USDA Rural Housing Loan

My first time home buyers are whooping it up. Why not? The popular first time home buyer tax credit that was set to expire end of November 2009 may be extended through end of June 2010.

I have buyers who have been looking for months but are getting outbid so many times, or are running out of time waiting for the short sale approval/acceptance of their offers.

Even better, it isn't just first time buyers who have reason to celebrate. A new tax credit was introduced to aid repeat buyers. I wonder if this will apply both for buyers who want to move up as well as buyers who want to downsize.

Although the complete details aren't available yet, here are the key provisions.

First time home buyer tax credit

• Buyers must be in contract by April 30, 2010
• Buyers have 60 days from that day to close escrow to qualify for the tax credit
• Tax credit is $8,000 or UP TO 10% of purchase price

Repeat buyers tax credit

• Defined as homeowners who have lived in their residence for five years
• Tax credit is $6,500

But wait, there's more! The levels for the home buyers were increased! Good news, indeed, for at least one of my buyers who was making more money than the previous qualifying level. So now, there's a chance that he will qualify for the tax credit after all!

• Individuals earning up to $125,000, up from $75,000 for individuals under the current law
• Couples earning up to $250,000, up from $150,000 under the current law'

More tax credits.

Additionally, there are other tax credits that the homeowners can explore. Although folks may argue that these tax credits are costing us....think of another way to look at these credits. They will encourage folks to BUY! And when they buy more goods and services, they (and we) do our share to stimulate the economy.

• federal tax credits for energy efficiency. Time to replace that old furnace? Want to get double pane windows? Need to get better insulation? Want to replace that leaky roof? Old water heater on its last legs? There's an energy-efficient solution to meet your requirements.
• ENERGY (Energy Efficiency & Renewable Energy) STAR appliances that may apply to central air conditions, washers, dishwashers, freezers, refrigerators, and more. More on this as things develop.

Have fun shopping!

How To Create and Use iFrames and Tables on Your Blog

Last week I promised to create a post explaining how to add iFrames and tables to your Blog posts.  Instead of making this a long drawn out technical "How To" tutorial, I decided to make it really easy for those of you interested in using this feature.  It is HTML based and does require a little HTML skill, but I think the way I'm about to show you will totally simplify the process and keep you from losing your sanity! lol~

The hardest thing you'll have to do is switch the tabs at the top of your New Blog Post from "WYSIWYG" to "HTML"  then you'll just need to copy the code onto the HTML page where you want your iFrame to appear, then save it.  Can't make it much easier than that. So let's start with the iFrame. The purpose of Adding an iFrame to a Blog post is so that you can share a large amount of information in a very small (customized) space.  Maybe a website, or an interactive page, or even an entire Blog for example.

Here's an iframe of a site I'm sure you'll all recognize. :-) (updated to show image only)

The size, color, width, height, URL, etc. can all be customized. Now for all you advanced HTML users and Bloggers, this is probably easy stuff, but for many of our members and friends, learning this type of stuff has been known to cause overdoses of Tylenol and in some extreme cases, even alcohol.  So here's a way for you to preserve your anxiety and stress for something a little more worthy.... I hope.

HTML Basics has setup what they call an iFrame generator.  You just enter in the information, and it creates the iFrame for you, then just copy and paste the code into the HTML tab of your new Blog post. It looks like this:

Just enter the URL of ANY page you want to appear in your iFrame, never make it wider than 550pixels if you don't want to Blow Out your Blogs sidebar, select any height you want, give it a name, set the alignment, maybe add a border with some color, setup how you want it to scroll, and generate the code for your Blog post.  This is much easier than trying to explain the HTML which you're about to see once you generate the code anyway. Once you become familiar with the iframe code, you won't need the generator anymore. Now try it yourself. 

Suggestions: Try using your MLS page, your IDX page, your Website, one of your Blog posts, maybe your AR Outside Blog, any page that's on the internet will work as long as you have the URL or website address.  You can use iFrames to add some additional value to your Blog if this is something you're interested in. Now just be creative and imagine all the ways your clients, visitors, and subscribers might benefit from your using custom iFrames in your Blog posts.

Are you ready for tables now? Here's a link to a table generator, you'll be a pro in no time at all!  :-)

Some Table Scraps	RE Video	RETechWorld
Goal Planner	ActiveBrads Blog	iDomain
TechKnowBabble	AR Manual	The REBlogger

HTML Tables

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Hit router was created to drive more traffic to your website.

There are two sides to hit router:

1. the free side i.e my markets,
2. the pay for clicks side i.e start a new campaign.

You also get credits for driving traffic to other agents sites who are not competing within your markets. You can use these credits to pay for a click campaign within your own markets. You could be routing consumers to Ted's url in Alaska and use the credits you earn to buy clicks/traffic for your own url in Arizona for instance.

There are a couple tricks and strategies that will help you get the most out of Hit Router, but first you need to set up your markets. This is very easy to do. First from your 'my home' page, on the left hand side of your screen you see the word 'Hit Router' in blue just beneath where it says write a blog post. Click on it. Now you see three key phrases that are in blue starting at the top it says 'start a new campaign' under that it says 'my markets' and then under that it says 'click credits'.

In the city box just under where it says my markets type in the name of the city where you do the most farming. then click on the city name that is in the right state in the drop box menu. Once you have done this an empty box appears that says:

this is where you will put the url (link) you want to route clients to. Make sure this is the unique url that will have them looking at pictures of homes for sale in the city you have selected. not the front page where they must enter their search terms. It is best to send them to a web site that will capture them as a prospect through forced registration. It will be best to force the registration after they have clicked on their first listing then moved on to their second one. Only require a name and e-mail address leave phone number optional.

If we route our potential prospects to any other type of web site where we are not displaying listings, we have a high chance of losing them.

Once you have set up your markets any visitor to the site who is reading your blog or is on your profile or outside blog and types one of your market cities into the search for homes bar that is on every page of active rain if you are not logged in as a member, will be routed directly to the url you have chosen.

If they type in a city that is not within your markets then they will be routed to whatever url belongs to the person who is buying clicks for that city and you will get click credits. When you consider that within most markets google charges an average of $2-$4 per click our cost per click which is as low as $0.49 is a much better deal. when you consider the fact that the person being routed to your site from ActiveRain is looking up real estate related information already, their traffic to your site is worth much more then generic google traffic of some one who for instance just typed in a city and state into their google search bar for something unrelated to real estate.

Starting a click campaign is very easy under where it says 'start new campaign' type the name of the city you want to buy clicks for into the box that says city. Next highlight the city that is in the right state in the drop box menu and give it a click. Now under location it says the city you will be buying clicks for to the right of that it has the min. suggested bid for that area to the right of that you see a green check mark that means if your bid is equal to or greater than the bid in the CPC (cost per click) box just to the right of it you will get all the clicks for that area until you have reached your monthly budget which is directly to the right of the CPC , then the person who is in line behind you will begin getting the clicks for that area.

if you see a red check mark that means you are not in the first position to get those clicks so you must wait till those who have bid more per click then you have meet their budgets before you begin getting the clicks for that area. Now set the URL that will have them looking at homes for sale within that city and click create. Once you enter your payment info you are ready to set up new campaigns. right now we have members who are getting a 17% conversion ratio on their clicks. that means if mary sue bought 100 clicks at $0.50 she should get roughly 17 new clients for the cost of $50 that is a pretty good deal by any standards. even if Mary Sue only gets one new client out of those 100 clicks its still a great! deal for $50.

If you have any questions about Hit Router or any other feature of the ActiveRain network please give me a call 425-636-3314. Here at ActiveRain member services we are dedicated to the success of each and every member.

The rumors are true and I am excited! FHA has handed down the changes...

 

FHA had talked about increasing down payment to 5% rather than 3.5%

• Increased Enforcement- HUGE WIN!  Let's get the lenders that are not playing by the rules out of here- - the one's doing it right!
• MIP changes- not as big as you think- the analysis on monthly payment isn't a big hit
• We all have to follow the same rules, so no one has a leg up!
• 3% vs. 6% seller concession- talk to your borrowers about gifts! 

   Credit and Credit Scores

• New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA's 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%. (PrimeLending requires a 620 credit score for all transactions)
• This allows the FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well.
• This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer.

Reduce allowable seller concessions from 6% to 3%  

• The current level exposes the FHA to excess risk by creating incentives to inflate appraised value. This change will bring FHA into conformity with industry standards on seller concessions.
• This change will be posted in the Federal Register in February, and after a notice and comment period, would go into effect in the early summer.

Increase enforcement on FHA lenders  

• Publicly report lender performance rankings to complement currently available Neighborhood Watch data - Will be available on the HUD website on February 1.  
• This is an operational change to make information more user-friendly and hold lenders more accountable; it does not require new regulatory action as Neighborhood Watch data is currently publicly available. Enhance monitoring of lender performance and compliance with FHA guidelines and standards.  
• Implement Credit Watch termination through lender underwriting ID in addition to originating ID.
• This change is included in a Mortgagee Letter to be released tomorrow, January 21st, and is effective immediately.
• Implement statutory authority through regulation of section 256 of the National Housing Act to enforce indemnification provisions for lenders using delegated insuring process Specifications of this change will be posted in March, and after a notice and comment period, would go into effect in early summer.
• HUD is pursuing legislative authority to increase enforcement on FHA lenders. Specific authority includes:  
• Amendment of section 256 of the National Housing Act to apply indemnification provisions to all Direct Endorsement lenders. This would require all approved mortgagees to assume liability for all of the loans that they originate and underwrite
• Legislative authority permitting HUD maximum flexibility to establish separate "areas" for purposes of review and termination under the Credit Watch initiative. This would provide authority to withdraw originating and underwriting approval for a lender nationwide on the basis of the performance of its regional branches

In addition to the changes proposed today, the FHA is continuing to review its overall response to housing market conditions, and continuing to evaluate its mortgage insurance underwriting standards and its measures to help distressed and underwater borrowers through FHA/HAMP and other FHA initiatives going forward.

These changes are a positive move for our industray. Industry leaders will embrace them and continue to help more people achieve their dreams of home ownership!

Rate Lock Advice and Mortgage Market Update

December 4, 2009, 11:45 PT

RATE LOCK ADVISORY

Lock Advice:  LOCK
MBS prices are down -17/32.  After the Employment data came in stronger than expected. The economy lost just -11K jobs in November, and the Unemployment Rate fell to 10.0% from 10.2%.

RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice can change throughout the day .
Good economic news = Bad Rate News.

National Average Fixed Rate Mortgage
Unchanged at 4.87% on Dec.3

Fannie Mae Mortgage Backed Securities
MBS Opened at 4.544% Up 0.06%.

10 Year Treasury Currently 3.470% Up 0.08%

DJI Stocks $10,361.92,  Down -4.23, -0.04%

European and Asian Markets Up 0.654%

Nymex Crude Oil Currently $75.40 Down $1.06

 

If you value your business then please watch this three minute video
See TBWS Video

 

Rates 12-04-09, 11:45 PT
30 Year Fixed to $417,000
Rate 4.75%  Point 0.875,  APR 4.884%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked  for 30 days.
Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.
 No Application or Credit Report required

Education is the ONLY Effective Consumer Protection

• How to Find Legitimate Rate Quotes
• What is APR
• What is Yield Spred Premium (YSP)
• Avoid Closing Day Nightmares

President signs the First Time Buyer Tax Credit Extension Read Story

Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.

---

Bill Ladewig

800.664.7283 (SAVE)

Bill@YourFhaGuru.com

Website

 

 

 

Bill Ladewig is a Mortgage Broker Licensed by the California Department of Real Estate 00968137

San Diego FHA and VA Home Loans Escondido Mortgages Escondido Localism San Diego FHA and VA Home Loans San Diego Localism San Diego UFMIP Escondido Mortgages Escondido Localism San Diego Mortgage What is APR

These are my Top 40 Resources for Real Estate Industry Information and Education

Most of my reading hours are spent right here on ActiveRain.  Your Blogs and Posts.  Let's face it, one could sit at their computer ALL DAY everyday, and never run out of great material to read and learn from AR members.  There is more information, education, inspiration, and entertainment here than you could consume in a lifetime.  However, from time to time, I like to head out onto the Blogosphere SUPER-HIGHWAY and explore what else is out there.

When I first started working here at AR, I was reading folks like Seth Godin, The Scobelizer, Chris Brogan, and Guy Kawasaki.  Then I discovered other great sites and resources like GeekEstateBlog, where I soon became a contributing author.  The list kept growing over time. Now it has grown so large that I barely have enough hours in the day (or night) to try and keep up with all the great content that's available out there.  I still try, but my efforts seem futile.

In the spirit of "Paying It Forward" I'm sharing some of these great writers, Blogs, and sites with all of you. The information and education available out there is very powerful and useful if you know where to find it, learn how to use it, and then apply it.

Here are my TOP 40 Favorite Blogs, Sites, Writers and Resources:

ActiveRain - TechCrunch - Mashable - Social Media Today - ProBlogger Blog Tips - ChrisBrogan - Blog World Expo - Social Media Marketing Strategy, Tactics, and Tools - Social Media Marketing - Daily Blog Tips - RE Tech Source - SEOmoz Daily SEO - SEO Book - Learn. Rank. Dominate - Matt Cutts - Transparent Real Estate - Google Official Blog - GeekEstate Blog - 1000Watt Consulting - The Real Estate Bloggers - Rain City Guide - Sellsius Real Estate Marketing - The Real Estate Tomato - RE Tech World - MyTechOpinion - 360Digest - Real Estate Opinion MAG - AgentGenius - About.com Real Estate Business - The Phoenix Real Estate Guy - Future of Real Estate Marketing - Inman News Blog - Realty Times - Copyblogger - Guy Kawasaki - Seth Godin - BloggingTips - BloggingPro - TechKnowBabble - The Scobleizer - Buzz Networker - OnLine Marketing - Realtor.com Blog - SEO Scoop

I'd be thrilled to make this a "Top 100" list, so if I missed any you think should be added, just let me know.

Top 40 Resources For Information & Education

I'm sharing this to try and "Pay it forward" to these sites and writers for all the information and education they've continued to provide me over the years.  And to "you" for all that you have shared and contributed here as well.  That's what it's all about, people Paying-It-Forward, so thank you. I've created my ALLTOP, where these sites and authors can be accessed from a single page. You can also create your own ALLTOP FAVS page to be shared.

So for those of you who ask me all the time, "Brad, Do You ever sleep" and "Where do you come up with all this stuff?"  Well now my secrets have been revealed. Yes I do, and now you know. :-) The key is time management...and of course... a little speed reading. lol~

Hope you Enjoy, I sure have!

 

                 

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