New year is here. I hope you are moving toward accomplishing your New Year resolutions.  

Quote: “…the man who really counts in the world is the doer, not the mere critic-the man who actually does the work, even if roughly and imperfectly, not the man who only talks or writes about how it ought to be done.” (1891). Author: Theodore Roosevelt
 

Yes, 2008 is behind us, there are many who are glad, many who are really hoping that 2009 will be better. I just finished reading the book “The Rise of Theodore Roosevelt” very good book. Motivating, it will inspire you to take some dreams off the shelve or off the back burner and make them happen this year. Teddy lived his life with high energy and extreme accomplishment. I know of few who have accomplished as much as he, in the short time he was on earth. I encourage you to read an encouraging book this month, something that will inspire you to accomplish big goals.

So what has changed??

Stated income loans are almost gone, we still have a few programs, but you need at or below 75% loan to value, and we also have bank statement programs, but not at the same rates as full doc loans. In California we have 2nd mortgages for stated borrowers also, to 55%-65% ltv.

Loan limits changed - Conforming loans are still at $417,000 but the FNMA Jumbo is up to: call for your county

• Los Angeles - 729,750
• NY metro and Long Island - 729,750

Since January 1st 2009, the big difference is that the pricing is almost the same for a $417k and a 729k loan amount. These are the limits for 1 units, so 2, 3 and 4 unit loan amounts are more. It’s exciting to know that jumbo loans can now be in the low 5% range.

Rates have dropped, then started to show mixed signals through the past couple days and weeks. But take a look at the below chart. Rates this low [4.9%-5% 30/yr fixed] is such a pleasant surprise. Hopefully the low rates will continue until everyone who wants to refi and buy now can enjoy them. Call or email if you need to refi or purchase, these low rates might not last.

Lowering your rate with a Loan Modification - Yes, fresh example, a client had a payment of $2450 p/m and because of the slowdown in the economy, he couldn’t make that payment anymore. He had now equity and had some late payments. So he couldn’t refinance. He called in despair, wanted to know what could be done, was there any way we could help him. Yes, we negotiated his payment from $2450 down to $1700 on a fixed rate payment. The 4 months arrears were added to the back of his loan. So if you know anyone who might need a loan modification, have them call us. We will do our best to help.

Investment opportunities - We have had an increase in investors interested in transferring their money from the stock market to mortgages and real estate. Below are some examples of California & New York opportunities.

Leveraged fix and flip, with as little as $40,000 down. If you have small amounts of money to invest we can match you up with other investors. Normally the properties are purchased, fixed, resold within 60-90 days. Return on investment can range from 15% to 50% [sometimes more]. If you are interested call for details. That means that with as little as $40k after 90 days you have the potential to walk away with an extra $12,000 in earnings. That’s making your money work for you. We can carefully walk you through the process, call if interested.