://www.philly.com/philly/business/real_estate/residential/20150816_On_the_House__Presidential_hopefuls_and_the_mortgages_they_keep.html
I can't do them all in this space, so if anyone thinks I've slighted their favorite hopeful, email me and I'll send you the list.
Jeb and Columba Bush live in Coral Gables, in a 3,485-square-foot, four-bedroom, four-bath townhouse purchased in August 2011 for $1.3 million. Its assessed value in 2014 was $1.1 million. In July 2013, public records show, they refinanced their mortgage to a 30-year conventional loan for $754,000.
Hillary and Bill Clinton own a five-bedroom, four-bathroom 5,232 square-foot Colonial in Chappaqua, N.Y., purchased for $1.7 million in 1999, with an adjustable-rate mortgage of $1.41 million.
Their 5,152 square-foot D.C. home, with four bedrooms, six bathrooms and two half-baths, was purchased in 2001 for $2.85 million, with $2 million of it financed with a 30-year adjustable-rate mortgage at 7.25 percent.
It was paid off in 2007.
Ted and Heidi Cruz live in a two-bedroom, two and one-half bath luxury high-rise condominium with 19th-floor views of Houston built in 2003.
They bought it for $837,500 in September 2008 and financed $670,000 of it with a conventional, 30-year adjustable-rate mortgage.
In March 2011, public records show, they refinanced $417,000 to a 15-year fixed.
Rand and Kelley Paul live in a four-bedroom, three-bath, 4,206-square-foot home in Bowling Green, Ky., built in 1994.
Its total value was assessed at $525,000 in 2014 with a land value of $257,500.
In July 2014, they took out a 10-year conventional mortgage on the property for $172,500.
Read more at http://www.philly.com/philly/business/real_estate/residential/20150816_On_the_House__Presidential_hopefuls_and_the_mortgages_they_keep.html
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