GOVERNMENT TO THE RESCUE!

Thought about investing in the mortgage backed securities? Think again, here is a sure fire way to have your investment go down via governments helping hand. On August 31, 2007, President Bush announced the creation of FHASecure. Backed by the gov­ernment, FHASecure is enabling homeowners who have a history of on-time mortgage payments under their original interest rates, but missed payments after their rates reset, to refinance into FHA’s mortgage insurance program. Families with high-cost mort­gages and mortgages that are due to reset, but are still current on their loan, also continue to re­finance through FHASecure. This is a more viable option because FHA-backed loans are less likely to result in foreclosure.

WHO IS ELIGIBLE

To qualify for FHASecure, and include the delinquent loan pay­ments, homeowners wishing to refinance must meet the follow­ing requirements:

1. Have a non-FHA insured ARM that has reset;

2. Sufficient income to make the mortgage payment; and

3. A history of on-time mortgage payments before the loan reset.

Homeowners who are current on their conventional mortgages must have sufficient income to make the mortgage payment.

ECONOMY WEAKENING

The economy based upon recent consumer confidence figures is showing a mild recession. Unemployment spiked this month, and consumer confidence has fallen to 88.6, which is well below the long-term average of 98.6. The Fed knows it should have lowered rates last year and will more than likely lower them at their next meeting. The 30-year fixed mortgage rate ended the month of November at 6.17%, while the one-year adjust­able rate stood at 5.53%. The Federal Reserve benchmark interest rate cut in December to 4.25% is believed to be followed by a further cut in January.

NOTE INVESTING IS WIN-WIN

Please don’t forget that Gold Country Common­wealth is now making private money loans on permitted raw land with ocean views in Mendocino County with loan to value ratios of 40%. Once the Coastal Commission approves the project we will making these loans available. The nice thing about our loans is that they are well secured, typical deals yield over 12%, and are available in multi-year increments. It’s what you have and what you want that determines what you have to do to what you have to get what you want! That’s a fact!

JOKE OF THE DAY

My father use to be in the circus, he was the guy that got shot out of a cannon. After three days he told the ring master he was tired of getting lit on the job!

FOR FAST PRIVATE

COMMERCIAL, CONSTRUCTION & HOME LOANS

R.E. Broker Lic. # 01818669 Calif. Dept. of R.E.