Jason Katz - Branch Manager
Jason has funded thousands of residential home loans with over a decade of lending experience. He is currently the San Diego, California Branch Manager of Commerce Mortgage. For more information, call, visit, email, facebook, or twitter.
Jessica Sutton – Loan Processor
The Processor works with the loan officer, borrowers, underwriters and escrow during the financing process. Jessica is responsible for reviewing all documentation provided by borrower to complete the application and submit with calculations to the underwriting team. She also works with the borrower and follows the loan through the funding.
Julia Warner – Sales Coordinator
The Sales coordinator works with the loan officer, clients and escrow during the financing process, actively supporting all and providing a direct point of contact for borrowers. Julia is responsible for completion of the initial application and disclosures, thus is in contact with borrowers requesting and receiving the initial credit package. She also opens escrow and obtains purchase agreements for purchases. Julia orders appraisals and works with the Processor on any conditions. Julia will work with file through funding.
Erin McWay – Client Relations Manager
The Client Relations Manager will work with the loan officer, borrower and processing team during the financing process, actively being a contact for borrowers during the process. Erin will do preliminary review of applications and credit items, order credit reports and following loan officer completion of the file set-up move it to the processing team. Erin sends out updates on the file process, and will work with the borrower, loan officer, processing team and agents through funding.
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The San Diego housing market just got a little reflief from WashingtonD.C. After a large amount of lobbying by home builders and Realtors®, the President signed a bill reinstating Jumbo FHA Loan Limits. The move raised loan limits to 125% of local median home prices to a maximum of $729,750. In San Diego County, the FHA loan limit will be $697,500. The increased loan limit will allow San Diego Home Buyers to enter in the marketplace in some of the higher cost areas. For the last couple of months, the maximum limit was $546,250. The extra $151,250 in borrowing ability should help stimulate the housing market.
“The reinstated loan limits will help provide much needed liquidity and stability to communities nationwide as tight credit restrictions continue to prevent some qualified buyers from becoming home owners,” said National Association of Realtors President Moe Veissi.
The new lending limits issued by HUD are specific to FHA loans. The current Fannie Mae and Freddie Mac loan limits have not been increased. Hopefully, in the near future, Fannie and Freddie will follow suit and raise their loan limits back.
Whether you have children now or are considering have them in the future, buying a home normally involves an evaluation of the schools in the surrounding areas. A commonly used evaluation tool is the Academic Performance Index or API Score.
The API scores represent how well the students are learning basic skills. The scores rank from 200-1000. The 2011 San Diego School Report shows the top ranked schools in addition to API growth from 2010-2011. The Base API shows the scores that were reported in March 2010, based on 2010 test results and sets targets for growth in the API from 2010 to 2011.
The 2011 Growth API shows the scores that were reported in August 2011, based on 2011 test results, and shows growth in the API from 2010 to 2011. Note: New schools, alternative, continuation schools and those with 100 or fewer students were not included.
The San Diego School Report breaks down:
View the San Diego School API Full Report (27 pages)
View the San Diego Top Ranking Schools API School Report (4 pages)
San Diego County has many Active and Retired Military families looking to take advantage of VA financing. The obvious benefit is the home buyer’s ability to take advantage of 100% financing with no mortgage insurance. Although there is no mortgage insurance, VA does charge a Funding Fee, and this amount could change.
Good news came out earlier in the year that the Veteran’s Administration funding fee for Active and Retired Military was to be reduced (See chart below). Then an announcement was made that the decision was to be reversed.
A bill in Congress called H.R. 674 is pending Congressional Action. This is the bill that reverts the VA funding fee on Purchase and Refinance transactions back to the existing levels. It has currently passed the Senate, and is being considered by the House of Representatives. The legislation would keep VA Funding Fees at it’s current level through 2016. If the bill is not signed the proposed lower Funding Fees will be enacted. For homeowners in San Diego County, a lower Funding Fee means a lower monthly payment each month. Cross your fingers.
|Type of Veteran/Military Status||Down Payment||% For First Time Use||% For Subsequent Use|
|Veteran/Active Duty||Less than 5%||2.15%||3.30%|
|5% or more (up to 10%)||1.50%||1.50%|
|10% or more||1.25%||1.25%|
|Reserves or National Guard||Less than 5%||2.40%||3.30%|
|5% or more (up to 10%)||1.75%||1.75%|
|10% or more||1.50%||1.50%|
|CASH OUT REFINANCES|
|Type of Veteran/Military Status||% For First Time Use||% For Subsequent Use|
|Reserves or National Guard||2.40%||3.30%|
|INTEREST RATE REDUCTION REFINANCE LOANS|
|Type of Veteran/Military Status||% For First Time Use||% For Subsequent Use|
Many San Diego homeowners are unable to refinance based on a lack of equity in their home. The good news is that the Home Affordable Refinance Program (HARP) could make refinancing a possibility. The HARP program is ONLY available for loans owned by Fannie Mae or Freddie Mac. Since you do not make your payment to Fannie Mae or Freddie Mac you would not know unless you check. Even though you make your monthly mortgage payments to one of the major banks they most likely do not own your mortgage. There is a high probability they only service your loan. This means they collect the monthly payments on behalf of the owner i.e Fannie Mae or Freddie Mac.
Below are the steps you need to complete to find out if you are eligible:
Step 1: Click here to check Fannie Mae’s loan lookup tool.
Step 2: Click here to check Freddie Mac’s loan lookup tool.
Step 3: Call or email me to discuss the available HARP programs if either Fannie Mae or Freddie Mac own you loan.
There was some positive news in the mortgage world last week while over $843 billion dollars of investments were wiped away from the nearly 700 point loss in the Dow Jones Industrial Average. The steep decline was due to a number of reasons, including disappointing economic reports, a slow- down in manufacturing, and further concerns of the economy in Europe. The U.S 10 Year Treasury yield dropped down to 2.55%, a level not seen since the financial crisis of 2008.
Although mortgage rates for purchase loans and refinances are not tied to the 10 Year, it is a good barometer for the “Do it Your Self aka At Home Mortgage Expert”. You can follow the 10 year yield on free sites such as http://finance.yahoo.com. Lower yield tends to follow the trend of lower mortgage rates.
What happened to mortgage rates last week?
There are many factors that determine your mortgage interest rate (despite what you hear on television commercials that everyone is approved for a 3.99% 30 Year Fixed). The best day to have locked in your interest rate, regardless of your specific situation, was last Thursday afternoon 8/6/11. I was in my San Diego office calling as many clients as possible to share the news. Rates for a “No Cost Refinance Mortgage” on a conforming 15 year loan were in the high 3′s and 30 Year Conforming loans were in the Mid 4s’. Clients were taking advantage of even a .25% drop in rates at no cost, and saving hundreds per month on their mortgage. Rates rebounded with a fury on Friday as the better than expected jobs number came out.
One of the rate alert services I use to manage volatility in the mortgage market is RateAlert®. They warned of the potential spike in interest rates after the sharp decrease in rates on Thursday. The arrow pointing to the dotted line on the graph below shows the gain in the Fannie Mae 4% Mortgage Backed Security (MBS). This is what mortgage professionals and banks use to track volatility and determine daily interest rates.
An increase in the price of a MBS in laymen terms means lower rates (See green dotted line near arrow). The spike in the MBS above was summarized by J. Helmer of RateAlert® last Thursday “Every balloon that goes up to high eventually pops”.
The balloon popped on Friday giving back over 1/3 of the week’s gains.
News Flash - S & P Downgrades the U.S AAA Credit Rating. Monday should be another interesting day in the lending world.