Jan 5th Market Update

It is now the New Year and it is time to reflect on where we are. There have been some changes to lending guidelines, I will keep you posted on those. I highly recommend, if you haven't already, that you have a mortgage professional review your mortgage. There may be something that could benefit you, and the product you need may be going away. For more information please click below on my market update video.



30 year fixed rate 5%
( 5.191% APR )

30 year fixed FHA rate: 5%
( 5.328% APR )

Jumbo rate: 6%
Loan Amounts up to $2,000,000, 5 or 7 year fixed 30 year amortiation. LTV's up to 80%, call for more details.
(6.154% APR)

Today's News:

1. Don't miss the refi window

2. Loan losses to take bigger bite out of banks in 2009
Deutsche Bank sees a chance of record losses; estimates cut for 16 banks

3. The Federal Reserve Bank of New York said Monday it has begun purchasing fixed-rate mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae. The purchases follow up on an announcement made in November that the Fed will buy up to $500 million in mortgage-backed debt from the major government-sponsored agencies to support the housing market. The Fed will not release details on what it's purchased or how much until Thursday, and will update those details weekly. The U.S. central bank has also purchased debt directly issued by the agencies in the last month


22 ways to come up with down payment on FHA loans:


1. Escrow deposit
2. Savings Account
3. Checking account
4. Gift Funds
5. Collateralized Loan
6. Sale Proceeds
7. Trade Equity
8. Sale of Personal Property
9. Employers Guarantee Plan
10. Employer assistance Program
11. Savings Bond
12. IRA
13. Thrift Savings Plan
14. 401k
15. Keogh Accounts
16. stocks
17. Bonds
18. Cash at Home
19. Rent Credit
20. Commission from Sale
21. Disaster Relief Grants and Loans
22. Cash Accumulated with a savings club

I appreciate your business. Please don't keep me a secret. I feed my family off of the referrals I receive from you. I look forward to serving you and the ones you love for years to come.