Thank you to the 13 people that watched my video last week! I’ll admit that the title from last week was a bit uninteresting, so I promise all future videos will have better titles. Thank you again for watching! Not a big news week, we had the State of Union address from President Obama yesterday and the FOMC (Federal Open Market Committee) comment today. However, no real movement on rates so my position this week will be to float unless you have to lock. Keep in mind that rates are still low and have been for some time. Can a home with an unpermitted addition qualify for a FHA loan? The answer may surprise you given that this is probably a very common question that is asked by Realtors and many buyers. The answer is “Yes”, however there are certain factors that need to be reviewed. Thank you for reading this email and watching the video. If there’s anything you’d like to see differently in the future, please let me know. Moving forward, I will post links to my sources as reference (Thank you Eric Sagaspe for pointing that out). Quote of the week: Service to others is the rent you pay for living on this planet – Mariam Wright Edelman Have a great week, and stay positive! Tony tmoon@gemcorp.com Links to Articles: 4 Steps to Take When Preparing to Buy a Home finance.yahoo.com Mortgage refinancers rush to duck fee hike www.bankrate.com IMF warns of global outlook: www.ft.com Greek default is imminent: finance.yahoo.com

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Broker Realtor Michael Stark of SouthernCaliforniaBroker.com discusses contrarian investing in real estate. Michael Stark assists buyers and sellers with both residential and commercial property in Orange County, and throughout Southern California. Michael’s other sites include, NeoRealEstate.co…

Hello Hello Hello! Sixto has created a website devoted to educating you about the Real Estate market in Phoenix Arizona. Relying on Videos and Blog to get the message across, Sixto believes in turning the Phoenix Real Estate market from something of a mystery to some people, into an open book. Community and local businesses are also a huge part of why people live in certain areas of Phoenix, and Sixto knows that. Read the same content in blog form, on Sixto’s website, or click tinyurl.com If you have any questions you can always call or e-mail him at Sixto@sixtosells.com When it comes to Real Estate in Phoenix, be in the know with Sixto. Go to SixtoSells.com

Steve Straub, CMPS with Straub Consulting in Portland, OR explains the benefits of a buy and hold strategy over fixing and flipping. Fixing and flipping was a popular way to make money a few years back, but is typically more complicated investment strategy than the average person expects it to be. There are over 30 videos at www.straubconsulting.com that educate and share perspectives on ways to build wealth through investing in real estate using long-term hold strategies.

www,rmilending.com. This week we got more details about the Obama program for upside homeowners, and here’s why the Obama loan is bad news. He says as long as you have at least a 580 credit score, and haven’t missed any payments in the last 6 months you qualify for a loan. Now they do say you must have a job but there’s no income requirements or verification. So that anyone regardless of income level can qualify for a lower interest rate in California regardless of if they can truly afford to live in their house. Doesn’t he remember how the banks got into this mess in the first place? While he says he wants these loans guaranteed by the Federal Housing Administration, the Obama refinance program will be allowing borrowers who have privately held mortgages who stand to default, the opportunity to stay in their homes and refinance into low interest rates on a “government backed” FHA loan. This way, we the taxpayers will take all the risk for them, so when they default, we can all reach into our pockets and pay for it rather than the big banks. One more thing his advisors forgot to tell him, while FHA interest rates are low, if you’re not paying mortgage insurance now, you will be under the new Obama loan, so when you add in the Upfront Mortgage Insurance and monthly mortgage insurance, the savings ends up being nowhere near the 00 he’s figuring.

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Mortgage Fraud Blog – Settlement Reached in Lawsuit Alleging FHA …

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