HomePath Offer’s New Buyer and Realtor Incentive: June 14 ? October 31 2011

Fannie Mae is currently offering buyers up to 3.5% in closing cost assistance through October 31, 2011. A $1,200 selling agent bonus is also available to selling agents who close on an owner occupant property and meet all eligibility requirements and terms and conditions.
Terms and Conditions:

· Buyers and/or selling agents (the agent representing the buyer) must request the incentive upon submission of initial offer.

· Initial offer must be submitted on or after June 14, 2011 and close by October 31, 2011. Initial offers made prior to June 14 are not eligible for the June 14 – October 31 incentive.

· Sale must close on or before October 31, 2011. No exceptions will be made to this deadline. (Note: Initial offers submitted after September 15, 2011 may not close by the incentive deadline of October 31, 2011.)

· Buyers must be purchasing a HomePath property to use as their primary residence to receive closing cost assistance. Second homes and investment properties are excluded from the incentive.

· Sales closed via the retail channel are eligible, including those utilizing public funds. Pool and auction sales are ineligible.

· Buyers must sign the Owner Occupant Certification Rider to the Real Estate Purchase Addendum.

· Buyers with total closing costs under 3.5% are not eligible to receive the difference as a credit.

· Properties where Fannie Mae acquired the property in connection with financing under a reverse mortgage are not eligible. Ask the listing agent for details.

· Buyers should consult their lenders for guidance on financing. Lenders and mortgage products may impose their own limitations on the use of the 3.5% incentive. For example, the lender may consider the incentive a Seller Contribution and limit the amount to 3.0%. In those instances, the remaining 0.5% will no longer be available to the buyer.

· Fannie Mae reserves the right to remove any property from promotion or end the promotion at any time. Any dispute over the payment of the incentive shall be resolved by Fannie Mae in its sole discretion.

Call me TODAY to discuss in more detail!!

Gregory J. Seabaugh
Sr. Mortgage Advisor
Regions Bank dba Regions Mortgage
Office: 904.998.4987 E-fax: 877.742.7851
Cell: 904.386.2710 Email: greg.seabaugh
“Apply on-line” www.regionsmortgage.com/gregseabaugh

Do what is rightbPut people firstbReach higherbFocus on your customerbEnjoy life

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MMG WEEKLY….

Gregory J. Seabaugh Sr. Mortgage Loan Officer Regions Bank dba Regions Mortgage Phone: (904) 386-2710 Fax: (877) 742-7851 greg.seabaugh www.regionsmortgage.com/gregseabaugh

In This Issue… Last Week in Review: Ben Bernanke spoke, but did the markets listen? Find out what he said, and how home loan rates reacted. Forecast for the Week: A full week of economic reports is ahead, with news on inflation, housing, manufacturing, and more. View: Still wondering what to do for Father’s Day, coming on Sunday June 19th? Check out the View article for some great ways to celebrate Dad. Last Week in Review They say "actions speak louder than words." But last week, words had a big impact on the market, especially those by Fed Chairman Ben Bernanke. What did he say, and what was the impact on home loan rates? Read on for details. Last week, Bernanke essentially made some downbeat and economically depressing comments, saying that "the economy is still producing at levels well below its potential." Remember that weak or negative economic news and comments normally hurt Stocks and helps Bonds, as investors will move money from Stocks to what they see as safer investments like Bonds (including Mortgage Backed Securities, upon which home loan rates are based). And that’s part of what we saw happen last week: Bonds and home loan rates improved on these negative economic comments, while Stocks weakened. But that’s not all Bernanke said last week. He also spoke about inflation, saying, "FOMC participants currently see the recent increase in inflation as transitory and expect inflation to remain subdued in the medium term." Why is this significant? Inflation is the arch enemy of Bonds and home loan rates, because it erodes the value of the fixed return provided by a Bond, which causes home loan rates to rise. This means that Bonds, and therefore home loan rates, typically worsen at the first sign of inflation. But Bernanke playing the role of inflation dove last week (an inflation "dove" believes inflation will have a minimal impact on the economy, the opposite of an inflation "hawk") also helped Bonds and home loan rates improve. So what does this mean for the markets and home loan rates in the short- and long-term? Here’s a visual that will help explain things. Imagine a child playing with a yo-yo riding on an escalator. If Bond prices are the yo-yo, you can see how they would be moving up and down like the action of the yo-yo in the short term. And this is what we are seeing right now: Bond prices and home loan rates are moving day to day in somewhat volatile fashion but continue to move in an improving trend. But just like the child will reach the end of the escalator, Bonds and home loan rates will eventually reach the end of their improving trend… and when they do they will likely worsen quickly, as history attests. The bottom line is that home loan rates still remain near some of the best levels we’ve seen this year, and it’s important to take advantage of these levels while they remain. If you have been thinking about purchasing or refinancing a home, call or email me to learn more about why now is a great time to benefit from today’s historically low rates. Or forward this newsletter on to someone you know who may benefit. Forecast for the Week After last week’s quiet economic report calendar, this week’s calendar is jam-packed. Look for: Tuesday’s Retail Sales Report: If sales turn out to be weak, this will add evidence to the belief that our economy is slowing down. And though we want the economy to improve, a weak report could help Bonds and home loan rates. A double dose of inflation news with Tuesday’s Producer Price Index, which measures inflation at the wholesale level, and Wednesday’s Consumer Price Index. Will these reports coincide with Bernanke’s remarks on inflation from last week? Job news with Thursday’s weekly Initial and Continuing Jobless Claims Report. Last week’s Initial Claims came in at 427,000, showing that the job market still has some work to do to get below and stay below – the psychologically significant 400,000 mark once again. Thursday also brings housing news, with reports on both Housing Starts and Building Permits, and manufacturing news with the Philadelphia Fed Index, which is considered an important indicator of the manufacturing industry. Rounding out the week is Friday’s Consumer Sentiment Index. This index is important because the level of consumer sentiment is directly related to the strength of consumer spending, which accounts for two-thirds of the economy. Remember: Weak economic news normally causes money to flow out of Stocks and into Bonds, helping Bonds and home loan rates improve, while strong economic news normally has the opposite result. As you can see in the chart below, Bonds and home loan rates continue to improve, though as discussed above, volatility remains rampant. Give me a call or send me an email if you have any questions at all about your personal situation.

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Regions Doctor Loan…..

Call me Today to discuss more about this great program.

Do what is rightbPut people firstbReach higherbFocus on your customerbEnjoy life

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The April 2011 MSA Unemployment Report

The April 2011 MSA Unemployment Report

• On a non-seasonally adjusted basis, the U.S. unemployment rate improved from 9.5% in April 2010 to 8.7% in April 2011. At this time of the year when seasonal influences — favorable and unfavorable — can change substantially, the non-seasonal nature of these numbers [MSA and US] can be significant. The unemployment rate in some of the MSAs declined by at least this 0.8% point decline. Those MSAs with the largest year-over-year declines in their unemployment rates are:

Apr 2011 Apr 2010 Change
Indianapolis 7.6% 9.3% -1.7% pts
St. Louis 8.5 9.6 -1.1
Orlando 9.9 11.0 -1.1
Tampa 10.5 11.6 -1.1
Jacksonville, FL 9.7 10.7 -1.0

U.S. 8.7 9.5 -0.8

• Several of the MSAs where had year-over-year increases in their unemployment rates:

Apr 2011 Apr 2010 Change Baton Rouge 7.6% 6.4% +1.2% pts New Orleans 7.2 6.5 +0.7 Shreveport 6.6 6.1 +0.5 Miami 11.1 10.8 +0.3 Huntsville 7.5 7.2 +0.3 Memphis 10.1 9.9 +0.2 Montgomery 8.9 8.7 +0.2 The information contained here in is based on data obtained from recognized sources believed to be reliable. This information has not been verified by us and we do not make any representations about its accuracy, completeness or reliability. Any opinions expressed are solely those of the author and are subject to change with out notice.

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The Short Sale

The Short Sale A Unique Selling Proposition for Real Estate Agents While a short sale may be a last resort for many homeowners facing foreclosure, it also represents a great opportunity for potential home buyers and real estate investors. This article is designed to help answer a few basic questions about the substantial risk and reward involved in this extremely complex and often drawn out process. What is a Short Sale? A short sale is a legally-binding agreement to allow a home to be sold for less than the amount that is owed. And, while short sales are not by any means common or easy, because of increasing inventory levels and foreclosures in some parts of the country, lenders are much more eager to negotiate with borrowers who are having trouble paying their mortgages. For potential home buyers and real estate investors, a short sale also offers a great opportunity to purchase property at a significant discount. However, don’t expect a lot of help from the lender without first providing a sales contract from a qualified buyer and all the information required by the lender’s loss mitigation department. Of course, lenders are not looking to bail out "flippers" or other borrowers who simply overextended themselves. In most cases, a borrower must have suffered a serious financial hardship that directly caused him or her to default on the mortgage: the loss of a job, a serious illness, or the death of a loved one. A written declaration and supporting documentation demonstrating financial hardship will definitely be required by the lender. This may include pay stubs, tax returns, and liquid asset statements, among other documentation. Key Considerations to Keep in Mind It’s important to note that the difference between what is owed on a mortgage and the final amount the lender collects after the costs of the sale, including real estate commissions and possibly other charges don’t simply disappear in a short sale. In the past, this deficiency or "canceled mortgage debt" was considered taxable income to the borrower. However, thanks to the Mortgage Forgiveness Act of 2007, the tax burden for qualifying canceled mortgage debt (as high as 35%) for primary residences only has been temporarily waived. The federal timeline has been extended to 2012 although states are not required to follow it for state income. If there are multiple liens against the property, all lien holders will have to be involved in the negotiation process, not just the first lien holder. Therefore, communication and patience are essential components of any short sale. This is why an experienced real estate agent and mortgage professional become so valuable to this process

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Rules When Selling a Home if in Foreclosure Redemption Period

Rules When Selling a Home
if in Foreclosure Redemption Period

Be careful when listing a home, going thru the foreclosure process and is currently in a “redemption period”. A redemption period is the time given to the property owners to come up with ALL of the money to pay off the balance of their mortgage, the attorney fees and any unpaid interest.

Yes, you can sell the home during the redemption period, but the following conditions must apply:

1. Property must be in a state where it is common & customary to sell a home in redemption.

2. Title insurance must contain a specific exception for the right of redemption and insure
against all loss arising out of the exercise of an outstanding redemption.

3. If redemption is exercised, the mortgage must be paid off directly out of the redemption
proceeds with no further action or claim for repayment.

4. The lender must warrant that Fannie, Freddie, FHA and VA will not incur any loss.
Each state has its own laws regarding foreclosure and redemption –this can be a tricky
business.

Source: Mortgagecurrtency

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Thank You for Your Business:

Thank You for Your Business: Unique Closing Gifts for Your Clients Sometimes, a simple note is not enough to show your gratitude. Housewarming gifts are a great way to remind your clients that you’re there for them, long after the paperwork is done. And, like business cards or branded mailers, these gifts are another way to market yourself to potential clients and their referrals. The following are a few great closing gift ideas your clients will talk about to everyone they know: Decorated Dinnerware – A flock of pottery shops have sprung up across the country where you can paint ceramic pieces from little statues to plates and coffee mugs to giant cookie jars. Register your clients at one of these stores, so they can decorate their own dinnerware. Every time they use these items, they’ll think of how you helped them reach their dream of homeownership. For a state-by-state list of these businesses in your area, visit www.paintyourownpottery.net. Services Directory – If your clients are new to the area, why not compile a directory for them as a unique closing gift. Imagine a book that lists and even maps out all of the restaurants, markets, gas stations, movie theaters or playhouses in their neighborhood. Include business cards from emergency services like a plumber, electrician, landscaper, and handyman and create some outbound referrals. Be sure to brand the book with your contact info because this book just might become their go-to guide for all of their home and entertainment needs. Basket of Goodies – Instead of the typical basket of fruit many agents give their clients as a closing gift, try something different. Fill a basket with pancake mix, muffin mix, jam, Earl Grey tea or coffee, a couple mugs, a spatula, oven mitts and anything else they might use in the kitchen. Each time your clients cook breakfast, bake a cake, or just relax with a hot cup of coffee or tea in their new home, they’ll remember you and the great service you provided. Memory Mug – Here’s a great and inexpensive closing gift your clients will never forget. Take a picture of their new home and add to it their name and the date that they purchased the home. Then put the picture into one of those customizable coffee mugs and give it to your client with a coffee gift card or a pound of coffee, tea, or hot cocoa. Again, you can add your name and logo to the back of the mug, and your clients will think of how you helped them obtain their dream home every time they take a sip. Free Magazine Subscription – Not only do magazine subscriptions make a great closing gift, they’re also a great marketing tool. Each month for the next year, your clients will think of you every time they get their latest issue in the mail. Some companies, such as www.magazineclosinggift.com, will allow you to add your name, logo, or even a message to the magazine subscription of their choice. Many subscriptions are less than $20, so it’s inexpensive too. During the transaction, try and learn about your client’s interests and hobbies. This will show them how much you care, and it will help you select the right magazine subscription as well. If you have any special closing gifts that you send out to your clients, please call me and let me know!

Best regards,

Gregory J. Seabaugh
Sr. Mortgage Advisor

Regions Bank dba Regions Mortgage
10245 Centurion Pkwy, Suite 300
Jacksonville, FL 32256
Office: 904.998.4987 E-fax: 877.742.7851
Cell: 904.386.2710 Email: greg.seabaugh
“Apply on-line” www.regionsmortgage.com/gregseabaugh

Nicole Garwol
Production Assistant
904.998.4987
nicole.garwol
E-Fax: 904.564.8560
Do what is rightbPut people firstbReach higherbFocus on your customerbEnjoy life

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