Napa Mortgage News

Winning the lottery......looser loan guidelines & Napa Relay for Life!

July 31st, 2017 11:47 AM by Dale DiGennaro

Dear Gena,

As you probably know by now....there are many different loan products available and many ways to get a loan done! That's whats great about being a broker. I can use a varity of lender options and am able to restructure loans & use my choice of resources to get them to closing.

That being said...the industry is continuously improving systems and making it easier to get your loan approved.

This weekend Fannie Mae had a release of what I would call somewhat "looser guidelines" and with that we get more.......

Automated values (PIW's) so we don't need to wait....or pay for... a full appraisal.
Higher debt to income (dti) ratio's so you can actually qualify with more debt
Disbuted tradelines will be reviewed an given a different valuation which will be more accomodating
Products available to 95% with differend offerings depending on your individual situation
Future Income Product so you can now get a loan even if you haven't started your job yet. Just need employment contract.
Special concessions for self employed borrowers including the requirement for only one years tax returns.

But the best loan I've seen so far...was just sent to me by one of my long time clients.........

I'm not sure that I can help you win the lottery...but I will certainly do my best to get you, your family, friends and referrals into the best loan possible!

Have a great week.

VISIT OUR WEBSITE

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THINKING OF SELLING OR EVEN DOING A REFINANCE...
Our "Home Price Index" will take into consideration your original purchase price & date of home purchase to determine...

according to the appreciation rate for the region you live in...whether it is a good time for you to refinance now or....if you are getting ready to list your home...what a reasonable value for your area would be. You can also sign up to receive a quarterly report of your homes value based on the up to date analysis of your region.

Just a couple of ways that Custom Lending keeps you informed of our changing market place so you can make the best financial decisions for you and your family!

Fed to Act "Relatively Soon"

This week's Fed meeting caused some volatility but had almost no net effect on mortgage rates. The economic data caused little reaction. Mortgage rates ended the week very slightly higher.

The statement released on Wednesday following the conclusion of the Fed meeting contained little new guidance about future policy. According to the statement, officials expect to begin to scale back (taper) the Fed's holdings of Treasury and mortgage securities "relatively soon." Many investors think that the Fed will announce the tapering at the next meeting on September 20. As expected, the Fed made no change in the federal funds rate. Officials provided little indication that the low inflation readings seen in recent months have altered their outlook for the pace of future rate hikes.

On Friday, the first reading for second quarter gross domestic product (GDP), the broadest measure of economic activity, was 2.6%, which was very close to the consensus forecast. First quarter GDP was revised lower to 1.2% from 1.4%. During the second quarter, strength was seen in the key areas of consumer spending and business investment.

The large improvement during the second quarter was great news for the economy. However, since it was right on target with the expected levels, there was little market reaction.

Monday's report on home sales activity showed that little has changed over the last few months. In June, sales of existing homes were at roughly the same level as in April and May. They were slightly higher than a year ago.The

inventory of existing homes for sale was at just a 4.3-month supply and was 7% lower than a year ago. The median existing-home price was 7% higher than a year ago.

Looking ahead, the important monthly Employment report will be released on Friday. As usual, this data on the number of jobs, the unemployment rate, and wage inflation will be the most highly anticipated economic data of the month. Before that, the ISM national manufacturing index and the Core PCE price index, the inflation indicator favored by the Fed, will be released on Tuesday. The ISM national services index will come out on Thursday.

Greater Napa Kiwanis Club!

Relay For Life Event...

Greater Napa Kiwanis Club working The Relay of Life

My Kiwanis chapter...which meets at Downtown Joe's every Wednesdaymorning at7:30am....assisting with the Relay for Life event this weekend.

This week join us at Filippi's at 6:30pm for our once a month evening meeting.

See more event photo'sHERE!

"Thank you for always trusting in us to do the best for you and your family and please feel free to call me anytime you have questions. I will be happy to share with you whatever information you may need!"