Paul Bozek's Blog

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Mortgage and Lending - American Financial Network - MLO 189572
RECENT BLOG POSTS
I wanted to followup on my last post about CalHFA.  I have attached a link to the lending matrix for secondary financing.  http://www.calhfa.ca.gov/homeownership/insurance/ug-sub_matrix.pdf   Program Eligibility Information Borrower Requirements In order to qualify for a CalHFA loan, certain elig...
08/21/2008
I don't know how many of you noticed the changes to CalHFA lately but since the dissolution of Nehemiah and other seller sponsored DAPs, CalHFA tightened their guidelines a bit.  It seems now if you have ltv of less then 95% to put down, you will need a 620.  If your LTV is going to be higher tha...
08/20/2008
There are a few key points to get out of this tax credit. First, it is an interest free loan that HAS to be repaid over 15 years, starting after 2 years of initially acquiring it.  Second, and most relative, it is more of a REFUND at tax time and does not provide money up front to first time home...
08/18/2008
So here is the scoop on Nehemiah and such.  Most people think that the program ends on October 1st.  Let me hint you in.  Most banks already dropped the program as of last week.  Wells Fargo will not take any DAP applications after the 18th.  So, if you have someone telling you that you have unti...
08/15/2008
I think many peopel were waiting for this news to come out.  It's not uncommon to see people that have never defaulted with A+++ credit to start defaulting here in CA.  More borrowers with good credit are defaulting on their home loans, and that's going to make it even harder for the staggering h...
08/13/2008
Looks like Wells Fargo just came out stating they are not taking anything over 55% debt to income ratio as well as any loans with Downpayment Assistance after the 18th of August.  So much for Nehemiah's deadline of October 1st.  Below you will find the Newsflash from Wells for Correspondent lende...
08/11/2008
In wake of huge losses, Fannie Mae announces changes that will make home loans harder and more expensive to obtain. The good news: Mortgage giant Fannie Mae is taking steps to shore up its finances. The bad news: You're going to pay for it when you take out a mortgage. Fannie plays a central role...
08/11/2008
Looks like the fed is looking to control inflation by thinking about raising or at least halting the fed rate while fears of inflation are making mortgage rates head higher.  Are double digits interest rates in 12 months possible? Home buyers may find big savings in locking in mortgage interest r...
08/05/2008
Found a really good article on what's happening with the recent dip in oil prices and how it affects the economy.  Enjoy! Lower prices mean less pain at the pump - but tougher times ahead for the economy. Oil prices are falling sharply, and that's good news. But not nearly as good as you might th...
08/04/2008
I wonder how and if this will fuel the already hot foreclosure/default housing market in California.  I can't imagine that placing so many state workers on a minimum wage of $6.55 even for a month or two will ease our situation.  Hopefully this is not anything long term! SACRAMENTO, Calif. - Thou...
08/01/2008
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Paul Bozek

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