Three Google Stock Shares equals One Ounce of Gold
Did you know....
That today Google Closed at 599.39, up +16.46 (2.82%) in the NASDAQ. The Price of One Ounce of Gold is $1,747.80. I'll even through in the price of Platinum per ounce is $1,560.00.
That means that if you had 3 shares in Google Stock they would equal a little more then an ounce of Gold and About 1.2 - 1.4 ounces of Platinum. That's just crazy considering that Gold Has Never been worth more than Platinum in any Market, Not just in Our Markets.
Qualifying for an FHA or VA loan date extended.
Great news to anyone interested in qualifying for an FHA or VA loan. President Barack Obama that reinstates the higher loan limits until December 31st, 2013. The president did not provide his extension to the Power Houses known as Fannie Mae and Freddie Mac.
FHA and GSE maximum has been at $625,500 since October 1, 2008. Under the restored limits the highest FHA loan available in designated high cost areas will be $729,750. "Loans written between October 1 and today's effective date of the new legislation will not be eligible for the new limits. Limits on VA loans will return to the levels established under the Veterans Benefits Improvement Act of 2008 which are, in some cases, higher than FHA limits", according to a recent post by Mortgage News Daily.
Third Quarter hurts Freddie Mac.
Freddie Mac sold fewer homes in the third quarter then they have earlier in the year. Freddie Mac being one half of the Lending Powerhouse Team, sold more than 25,300 repossessed homes in the third quarter, down 13.5% from the nearly 30,000 in the previous three months. It was also a 17% decline from the record-setting 31,600 sold in the first quarter. Freddie Mac also repossessed another 24,300 homes back into the inventory. At the end of the quarter, Freddie held 60,000+ REO on its books, which has been reduced ever so slightly — as new foreclosures are completed — from 75,000 one year ago.
If this pattern continues and the GSE reduces a net of 1,000 REO from its stock shelves and inventory lists during every quarter, it would still take 60 quarters to unload the entire stock. That is just shy of 15 years for all of you keeping score, and not to mention that with a severely constricted foreclosure pipeline due to recent servicing problems and new regulations. As things begin to open up, the market will be asked to take in even more REO sales just to maintain their current trends.
"This is Due to continued delays in the foreclosure process for single-family mortgages," Freddie Reported. "We expect these delays will likely continue into 2012. However, we expect our REO inventory to remain at elevated levels."
While all of this is going on, nonperforming assets continue to mount. Totaling 6.6% of its mortgage portfolio in the third quarter of 2011. That number has risen up by 3.2% from the previous quarter. The Obama Administration and the Federal Housing Finance Agency began asking market participants for bright ideas on selling these properties in large quantities and have even thought of possibly renting them to help manage the still accumulating problem holding back housing and as an extension the overall economy of 2011.
FHFA Acting Director Edward DeMarco reiterated thursday, that there is such a strategy that will not be implemented nationwide but on a local level.
VA - FUNDING FEE Change's Release Date to November 18th
Last month, September 9th, 2011, Valley West Mortgage released a blog post that stated "VA FUNDING FEE CHANGES". The Date that those Changes took place was originally OCtober 1st, 2011.
November 18th, 2011
is the new effective date for the VA FUNDING FEE changes. What the Funding Fee's will be, will be confirmed at a later date by the VA.
USDA FUNDING FEE CHANGES!
USDA
For Purchase transactions, the up-front guarantee fee will be lowering from 3.50% to 2.00%.
An Annual fee ( similar to FHA's annual fee) of 0.30% will be implemented, in addition to the up-front guarantee fee.
These Changes are effective for loans with Conditional Commitments issued on, or after Saturday October 1, 2011.
Feel free to contact us anytime to discuss this topic!
NewFed Programs Help Mortgage Rates
This week, the Fed announced new measures to boost the economy. This sounds amazing, and like everything else we have heard in the last two years. So expectations are pretty low for much economic growth to result from the measures taken by the fed. but they did help push mortgage rates to historic lows. The lowest rates we have scene in the last 3 years, not to mention that the rates are bordering on lowest rates we have seen in the last 45 years. You heard it here. We are almost at the lowest rates in history.
The Fed released its statement Wednesday afternoon. The MBS markets then staged a very strong rally for several reasons. The Fed confirmed that there are "significant downside risks" to the US economic outlook. Slower economic growth reduces inflationary pressures, which is favorable for mortgage rates. The Fed then announced the widely expected "Operation Twist program." A program that will extend the average maturity of the Fed's portfolio by purchasing $400+ billion of longer-term Treasury Securities and selling an equal amount of shorter-term Treasuries. The third major element from the statement helping mortgage rates was a surprise to most investors. The Fed will begin to reinvest principal payments from its mortgage-backed securities (MBS) holdings in additional agency MBS. Until now, the Fed has been reinvesting the MBS principal payments in Treasury securities.
With roughly $885 billion in MBS holdings in the Fed's portfolio, these principal payments, along with Operation Twist, will create a significant source of additional demand for MBS. The impact of the announcement was priced in very quickly. Although the Fed has not yet begun to purchase securities under the new programs, investors have already factored in the expected impact of the added demand on MBS prices. Following prior Fed announcements about purchasing MBS, nearly all of the benefit took place right away.
Loan Amount limits will drop on October 1st, 2011. Are you prepared?
FHA loan limits across the nation will drop. The current loan limit of $400,000 here in our Corporate Office location in Clark County, Las Vegas, Nevada will decrease to $287,500. That can have a dramatic effect on your buying decisions especially if you already have an offer out or you may not close before Oct. 1st.
We are prepared for this change as Mortgage Professionals. For you to close on an FHA loan after Sept 30th you must have an FHA case number for the home, an appraisal and an underwriting credit approval with review of the appraisal completed. These items can't be done until after you have a fully executed purchase agreement in hand! That gives you until about the 7th of September to get your purchase contract complete and at your lenders office if you want any hope of closing at the higher loan limits that exist right now.
Lastly, the higher loan limits could be extended but, never assume! Valley West Mortgage is ready to do everything we can to close your loan! HERE IS A LINK TO THE HUD LOAN LIMIT FINDER TOOL FOR ALL U.S. COUNTIES: FHA LIMITS BY COUNTY. Call us today (702) 696-9900 if you want more information or to be updated as we move forward.
USDA Min FICO lowered down to 620
Valley West Mortgage has just been informed that USDA Home Mortgage Loans are now available to anyone with a credit score of 620 and up! That's right. We Said it.
Incase you have not been following us on 
or following us on 
Valley West Mortgage is now offering USDA HOME Mortgage Loans. No Down Payment, No Monthly PMI, No Reserves and only a credit score of 620? Awesome Right? The deal doesn't stop there.
Valley West Mortgage is also going to toss in a Free Appraisal for all approved loans! What are you waiting for?
If you feel you meet the above requirements and are interested to see if you can apply for a loan.
Give us a call (702) 696-9900. Our staff is available typical working hours and will love to get you the loan you need for the house your want.
USDA Home Loan Mortgages Now Offered at Valley West Mortgage
If you are not on the Valley West Mortgage friends list then you do not know that Valley West Mortgage is now offering USDA Home Mortgage Loans. Why is this amazing news?
Valley West Mortgage has been offering Home Path by Fannie Mae for the last two months. HomePath Mortgage is a special home buying option available through Fannie Mae. Multiple incentives are available to encourage buyers to purchase Fannie Mae properties including reduced down payment requirements and closing costs, flexible mortgage terms and elimination of mortgage insurance and home appraisal fees.
Now That Valley West Mortgage offers USDA Home Mortgage Loans, it adds one more way you can get approved for a mortgage with Valley West. So go like us on Facebook and Follow us on Twitter to keep up to date with all that is happening with
Valley West Mortgage
Gold at $1880 per ounce. Gold Rush of 2011?
Extra Extra!!! Read all about it.
You are probably familiar with this term used by the paper boys seen in films set in the "Great Depression" era. While those days are long gone, today's subject would be deemed worthy of carrying this title. The price of pure gold sky rocketed to new heights of $1,880 (U.S.) per ounce. Bringing smiles to the faces of any business owner who buys and sells jewelry and to anyone waiting in line at their local " We Buy & Sell Gold" stores.
You have seen the commercials, reality t.v. shows and even websites claiming they will buy your gold jewelry and give you the highest dollar amount possible. You can even "GOOGLE" where to get the best prices in town and find blogs that tell you what to look for in a business that buys and sells jewelry. Well today is your lucky day. With the economic struggles in today's society we all deal with face to face on a daily bases, it is no shock to see friends and families shopping for the best deals they can find. Now with pure gold at its highest selling point in recent years, comes a sigh of relief and rejoice.
On average, the daily amount of gold being melted down and sold has risen to 60% in the last year alone. That number is expected to rise this month alone due to the recent spike. It kind of makes you realize that all the advice your father has given you in your life time actually ment something. "If you have the chance to buy anything pure gold for dirt cheap, DO IT." If you took the advice and managed to stash away some gold coins, rings, watches and family heirlooms, you might be thinking to yourself :"Is today the day I part with my collection?"
While we do not recommend racing out to your nearest " We Buy & Sell Jewelry" stores just yet. Here are some things to consider.
- Are these rates going to stay around for long?
- Are we ever going to see Pure Gold rise to or above $1,880 (U.S.) ever again?
- Should I sell all my gold now and invest in Bonds?
The answers are yet to be determined. Recent emails received by staff members of Valley West Mortgage have stated that more investors are jumping ships from riskier assets of stock to less risky assets of Gold and Bond. Despite the S&P downgrade of US debt, US government-guaranteed bonds, including mortgage-backed securities (MBS), have been a primary safe haven for investors. During the week, 10-yr Treasury yields reached a low below 2.00% for the first time since 1945, and MBS prices climbed to new highs. At these levels, though, it may be difficult for yields to move much lower.
