Contact me for a great REALTOR referral or a free home loan pre-approval. I’m David Wolsky at (520) 275-2536 or david@davidwolsky.com!

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My dad always advised me to buy low and sell high! You would be hard pressed to find a better market for mortgage rates and real estate pricing. Have you heard that the affordability index has measured that home buying is at it’s most affordable level in since the 60′s?  Tucson is a great market for buying real estate and it’s no secret that housing values have plummeted in Arizona. There are lots of foreclosures and short sales offering  very low home prices. Check out www.homepath.com for Fannie Mae owned properties. My company, PHH Mortgage offers special financing terms for a Home Path Mortgage (we are not currently offering the Home Path Renovation Mortgage at this time). Home Path Mortgages can be obtained with a 3% down payment (or more), there is no mortgage insurance and they do not require an appraisal. Fannie Mae often pays for the buyers closing costs too.

If you already own your house, have you thought about a refi? Here’s an article from yesterday’s USA today: Mortgage Rates Reach Record Lows, Sparking Refinancings.

The article indicates 63% of residential mortgages have rates above 5% and 46% of homeowners have 20% or less equity in their home. It is harder to refinance your home without sufficient equity. It can be hard to refinance your home with equity too as underwriting guidelines continue to get tighter. However if you qualify, now is the time. 5/1 ARMs are currently below 3% APR. According to this week’s Freddie Mac survey, 15 year fixed rates are at 3.5% and 30 year fixed rates are at 4.32% which is very near the record low. Freddie Mac has been tracking rates for over 40 years.

What if you don’t have equity and you still want to refinance?  You might qualify for the HASP (Home Affordability and Stability Plan) program that can enable you to refinance your loan even if the current mortgage is up to 125% of the home’s value. You had to have purchased your home before June of 2009 and the existing mortgage is with Fannie Mae (www.fanniemae.com) or Freddie Mac (www.freddiemac.com). Go to the Look Up tool to see if Fannie Mae or Freddie Mac owns your mortgage. They do not service the loans, but they are the investors.

Call me to review your options. David wolsky at 520-275-2536 or david@davidwolsky.com.

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David Wolsky can be reached at 520-275-2536 or email at david@davidwolsky.com.

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Another suggestion is a private loan. Now that institutional loans have such strict underwriting guidelines, private lenders typically can make up the rules to match your needs.  In most cases, you can expect higher interest rates, higher closing costs and greater down payments. Most mortgage brokers have private investors willing to make these deals happen. Another funding resource could be a family member. Hopefully, you have a rich uncle!

Another creative approach is a seller carry back. Some institutional lenders allow a second position mortgage behind a new first mortgage a borrower obtains to buy a home. For example, the seller owns their house free and clear or they have ample equity in their house. The buyer obtains a loan for 80% of the sales price and the seller is the second position lender with a 10% loan for a combined loan-to-value ratio of 90%. Or, the seller can also be a private lender by accepting a down payment and financing the difference. If the buyer defaults, the seller keeps the down payment and gets the house back to sell it again!

The two zero down options still being offered are VA loans for active military or vets and USDA loans for rural housing. You might be surprised to learn that rural area near Tucson includes Vail, Marana and Sahuarita.  USDA loans require borrowers to have an income no higher than 115% of the median income in the area. In Pima County, you can earn up to $73,000 for the household to qualify.

This seems to be a great time to get back in the housing market thanks to the lowest rates since the Eisenhower administration and affordable housing prices. I’m David Wolsky and I can be reached for advice at 520-275-2536. I am fully licensed in Arizona at PHH Home Loans (also known as Coldwell Banker Home Loans). Email me at david@davidwolsky.com.

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If you are in the market for a new house this spring, check out www.homepath.com. Home Path are Fannie Mae REO properties all over the country. The deal just got better. Fannie Mae is offering a 3.5% incentive for buyers who purchase and close on a Fannie Mae owned home between January 28 and April 30, 2010. The credit can be used towards closing costs, the purchase of new Whirlpool appliances by Fannie Mae or a mix of closing costs and appliances, at the buyer’s discretion, up to the maximum 3.5%. Combine that with a $8000 tax credit for first time buyers or a $6500 for qualifying repeat buyers who have owned a home for five out of the last eight years.

There is also special financing available for Fannie Mae owned homes. The benefits include:

• Low down payments (3% for owner occupied and 10% for investment properties)
• Qualify with less than perfect credit
• Down payment (at least 3%) can be funded by your own saving, a gift or a qualified grant
• No mortgage insurance
• No appraisal fees

PHH Home Loans and Coldwell Banker Home Loans is an authorized Fannie Mae HomePath lender. Call David Wolsky at 520-275-2536 for more details! You can apply online on my website: http://davidwolsky.coldwellbankerhomeloans.com/

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There are only 14 weeks to get your new home into escrow for the homebuyer’s tax credit. Act now!! If you are a first time buyer, you can qualify for a tax credit up to $8,000. If you are a homeowner for the past five years, you might qualify for a $6,500 tax credit if you purchase a new primary residence. In either case, you must have your purchase contract dated by April 30th, 2010 and close of escrow must take place by June 30th, 2010. Members of the armed forces and federal diplomatic and intelligence personnel stationed overseas get and extra year to claim their credit.

Contact me, David Wolsky for more details… the direct line is 520-529-7515 or email me at david@davidwolsky.com.

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New legislation was signed into law on November 6th. The $8000 tax credit for first time home buyers has been expanded to include a $6500 tax credit for existing home owners buying a new primary residence. Here are some of the qualification guidelines:

• You are eligible for the tax credit if you have owned and lived in your home as your primary residence for at least five of the last years. This tax credit could accommodate homeowners who lost their homes due to a foreclosure in the past couple of years, but did not replace the home. (Although it might be difficult for those folks to qualify for a new loan).
• You must have a binding contract by April 30, 2010 and a settlement by June 30, 2010 to be eligible for the tax credit
• The sales price of the home may not exceed $800,000.
• The property could be a newly constructed home, an existing home, a manufactured house, townhouse or condo. Mobile homes or houseboats are also eligible if they become your primary residence.
• You must make the replacement house your primary residence. There is no requirement in the legislation that you sell your current home. You could rent it out, turn it into a second home, or list it for sale later in 2010 when prices might be higher. If you plan to keep it, be sure to move into the new house on the day you close so there is no question it was your principal residence at that time.
• You are not eligible for the credit if you are buying a second home or an investment property.
• Congress  is requiring the IRS to scrutinize claims for tax credits (both for the $6,500 and the $8,000 for first time buyers) much more closely than it did earlier in 2009 because federal investigators have documented significant instances of fraud. Investigators found various violations, such as purchase transactions between immediate family members, which are prohibited. The revised rules require taxpayers to submit copies of their settlement statements (HUD-1 forms), along with their requests for credits using IRS Form 5405. Congress’ new rules also prohibit individuals under the age of 18 or who are counted as dependents on another taxpayer’s filings from claiming the credit.
• Eligible home buyers who go to close after Nov. 6 but no later than Dec. 31, can claim the $6,500 credit on their 2009 federal tax returns, or amend their 2008 returns. Eligible buyer who close in 2010 will be able to file for the credit on their 2009 returns or 2010 returns.
• Income limitations are $125,000 a year for a single and $225,000 for married couples filing jointly. The sale of a home could affect your income. Talk to your tax adviser for further information. You can also find information on http://www.irs.gov/.

If you or someone you know is interested in buying a house, call me, David Wolsky to get a same day approval! I can be reached on my direct line, 520-275-2536. My email address is david.wolsky@mortgagefamily.com.

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How the homebuyer tax credit would work:

• Tax credit: Ten percent of the purchase price of a primary residence, up to a maximum of $8,000 for first-time homebuyers and $6,500 for repeat buyers who purchase between December 1, 2009 and May 1, 2010. First-time homebuyers are defined as people who have not owned a home in the previous three years. Repeat buyers must have owned their current home at least five years. The credit cannot be used for houses costing more than $800,000.
• Deadline for qualifying: Purchase agreements must be signed by April 30, 2010, and closings must be final by June 30.
• Military deadline: The deadline is extended by a year for members of the military who have served outside the U.S. for at least 90 days from Jan. 1, 2009, to May 1, 2010.
• Income limits: Individuals with annual incomes up to $125,000 and joint filers with incomes up to $225,000 qualify for the full credit. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits.
• How to apply: Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a payment. Taxpayers who want immediate refunds can amend their tax returns for 2008 to claim the credit.
• New anti-fraud limitations imposed.
• Cost: $10.8 billion.

 Source: Bloomberg Press and Associated Press and confirmed information with the content of the Senate bill.

Call David Wolsky of PHH Home loans for further details. I can be reached at 520-275-2536.

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There was some encouraging news on the extension of the $8000 tax credit for first time buyers. The Senate reached an agreement to extend the tax credit and added a $6500 tax credit for other primary home buyers. They also raised the qualifying income limits, in a meaningful way, increasing single taxpayer’s  income from $75,000 to $125,000 and joint taxpayer’s income from $150,000 to $250,000. Buyers must have an executed purchase agreement by April 30, 2010 and will have to close by June 30, 2010. More details are likely to come. Changes may occur in the reconciliation of the bill with the House and when voting takes place. The White House is strongly in favor of an extension of the tax credit especially for first time buyers.

 Appraisal Reforms My Be Terminated

According to Ken Harney of  The Washington Post in his recent column, the Home Valuation Code of Conduct (HVCC) could be on its way out. A bi-partisan amendment was approved October 22 by the House Financial Services Committee. The “Home Valuation Code of Conduct” would be terminated early in the existence of a proposed new Consumer Financial Protection Agency. The agency’s director would replace the code with a new procedure. The code was implemented last May as a firewall between lenders and appraisers to remove any collusion and inflated value. HVCC has created appraisal management companies which in some cases, collects fees from borrowers, pays appraisers reduced fees for their appraisals and pockets the difference. This practice has resulted in inferior quality appraisals. Some management companies hire inexperienced personal willing to work for lower fees and appraisers unfamiliar with the areas they are assigned to appraise. There have been many complaints since HVCC’s inception. In Michigan, The National Association of Home Builders contends the code is impeding new construction as well. More than half of the 500 builders who responded to a recent survey said at least one of their new homes was appraised at less than the cost of construction.  On the other hand, Freddie Mac stated on October 20^th the quality of appraisals has improved.

Personally, I think the system could use some tweaking. I have recently received low value appraisals. It has been a difficult and arduous process to get the appraisers to reconsider the values. You would think a buyer and seller agreeing to a sales price would also influence home values! I am certain we can come up with a better system that will allow independence between appraisers, Realtors, borrowers and lenders.

PHH Corporation names Jerome Selitto CEO 

An issue close me, David Wolsky. My company, PHH Mortgage hires a new CEO. Veteran Industry Leader Brings to PHH Successful Track Record of Innovation, Transformation and Value Creation in Mortgage Business

 MT. LAUREL, N.J. – October 26, 2009 – The Board of Directors of PHH Corporation (NYSE: PHH) today announced that Jerome J. Selitto has been named President and Chief Executive Officer and appointed to the Board of Directors, effective immediately.  George Kilroy, who in June had stepped in on an interim basis as Acting President and CEO of PHH, will continue to lead the company’s fleet management business and serve as a member of the company’s Board of Directors.

 Mr. Selitto brings to PHH nearly forty years of experience in the mortgage industry and in capital markets, as well as a long and successful track record of building companies that have created value by transforming key sectors of the home lending market.  Mr. Selitto served most recently as a senior consultant and then member of the senior management team of mortgage industry software provider Ellie Mae and, before that, as Chief Executive Officer of DeepGreen Financial, the groundbreaking online home equity lender that he helped found.  Earlier, he launched and helped lead mortgage insurance company Amerin Guaranty Corporation (now Radian Guaranty) and held senior leadership positions at First Chicago Corporation, PaineWebber and Kidder, Peabody & Co.

 Jim Egan, Chairman of the PHH Corporation Board of Directors said, “Jerry Selitto is an innovative leader with a proven ability to drive change in an organization and execute transformational strategies that create value for its stakeholders.  Jerry was the architect of two companies in the mortgage industry that created distinctive competitive advantages, found innovative and cost-efficient ways to serve their customers and created new opportunities to generate revenue.  We are confident that his strategic vision, leadership ability and experience re-designing corporate processes will drive increased value across our mortgage and fleet management businesses and help take PHH to a new level of success.”

 Mr. Selitto said, “I am thrilled to have the opportunity to join PHH.  This is a great company with valuable assets, talented employees, world-class clients, and significant opportunities for growth.  PHH’s mortgage and fleet management businesses are well-positioned in the marketplace, and I look forward to working closely with my colleagues across the company to create new opportunities and significant value for our shareholders, customers and employees.”

Economic Update For The Week of November 2nd 

This is a big week for economic information. The Federal Reserve Open Market Committee meets on Tuesday and their monetary policy statement is released on Wednesday. On Friday, we have the jobs report which is an important report especially with unemployment hovering around 10%. Some good news in our industry, the house and senate voted on Friday for a one year extension of higher loan limits for FHA, Fannie Mae and Freddie Mac. The limit in Pima County is $316,250 for FHA and $417,00 for Fannie and Freddie.  Expect a vote this week for an extension of the $8000 tax credit which should stimulate housing for the first quarter of 2010. Pending home sales were up 6.1% in October. It’s the eight straight month with an increase thanks in large part to the $8000 tax credit. It is a great time to be a home buyer!

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From Inman News:

White House spokesman Robert Gibbs today confirmed that President Obama supports an extension of the first-time homebuyer tax credit, along with prolonging jobless benefits and health care subsidies for unemployed workers.

Briefing reporters, Gibbs said the measures don’t amount to a second stimulus plan.

Evidence of bipartisan support in the Senate for extending the first-time homebuyer tax credit was also on display Sunday on ABC’s “This Week,” with guests Sen. Charles Schumer, D-N.Y., and Sen. John Cornyn, R-Texas, finding common ground on the issue.

From the Kiplinger’s Tax Letter:

Start with the first time home buyer credit, the $8,000 break that is set to expire on Nov. 30. The credit will be extended for a few months, and lawmakers will clarify that first time purchasers don’t have to complete the sale by the expiration date to get the tax credit. They need only sign a contract. The odds are low that Congress will expand the credit to folks who aren’t first time home buyers, or increase the credit limit to $15,000.

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