Green Mortgage Group

Today, the House of Representatives passed H.R. 3221, a wide sweeping piece of legislation that addresses a variety of housing related issues. The bill is headed for the President’s desk where his prompt signature is expected.

On pages 479 - 481 of the bill, the elimination of down payment assistance is cited (SEC. 2113) with an end date of October 1, 2008. The specific language states that the law “shall apply only to mortgages for which the mortgagee has issued credit approval for the borrower on or after October 1, 2008.” The full language of SEC. 2113 is included below with a link to the bill at the bottom of this section. Read more »

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In brief the article below is detailing the expected ban on Nehemiah a down-payment program traditionally paired with FHA financing. The popular program has help hundreds of thousands of homeowners gain homeownership with FHA financing is soon to be banned. See below.

A signature Sacramento program that has helped almost 300,000 lower-income people nationally buy homes in the past decade - while stirring controversy for years - is likely to be shut down this week, Nehemiah Corp. of America officials acknowledged Monday….

The nonprofit giant believes Congress and President Bush will ban its decade-old down-payment assistance “gift” program within days as part of a larger housing bill, Nehemiah President and Chief Executive Officer Scott Syphax said Monday. Read more »

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• Professional people hire professionals in their field of expertise

Green home loans offer special financing that very few loan consultants understand or know how to access

Here is what the Builder won’t tell you

95% of new home home-buyers do no not understand the importance of personal and private representation, typically overpaying an amount of what could have been further negotiated.

99% of new home home-buyers fall victim to the nonrefundable escrow deposit clause.

The use of technology to buy your Green Home in Hansen Lane Estates with minimal impact on the environment i.e. Electronic applications, electronic loan submissions and electronic loan signings…PAPERLESS.

A gift in your name to the environmental agency of your choice along with public recognition at the close of escrow.

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Did you know that FHA allows the lender to deduct the monthly alimony payment from your clents gross monthly income when calculating there debt ratios?

Because of the tax consequences of alimony payments, FHA guidelines permit the lender to deduct the monthly alimony payment from the borrower’s gross monthly income before calculating ratios, rather than including the alimony payment with other monthly liabilities.

This can make a huge difference in qualifying ratios.  With the higher loan limits available in many areas today, borrowers who owe monthly alimony payments, who will not qualify for a Conventional loan, may now be switched to an FHA loan. Read more »

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Early Wednesday during the Wells Fargo earnings announcement something completely unexpected took place. POSITIVE EARNINGS form a Mortgage Lender!

“Wells Fargo & Company reported diluted earnings per common share of $0.53 for second quarter 2008 compared with $0.60 in first quarter 2008 and $0.67 in second quarter 2007. Net income was $1.75 billion compared with $2.00 billion in first quarter 2008 and $2.28 billion in second quarter 2007. The Company also announced a quarterly common stock dividend of 34 cents per share, up 10 percent from the previous dividend of 31 cents per share.

“Wells Fargo continued to strengthen its franchise during the second quarter…” said President and CEO John Stumpf.

This may represent a change in the market; meaning there is a Home lender willing to do the unthinkable right now. Lend Money!

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Green or environmentally friendly building projects have become more popular in recent years as awareness of global warming and other environmental concerns has increased. Pleasanton’s CastleView Estates is the first community in California to be completely independent of local water districts and PG&E.  Being the first to totally go green in a community which recycles all of its energy needs and is completely self-contained, it’s such a unique concept in California it took years of planning by the Castle View Estates leaders.  The uniqueness of this project is such that very high end homes are built Green with certification from the Department of Energy with the Energy Smart label.  These homes are constructed from Green materials being environmentally friendly at a cost below the typical market.  Therefore, buying scenic view lots and building a home well below the typical high end market by 20-30%.  Homes are nestled and hidden from others atop the hills over looking the entire community not utilizing precious AG land from below. See video for more information and history in the making of Green Acers, CastleView Estates.

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In the past FHA up front fee was a standard 1.5% of the purchase price of the home. Starting today FHA has begun risk based pricing determined by our clients FICO score. This may be one more hurdle for a client when purchasing a home depending on there past credit. UFMIP will range from 1.25 percent of the loan amount for lower-risk borrowers to 2.25 percent for riskier borrowers.  Borrowers looking for high loan to value loans and have prime credit will actually benefit from lower monthly mortgage insurance (MI) and the lower UFMIP premium. Oh yea, one last word on the new premiums, there is a good chance the implementation will be reversed and put on hold in the next couple of weeks. HUD likes to keep us the loan professionals on our toes. Ill keep you posted.

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In an effort to finance and promote Green sustainable homes in the Bay Area I would like to share with you Castleview Estates. I will bring you information as it is released on this 100% self sufficient community in Pleasanton. If you or anyone you may know is looking for Green Real Estate in the San Francisco Bay area please contact me.

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I’m excited to announce the arrival of Danville’s most prestigious new address. Hansen Lane Estates in Danville, CA built by Clarum Homes is the first zero energy home community in Contra Costa County. It is my goal to work with “Green” minded individuals. Be sure to run and not walk this development of Green Homes in Danville is sure to go fast with the features it boasts. I can recommend some of the areas top agents to help guide you and negotiate the home of your dreams. Please take a look at the builder’s site; these Green homes in Danville are sure to move. More to come; it is my goal to bring attention to sustainability designed homes and work along side of individuals that demand better than the rest… A green mortgage experience!

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Castleview Estates are touting itself the first 100% green self sufficient development in the United States. The 52-acre development will be a national model as an Ag/City development. Water treated from the residential homes will be treated to support the agriculture irrigating the alfalfa intern feeding the ostrich farm currently located on the Happy Valley property. 

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