The Happy Dance

Do You PIW?

On a purchase transaction, it seems that all parties - agents, lender, buyer, seller, and escrow - are all holding their collective breath waiting for the appraiser to complete their 30+ page report on the home's value - the appraisal.  All home purchases that have a loan require a home evaluation.  That doesn't mean, however, that all homes that have a loan need a full-blown appraisal.  On the Easterbrook Team, we are seeing more appraisal waivers (or PIW's- Property Inspection Waivers) generated through Fannie Mae's Desktop Underwriter (DU).  In the case of a PIW, Fannie Mae automatically generates a value in Desktop Underwriter based on the purchase price vs. value.

Home purchases that are 80% loan to value or less are eligible for the waiver.  The waiver, if granted, is generated when the loan officer runs Desktop Underwriter again right after the offer is accepted.  PIW's are only on conventional loans - Fannie and Freddie.  We also have read that Fannie Mae is planning on expanding the program to include underserved rural areas by increasing the loan to value in those areas.

If there is anything that will make a group of otherwise professional people do the Happy Dance, it's the PIW!  Call us on the Easterbrook Team to discuss the likelihood of obtaining a PIW on your next purchase transaction. 

Hurricane Florence

Our thoughts and prayers go out to all the people affected by Hurricane Florence on the east coast.  Fortunately, hurricane predictions are low for the rest of 2018.

Always remember that we are a full-service lender at the Easterbrook Team with Sierra Pacific Mortgage, offering FHA, VA, conventional, jumbo, reverse, and other specialty lending products.  We strive to be your one-stop lender that you can trust to get your transaction closed and a smile on your buyer’s face.   We pre-underwrite, in-house process, and have a great relationship with our loan closers at the main nationwide office right here in Folsom.

Condos are hot right now because of their affordability. Sierra Pacific has rolled out financing that will now make it easier to obtain a loan on condos.  Condo financing can be tricky if one individual owns more than 49% of the units, there is litigation, or there is a mix of commercial and residential in the HOA.  If you have a transaction involving a non-warrantable condo (a condominium that cannot get traditional financing), call the Easterbrook Team and ask us about one of our new products – Sierra Core. 

On the Easterbrook Team, we believe that if you have been a part of a transaction that we helped close, you become part of our loan family.  We nurture, connect with, and become a resource for everyone in our family.  No family’s perfect, but we are very proud of ours and the amount of people we’ve helped over the years.  No matter how many people we help, we always make ourselves available to new buyers.  We judge our success by how our family grows. 

Our first presentation night at 24 Hour Fitness in Folsom was a huge success.  We met with lots of folks, getting pumped, going to Zumba and spin classes, and the helpful staff that supplied us with smoothie samples.  If you aren’t on the list to join us yet, we still have some spots left in 2019.  It’s a great opportunity to meet new, health-conscious people, and expand your sphere of influence. 

Dog Buys House!

Traditionally, in the past, the husband is the one that bought the house.  Then it was the wife that swayed the most influence on the home purchase.  Now...it's Rover!  Over a third of the Millennials that purchased homes recently stated that their home purchased was influence by their pets.  “Millennials have strong bonds with their dogs, so it makes sense that their furry family members are driving home-buying decisions,” said Dorinda Smith, SunTrust Mortgage CEO. “For those with dogs, renting can be more expensive and a hassle; home ownership takes some of the stress off by providing a better living situation.” The survey also found that 42% of Millennials who had never bought a home said that their dog, or the desire to have one, would be a key factor in their decision to get on the property ladder.

We found several articles on the subject: PLACE PAW HERE, HERE, & HERE. 

Want to capture more business with Millennials?  Here's a buying guide to help Spike and Petunia find the perfect "dog house" - CLICK HERE.

All You Can Do Is Laugh

Did She Trump Herself?

We start with the Carmichael, CA, woman that gave her real estate agent specific instructions inform all buyers that she would absolutely NOT sell her house to a Trump supporter. Talk about a seller from left field.  In the end, she had to switch agents and reduce her price by $130,000 before she could get a suitable buyer.  We would have loved to take a peek at the TDS on that one… CLICK HERE . The Donald was not available for comment.

Real Estate Follies

Sometimes even the most important investment vehicle to our economy and the very shelter that we live in can be MESSED UP!   Bias, mixed messages, market bellwethers pointing in all directions – sometimes all you can do is laugh.

Realtor.com Covers All Bases on Market Prediction

Realtor.com features BOTH of these articles sharing its front page.  Wait, what?  The optimist says the glass is half full. The pessimist says the glass is half empty. The project manager says the glass is twice as big as it needs to be. The realist says the glass contains half the required amount of liquid for it to overflow.  The rest of us, well, the best we can do is to stay hydrated and try not to perspire.

Mortgage Rates Tick Down More Home Buyers Choose to Wait It Out

Interest rates for home loans decreased as trade tensions kept investors flocking to bonds, even as more would-be home buyers begin giving up.

Mortgage Rates Climb as Housing Market Loses Its Mojo

Rates for home loans surged along with the broader fixed-income market, pressuring mortgage affordability again even as housing market growth falters.

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Did you hear about the guy that traded a paper clip up to buy a house?  Or perhaps that Warren Buffet, one of the richest men in the USA, still lives in the house that he bought for $31,500?  More amazing facts about our favorite topic – REAL ESTATE- can be found by CLICKING HERE.

Got Some Fence Sitters?

Another interest rate hike may be coming soon, according to the minutes of the Federal Reserve’s last policy meeting.

The minutes, released Wednesday, showed the Federal Open Market Committee discussing the possibility of raising rates soon to counter excessive economic strength, according to a Reuters report.

The Fed left rates unchanged after its July 31-Aug. 1 meeting, but policymakers are concerned that the economy is so strong that inflation could rise about the Fed’s 2% target.

No need to panic.  Let’s get your loan locked and protect your rate.  Call the Easterbrook Team.  We make the process easy.  (916) 850-6050