Deaf Mortgage

Soft Market = A market which has more sellers than buyers. Low prices result from this excess of supply over demand. also called buyer's market. opposite of seller's market. (Source soft market Definition )

Right now we are looking at Soft Market as meaning a lot of houses being on market and not enough buyer. Its now call a Buyer Market.

Please check the Countrywide's Soft Market Category to determine if your house is in the declining Market. https://www.cwbc.com/ContentManaged/...oftMarkets.pdf

Category 5 = 10% Down payment because lenders only accept minimum of 5% down payment plus 5% down payment for declining market.

Category 4 = 10% Down payment because lenders only accept minimum of 5% down payment plus 5% down payment for declining market.

Category 3 = 5% Down payment will be required for declining market and supporting information as Oversupply and been in Marketing time over 6 months

Category 2 = 5% Down payment will be required for declining market and supporting information as Oversupply and been in Marketing time over 6 months

Category 1= 5% Down payment will be required for declining market and supporting information as Oversupply and been in Marketing time over 6 months

Not on the list = 5% down payment required. No other requirements foreseen.

These are determined by Mortgage Insurance. They decided that 0% down payment is a huge risk in long run and cut off that program. Means they required 5% down payment on any loan.

On top of it, if declining market, we must add 5% down payment along with supporting documents.

Now down payment is required. Housing market is declining, means more house are in affordable range now. Many houses are in foreclosure/short sales and procedure is long messy process. Some bank accept Down Payment Assistant, depending on what program in order to avoid finance hardship.

Soft Market = Buyer Market.

Stay tune for next topic regard of foreclosure and short sales. Tips how to avoid foreclosure and what is short sales.

Deafness

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shel90

I bought my house last August at 0% down payment and the sellers paid 100% for closing costs. Also, our loan has no mortage insurance..so we got VERY lucky!!!

The reasons for our good deal was our income and high credit scores.

U are right, it is a buyer's market so it is a good time to buy a house but important that you CAN afford the monthly mortage bill. Too many people got themselves into a financial mess cuz they didnt consider all the other costs they would have to pay for the house and ended up not being able to afford the mortage.

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Shel~

"A child educated only at school is an uneducated child." -George Santayana

Deaf Mortgage

Indeed you are fortunate to get that progress. But how did you not get Mortgage Insurance or PMI? Nobody can avoid PMI unless they have 20% down payment.

shel90

My husband got a VA loan.

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Shel~

"A child educated only at school is an uneducated child." -George Santayana

Deaf Mortgage

Yup... VA loan have no PMI. That only one. I just check and its true.

shel90

I just asked my hubby to make sure..LOL!

Yea, we got very very lucky but our mortgage is a little bit on the high side. Just have to grin and bear with it for a while until things get better financially. The gas prices sure arent helping at all!

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Shel~

"A child educated only at school is an uneducated child." -George Santayana

Deaf Mortgage

I am wondering... which service did your husband served?

shel90

Marine Corps...for 8 years.

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Shel~

"A child educated only at school is an uneducated child." -George Santayana

Deaf Mortgage

Wow! My dad served 3 years with Marine Corps back in 1960. Cool! They are the toughest group of entire military group.

IslandBreeze07

Shel, ooooo lucky! I'm soooo glad for you because I know VA loans goes to veterans and no PMI! You are seriously saving a lot of moolah!!!!!!!!!

No veterans here, but I know what I can try to do. Split it up and make a go at first time homebuyer program twice. Hope we can do that. We'll see.

I was approved three years ago but didn't take the bait. Townhouse was not in a great shape upon inspection. Renting is a little more in vogue now depsite the tax deductions from owning. Just none of the Florida insurance and PMI problems for now. (whew)

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shel90

Thanks!

Yea, we got very very lucky and I appreciate that everyday.

I heard that Florida's homeowners' insurance is very high. That true?

Seems like u made a smart move 3 years ago. I know so many people who got stuck with crappy deals. Ouch!

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Shel~

"A child educated only at school is an uneducated child." -George Santayana

Deaf Mortgage

I do use a Mortgage Insurance calculator to figure out each state's PMI. It appears to be same through out USA.

It depends on criteria.

Credit Score
Loan amount vs house value in %
What kind of loan
How long the loan
Primary or investment property
Fixed or ARM loan

Again... its depends on what you are qualified for.

FHA has high PMI for sure compared to regular loan. VA waives the PMI.

FHA do have nice programs for low credit score and also rehabilitation loans. Very strict on guidelines requirements. But lower interest and lower credit score requirement.

lilylover72

My husband and I bought a house in 2002 with no down payment. but We lost it. Long story

Deaf Mortgage

Sorry to hear that. It can take up to 3 years to get back on your feet and buy a house with correct loan that meet your qualification.

lilylover72

Well honest with you, I cannot get a house in 7 years because We had to file our bankrupcty. Our bankrcupty was final last Aug.

Deaf Mortgage

Wells Fargo allows people one year after bankruptcy.

Its Wells Fargo insider that has that program. Its just a FYI. Brokers will not get that loan for you. Only Retail of Wells Fargo can give you that loan. Again... I can't promise from us.

Most lenders requires 2 or 3 years after bankruptcy. We never require full 7 years before buying another house. Its stay on your record for 7 years then on the file for up to 10 years.

lilylover72

Really, I didnt know that. We realized that house marketing are very bad in Colorado because many houses been not sold. There have too much new build homes. We are glad that we didnt own a house because many used homes are so hard to sell. If We own our old house, we might want a new build home then will be stuck with two house. Forget it. That why we are glad that we dont own a house.

Deaf Mortgage

Good... that is excellent decision now. Make sure you get 5-10% down payment ready for next house. Just be ready and be solidify your grounds before purchase new home. Take your time and build your foundation in finance and work hard.

Right now interest rates are hovering 5.75% and it showing possible drop. We do not know how market is recovering or declining

IslandBreeze07

Shel,

Yes, Fla homeowners insurance is excessive. That's why the new governor has been cracking down on Allstate and other insurance companies. I can tell you that I've been anxiously hoping to start owning a house but in the past years, it's not such a hot deal. Money's so tight for nearly everyone, including us. We've been putting most money into our business where we could put into a decent mortgage but no way can we do both.

Deaf Mortgage's right---bankruptcy stays on record for ten years. When you file a bankruptcy, your credit score plummets to 300-400. Lenders don't like it but if you do good with bills after few years, they are happy to take a look.

And let's not forget the property taxes. It's obscene! In Florida, something changed in a way that when homeowners sell their homes to move up to a bigger house, or a nicer house (whatever), they get the tax sticker shock when the property taxes come out. Taxes is the reason why my family left Long Island, NY and I see the same thing happening in Florida. It's probably a good thing I am not in Miami!!!

Renting isn't that bad these days. I got lucky with this house. I had planned to leave after five months. No rent increases in the past 3 and half years.

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IslandBreeze07

Yesssssssssss! Tough to do but working on that. They could drop. It does not look like RE people can clear out the houses completely until late 2009? I am thinking we are lucky because we can try striking while the iron is hot. So until then, we're doing all we can to make sure we are when it comes to getting a decent mortgage.

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IslandBreeze07

Sorry about multiple posts but it's weird how the news came on just TONIGHT saying that Governor Crist (R-Fl) is working on elimination of property taxes in FL and bump up the sales tax for everyone so houses can be bought tax free!

Oh, we'll see!!!!!!!

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sequoias

Yes it is true, due to lot of severe weather so the preinums go up. For instance, hurricanes and severe thunderstorms that is.

Kalista

What is VA stands for?

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Kalista

Oh that is explain !

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Kalista

I am still waiting to see the interest rate drop down to 5.00% to refinance on my mortgage, that will be saving 300 dollars a month. Right now, my condo value is not going up. I heard, State of Massachusetts house market will be much improve next year because they establish casinos gambles to help the State taxes stablization. My currently interest rate is 6.65% within 30 years fixed. It is awful struggle for my budget due to condo fee goes up now.

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Foxrac

Veterans Affairs

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Pinky

Hello. I have a question. Is your husband military?

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Pinky

We never buy the house yet. We are plan to get marry. We are still live in apartment to save our money for a new house. I never experience with buy the house. I really want to have a house but I don't have a job yet. In my state's economy is suck big time! I am learning about to buy a new house with VA Loan. I want to know anyone experience?? Do We have to pay whole of money out to buy house or VA loan with payment?? Can you explain to me if you're married to VA Loan house.

I didn't like our state's governor! Everyone do have problem with House mortgage and 2 much taxes right now.

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Deaf Mortgage

Is your husband involved with Military? That only way you can get VA loans.

I recently found one bank that offers no PMI if you are 80% below the medium income of the county.

So Military and low income may qualify to waive PMI.

Hope the property tax settle down soon.

Pinky

Yeah, my husband involved with Military. How about pay the bills if we get a house? I hope the property tax go down either. What is PMI mean? I am learning.

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