Comparing news across the nation doesn’t help when you live in the Seattle, Washington.  Seattle real estate shows current housing inventory year over year has remained fairly close.  Seattle has not had a huge fluctuation or change as other metropolitan cities have.  During the tax credit boom, inventory dropped but has slowly increased back to the same level.

Reviewing local metro numbers, the percent of Seattle real estate for sale has dropped from the previous month by -1.2%.  Working with relocation clients, I do admit I see more and more out of state license plates in the Seattle area.

Seattle can be an exception with a stabilized housing market because of local powerhouse companies such as Boeing, Microsoft, Swedish, and Starbucks.  What do you see, real estate buyers slowing down with children returning to school?  Interest rates are at a historic low but that’s not enough savings to buy now?  Or Seattle home values will continue to slide more?

Post from: The Mortgage Reel - Seattle Real Estate Preferred Correspondent Lender

Seattle Real Estate Housing Inventory

Huge Reminder!!

FHA upfront mortgage insurance premiums (UFMIP) are increasing to 2.25% of the mortgage amount (includes streamline refinances) on call case numbers assigned on or after April 5, 2010 (Monday)!!  You must order your case numbers on FHA connection as HUD does not guarantee when your case number will be assigned!

*  UFMIP increases from 1.75% to 2.25%

*  Monthly PMI remains the same as of now

*  Down payment remains at 3.5% as of now

Contact us now with questions!

Post from: The Mortgage Reel - Seattle Real Estate Preferred Correspondent Lender

FHA Financing Reminder April 5, 2010

Press Releases

Updated: February 17, 2010

ADMINISTRATION RELEASES JANUARY LOAN MODIFICATION REPORT
Number of permanent modifications nearly doubles over previous month; over one million trial modifications started

WASHINGTON – The U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) today released January data for the Administration’s Home Affordable Modification Program (HAMP), demonstrating that the number of homeowners receiving immediate relief and converting to permanent modifications continues to rise. More than 116,000 homeowners now have permanent modifications, nearly doubling the number from December, which also marked record progress. An additional 76,000 permanent modifications have been offered, and are waiting only for the borrower’s signature. In total, Over 1 million homeowners have started trial modifications and nearly 1.3 million offers for trial modifications have been extended to homeowners.

“With nearly one million homeowners paying less each month and the number of permanent modifications steadily rising, HAMP is doing the job it was designed to do,” said Phyllis Caldwell, Chief of Treasury’s Homeownership Preservation Office. “Struggling families are receiving payment relief and the housing market is showing signs of stabilization.”

Mortgage modifications are one piece of the Administration’s broader housing market stabilization plan. Other efforts include support for lower mortgage rates and access to credit, state and local housing agency initiatives, tax credits for homebuyers, neighborhood stabilization and community development programs, and support for mortgage refinancing. After just one year since President Obama announced the Homeownership Affordability and Stability Plan, more than 4 million homeowners have refinanced their mortgages to more affordable levels, interest rates are at record lows, home prices and home sales are rising again and the economy is growing.

According to HUD Senior Advisor for Mortgage Finance William Apgar: “As the number of permanent modifications grows, HUD will continue to work with our Administration partners and utilize our broad network of housing counseling agencies to increase those numbers still further.”

HAMP is the most ambitious government program of its kind – reaching far more homeowners than any previous program has ever attempted. Less than a year after its launch, the program is providing significant relief to struggling families. More than 940,000 homeowners currently have reduced monthly mortgage payments with a median savings of more than $500. That is an aggregate savings of more than $2.2 billion.

With nearly 1.3 million trial modifications offered already, the program is on pace to meet its overall program goal of providing 3-4 million homeowners the opportunity to stay in their homes.

The January HAMP report can be found here.

Post from: The Mortgage Reel - Seattle Real Estate Preferred Correspondent Lender

Home Affordable Modification Program (HAMP)

Associated Press – Wed Dec 30, 2009

SAN FRANCISCO – Next year may be to appliance buyers what 2009 was to car buyers: time for government rebates.

Modeled after the popular Cash for Clunkers program, which was intended to get cars with low gas mileage off the road, a federal appliance rebate program is launching in early 2010. It offers a boost to people buying energy-efficient clothes washers, refrigerators and other appliances – those that qualify for the federal “Energy Star” designation – and to manufacturers, whose sales fell 10 percent in 2008 and another 12 percent through mid-December this year.

The program has only $300 million, one-tenth as much money as Cash for Clunkers, or about $1 per U.S resident, so it could run out fast. States are receiving roughly the same amount per capita, with California getting the most at $35.2 million, but what’s eligible varies by state.

Here’s what to keep in mind as you decide whether to swap your washer for that supposedly whisper-quiet model or your old white refrigerator for a shapely stainless-steel number.

WHAT’S MY STATE OFFERING? For state by state information, visit the federal Web site energy savers and click on “state appliance rebate program” on the right.

California residents, for example, can get cash back on three types of appliances: $100 for washing machines, $75 for refrigerators and $50 for room air conditioners. Wisconsin offers rebates on washers and fridges plus $200 for boilers or furnaces, $75 for central air conditioning or geothermal heat pumps, $50 for freezers and $25 for dishwashers.

(Also in effect through Dec. 31, 2010, is a federal tax credit for 30 percent of the cost up to $1,500 on equipment for a primary residence.)

HOW DO I KNOW IT’S A DEAL? Joe McGuire, president of the Association of Home Appliance Manufacturers, said buying Energy Star appliances can mean hearty power savings. But it’s important to make sure you save enough in water and energy bills over time to justify paying for a new unit.

“A good example is a 10-year-old clothes washer,” he said. “With Energy Star, you could reduce utility costs by $145 a year and save 5,000 gallons of water a year.”

At that rate, a typical $500 to $700 dishwasher would pay for itself in four years. In larger households that use more power and water for laundry, the payoff can come much sooner.

It’s probably not worth replacing appliances less than five to seven years old just because rebates are available, unless you plan to upgrade to a far more efficient model. That’s because newer appliances are already more efficient. But switching from a top-loading to front-loading clothes washer could in itself cut water use enough to make a purchase worthwhile.

The older the appliance, the greater the possibility of saving money by buying a new one. McGuire says a 20-year-old refrigerator uses three times as much power as Energy Star-approved units made today, some of which run on less than 60 watts.

“You would save over $250 a year on an average 20-year-old refrigerator if you replaced it,” McGuire said. “That’s about $1,200 over five years. That is real savings to consumers.”

The Department of Energy estimates Americans saved more than $19 billion on utilities last year using Energy Star products.

WHEN WILL IT END? Rebates will be available until February 2012 or the money’s gone. And Jen Stutsman, a spokeswoman for the Department of Energy, expects the funds to run out fast.

Post from: The Mortgage Reel - Seattle Real Estate Preferred Correspondent Lender

Government Rebate for Energy Efficient Appliances

On November 30, 2009, the Treasury Department released guidelines and forms for its new Home Affordable Foreclosure Alternatives Program (HAFA). HAFA is part of the Home Affordable Modification Program (HAMP). HAFA provides incentives in connection with a short sale or a deed-in-lieu of foreclosure (DIL) used to avoid foreclosure on a loan eligible for modification under the HAMP program. Servicers participating in HAMP are also required to comply with HAFA. A list of servicers participating in HAMP is available at MakingHomeAffordable.gov.

HAFA applies to loans not owned or guaranteed by Fannie Mae or Freddie Mac, which will issue their own versions of HAFA in coming weeks.

HAFA is a complex program, with 43 pages of guidelines and forms, designed to simplify and streamline use of short sales and deeds-in-lieu of foreclosure. HAFA:

• Complements HAMP by providing a viable alternative for borrowers (the current homeowners) who are HAMP eligible but nevertheless unable to keep their home.
• Uses borrower financial and hardship information already collected in connection with consideration of a loan modification.
• Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).
• Prohibits the servicers from requiring a reduction in the real estate commission agreed upon in the listing agreement (up to 6 percent).
• Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed).
• Uses standard processes, documents, and timeframes/deadlines.
• Provides financial incentives: $1,500 for borrower relocation assistance; $1,000 for servicers to cover administrative and processing costs; and up to $1,000 for investors for allowing a total of up to $3,000 in short sale proceeds to be distributed to subordinate lien holders (on a one-for-three matching basis).

The program does not take effect until April 5, 2010, but servicers may implement it before then if they meet certain requirements. The program sunsets on December 31, 2012.

NAR HAFA Program FAQ

Post from: The Mortgage Reel - Seattle Real Estate Preferred Correspondent Lender

Home Affordable Foreclosure Alternatives Program (HAFA) Guidelines

by Associated Press

Posted on November 10, 2009 at 12:53 PM

SPOKANE, Wash. — The number of existing homes sold in Washington increased in the third quarter compared with the previous three months, the Washington Center for Real Estate Research reported Tuesday.

The federal first-time homebuyer tax credit helped sales increase 15.6 percent, according to the center at Washington State University. Sales also were 2.6 percent higher than a year ago, the center said.

It was the first year-to-year improvement in sales since the fourth quarter of 2005.

But the median home price during the July-September period was $260,000, which was 7.6 percent less than a year ago.
“It must be noted that this represents a continued slowing in the rate of decline in prices,” said center director Glenn Crellin.

The median price was also held lower because the most active segment of the market was first-time buyers seeking the most affordable homes, he said.

A special study by the center found that about half the home sales in the state during the April-June quarter were to buyers claiming the tax credit, Crellin said. Last week’s decision to extend the federal program should help the housing recovery, he said.

Median prices ranged from a high of $515,000 in San Juan County to a low of $125,000 in Adams County.

There were just over 49,000 homes listed for sale with multiple listing services at the end of September, 14.3 percent fewer than a year ago. This was the smallest September inventory since 2006.

While median prices declined, mortgage interest rates increased during the quarter, leaving affordability basically unchanged. The housing affordability index statewide stood at 122.8, meaning the median income family had 22.8 percent more income than the minimum required to qualify to purchase a median price home with a 20 percent down payment and a 30-year mortgage.

WCRER has produced home sales statistics in partnership with Washington Realtors since 1994.

From:  http://www.king5.com/news/business/Home-sales-in-Washington-state-rise-in-3rd-quarter-69685212.html

Post from: The Mortgage Reel - Seattle Real Estate Preferred Correspondent Lender

Home Sales in Washington State rise in Q3 2009

Major FHA / HUD Condominium Financing Changes Start October 1, 2009. 

Under revised guidelines effective October 1, 2009, the FHA is implementing a new approval process for condominiums to be eligible for FHA / HUD financing. Under the new guidelines, the spot approval process will no longer be available, and approvals expire every two years.  Click here to see a copy of the HUD Notice.

 - Historically, to utilize HUD / FHA financing, a condominium could, under certain circumstances, receive “spot approval” for lending with HUD / FHA, or the association was required prepare and submit a comprehensive package of materials for consideration for “permanent” approval. 

  - Under the October 1, 2009 guidelines, FHA will allow lenders to determine project eligibility, review project documentation, and certify compliance with the National Housing Act requirements. We expect lenders will approach association boards and managers, asking for certain information, certifications, and even legal opinions regarding compliance with certain legal requirements.

  - If a condominium is not on the FHA-approved list, or has lost its approval because it underwent repairs or litigation, or for some other reason, the board of directors may wish to consider applying for approval (or re-approval).  

 To view the current list of condominiums undergoing the approval process in the local area, click here. 

Thanks

The Mortgage Reel

Post from: The Mortgage Reel - Seattle Real Estate Preferred Correspondent Lender

Seattle Real Estate FHA Condominium Changes October 1, 2009

Green information provided today continues to get updated daily, monthly or annually.  The Mortgage Reel was able to speak directly with Brenda Nunes at Sustainability Foundation.  Sustainability Foundation is a Washington State non-profit corporation with the mission of promoting balanced development.   Brenda has provided information regarding the most requested topics and websites to reference. 

This post is going to consist of general information about the Design and Materials used for a green-designed home and website links.  As mentioned please refer to the links for the most accurate information. 

Exceptional Design

A green-designed home takes into account the orientation of the lot, local climate, comfort and durability.  Building “more” while using “less” while the focus is on the quality.

The Not So Big House

www.thenotsobighouse.com

Built Green Washington Case Study

www.builtgreenwashington.org/study.php?id=10

Fine Homebuilding

www.taunton.com/finehomebuilding/Design/Green-Design/72526.aspx?channel=2

Exterior

A green-designed home takes into consideration energy, longevity, health, comfort, and materials efficiency in its exterior envelope.

U.S Dept. of Energy

www1.eere.energy.gov/buildings/residential/envelope.html

Efficient Window Collaborative

www.efficientwindows.org/lowe.cfm

Finishing Materials

The choice of interior finish materials in a home can impact the health of its occupants, the environment, the local economy, indoor air quality, and natural resource consumption. 

A green designed home can incorporate finishes that are natural, recycled, recyclable, salvaged, durable, locally produced, sustainably harvested, and non toxic.

Tool Base Services

www.toolbase.org/toolbaseresources/level3.aspx?bucketid=2&categoryid=17

National Resource Defense Council’s Simple Steps

www.simplesteps.org

Green Building

www.greenbuilding.com

Thanks

The Mortgage Reel

Post from: The Mortgage Reel - Seattle Real Estate Preferred Correspondent Lender

Seattle Real Estate – Green Environmental Finishes

Green information provided today continues to get updated daily, monthly or annually.  The Mortgage Reel was able to speak directly with Brenda Nunes at Sustainability Foundation.  Sustainability Foundation is a Washington State non-profit corporation with the mission of promoting balanced development.   Brenda has provided information regarding the most requested topics and websites to reference. 

This post is going to consist of general information regarding Energy/Water Efficiency Improvements and website links.  As mentioned please refer to the links for the most accurate information. 

Energy Efficiency

According to a 2004 Department of Energy study, the electricity that we consume in our houses represents almost 15% of total greenhouse gas emissions in the US. 

A green-designed home focuses on energy efficiency from the ground up and can include improved insulation, HVAC, and appliances. 

Department of Energy Efficiency and Renewable Energy

http://apps1.eere.energy.gov/consumer/

Energy Star Home

www.energystar.gov/index.cfm?fuseaction=popuptool.athome

Alliance to Save Energy

www.ase.org/section/_audience/consumers

Indoor Air Quality

Did you know that the EPA has found that air inside your house can be two to five times MORE polluted – and maybe up to 100 times! – than the air outside your home?!

A green-designed home can clean pollutants out with interior finishes that don’t give off gas pollutants into the air and HVAC systems that keep pollutants out. 

Environmental Protection Agency

www.epa.gov/iaq/pubs/insidest.html

American Lung Association

www.lungusa.org/site/c.dvLUK9O0E/b.36056/k.BDFB/indoor_air_quality/apps/lk/links.aspx

GreenGuard Indoor Products Certification

www.greenguard.org

Water Efficiency

If you compare the world’s entire water supply to one gallon, fresh water composes four ounces (3%), and readily accessible fresh water makes up just two drops. 

A green-designed home saves water with improved water efficiency through the following:  low-flow or dual flush toilets, low-flow faucets and showerheads, rainwater catchment and reuse, natural storm water management, and drought-tolerant plantings. 

EPA Water Sense

www.epa.gov/watersense/index.htm

Sweet Briar College Project

http://witcombe.sbc.edu/water/

H20 Conserve

www.h2oconserve.org

Thanks

The Mortgage Reel

Post from: The Mortgage Reel - Seattle Real Estate Preferred Correspondent Lender

Seattle Real Estate – Green Efficiency Improvements

Building “Green Homes” is becoming a very popular topic as more consumers are looking to help protect the environment.  The opportunity to save money because of Green upgrades such as energy efficiency, materials, tax rebates have created a huge interest among local Seattle home owners, buyers and nationwide. 

Green information provided today continues to get updated daily, monthly or annually.  The Mortgage Reel was able to speak directly with Brenda Nunes at Sustainability Foundation.  Sustainability Foundation is a Washington State non-profit corporation with the mission of promoting balanced development.   Brenda has provided information regarding the most requested topics and websites to reference. 

Three sections of information will be posted:  Home & Location, Energy/Water Efficiency Improvements, and Design & Materials. 

Home & Location

Green Home

A green-designed home can provide benefits for investment, health, energy efficiency, and the environment. 

Built Green Washington

www.builtgreenwashington.org

Going Green at the Beach

www.goinggreenatthebeach.com

NAHB Green

http://nahbgreen.com

Local Economy

A green-designed home incorporates as many products and services from local sources as possible.  Buying “locally” promotes the “hometown” economy and saves on transportation costs. 

Buy Local Organizations

http://www.buylocal.net

Times-Herald Record (Hudson Valley)

http://archive.recordonline.com/archive/2006/08/06/news-sustain06-08-09.html

Location

The old real estate maxim, “location, location, location” now has new meaning when we consider the impact of buildings on the environment. 

The location of a green-designed home can be influenced by the proximity of amenities such as pedestrian trails and services, or even the soil at the site. 

A green-designed home can provide benefits for investment, health, energy efficiency, and the environment. 

Inhabitat Weblog

www.inhabit.com/2006/06/28/green-building-101-location-community/

The Low Impact Development Center

www.lowimpactdevelopment.org

PathNet

http://www.pathnet.org/sp.asp?id=10043

Please check review Energy/Water Efficiency Improvements, and Design & Materials!

Thanks

The Mortgage Reel

Post from: The Mortgage Reel - Seattle Real Estate Preferred Correspondent Lender

Seattle Real Estate Green Home Information