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MIP Increase

by The Barringer Team

FHA just announced an increase in its annual MIP from a current factor of .90 to 1.15 effective for case numbers assigned after April 18, 2011 (see link below).  This change is essentially the same as an .250% increase in rate and will impact the purchasing power of your buyers.  This news provides a perfect opportunity to get many of your buyers off the fence and in the case of buyers who are waiting to hear back from the bank on REO/short sale transactions, case numbers can be ordered before the change deadline locking them into the current MI structure.  Please call if you should have any questions.

 

#1 Century21 company in the WORLD 2010 SMARTER. BOLDER. FASTER.
Century21 M&M and Associates

Getting a loan in todays Market

by The Barringer Team

Home buyers can significantly improve their chances of getting a mortgage application approved on the best possible terms in today's tough lending marketplace by taking the following steps.

• Pay down your debt as much as you can before applying for a mortgage.

Lenders calculate the ratio of your debt to your income to determine how much you can afford to borrow. Your total debt-to-income is based on how much of your gross income would go toward all of your debt obligations, including mortgage, car loans, child support and alimony, credit card bills, student loans and condominium fees.

By reducing your debt as much as you can, you will improve your debt-to-income ratio and your credit score.

• Clean up your credit long before you apply for a mortgage.

Credit is critical today, not just to get a mortgage but to get the best terms. A marginal credit score can cost you tens of thousands of dollars over the life of the loan. Your score on the 850-point FICO credit rating scale must be 680 today to qualify for a prime loan and at least 720 to get the best rates.

Pull one or all of your three annual credit reports from AnnualCreditReport.com and check yourself, before you wreck yourself.

You'll have to pay a nominal fee of $10 to $15 to each credit bureau -- Equifax, Experian and TransUnion -- to get your credit score. Review your report for errors and omissions.

• Don't make a major purchase on credit and don't apply for new credit before you apply for a mortgage or at any point before your mortgage closes. Purchases and credit accounts increase your debt and hurt your debt-to-income ratio.

• Increase your down payment. The more you put down the better your rate and your chances at scoring on that loan application. If you can't increase your money down, buy a cheaper home. Now is not the time to stretch.

• Get all your docs in a row before you apply for a mortgage. Don't waste time or raise the ire of lenders who are tougher than ever on documentation for income, assets, financial obligations and more. When you apply, have your paperwork ready. Go Direct to a Bank do not go with a Mortgage Broker because they did audits on all of the files that had committed fraud and found that 99% of all Fraud committed was done so by 3rd party lenders which are Mortgage Brokers so what this means is you will have a tougher time because the Banks are on the look out on files that have been submitted by a Mortgage Broker when They review Broker files they are looking harder at these files which in turn means more stress for you.

• Know and prepare for your cash requirements. Cash expenses, beyond the down payment can crush you. Closings costs are on the rise. They can include transfer taxes, lenders fees, title insurance, escrow, settlement and home inspection costs. Also upfront property taxes, homeowner association dues homeowner insurance and other costs could come due before you close.

• Larger loans raise your costs. So called "jumbo mortgages" exceed the $417,000 "conforming loan level" in most parts of the country. In high cost areas like New York City, Washington D.C., Miami, and many parts of California, jumbos begin at $729,750. Larger mortgages are more risky so they cost more, require better credit and demand larger down payments.

• Negotiate tough. Ask for a purchase price lower than the value. A lower price serves both you by lowering your loan-to-value ratio and your lender, by reducing its risk. In today's marketplace, many sellers are willing to deal. Go for it.

Don't get taken. When you see rates attractive rates advertised on the Internet or TV don't froth. They could be come-on or teaser rates with lots of strings attached. In addition, rates change several times during the day and differ by locale, by borrower, by loan-to-value ratio and due to a host of other factors. Advertised rates maybe be what you see, but they are often not what you get.Just Call the Barringer Team and we will Hook you up with Alex Alvarez and he can usually tell you within 72 hours if you have loan approval. Just e-mail us at sales@tracyhomes.com to get the Ball rolling or simply call 209-833-7777 We look forward to hearing from you.

#1 Century21 company in the WORLD 2010 SMARTER. BOLDER. FASTER.
Century21 M&M and Associates
912 W 11th Street , Tracy CA 95376
Toll Free: 800-894-7282
DRE License #00959667

Wells Fargo Short Sales

by The Barringer Team

 Wells Fargo, the lender who is now responsible for Wachovia short sales, has a plan to help clear up the back log of short sales on the books, which has been the ire of many an agent in the Tracy and Central Valley Area of California.

 Wachovia is offering agents who initiate a HAFA Short Sale a local manager to help streamline the process and reduce the time necessary to complete a successful short sale in the Central Valley of California.  

 Now Wachovia can allow an agent to initiate a short sale by obtaining a listing agreement and then contact a local short sale manager as soon as the listing is on the MLS.   The manager will notate that the listing is in the Wachovia short sale system, and then conduct a “pre-contract” interview with the seller and give any necessary instructions to the listing agent

 After the agent receives an offer, the agent can have a HUD (an estimated closing statement) prepared, letter of authorization, and a completed Fast Track form sent to the local short sale manager via email or fax.  The HAFA underwriter will then contact the seller directly to determine if the seller will qualify for a HAFA short sale. 

 After the seller completes the application and all required documentation has been sent, Wachovia will determine if the seller qualifies and an approval letter will be sent to the seller within 7-10 days.  This is a very long way forward from the usual months that a real estate agent is accustomed to waiting. 

 Any junior lien holders and/or other liens must be settled and all other requirements, including any obligations of the seller, and a close of escrow can be expected within (45) days.  According to Wells Fargo, these changes have been made in direct response to the feedback from agents and sellers alike.  The changes were made in an attempt to complete the short sale transactions in a more realistic time period. 

One of the more interesting facts about a short sale is that it is not “short” on time.  If anything, the process has a reputation for being outrageously long and very unpredictable. 

 Things to remember are; IF THERE IS A FORCLOSURE SALE DATE SET Wells Fargo WILL NO LONGER POSTPONE THAT DATE FOR ANY REASON -Iif there is an active foreclosure Sale Date Wells Fargo MUST RECEIVE funds no later than 5 DAYS before that Sale Date, also if there is a SALE DATE set WFB must receive the full package 10 BUSINESS DAYS prior to that sale date (and again, WFB will not postpone that date)

#1 Century21 company in the WORLD 2010 SMARTER. BOLDER. FASTER.
Century21 M&M and Associates
912 W 11th Street , Tracy CA 95376
Toll Free: 800-894-7282
DRE License #00959667
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Visit http://www.TracyRealEstateExpert.com

#1 Century21 company in the WORLD 2010 SMARTER. BOLDER. FASTER.
Century21 M&M and Associates
912 W 11th Street , Tracy CA 95376
Toll Free: 800-894-7282
DRE License #00959667

Happy Valentine's Day

by The Barringer Team

 

You have to walk carefully in the beginning of love; the running across fields into your lover's arms can only come later when you're sure they won't laugh if you trip- Jonathan Carroll 

 

A little boy comes home from first grade and tells his father that he learned about the history of Valentine's Day. "As Valentine's Day is for a Christian saint and we're Jewish," he asks, "will God get angry at me for giving someone a valentine?" 

 

The father thinks for a moment and then says, "No, I don't think God would get mad. Who do you want to give a valentine to?" 

 

"Osama Bin Laden," the boy says. 

 

"Why Osama ," his father asks in disbelief. 

 

"Well," David says, "I thought that if a little American Jewish boy could have enough love to give Osama a valentine, he might start to think that maybe we're not all bad, and maybe start loving people a little bit. And if other kids saw what I did and sent valentines to Osama, he'd jump with joy. And then he'd go all over and tell everyone how much he loved them and how he didn't hate anyone anymore." 

 

Father's heart swells and he looks at his son with new found pride and joy. 

 

"David, that's the most wonderful thing I've ever heard." 

 

"I know," David says, "and once that gets him out in the open, the Marines shoot him."


Make it a Powerful Day!
 

#1 Century21 company in the WORLD 2010 SMARTER. BOLDER. FASTER.
Century21 M&M and Associates
912 W 11th Street , Tracy CA 95376
Toll Free: 800-894-7282
DRE License #00959667

 

 

 

 

 

 

 

 

 

 

Don't outsmart yourself

by The Barringer Team

Yesterday we met with a couple who have been looking for there 1st investment home and have been looking for over 3 months. They had called on one of our listings and it as always sold very quick like within 4 days and had 8 offers 6 being all cash. Now as we were sitting and explaining the market and how to write a winning offer the investor said we like to work with the listing agents only that way we get a better deal. As of late this was not the 1st time I have heard this. Many investors are thinking this. Here are the reason that they are hurting themselves.

1. Many times the listing agent will get hundreds of calls on 1 listing and will either not return your call or return it in 3 days after the home is sold.

2. The Tracy Market is driven by the banks and the Banks have caught on to this practice and require the home be on the market for at least 2 weeks before looking at offers and frown on offers from listing agents and prefer to see offers and from Buyers agents from a different company.

3. Over my 24 years in the business I see different methods pop up to get through the back door sort of speak, but then die off because the rules have changed and a realtor can face fraud charges and lose his license for not presenting all offers to the seller. Play by the rules and you will have success.

Don't think you are out smarting the system you might just be outsmarting yourself and making it that much harder to get a nice home.

We here at the Barringer Team have many closings under our belt and know all of the top listing agents and when our offers come across their desk they know there chances of closing this deal just increased by 100% because we always close and close on time. Also here is what a BUYERS AGENT DOES FOR YOU. click on link below to learn more.

http://www.tracyhomes.com/buyers2.html

Bill Barringer

Real Estate Broker

 

#1 Century21 company in the WORLD 2010 SMARTER. BOLDER. FASTER.
Century21 M&M and Associates
912 W 11th Street , Tracy CA 95376
Toll Free: 800-894-7282
DRE License #00959667

February Podcast

by The Barringer Team

Check out our Podcast for the latest up-to date Market information. This month's edition covers Tracy real estate market activity and then we discuss the top lessons from 2010, and explain what buyers and sellers need to do to get the most out of 2011.

Features special guest Terri Murphy of US Learning.

 

http://www.talkrealty.com/billbarringer

 

#1 Century21 company in the WORLD 2010 SMARTER. BOLDER. FASTER.
Century21 M&M and Associates
912 W 11th Street , Tracy CA 95376
Toll Free: 800-894-7282
DRE License #00959667

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The Barringer Team
Century 21 M&M and Associates
912 W 11th Street
Tracy CA 95376
209-833-7777
800-984-7282
Fax: 209-229-7426
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DRE License #00959667