According to a recent survey by the National Association of Realtors (NAR), the typical U.S. homebuyer spent less and borrowed less in 2011. NAR's annual Profile of Home Buyers and Sellers, which due to methodology tends to under-represent investors versus owner-occupied properties, reported that "first time buyers, who made up 37% of the market, down from an historic 40% share, had a median age of 31 and income of $62,400, up from $59,900 in the 2010 study. This buyer typically bought a 1,570 square foot home for $155,000, taking on a median monthly mortgage principal and interest payment of $794. The typical repeat buyer was 53 years old, earned $96,600 (up from $87,000 reported last year) and purchased a 2,100 square foot home for $219,500 with a median payment of $1,006." Most purchased a SFR (77%), 9% a condo, 8% a town or row house and 6% some other kind of housing. The median down payment for all buyers was 11%, however for first-time buyers it was 5% and for repeat buyers 15%. In both cases the median was a full percentage point higher than in 2010. Fifty-four percent of first-time buyers financed with a low-down payment FHA mortgage, and 6% used the VA loan program which requires no down payment."

Large and smaller print:
According to a recent survey by the National Association of Realtors (NAR), the typical U.S. homebuyer spent less and borrowed less in 2011. NAR's annual Profile of Home Buyers and Sellers, which due to methodology tends to under-represent investors versus owner-occupied properties, reported that "first time buyers, who made up 37% of the market, down from an historic 40% share, had a median age of 31 and income of $62,400, up from $59,900 in the 2010 study. This buyer typically bought a 1,570 square foot home for $155,000, taking on a median monthly mortgage principal and interest payment of $794. The typical repeat buyer was 53 years old, earned $96,600 (up from $87,000 reported last year) and purchased a 2,100 square foot home for $219,500 with a median payment of $1,006." Most purchased a SFR (77%), 9% a condo, 8% a town or row house and 6% some other kind of housing. The median down payment for all buyers was 11%, however for first-time buyers it was 5% and for repeat buyers 15%. In both cases the median was a full percentage point higher than in 2010. Fifty-four percent of first-time buyers financed with a low-down payment FHA mortgage, and 6% used the VA loan program which requires no down payment." see more here

Thanksgiving

It has been another challenging year of change and opportunity. In the mortgage industry, we have been impacted daily by new regulations and investors’ demands for quality. At the same time, we have been able to take advantage of low interest rates, resulting in increased application volume.

Everyone has worked hard and worked together to serve our borrower(s). Thank you for your commitment to quality and to excellence. Our offices will be closed on Thursday and Friday as we all take time to enjoy this holiday with friends and family.



I hope you all have a safe and Blessed Thanksgiving.


Warmest Regard,

Mr. Will

Fannie Mae and Fredie Mac First timw home buyers

On 11/22/2011 10:25 AM, Will Rudloff wrote: www.willrudloff.com
On the good news side of things, Existing Home Sales came in above expectations driven by an increase in single-family sales. It takes down the inventory to 8 months, although the distressed sales amounted to 28% of the activity (vs. 13% In Sep), and that first time home buyers made up a greater share of activity. Year over year existing home sales and are 13.5% higher than the 4.38 million unit level in October 2010. Analysts point out that this month's report is a bit more positive but do not expect the trend to persist. And loan agents can tell you that contract failures reported by NAR members NAR National Assoc of realtors)
Information earlier from Rob Chrisman [rchrisman@robchrisman.com]

Today's Thought

From Forbes earlier today:
“ Only in quiet mind is adequate perception of the world. ”

— Hans Margolius

Home Under Water

Home under water?
The two main servicers of mortgages made some changes regarding refinancing homes that are under water. These new provisions became effective on November 15th.

At 5pm yesterday, both Fannie and Freddie released their "versions" of the Home Affordable Refinance Program.

Here is a small excerpt,

“For loan applications on or after December 1, 2011, eligible loans are those "sold" (not closed) to Fannie and Freddie BEFORE June 1, 2009.”

This could be a great opportunity for clients who intend to remain in their homes and need to take advantage of these lower rates. However, this is not for everyone. Please see the attachment we sent to everyone regarding these refinancing changes. There are some very important details that you need to read.

If you would like more information, please visit my Website HERE.

Am I smarter than you??

Thought this article was worth sharing:


I’m smarter than you are
November 16th, 2011. By Mike Marchev

I could wax eloquent on this subject and have lots of fun doing so.
But in the interest of time–both yours and mine, I will immediately
Address the subject at hand.

I believe I am smarter than you for five very simple reasons:

1. I read a lot. I don’t care what books you read while attending
Harvard or MIT. Or Wellesley or Smith. I was a History Major at UMASS
and for the past 40 years, I have yet to be asked a question about the
Battle of 1812. I do want to know everything I can about people,
sales, marketing, why people think the way they do and how the
different generations differ in thought and practice. The answer to
all these questions come as a result of reading. And I read a lot. Do
You read a lot? Or are you content on staring at your diploma from a
Zillion years ago?

2. I fail a lot. I refuse to stay within my comfort zone and play it
safe. I am constantly trying new things both on and away from the
Internet. I believe that with failure comes learning. I fail a lot. Do
You fail a lot? Do you learn from your failures?

3. I am coachable. Knowing you don’t know it all is key. Being able to
Internalize constructive criticism and learn from other’s experiences
Is a skill worth developing? With being coachable comes the
Willingness to practice. I practice a lot. Do you practice a lot?

4. I listen a lot? Most people simply wait their turn to speak. I
Listen a lot. Do you listen a lot? Do you enter a conversation with?
The understanding that you already know what you know, and that the
Trick is to learn and benefit from what others know. The key is to
Develop the skill of “listening.” Go to school on other people.

5. I laugh a lot. The ability to find the humor in most situations is
A skill that differentiates the true professionals from the wanna-bes.
Humor drives a happy environment. Being confident enough to laugh at
Yourself puts others at ease. I laugh a lot. Do you laugh a lot?

And there you have it. Five reasons why I believe I am smarter than you are.

I read, fail, learn, listen and laugh more than you do. Hence, I in my
World by my definition, I am smarter than you.

But, as in everything I do and everything I say, I may be wrong. In
This case, I truly hope I am wrong. I want to believe that you read,
fail, learn, listen and laugh more than I do. Because if you do, you
are on your way to a super-fine life. Get on track. Then keep on
track. Be smarter than me.
Thanks Bev from J&B Travels www.jandbjourneys.com

Why do we do it.

http://www.forbes.com/sites/sap/2011/11/09/what-paterno-teaches-us-about-ethics/?partner=following_topic_daily

From Forbes Earlier:
The old quote goes “Principles only mean something if you stick by them when they’re inconvenient.” Or to quote Denis Diderot specifically, “There is no moral precept that does not have something inconvenient about it.” Leadership is hard, but if it were easy everyone would be one. We can learn alot as business leaders from this specific example.

Avoid Foreclosure: Florida

Avoid Foreclosure: Florida

Quotes for the folks. Enjoy your weekend Mr. Will from Jville..

We can let circumstances rule us, or we can take charge and rule our lives from within.
- Earl Nightingale

Positive thinking will let you do everything better than negative thinking will.
- Zig Ziglar

When life gives you lemons, Make Lemonade.
- Anonymous saying

What lies behind us and what lies before us are tiny matters compared to what lies within us.
- Ralph Waldo Emerson

Student loans

If a debt payment, such as a student loan, is scheduled to begin within twelve months of the mortgage loan closing, the lender must include the anticipated monthly obligation in the underwriting analysis, unless the borrower provides written evidence that the debt will be deferred to a period outside this timeframe.