Paul Bozek's Blog

Looks like sales are picking up.  I don't think this is an indication of a bottom but definitely an indication of a recovery. Bargain hunters snap up 15,615 properties - foreclosure sales and big discounts included - in an area hard hit by housing slump. Home sales surged 22% in April in Southern...

Quick rate update from Friday. Long-term mortgage interest rates were down again Friday, and the benchmark 10-year Treasury bond yield gained to 3.85 percent. The 30-year fixed-rate average fell to 5.76 percent, and the 15-year fixed rate sank to 5.36 percent. Meanwhile, the 1-year adjustable rat...

Looks like Fannie is making "sense" of this market.  With declining areas, they might be competitive with FHA now.  We will see in the coming weeks how this translates. The government-sponsored mortgage financier says it will require between 3% and 5% for all loans it guarantees. The government-s...

I saw that Chrysler is offering new customers who buy a Chrysler, Dodge or Jeep a fuel card that will lock their gas price at $2.99 a gallon for three years, in lieu of a standard rebate. For some models, there is a gas card AND a rebate - $3,000 back on the Chrysler PT Cruiser, Dodge Charger, Je...

I got a few requests in reference to the forms necessary to participate in Nehemiah Down Payment Assistance.  Below you will find the links where you can download the individual forms or download the entire packet.  As a side note, the real estate agent does NOT have to register or sign up with N...

This blog is dedicated to helping you understand how the Nehemiah down payment assistance works. There is really no such thing as a true 100% financing with FHA.  Even when you use Nehemiah and you don't put any of your own money down, you still have a loan for 97%.  Here is what happens: Let's s...

I came across a good article I wanted to share with everyone.  Risk based pricing for FHA has been in the works for some time now, however, looks like they are finally starting to implement it.  The Bush administration proposes to implement "risk-based" pricing of premiums paid by borrowers with ...

I came across some interesting infomration that hints at what's to come in the next 12 months.  I think these #s speak for themselves. A net 55.4% of lenders tightened standards on commercial and industrial (C&I) loans to large- and mid-sized customers in the second quarter of this year. That's a...

I wanted to share with you the importance of the rehab loan.  Agents listen up because I think this product sells itself.  And if you're having trouble getting your buyers into contract, this is a sure way to make nice paychecks in this market most think are not possible.The main advantage of thi...

I had a few people ask me about having difficulties financing REO properties that have transferred within the last 90 days of ownership.  I have taken excerpts from the handbook to help clarify.  As always, feel free to contact me with any questions you might have!Resales Occurring 90 Days or Les...