Reminder of maximum allowable seller Contributions

 

 

Thank you,

 

Edward Deanes

 

 

This information is accurate as of the date posted and is subject to change without notice. All of the views and comments are mine and do not represent Wells Fargo.

 

VHDA is changing the amount available for the second mortgage of the FHA Plus Program.

First time home buyers in Virginia need to know!!!! 

 

From VHDA

 

VHDA is changing the amount available for the second mortgage of the FHA Plus Program.

 

·         Borrowers with credit scores between 620 and 679 (or those with no credit score with acceptable non-traditional credit) will be eligible for a second mortgage at a maximum of 3.5% of the lesser of sales price or appraised value.

 

·         Borrowers with credit scores of 680 and greater will continue to be eligible for a maximum second mortgage of 5% of the lesser of sales price or appraised value.

 

·         The applicable credit score will be the lower of the middle scores of all borrowers.

 

·         Maximum second mortgage amount will be based on the credit score available at the time of loan commitment. No increase to the loan amount will be allowed for improved credit scores after loan commitment.

 

·         When making a loan reservation beginning May 1, 2010, a credit score for all loan programs will be required to be input in the reservation system. If the score changes it will be updated at the time of loan commitment.

 

These changes are effective with reservations beginning May 1, 2010.

 

For more information on VHDA visit VHDA.com

 

 

 

Thank you,

 

Edward Deanes

 

 

This information is accurate as of the date posted and is subject to change without notice. All of the views and comments are mine and do not represent Wells Fargo.

 

Home Advantage Event

http://www.thedeanesgroup.com/3/W0000014982/P0000349207.htm

Extension of Tax Credit

Target military for Tax Credit extension, they have served us now it’s our turn to serve them!

Special Rules for Members of the Military, the Foreign Service
and the Intelligence Community

Congress has acknowledged the unique circumstances affecting members of the military, the foreign service and the intelligence community by making the following exceptions that apply to both the $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home buyers.

Exemption From Tax Credit Recapture Rules

• Typically, homes that are sold or that cease to be used as a principal residence within three years of the initial purchase are subject to recapture of the tax credit.
• However, qualified service members who sell or move from a tax credit home within three years of the initial purchase due to official extended duty are exempt from the recapture rule.

Extension of Tax Credit Deadlines

• The home buyer tax credit is available for qualified purchases with a binding sales contract in place on or before April 30, 2010 and closed by June 30, 2010.
• However, for qualified service members who are ordered on a period of official extended duty, these dates are extended for one year. For these home buyers, the tax credit applies to sales with a binding sales contract in place on or before April 30, 2011 and closed by June 30, 2011.
• A person who is forced to return to the U.S. for medical reasons before completing an assignment of at least 90 days of qualified official extended duty outside of the United States may qualify for the one-year extension.

Definitions

• “Qualified service member” means a member of the uniformed services of the U.S military, a member of the Foreign Service of the U.S., or an employee of the intelligence community.
• “Official extended duty” means any period of extended duty outside of the United States for at least 90 days during the period beginning after December 31, 2008 and ending before May 1, 2010.

 

 

 

Thank you,

 

Edward Deanes

 

 

This information is accurate as of the date posted and is subject to change without notice. All of the views and comments are mine and do not represent Wells Fargo.

 

Business Booster from Edward F. W. Deanes - Proactive or Reactive? It's All Up to You

 

Edward F. W. Deanes Home Mortgage Consultant Wells Fargo Home Mortgage Phone: (757) 418-2064 Fax: (866) 935-0661 edward.deanes@wellsfargo.com www.deanesgroup.com

Proactive or Reactive? It's Up to You

Everyone makes choices. Their outlook on life, whether at home, at work, behind the wheel or at the theater, directly correlates to the decision to be either positive or negative. In essence, it's as simple as whether you see the glass half full or half empty. As author Stephen R. Covey puts it in his much publicized book, The 7 Habits of Highly Effective People,* you can choose to be proactive or you can choose to be reactive. He takes his theory a step further, saying that a proactive stance leads to greater success and contentment. From that perspective, a reactive person is sabotaging himself or herself. Covey contends that every single day, people have 100 opportunities to be proactive or reactive. Let's say you're in your car on the freeway and an overly zealous driver is practically sitting on your tail in the fast lane. You're driving at the speed limit, actually a couple of miles faster than the law permits. But the motorist behind you thinks he's at the Indy 500. You can stay where you are, infuriate him and possibly get rear-ended. Or, you can move out of harm's way, to that opening in the right-hand lane and let him pass. He's in the wrong, and there's no question about it. Will you follow his lead? Will you be proactive or reactive? It's up to you. It's very empowering to look at life from Covey's point-of-view. If you moved to the right lane, the reckless driver didn't force you. He didn't win. A vehicle can be a deadly weapon and you made the sensible, mature decision that shows why you deserve a driver's license and the other driver belongs on roller skates. At work, you can be proactive if you take the time to learn about the principles of nature - in this case human nature and people interaction. "If you ignore the principles of human effectiveness, you (can) work very hard, but still not get what you want," Covey says. Say that you've been working with a prospective client for the past three weeks, really putting a lot of effort into the new relationship. Then you learn, through some mutual acquaintance, that this would-be client ended up going to a competitor for the same service. It happens, and you don't have to necessarily blame yourself. But, you should take time to reflect on the past three weeks. Were you really proactive or were you reactive? How did you interact with the client? Covey says principles are "natural laws that govern the world." To attain a proactive mind-set, he emphasizes one must create beneficial relationships, build trust and commit to self-renewal. "To be trusted, you must be trustworthy over time," Covey asserts. As for self-renewal, he says renewal means "preserving and enhancing your greatest asset - yourself." Stay tuned for more Business Boosters coming your way! *©2003 Fireside Books. ISBN: 0743250974. All rights reserved. Available on www.amazon.com

This information is accurate as of date of printing and is subject to change without notice. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. © 2009 Wells Fargo Bank, N.A. All rights reserved.

You received this email as a result of your ongoing business relationship with Edward F. W. Deanes. While beneficial to a wide audience, this information is also commercial in nature and it may contain advertising materials.

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Edward F. W. Deanes
Wells Fargo Home Mortgage
4456 Corporation Lane Suite 100
Virginia Beach, VA 23462

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Business Booster from Edward F. W. Deanes - Websites Every Realtor Needs to Know

 

Edward F. W. Deanes Home Mortgage Consultant Wells Fargo Home Mortgage Phone: (757) 418-2064 Fax: (866) 935-0661 edward.deanes@wellsfargo.com www.deanesgroup.com

Get Inside the Mind of the Consumer: Websites Every REALTOR® Needs to Know Studies indicate that over 80% of today's home buyers visit the Internet long before seeking the professional assistance of a REALTOR®. This means that, thanks to popular realty-themed websites that compete for your business, your clients are already armed with more information than ever before. That's why today's savviest real estate agents must change their perspective and fight back. And the best way to do this is to visit and become familiar with these kinds of sites and the features they offer. This data will not only prepare you to answer any questions your clients might have, it will allow you to provide a more complete service that your clients will want to recommend to all of their friends and family members. Property Listings & More 1) Redfin.com: In addition to listings, this site offers information such as how long a home has been for sale, its last sales price, and its current value. It also provides virtual tours to listed homes. 2) Trulia.com: Like Zillow.com, which offers satellite views and the estimated values of each home, Trulia's "heat maps" show how hot or cold an area is based on prices, sales, and popularity among its users. Trulia.com also has free tools real estate agents can easily add to their own websites to increase functionality and traffic. 3) Maps.Google.com and Bing.com/maps: For a bird's-eye view, even 360 degrees in some cases, these amazing map sites offer a virtual perspective of available homes that's truly hard to beat. 4) Walkscore.com: Is an interesting site that rates any address based on the walking distance of its nearby stores, restaurants, schools, parks, coffee shops etc. 5) SchoolMatters.com: A Standard & Poor's company, this site offers parents (and potential home buyers) an objective rating of public schools and public school districts by region, including test scores and demographics. GreatSchools.net offers similar info and ratings on private schools based on region. Government Websites: Government loan programs offer great opportunities for many consumers in many regions across the country, especially first-time buyers and veterans. The following websites are likely one of the first of many sites potential home buyers visit during this process: 1) HUD.Gov is the official website for the U.S. Department of Housing and Urban Development (H.U.D.) This site lists HUD homes and provides information for home buyers, including financing options and home buying programs available through the Federal Housing Administration (FHA). 2) Homeloans.va.gov: This site houses information about government home loan programs specifically for veterans. Give me a call if you think of any more sites I should add to my list. I look forward to developing ways that we can grow our business together.

This information is accurate as of date of printing and is subject to change without notice. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. © 2009 Wells Fargo Bank, N.A. All rights reserved.

You received this email as a result of your ongoing business relationship with Edward F. W. Deanes. While beneficial to a wide audience, this information is also commercial in nature and it may contain advertising materials.

UNSUBSCRIBE: If you would like to stop receiving emails from Edward F. W. Deanes, you can easily unsubscribe.

Edward F. W. Deanes
Wells Fargo Home Mortgage
4456 Corporation Lane Suite 100
Virginia Beach, VA 23462

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FW: MMG Weekly: Grecian Formula for Recovery Includes Some Whopping Numbers

 

Edward F. W. Deanes Home Mortgage Consultant Wells Fargo Home Mortgage Phone: (757) 418-2064 Fax:: (866) 935-0661   edward.deanes@wellsfargo.com www.deanesgroup.com

In This Issue               Last Week in Review: Greece's ongoing financial saga moves the markets, along with continuing announcements on more whopping amounts of debt supply being pumped out. Forecast for the Week: This week will bring a wide range of reports, including looks at consumer attitudes, the Fed's policy, employment, manufacturing, and Gross Domestic Product. View: There's less than one week left before the Homebuyers Tax Credit expires on April 30th...read the details, and pass on to anyone who needs to know more!             Last Week In Review               "IT'S ALL GREEK TO ME." The markets continue to be focused on - and influenced by - Greece's ongoing financial saga. Stocks took a hit last Thursday when Greece's budget deficit was reported to be worse than previously thought, causing uncertainty and anxiety in the markets. The next day, the saga continued when Greek Prime Minister George Papandreou asked the European Union and International Monetary Fund to activate their huge $45 Billion Euro aid package. That news helped relieve some of the uncertainty in the markets, but this story is far from over. Greece will need to take some dramatic measures to bring their budget deficit to a significantly lower level. The $45 Billion Euro bailout for Greece wasn't the only whopping figure in the news last week. Here at home, the U.S. Treasury Department announced that it will unload $129 Billion of debt this week in 5-year Treasury Inflation Protected Securities and 2-, 5- and 7-year Notes. The massive amount of debt supply being loaded into the markets just keeps on coming - and it's getting larger. As you can see from the chart below, the Treasury auctions have more than doubled since the 2nd quarter of 2008...and this doesn't even include the regularly scheduled T-Bill auctions each week or the monthly 30-year Bond auctions. This week's huge amount of supply could prevent Bond prices - and home loan rates - from improving when it hits the markets. ----------------------- Chart: Treasury Note Auctions (By Quarter) Speaking of more supply...the Fed announced last week that it may start trimming its balance sheet by selling some of its Mortgage Backed Securities assets as early as the 3rd or 4th quarter of this year. Remember, the Fed recently ended its purchase program in which it purchased $1.25 Trillion in Mortgage Backed Securities to help lower home loan rates and stabilize the housing sector. Since the program ended, the market has been very volatile. Despite the fluctuations, rates remain good overall, but once the Fed starts to sell some of their huge holdings, rates will likely rise as even more supply comes into the market. Overall, rates ended the week slightly worse than where they started, but still at very attractive levels. That makes now a crucial time to take advantage of the opportunities that exist - including the Homebuyers Tax Credit, which is about to expire! THERE'S LESS THAN ONE WEEK LEFT BEFORE THE HOMEBUYERS TAX CREDIT EXPIRES ON APRIL 30! CHECK OUT THE MORTGAGE MARKET GUIDE VIEW BELOW FOR IMPORTANT DETAILS.             Forecast for the Week               After a busy week of economic reports last week, this week doesn't slow up at all. On tap is a look at how consumers feel about the slowly recovering economy with the Consumer Confidence report on Tuesday and the Consumer Sentiment Index on Friday. In the prior reports, Consumer Confidence came in higher than expectations, while Consumer Sentiment dropped. The markets will be watching both these reports for indications of how consumers feel about the job market and their finances. We'll also hear from the Fed this week with the Fed's Monetary Policy and Fed Funds Rate decision on Wednesday. With future inflation concerns on the minds of some Fed members, it will be interesting to see if the Fed continues to use the now famous statement, "rates will stay exceptionally low for an extended period." The weekly Initial Jobless Claims report comes out Thursday, and after a worse-than-expected report last week, the markets will be tuned in closely to this week's update. Finally, the week ends on a busy note. Friday, we'll get a look at labor costs with the Employment Cost Index, the manufacturing industry with the Chicago PMI, and goods and services in the US with the Gross Domestic Product report. In addition to these reports, the Treasury Department will auction off the $129 Billion of debt mentioned above. That breaks down to auctions of $11 Billion in 5-year TIPS (treasury inflated-protected securities) on Monday, $44 Billion in 2-year Notes on Tuesday, $42 Billion in 5-year Notes on Wednesday and $32 Billion in 7-year Notes on Thursday. That's a whopping amount of supply, and it could move the markets depending on how it's received. Remember: Weak economic news normally causes money to flow out of Stocks and into Bonds, helping Bonds and home loan rates improve, while strong economic news normally has the opposite result. As you can see in the chart below, Mortgage Bonds have not been able to close above technical resistance at the 50-Day Moving Average since the end of March. ----------------------- Chart: Fannie Mae 4.5% Mortgage Bond (Friday, April 23, 2010)             The Mortgage Market View               Homebuyers Tax Credit Expires This Week! Thousands of Dollars Could Slip Through Your Fingers! The heat is on for those who are out shopping for homes right now - as the Homebuyers Tax Credit is about to come to an end. Last November, the government expanded and extended the new Homebuyers Tax Credit. According to the program, first-time homebuyers are eligible for a tax credit of up to 10% of the purchase price of the home, with a maximum credit of $8,000. And current homeowners are eligible for up to $6,500. Although military personnel may qualify for a special extension, the vast majority of homeowners must have contracts in effect no later than April 30, 2010 and must close no later than June 30, 2010 to qualify for the credit. This means that homebuyers now have less than one week to get their paperwork going to qualify for this credit, before it goes away! Here are some important details about this tax credit. Dollar-for-Dollar Benefit The benefit of a tax credit is that it's a dollar-for-dollar benefit, rather than a "tax deduction" or reduction in tax liability that would only reduce $1,000 to $1,500 when all was said and done. So, if a first-time homebuyer who qualified for the entire benefit were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing. Even Better... It's Refundable! Remember, because it's a tax credit, it's refundable! That means a homebuyer can receive a check for the credit if he or she has little or no income tax liability. For example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $4,000 in income tax, she can still receive a check for the remaining $4,000! What are the Income Caps? Single tax filers with incomes up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers with incomes of $145,000 and above are ineligible. Joint filers with incomes up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers with incomes of $245,000 and above are ineligible. What's the Maximum Purchase Price? Qualifying buyers may purchase a property with a maximum sales price of $800,000. If you or someone you know is in the process of purchasing a home, this is an important week to take action - feel free to forward this article to anyone who it might benefit. And give me a call with any questions - the clock is ticking and the deadline is Friday!! Remember, as a general rule, weaker than expected economic data is good for rates, while positive data causes rates to rise. Economic Calendar for the Week of April 26 - April 30 Date ET Economic Report For Estimate Actual Prior Impact Tue. April 27 10:00 Consumer Confidence Apr 53.7   52.5 Moderate Wed. April 28 10:30 Crude Inventories 4/24 NA   1.89M Moderate Wed. April 28 02:15 FOMC Meeting   0.25%   0.25% HIGH Thu. April 29 08:30 Jobless Claims (Initial) 4/24 440K   456K Moderate Fri. April 30 08:30 Gross Domestic Product (GDP) Q1 3.2%   5.6% Moderate Fri. April 30 08:30 GDP Chain Deflator Q1 0.9%   0.5% Moderate Fri. April 30 08:30 Employment Cost Index (ECI) Q1 0.5%   0.5% Moderate Fri. April 30 09:45 Chicago PMI Apr 59.8   58.8 HIGH Fri. April 30 10:00 Consumer Sentiment Index (UoM) Apr 71.5   69.5 Moderate               [mmgwDisclosure]   The material contained in this newsletter has been prepared by an independent third-party provider. The content is provided for use by real estate, financial services and other professionals only and is not intended for consumer distribution. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, there is no guarantee it is not without errors.   As your trusted advisor, I am sending you the MMG WEEKLY because I am committed to keeping you updated on the economic events that impact interest rates and how they may affect you.   Mortgage Market Guide, LLC is the copyright owner or licensee of the content and/or information in this email, unless otherwise indicated.   Mortgage Market Guide, LLC does not grant to you a license to any content, features or materials in this email.   You may not distribute, download, or save a copy of any of the content or screens except as otherwise provided in our Terms and Conditions of Membership, for any purpose.