COUNTRYWIDE WEEKEND RATES 5/9/08-5/11/08

Realtors and Customers,

Please find the Countrywide weekend rates attached for your clients.

This week’s informational topic from Rey Gallegos, Home Loan Consultant:

VA Loans: Many people forget about the only true 100% financing program
available in Clark County, Nevada.

VA Home Loan Features:

· No Down Payment
· No Income limit
· The Loan is Guaranteed by the Government (This is the banks
reassurance that in case of default they may still be able to recoup their
money)
· No up-front or monthly Mortgage Insurance
· This loan may be assumed by a qualifying person

VA Home Loan Requirements:

· Military veterans, active duty person's, and members of the national
guard or selected reserves are eligible
· Based on the applicant's length and type of service, VA issues a
certificate for each person determined eligible to apply for a VA
guaranteed home loan.
· A VA Funding Fee is required to be paid to the VA (This fee can be
financed into the Mortgage Loan)

VA Funding Fee: A VA funding fee is required to be paid to the VA to
guarantee the loan. This fee is a percentage based on the total financed
mortgage loan amount currently the VA funding fee is:
|--------------------------------------------------+----------+----------|
|VA Funding Fee Chart (Current as of 11/05/2007) | Funding |Reservist |
| | Fee % | FF % * |
|--------------------------------------------------+----------+----------|
|Purchase Loan Zero Down | 2.15% | 2.4% |
|--------------------------------------------------+----------+----------|
|Subsequent Loan | 3.35% | 3.35% |
|--------------------------------------------------+----------+----------|

For example, if you are active duty military and have not previously used
your benefit before and you are financing $100,000 for the purchase of a
new home with the VA Zero Down Home Loan. Your VA Funding Fee (2.15%)
would be $2,150.


Do I always have to pay the VA Funding Fee? No. In some cases, if you
have a Service Related Disability or for some refinances the Funding Fee is
waived.


Do I have to use the Zero Down Benefit? No, you can also use the benefit
with 5% or 10% down or more at a discounted funding fee.


So, as long as I am a qualified Veteran can I get a Zero Down Home Loan?
No, you still have to qualify under current VA Home Loan guidelines.


Did the VA Loan Limit increase? VA has never had a loan limit, however
most lenders have maximum loan amounts for VA Loans. Countrywide’s are
$666,600 for purchase and rate & term transactions for reservists and
national guard and $799,999 for purchase and rate & term transactions for
regular military. Even though the Countrywide VA Loan limit has been
raised, loans that are above the conforming loan limit, $417,000, do not
carry the same guidelines as a traditional VA Loan. The qualifying veteran
is required to contribute 25% of the difference above $417,000.


For example, if you a buying a Las Vegas home for $480,000 with a VA Loan,
the VA will fully guarantee the first $417,000 and then they will guarantee
the remaining $63,000 as long as the Veteran contributes with 25% or
$15,750 of that $63,000.


Have a great sales weekend!!!!




Best Regards,



Charlie Johnson

Countrywide

Home Loan Consultant

10190 Covington Cross Dr. Ste. 190

Las Vegas, NV 89144

Office: 702-304-8938

Cell: (702) 241-5918

charlie_johnson@countrywide.com

If my home goes into foreclosure, how long until I can buy again?"

Rates are up slightly for the week. Rates should have come down a bit today from bad economic news related to the Consumer Sentiment report that was the weakest in 26 years. They didn’t, which means Monday should be pretty interesting. If you are floating a loan, you may want to lock.

"If I let my home go into foreclosure or sell it in a short sale, how long until I can buy again?"
People ask me this question weekly. The answer is.... a long time. Plan on a minimum of three years and as many as seven or more.

Fannie Mae, the largest backer of mortgages in the world, recently sent a harsh message to borrowers for walkaways and other foreclosure situations. Plan on waiting five years and then having good credit and nice down payment.

The walkaway trend is popular here in Clark County and other areas where many homeowners find themselves upside down on their loans. These people owe tens of thousands more than the current market value of their houses. In some cases, they are upside down by hundreds of thousands.

If they did little to no money down loans, some homeowners believe if they continue to make payments, even if they can afford to, they may be throwing good money after bad.

Fannie Mae will now prohibit foreclosed borrowers from getting another mortgage through them for five years, unless there are "documented extenuating circumstances." In those cases, the prohibition is for three years.

No word on if this is the same on "settled" accounts like short sales, but most experts say to expect the same guideline.

Extenuating circumstances are life events that are "out of your control" that create a financial crisis, like death of the primary wage earner, medical-related illness to the primary wage earner or, sometimes, job loss of the primary wage earner.

Extenuating circumstances are judged on a case-by-case basis and are challenging to prove. You will have to document this tragedy through death certificates, medical records, letters from the former employer, and you will have to prove that this event, and this event alone, this led to your financial demise. It’s not a common exception and underwriters are usually very skeptical when faced with it.

Getting in a bad adjustable rate mortgage, having an unscrupulous loan officer, or the market turning downward is not an extenuating circumstance.

Even after five years, Fannie Mae will require borrowers with foreclosures in their files to make at least a 10 percent down payment, and they will need a minimum FICO credit score of 680 for a new loan.

Freddie Mac counts foreclosures as major credit blots for seven years. FHA is currently at three years but it is expected they will increase this soon as well.

The bottom line, once again, as I keep preaching, is to avoid foreclosure and short selling when possible. There is nothing positive accomplished from either strategy. Note modification is the way to go.

If there is no way to avoid the foreclosure or short sale, plan on renting, leasing or leasing-to-own for the next three to seven years.


Have a weekend!!

Best Regards,



Charlie Johnson
Countrywide
Home Loan Consultant
10190 Covington Cross Dr. Ste. 190
Las Vegas, NV 89144
Office: 702-304-8938
Cell: (702) 241-5918
charlie_johnson@countrywide.com

Proposed Smoking Ban On Floor Of Casinos

Patrons could still light up in unstaffed smoking lounges away from the table games and slot machines. Click here for the full story

Casino workers attended the vote. Many wore T-shirts with the slogan "Nobody deserves to work in an ashtray."

It's going to be interesting if this is passed, as it will only be a matter of time before it comes to Las Vegas.

Great Real Estate Post I Saw Earlier

"prices are going to rise due to supply and demand constraints and the weak dollar"



It is so beautiful until the alarm clock sounds. Supply has skyrocketed and home prices are falling with the dollar. Once the the elitists see inflation spreading to wages they will raise interest rates and save the dollar far faster than home prices will rebound. Renting savers (those bitter people) and house-wealthy owners (those who bought a long time ago and didn't fall for the ATM scam) will be rewarded with opportunities to put more cash down on cheaper homes, thus negating interest rate spikes.

A new world order as US sinks

HERE'S a big lesson of the first international financial crisis of the 21st century: some old-fashioned economies are weathering the storm better than those that borrowed big to spur growth or those that bet heavily on debt-strapped American consumers.
The US, the economy at the centre of the turmoil, is dragging down world growth. On Wednesday, Federal Reserve chairman Ben Bernanke gave his most pessimistic assessment to date of the US economy's outlook, strongly suggesting that a recession was likely.
In testimony before Congress, he also said the Fed projected slower global growth over the coming quarters. read here for the full story

New Construction In Las Vegas

New Las Vegas and Clark County Homes and Resales
New Las Vegas home construction is always booming!

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serving Mountains Edge - Summerlin - Henderson - Spanish Trails - Peccole Ranch - Green Valley - Alliante - Anthem - Seven Hills - North Las Vegas - Clark County
Call 702-217-1680
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Las Vegas SFR Closing Report MARCH 2008

This report reflects the number of sales in each Zip code, as well as the lowest, highest, and median price of homes sold. The Zip code with the highest number of closings for March was 89178, which had 90 SFR closings and a median price of $248,627. In the same month one year ago, this Zip code posted 221 SFR closings. There was a total of 1,390 SFR closings last month. Interest rates are on the rise. Yesterday morning rates were at 5.75% on a conventional loan with 1 point - 6.0% with 0 points & now they are 6.125% with 1 point & 6.375% with 0 points. Some good (great) news: "Expect a full recovery of the housing market by 2010 and likely a shortage of residential units by the end of that year, reversing today's glut of 23,000 homes for sale." "...Las Vegas will need a quarter million new residential units over the next three years as 40,000 to 100,000 jobs are added to the [Las Vegas] economy." - Source: Las Vegas Business Press, Hubble Smith.

And You thought Only Home Owners Were P***** Off?

Here is another point of view from a real group of people that are often overlooked. The RENTERS!! What About Them?

All we hear these days is whining from reckless home borrowers and their banks. Does'nt anyone have a heart anymore?

But did you know that renters are 32 percent of American households? And that homes in foreclosure are less than 2 percent?
So why is our government rushing to bailout high-flying borrowers and their lenders with all of our tax dollars?

Click here to sign a petition to voice your opinion to congress. After All, it's your tax dollars at work too. Remember, Renters are the buyers of the future!