Loan Friction – The Finale. In the conclusion of Loan Friction you will see how Captain Koontz overcomes the trials and tribulations before and after HVCC hit the appraisal industry. Also, hear how Marcellus guides Butch through the loan process in this increasingly difficult market.

*Loan Friction was made by four successful loan officers in California to demonstrate how important it is to work with a professional during these turbulent times. The Pulp Fiction theme was used mainly to show that we, as loan officers, are not out to get you, the consumer; we are here to guide you through the process so you have a great experience and one that can be duplicated.

We hope you’ve enjoyed our series!

In Loan Friction #3, Captain Koontz gives young Butch a simple history lesson in appraising homes. Then we jump forward in time to find grown up Butch receiving great advice from Marcellus Wallace on how to get a loan approved in today’s market. It’s the perfect 1-2 punch.

Past Episodes

Loan Friction Episode #1 – The Diner

Loan Friction Episode #2 – The Big Kahuna Burger

Loan Friction – The Movie Trailer

In this episode of Loan Friction – Vincent and Jules debut and show off their professionalism. Why would anybody decide to work with someone they don’t know, like and trust when it’s time to buy or refinance your home. Listen as Jules quotes one of his favorite passages that will help you feel comfortable knowing your loan is in great hands when you choose to work with me.

See Episode #1

Loan Friction Episode #1 – The Diner – the first part of a four part mini-series with Loan Officers from California discussing the ups and downs of the real estate and loan business in this economy. This is for consumers, homebuyers, real estate agents, loan officers and anyone that wants to know the solutions to the problems that envelop our industry.

We’d love to hear your comments and feedback and please share with anyone that could benefit from the information.

Together as a team, we train to beat cancer – one step at a time.

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Together we will win – one by one!

Hope you enjoy the video and please share with all others.

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Here’s the Trailer for Loan Friction – A Four Part Mini-Series with a star-studded cast of Loan Officers discussing the trials and tribulations of getting loans in this market. Tune in every Friday in February for a new episode.

Also, we’d love to hear your comments and feedback. Please share with your friends…

Horse Lovers Private Paradise! Amazing single story wine country home w/ top of the line horse facilities, barn & all the upgrades expected in a high end custom home! Set on over 5 acres of usable horse property w/ panoramic views w/ a long paved driveway leading you to this private getaway. Some of the upgrades includes travertine flooring throughout & crown moulding, gourmet kitchen, 4 sets of French doors!

Home sits on a very private lot w/ over 1400 installed plants, cross fencing, huge built in barbecue, jetted-spa & extensive hardscape throughout. Wait until you see what’s in store for your horses: 4 12′ x12′ stalls and 12′ x 28′ turnouts, 55′ x 130′ arena & 55′ light round pen. The barn has more upgrades than some homes w/ granite counter tops, marble floors, full bathroom & more! Rv hookups & dump station. Gate off back of property to lower level.

Owner has put over $320,000 of upgrades since moving in & is a must see to appreciate! This is a standard sale, not REO or short sale!

Interior Upgrades

• 3,370 Square Feet
• 14 Ft High Ceilings in Living and Dining Room
• 8 ft. Solid Arched Doors
• Crown Molding & Baseboards Throughout
• 18 inch Travertine Floors Throughout
• Ceiling Fans in Every Room
• Mirrored Bedroom Closet Doors
• Stainless Steel Wine Cooler
• Stainless Steel Built Refrigerator
• Maple Cabinets with BushedNickel Hardware
• Granite Countertops with Center Island in Kitchen
• Custom Wood Blinds and Custom Valances
• Custom Fabric Roller Shades
• Interior Surround Sound
• Intercom System
• Built-in Alarm System
• Cat 5 Wiring
• All Water Lines above Slab
• Tankless Water Heater
• 2 Separate Heating and Air Conditioning Units
• Indoor Laundry Room with Tub Hookup
• Granite Desk/Niche in Kitchen
• 4 Sets of French Doors
• Frameless Shower Doors
• Finished 3 Car Garage with 16 Florescent Light Fixtures
• 12’x22’ Lighted Attic Storage with Drop Down Latter
• Service Door with Storm Door with Screen

Exterior Upgrades

• 2 Block Entry Columns for Front Electric Gate
• Dumpster Pad with Block Wall Enclosure
• Paved Driveway
• 11 Trees Lining the Driveway
• 2 Column Propane Cover
• 6 Front Planters
• 36 Fruit Trees in Front Yard and Over 1400 Total Plants
• Completely fenced with White Vinyl Fencing
• Over 1,000 ft of Landscaped Concrete Curbing
• 330 Yards Total Concrete
• 6 ft. Wide Concrete Walkways Around the Home
• 14 Column Patio 640 Square Feet
• Custom Outdoor BBQ Island with Granite Countertops,
• Grill, 2 Top Burners, Fridge, Sink and Stereo System
• Custom above Ground Spa with Stereo System
• Fountain
• Horse Fencing
• Drip System (with timer on all trees and planters)
• 330 Yards Total Concrete
• Breezeway Barn with 4 12’x12’ Stalls and 12’x28 Turnouts
  3 Gallon Automatic Water
  Wash Rack with Hot and Cold Water
  10 Gallon Water Heater
  Copper Plumbing Throughout
  Tack room with Marble Floors, Granite Counter Tops
  and Microwave
  Bathroom with Marble Floors and Granite
  Countertop And Microwave
• RV Dump Station
• RV Electrical Hookups
• 55’x130’ Arena55’ Light Round Pen
• Gate off Back of Property to Lower Level and Trails
• 5 Acres with Panoramic Views

California FHA Streamline Refinance guidelines received a boost recently, a boost in the right direction for most borrowers. Turns out for the past 7 months, since November 17, 2009 the majority of FHA lenders have misinterpreted their investors’ needs for proper documentation.

Since November, Streamline FHA refinances have had traditional guidelines – prove income, provide tax returns, make sure the debt ratios are in line amongst others. As of June 9, 2010, many investors have informed their lenders that those guidelines have eased and frankly have been eased all along.

What does this mean to you and why is it important?

With most lenders, income documentation for wage earners and self employed borrowers is no longer required. Tax returns are no longer necessary. Debt ratios are a non-factor. You must still be employed as it will be verified.

Income documentation for those other than wage earners and the self employed include the following:

FHA Streamline Refinance Income Documentation Requirements

Standard FHA Streamline Criteria

The following items are necessary to refinance:

• Seasoning – At the time of loan application, the borrower must have made at least 6 payments on the FHA-insured mortgage being refinanced.
• Mortgage Payment History Requirements. The following requirements must be met without exception:
  • Loans with a 12 month payment history: 0×30 lates in the previous 12 months.
  • Mortgages with less than 12 months payment history: the borrower must have made all payments within the month payment is due.
• Net Tangible Benefit (NTB) Requirements: A net tangible benefit for the borrower must apply defined as one of the following:
  • Reduction in the total mortgage payment (PITIA) AND ALL SUBORDINATE LIENS = The new total mortgage payment must be 5% lower
    than the current total mortgage payment on the loan being refinanced. This requirement is only applicable when refinancing from a Fixed
    Rate to Fixed Rate, a GPM to Fixed Rate, a 203k to 203b and a 235 to 203b.
  • Refinancing from an ARM to a fixed rate mortgage =
    • The interest rate on the new fixed must not be greater than 2 percentage points above the current rate on a 1-year ARM.
    • For hybrid ARMs, the total mortgage payment on the new fixed rate mortgage may not increase by more than 20%

With the recent downturn in Mortgage Rates for California, the majority of FHA borrowers are seeing obtainable rates at or below the 5% level. This is a huge help for those that are in need of refinancing, want a quick alternative, require less documentation, less headache and want to take advantage of the lowest rates ever!

Who do you know right now that is in need of refinancing a FHA loan? Call for a free mortgage analysis.

Allocations for the California First Time Home Buyer State Tax Credit are only estimates, based on small samples. The numbers are overstated as there will be duplicate, revised, and invalid applications included as the Franchise Tax Board have not verified any of the applications.

Applications for First-Time Buyer Credit received as of 06/08/10

Applications and Allocations

These estimates are only provided to give a general idea of the number of applications received and the amount requested for the First-Time Buyer Credit. They are showing 57% of the estimated requested credit since the $100 million cap will only be reduced by 57% of the credit allocated to the buyer. The amounts do not reflect actual amounts which will be allocated. These estimates will be updated each Thursday until they are sure that they have received more than enough applications to allocate the full $100 million. Once they determine that they have received sufficient applications to allocate the full $100 million, they will stop accepting applications for the First-Time Buyer Credit.

Estimates for the New Home Credit will be provided once their computer system is completed.

Guys and Gals, at the current rate of 325 applications per day and at roughly $5500 per credit allocated, the $100 million First Time Buyer Credit will last for approximately 8 weeks, 5 of which have passed, leaving 3 weeks to go.

Tune in every Thursday or so for updated numbers on the First Time Buyer credit.

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Related Articles:

Reserve Your Tax Credit on a New Home in California

The Beginning of the California State Tax Credit

Early Guidelines for 2010 State Tax Credit

Reserving your tax credit on a new home in California has some specific criteria that you must follow in order to be eligible.

The FTB or Franchise Tax Board, will accept reservation requests for the New Home Credit by fax only beginning May 1, 2010.

Reservation Requests

If a buyer wishes to request a reservation, before the close of escrow:

1. The seller must complete Parts I, II, & III of Form 3549-RR, Reservation Request for New Home Credit.
2. The buyer completes Parts IV & V.
3. Fax the completed Form 3549-RR and the required pages of the purchase agreement to FTB at 916.855.5577. If escrow has opened, it is best for the escrow person, on behalf of the buyer and seller, to fax the completed Form 3549-RR and the required pages of the purchase agreement to FTB and provide a copy to the buyer. If escrow has not opened, the buyer may fax it to FTB. (The buyer retains ultimate responsibility to ensure the completed reservation request and the required pages of the purchase agreement are submitted timely to the FTB.)
4. Do not fax the entire purchase agreement. Only fax the pages which show:
   1. Property address
   2. Buyer’s name
   3. Seller’s name
   4. Purchase price
   5. Deposit amount
   6. Buyer’s signature
   7. Seller’s signature

• Fax is the only delivery method as the date and time stamp on the fax will determine the order in which credits are reserved.
• Fax only one completed reservation request per residence with all qualified buyers listed.
• Do not fax the reservation request if the contract was entered into before May 1, 2010.
• Do not fax the reservation request to FTB after escrow closes or with the application (Form 3549-A).
• The buyer keeps a copy of the completed Form 3549-RR for their records.
• Use the online fillable Form 3549-RR. Simply fill in all required information, print the form, and sign.

To see the proper guidelines for the tax credit to make sure you are eligible to even make a request please read this article on the California Guidelines for Tax Credit.

Also, visit the FAQ – California Tax Credit often to see all the scenarios and comments posted by real people like you and me.