Homes For Sacramento Blog -Rick Delgado

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INFO THAT HITS US WHERE WE LIVE... Everyone working in the housing market certainly has shown perseverance and it seems to be paying off. While the overall economy slows, there are signs of the start of a housing recovery. Bloomberg reports all major home price indexes registered modest national increases. Almost 10% more existing homes were sold in May than a year earlier. The inventory of existing homes has dropped close to a normal level of six months, key to sustaining spring home price gains. Housing starts were up 26% in May over the prior year and the inventory of new homes is back at 2005 levels.

A new survey of forecasters by the Wall Street Journal found "44 believe the housing market has reached its bottom; only three don't." Housing is still…
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Yesterday, Wells Fargo Bank announced it was no longer going to do business with mortgage brokers.  While Wells Fargo said the events were not related, their announcement came on the same day that the federal gov’t filed a lawsuit against them for discrimination.  Wells Fargo then announced a settlement of this lawsuit followed by the cut from mortgage brokers.


Wells Fargo wrote a check for $175 million on Thursday to settle claims that independent brokers drove a disproportionate number of otherwise creditworthy minority borrowers to higher-priced variable mortgages in the lead-up to the financial crisis.


The payout will tie off a suit filed by federal authorities earlier Thursday that claimed discriminatory practices from 2004 to 2009 had…

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                                                                                                                   In 2009, the Federal Government created     the Home Affordable     Refinance Program called "HARP". The concept is     to enable upside-down property owners to refinance their loan without a     principal reduction and without mortgage insurance. Since it's passing, the     Program has gone through many changes as it sought to develop the Program     in a way that would be most effective for property owners while still     providing incentives for the actual loan owners to be willing to     participate. The most recent change took effect in March, 2012      and is commonly called HARP     2.

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FHA has completely eliminated the recent underwriting changes that they announced on February 28th regarding the need to pay any open collection or charge offs greater than $1,000.  This is HUGE news!!!  Some estimates have come out that up to 20% of loans that were approved last year would NOT have been approved this year, and the industry has been pummeling FHA every since the original announcement. 

On Friday, the word started to sneak out about this change, and the Mortgagee Letter was formally issued yesterday.  IT IS OFFICIAL!!! 

The original rule when announced was supposed to go into effect on April 1, 2012.  FHA then backed off in early April, and postponed the start date to July 1, 2012.  And now, they have done away with it completely.

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SUPER LOW RATES! If you know of anyone in a VA loan that is over a 4% rate please pass my email address along ( and have them contact me. I can possibly help them save more money or pay off their mortgage sooner. Also if you know of any in a FHA loan that received the loan before May 2009 HUD lowered the MI super low for a streamline refinance so now a refinance is beneficial. Don’t forget if you got a Fannie Mae or Freddie Mac loan prior to May 2009 you may be eligible for the HAPR refinance that allows you to refinance with negative equity unlimited. SAVE MONEY WHILE RATES ARE SUPER LOW!
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HARP 2.0

There are many changes to the old HARP Program to the new HARP 2.0 (Homeowner Affordable Refinance Program). There is no loan to value limits. You can refinance no matter how far your home has fallen in value. The loan to value limits before were 125%. Some cases you may not need an appraisal and the underwriting is simple compared to standard refinances. The program was extended until December 31, 2013.

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 If you are looking to purchase a home after a foreclosure make sure you do and or have the following:

FHA- 3 Year wait period

VA- 2 Year wait period

Conventional – 5 Year wait period

Verification of rent paid on time for 12 months (must be able to provide cancelled checks to show paid on time cannot be cash)

Cannot have any lates on the credit report since the Foreclosure date

You must have re-established credit (Accounts opened after the foreclosure date (actual deed of trust recording date)

Re – established credit is opened trade lines on your credit report for at least 12 months with no lates. Should have 3 trade lines after foreclosure.

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