Posts Tagged ‘ FHA ’

Real Estate 360 Live With Louis Cammarosano 11/5/12

On Monday November 5, 2012, Louis Cammarosano, General Manager of HomeGain, was a guest on the Real Estate 360 Live radio show on The Big Talker 1580 WHFS AM, hosted by Ryan Sloper.

Listen to the show.

Part 1 (14:27)

Louis and Ryan discuss the recent Hurricane Sandy and the need to be prepared in advance for natural disasters.Ryan and Louis make predictions on who will win the election.

Ryan brings up the potential for the mortgage interest payments deduction to be abolished and the impact that it might have on the real estate market

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Posted by: Louis Cammarosano on November 25th, 2012 under Louis Cammarosano on Real Estate Radio

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Real Estate 360 Live With Louis Cammarosano 9/24/12

On Monday September 24, 2012, Louis Cammarosano, General Manager of HomeGain, was a guest on the Real Estate 360 Live radio show on The Big Talker 1580 WHFS AM, hosted by Ryan Sloper.

Listen to the show.

Part 1 (14:28)

Ryan and Louis discuss the potential impacts of QE3.

Louis notes that QE3 was masked as a program to create jobs. Louis notes that if they wanted to create jobs for $40 billion a month that they will spend on QE3, they could create 10 million $50K a year make work jobs.

Louis calls the type of economy that the Fed wants to create is one where wealth is created by people moving and out of homes-the musical chairs economy.

Louis notes that QE3 is designed to encourage people to borrow money to buy houses or to discourage savings so people put money into the stock market.

Louis notes that low interest rates help governments to keep their borrowing rates low and also in the hope that low interest rates will help them inflate their way out of their debts.

Louis notes that the housing market should be reflective of the strength of the economy not the driver of the economy.

Louis notes that there does not seem to be a focus on substantive issues in the Presidential campaign.

Louis notes that a Fed President is already talking about adding US Treasuries to their purchases. Louis predicts that if the stock market crashed, the Fed might even buy stocks.

Ryan uses the analogy that the Fed is the Wizard of Oz. Louis makes the analogy of feed the squirrels in the park, as it gives the squirrels a false signal that they can reproduce and that there will be enough food for all.

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Posted by: Louis Cammarosano on October 5th, 2012 under Louis Cammarosano on Real Estate Radio

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Is It the Right Time to Refinance Your FHA Loan?

The FHA’s new mortgage insurance premium rates went into effect in mid-June, the second change this year and the fifth in four years. As the FHA works to balance the viability of the insurance program and the projected losses on bad loans, they are making it clear that not all FHA-insured loans are created equal. And that is a good thing – for some homeowners.

The FHA changed the MIP schedule on April 9 and again on June 11, creating tiered rates for existing FHA mortgage holders and home buyers looking to secure an FHA mortgage. With the new schedule, first-time buyers or recent loan-holders are now subject to higher monthly premiums (both upfront and annual) to take advantage of low FHA interest rates.

However, the new schedule rewards existing mortgage-holders by offering significantly lower rates and reduced fees in an effort to get stable homeowners spending more money in the economy. In recent years, existing mortgage-holders may have found it difficult to qualify for the FHA Streamline Refinance due to steadily rising insurance premiums. Streamline Refinancing requires a 5 percent reduction in total mortgage payment for refinancing, a hurdle that many homeowners found difficult to clear.

With the new rates, the FHA has significantly lowered the bar for refinancing to homeowners who have held an FHA mortgage for more than 3 years. This is great news, with USA Today reporting that mortgage rates are continuing to drop to record lows.

What do these changes mean to you?

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Posted by: Erin Everhart on July 2nd, 2012 under Financing, Mortgage and Home Loans


Which Home Loan is Right For You

The steady uptick in temperature ushers in more than just pool-side cocktails and barbeques. It’s the start of real estate season, and people are hitting the MLS and local Realtors in search of For Sale signs to lead them to their perfect home.

But before you move from hunter to homeowner, the mortgage industry must be conquered, and you’ll have to get a home loan. The good news is that interest rates on mortgages are dropping, with CNN Money reporting 15-year mortgages with an average rate of 3.11%. The bad news is there are so many loan options available, you may have a hard time figuring out which one is right for your situation.

These short questions can help point you in the right direction instead of taking a stab in the dark. If you’d rather view visuals, New American Funding created an infographic quiz that can help you find the right home loan though a series of short questions.

How’s your credit score?

  • More than 640: Conventional Loans are your best bet because you can take advantage of the low interest rates and flexible payments
  • Less Than 640: FHA Loans provide easier qualifying guidelines if you’re credit score isn’t great or you can’t afford a large down payment.

How big is the home you’re buying/refinancing?

  • Less than 3 bedrooms: If your home is more than $417,000, double check your county’s maximum loan limits. For a lot of house, High Balance Loans or Jumbo Loans are your best option.
  • 3+ bedrooms: If your home is less than $417,000, you’ll fall into the amounts of FHA or Conventional Loan limits.

Would you consider yourself a risk taker?

  • Absolutely: Adjustable Rate Mortgages (ARMs) give you a lower interest rate for the first 3-10 years, but it will adjust based on the market so if you can stomach the fluctuations, go for it and then go skydiving.
  • No way: Nothing wrong with being conservative. Secure yourself with a Fixed Rate Mortgage so you know how much you’ll be paying each and every month.

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Posted by: Erin Everhart on May 1st, 2012 under Financing, Mortgage and Home Loans


FHA Reforms Shift The Game

The coming FHA reforms will help stabilize FHA’s financial viability. FHA will be allowed to raise premiums. The cap on the maximum annual FHA insurance premium increases from 0.5% to 1.5% and for loans with high Loan To Value ratios, 0.55% to 1.55%. But the real importance is how the reforms will shift liquidity to rental property.


The bill also increases FHA’s multifamily loan limits for elevator buildings and buildings in high cost areas, helping lenders finance the construction and rehab of rental housing.

Sales volume is up, debt and equity financing are more available and indexes for both sales volume and equity financing registered all-time highs. Apartment market conditions continue to improve across the spectrum said NMHC Chief Economist Mark Obrinsky.

The Politics Of Housing Shifts

Multi-Family is a winner

Liquidity provided by Fannie and Freddie has enabled the apartment industry to build and maintain millions of units, including an overwhelming number of market-rate apartment properties needing no federal subsidies. With the Govt needing to repair its balance sheet, this is the better asset to back.

Rental Markets

Mark Zandi, chief economist at Moody’s Analytics adds not everyone can or should have a single-family home. After the single family home market collapsed, many began looking at a major distortion in the markets…government support in the housing market is disproportionately larger for homeownership than rental units.

The Congressional Budget Office reported, the government in 2009, devoted nearly four times as much to support homeownership.$230 billion for homes and about $60 billion for multi family property.

Money always finds a home and opportunity follows. Given limited Government dollars, it stands to reason, going forward that liquidity and sales will shift to the rental property arena at the expense of single family homes.


Posted by: Howard Sobel on September 13th, 2010 under Guest Bloggers, HomeGain


A Functioning Market Niche

The Home Equity Conversion Mortgage is  a  product created by Congress in 2008 to provide some liquidity to the struggling home market. The amount you can borrow depends on age, current interest rates, and the appraised value of your home or FHA’s mortgage limits,whichever is less. Generally, the more valuable your home is, the older you are and the lower the interest, the more you can borrow.

  1. No payments are necessary as long as the house is your principal residence.
  2. No need to repay the loan as long as you or one of the borrowers continues to live in the house
  3. You can never owe more than the value of your home at the time you or your heirs sell the home.
  4. When you sell your home, you or your estate will repay the cash you received from the reverse mortgage plus interest and fees.
  5. The rest is yours.

The Rules Just Changed

More seniors are turning to reverse mortgages to supplement their retirement savings, which have been decimated by market losses. Continue reading this post


Posted by: Howard Sobel on June 19th, 2009 under Financing, Mortgage and Home Loans


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