Bill Turano's (kingmush) Blog

Mortgage and Lending - Mortgage Master
Hey, here is $7500 bucks. Pay me back interest free  over 15 years (unless you can't sell your house for a profit) This is deal being offered to first time home buyers with the tax credit that was passed earlier this year. However, no one seems to understand it or appreciate it.  I just had a VA...
1986 Most of the Realtors were working at their desks.  I would go into a Real Esate  office and the several Realtors would call me over. "Hey you got time to call this Guy?" ""Bill, I got another one over here!" or "This guy is ready to go" Then, the Realtor would call a week or two later to set...
    FHA is looking to end its down payment assistance program and eliminate 100% financing. It is about time! HUD states the foreclosure rate and resulting losses on these types of loans are 2-3 times greater than traditional FHA loans. These losses contributed to  FHA's total loss of 4.6 billion...
Conventional Loan Guidelines Keep Tightening Ocean and Monmouth Counties have been designated as declining market areas.  What does this mean to you: ·       Buyers putting 20% down will be required to pay PMI·       100% financing has been eliminated·       PMI rates have increased·       Down p...
2008 THE YEAR OF FHA  REASONS FHA WILL BE HUGE IN 2008REASON #1 : T0 AVOID HIGHER RATESYour clients can avoid the new Risk Based Pricing* now being charged for Conventional Loans .* The following Risk Based Pricing is now being charged on Conventional loan with less than 30% down:1. Credit Score ...
Friday, November 30, 2007WHEN RATES FREEZE OVER  Finally, there is some good news for the troubled mortgage market. The Wall Street Journal reported that the White House and the mortgage industry are close to a deal that would temporarily freeze interest rates for some sub-prime home loans on pri...
WAITING ON A FRIEND   I thought I would share this real life scenario.I have a friend that is planning to rent a home even though he is more than qualified to buy . However, he wants to "wait out the market" So, I started to think about the cost of rent, the tax write offs he would be missing, an...
Monday, November 12, 2007Are Option Arms a Ticking Time Bomb?A CNN Money article refers to the Option Arm as "ticking time bombs". However, I believe for the right client, this loan makes sense. First let's explain how they work: Every month you get four payment options:1) The Payment Cap Rate- T...
60 Years of Bad Real Estate Predictions   Lets keep today's "expert opinions" on real estate in perspective.The Santa Barbara Association of Realtors put out this information some time ago:The prices of houses seem to have reached a plateau, and there is reasonable expectancy that prices will dec...
FHA IS BACK !   5 Reasons to Consider FHA 1) As Little as 2 1/4% Downpayment 2) Credit Scores 600 or Below are Often Approved. 3) Coborrowers Income Can Be Used To Qualify (They don't have to live there) 4) Seller Can Pay All of the Closing Costs 5) Only Two Years Required After Bankruptcy  

Bill Turano

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