Financing
Wells Fargo Home Mortgage
Faith Hunter
Home Mortgage Consultant
Office: (805) 925-5265
Fax: (805) 349-9508
Mobile: (805) 350-1987
Contact Me
Countrywide Home Loans
Cindy M. North
Home Loan Consultant
P.O. Box 264
Los Olivos, CA 93441
Direct: (805) 688-8043
Fax: (805) 686-1389
Toll Free: (805)845-2850
Email: cindy_north@countrywide.com
Bank of America
Cyndi Nunez
Mortgage Loan Officer
1525 E. Main Street, Suite A
Santa Maria, CA 93454
Office: (805) 922-7771 ext: 23
Mobile: (805) 705-0579
Fax: (805) 349-0304
Residential Mortgage Corporation
David Brown
Executive Vice President
2445 Alamo Pintado Ave #203
Los Olivos, CA 93441
Office: (805) 686-2321
Fax: (805-688-0252
Mobile: (805) 705-8336
Email: David@RELoans.com
Christianson Financial Services
Debbie & Eric Christianson
Home Loan Specialist
1623 Mission Drive #15
lvang, CA 93463
ffice: (805) 688-1010
D~Cell: (805) 452-3533
E~Cell: (805) 455-6691
Email: ericcfs@earthlink.net
www.cfsmortgageinc.com
President Bush Signs Landmark Housing Bill into Law
On Wednesday, July 30, President Bush signed into law H.R. 3221, the Housing and Economic Recovery Act of 2008, aimed at ending the current cyclical downturn in the housing industry. The housing bill is intended to help home buyers and strapped borrowers and strengthen the housing finance system, according to the National Association of Home Builders (NAHB).
"This milestone bill contains several provisions to get home buyers back into the marketplace, stop the slide in home prices, provide a lifeline to borrowers facing foreclosure, improve mortgage liquidity and bolster confidence in Fannie Mae and Freddie Mac," said NAHB President Sandy Dunn.
The measure, regarded as the most significant housing legislation in decades, lets homeowners who cannot afford their payments refinance into more affordable government-backed loans rather than lose their homes.
Key elements of the Housing and Economic Recovery Act of 2008 include:
- A temporary first-time home buyer tax credit. The tax credit will stimulate home buying, reduce excess supply in housing markets and shore up home prices.
- FHA modernization and expansion. A revitalized FHA will have greater flexibility to respond to the needs of borrowers, enable more working families to become home owners and play an important role in the mortgage markets. To address the foreclosure crisis, the FHA is given additional authority to insure up to $300 billion of mortgages to refinance loans headed for foreclosure.
- GSE (government-sponsored enterprise) reform. The law reforms the regulation of Fannie Mae and Freddie Mac and permanently increases the conforming loan limit to help buyers in high-cost markets. To reassure financial and global markets, the government will temporarily expand its line of credit to Fannie and Freddie and permit the U.S. Treasury to purchase an equity stake in the companies through the end of 2009.
- Mortgage Revenue Bond Program. The measure gives states the ability to issue an additional $11 billion in mortgage revenue bonds, which will help strapped borrowers seeking to refinance their home loans.
- Low Income Housing Tax Credit. Enhancing this program will expand the supply of much-needed affordable rental housing.
- Tax Credit.The centerpiece of the housing bill is a temporary, $7,500 first-time home buyer tax credit for the purchase of any home. The tax credit can be used for homes purchased between April 9, 2008 and July 1, 2009.
Cindy North
Home Loan Consultant
Countrywide Home Loans
Premier Lending Group
Countrywide Bank, FSB
21 East Victoria
Santa Barbara, CA 93101
(805)899-2009 DL
(805)448-9533 Mobile
(866)511-9007 EFax
"Success usually comes to those who are too busy to be looking for it."
Mortgage rates rose this week in response to the uneasiness on Wall Street. The markets were all over the place with Investors trying to guess the most profitable route to take for the moment. The price of oil went from last week's high of around $148/barrel to somewhere around $124/barrel today ... housing sales fell but not as much as expected ... foreclosures are up 121% from last year ... 10-year bond yields closed at 4.11 today ... what does all this mean?
From my side of the desk there appears to be a lot of inconsitancies in the economic news ... perhaps highlighting on some of the good stuff will help clear some of the fog.
On the "Bad News" side www.bloomberg.com reports that Bank of America (Countrywide) and Wells Fargo are increasing their service representatives to help people who are in financially difficult times. Early intervention for these situations may allow for a restructuring of loans which not only helps the borrowers but helps the lenders as well. If you have a customer who is facing financial uncertainties please have them call their lender asap to see if they can qualify for a restructuring of their home fiancing. Countrywide so far in 2008 has worked out over 120,000 loans ... in June '08 we did over 27,000! WE ARE LISTENING AND ASSISTING OUR CUSTOMERS.
Countrywide is still here ... and actively lending as Countrywide until the integration with Bank of America takes place early in 2009. We have the financial backing of Bank of America (lots of money to lend) along with the LOCAL processing, underwriting and FUNDINGS of your loans. This is key if you are expediting an escrow ... everyone is here in my office in Santa Barbara to help make this happen.
Interest rates are fluctuating in response to the market - the bond yields and the availability of funds to lend are influencing their direction. The concerns of the survival of FannieMae/FreddieMac (whether real or perceived) absolutely are affecting rates ... be sure to work with someone who can educate your customers as to what to expect in loan options (there are a few loan "options" left ... just a few) and lending requirements. Guidelines change frequently - what didn't work last week may work this week (and vise versa) so always ask about your customer's particular situation ... you may be pleasantly surprised.
And did you notice in last Sunday's Santa Barbara News Press in the Real Estate section the number of sales in Santa Maria that were bank owned? I counted 23 (out of maybe 33) closed sales were bank owned properties ... what's key here is that there were BUYERS purchasing. If the price is right they will come (???).
py Home Selling!
30-year Conforming Fixed Rate 6.625% @0pt 6.375% @1pt
30-year Jumbo/Conforming Fixed Rate (to $729,750) 6.75% @ 0pt
30-year Jumbo Fixed Rate 7.875% @0pt 7.625% @1pt
5/1 Conforming Interest Only 6.375% @0pt 6.00% @1pt 5.625% @2pt
5/1 Jumbo/Conforming (to $729,750) Interest Only 6.625% @ 0pt 6.125% @1pt
7/1 Conforming Interst Only 6.25@ 1pt
Rates quoted are for owner occupied, purchase, SFR, 80% LTV (75% LTV for Jumbo Fixed Rate), credit score >700. Rates may vary depending on owner vs investor, purchase/refi, property type, LTV (a lower LTV may have a lower interest rate), credit score and verifiable income. Please call me for rates for your customer's particular needs. And rates are subject to change without notice ;-).
Betsy Riedy
Sr. Loan Consultant
Countrywide Bank, FSB
801 Chapala Street
Santa Barbara, CA 93101
(805)884-7107 direct
(805)448-8562 cell
| Market Update |
| Week of August 11 to August 17, 2008 |
| Status |
Address |
City |
Type |
Asking Price |
Original Price |
| New |
330 W Highway 246 #102 |
Buellton |
Mobile |
$198,500 |
$198,500 |
| New |
597 Central Ave |
Buellton |
Townhome |
$310,000 |
$310,000 |
| New |
583 Central Ave |
Buellton |
Townhome |
$325,000 |
$325,000 |
| New |
680 Alamo Pintado Rd #202 |
Solvang |
Office |
$560,000 |
$560,000 |
| New |
2949 Alta St |
Los Olivos |
SF Res |
$795,000 |
$795,000 |
| New |
2476 Roblar Ave |
Los Olivos |
SF Res |
$2,495,000 |
$2,495,000 |
| New |
3640 Sagunto St |
Santa Ynez |
Retail |
$4,750,000 |
$4,750,000 |
| New |
2995-2993 Calle Bonita |
Santa Ynez |
SF Res |
$5,995,000 |
$5,995,000 |
| New |
111 S Refugio Rd |
Santa Ynez |
SF Res |
$7,600,000 |
$7,600,000 |
| Reduced |
330 W Highway 246 #56 |
Buellton |
Mobile |
$137,500 |
$153,500 |
| Reduced |
211 Valley Station Cir |
Buellton |
SF Res |
$539,500 |
$565,900 |
| Reduced |
419 Glennora Way |
Buellton |
SF Res |
$549,000 |
$579,000 |
| Reduced |
3460 Tivola St |
Santa Ynez |
SF Res |
$599,000 |
$699,000 |
| Reduced |
1429 Aarhus Dr |
Solvang |
SF Res |
$599,000 |
$675,000 |
| Reduced |
1181 Cota St |
Santa Ynez |
SF Res |
$625,000 |
$637,000 |
| Reduced |
2740 San Marcos Ave |
Los Olivos |
SF Res |
$699,000 |
$749,000 |
| Reduced |
2931 Stadium Dr |
Solvang |
SF Res |
$795,000 |
$839,000 |
| Reduced |
3247 Glengary Rd |
Santa Ynez |
SF Res |
$1,097,000 |
$1,399,000 |
| Reduced |
515 Myrtle Ct |
Solvang |
SF Res |
$1,145,000 |
$1,265,000 |
| Reduced |
2875 Woodstock |
Santa Ynez |
SF Res |
$1,989,000 |
$2,255,000 |
| Contingent |
207 Teri Sue Lane |
Buellton |
SF Res |
$459,000 |
$639,000 |
| Contingent |
2143 Rebild Dr |
Solvang |
SF Res |
$689,000 |
$689,000 |
| Contingent |
1068 Oak Glen Rd |
Santa Ynez |
SF Res |
$995,000 |
$1,250,000 |
| Pending |
10 Paseo Del Rio |
Solvang |
Mobile |
$199,000 |
$239,500 |
| Pending |
638 Roskilde Rd |
Solvang |
Condo |
$310,000 |
$310,000 |
| Status |
Address |
City |
Type |
Sold Price |
Original Price |
| Sold |
345 Central Ave |
Buellton |
Bus Opp |
$325,000 |
$450,000 |
| Sold |
3091 Santa Ynez Ave |
Santa Ynez |
SF Res |
$1,100,000 |
$1,150,000 |
