Check out my new Video Series

Jeff Eisenberg's 6-minute Right to the Point Video Series......   http://www.youtube.com/watch?v=RJcGNb_T8dE

Great information is on its way......stay tuned.

Jeff Eisenberg
President
Southern Oaks Mortgage, Inc.
http://www.somloans.com/
www.twitter.com/loanmanjeff
http://www.loanmanjeff.com/

Upcoming "Maximizing Your Assets" Panel Discussion with the Experts

On Dec. 19th at Union Bank in Newhall at 9:30 am to 11 am, I will be having a Panel Discussion with Bill Clingen - Asset Protection Specialist, Robert Mansour, Esq. -Estate Planning Attorney, Brad Polak - CPA and none other than myself - Jeff Eisenberg - Mortgage Consultant & Advisor.  We will cover various topics that will relate to issues and concerns in our respective fields in the coming year 2010.  This is not one to miss.  To reserve your seat, please call 661.964.0200 or go to http://www.maximizingyourassets.com/ to register.


Jeff Eisenberg
President
Southern Oaks Mortgage, Inc.
http://www.somloans.com/
http://www.loanmanjeff.com/
www.twitter.com/loanmanjeff.com

Tax Credit for 1st-time Buyers Extended!!!

Tax Credit for Homebuyers




First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000.



Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.



Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.



Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.



What are the New Deadlines?



In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.



Tax Credit Versus Tax Deduction



It’s important to remember that the tax credit is just that… a tax credit. The benefit of a tax credit is that it’s a dollar-for-dollar tax reduction, rather than a reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a first-time homebuyer were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing.



Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little income tax liability. For example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $4,000 in income tax, she can still receive a check for the remaining $4,000!



Higher Income Caps



The amount of income someone can earn and qualify for the full amount of the credit has been increased.



Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible



Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.



Maximum Purchase Price



Qualifying buyers may purchase a property with a maximum sale price of $800,000.



------------------------



Remember, the new tax credit program includes a number of details and qualifications. For more information or answers to specific questions, please call or email me today.

jeff@somloans.com
http://www.somloans.com/
http://www.southernoaksmortgage.com/
http://www.loanmanjeff.com/
www.twitter.com/loanmanjeff

Mortgage Backed Securities having a GOOD day!

We are up about 44 basis points on the MBS for the day.  We've seen two price improvements throughout the day.  Rumor has it that the government will extend the $8000 tax credit and also make it available to people who already own, but are moving up.  We'll have to see how that pans out, but at least we are moving in the right direction.

For more information, call Jeff Eisenberg  661.964.2600 x 104
http://www.southernoaksmortgage.com/
http://www.somloans.com/
http://www.loanmanjeff.com/  for my  book
www.twitter.com/loanmanjeff

Voted Best in Valencia 2009 for Loan Agent

Press Release


FOR IMMEDIATE RELEASE

Southern Oaks Mortgage Receives 2009 Best of Valencia Award

U.S. Commerce Association’s Award Plaque Honors the Achievement

Southern Oaks Mortgage is located at 25000 Avenue Stanford, Suite 95 Valencia, CA 91355 Jeff Eisenberg, Broker - 661-964-2600 jeff@somloans.com www.somloans.com

WASHINGTON D.C., June 8, 2009 -- Southern Oaks Mortgage has been selected for the 2009 Best of Valencia Award in the Loan Agents category by the U.S. Commerce Association (USCA).

The USCA "Best of Local Business" Award Program recognizes outstanding local businesses throughout the country. Each year, the USCA identifies companies that they believe have achieved exceptional marketing success in their local community and business category. These are local companies that enhance the positive image of small business through service to their customers and community.

Various sources of information were gathered and analyzed to choose the winners in each category. The 2009 USCA Award Program focused on quality, not quantity. Winners are determined based on the information gathered both internally by the USCA and data provided by third parties.

About U.S. Commerce Association (USCA)

U.S. Commerce Association (USCA) is a Washington D.C. based organization funded by local businesses operating in towns, large and small, across America. The purpose of USCA is to promote local business through public relations, marketing and advertising.

The USCA was established to recognize the best of local businesses in their community. Our organization works exclusively with local business owners, trade groups, professional associations, chambers of commerce and other business advertising and marketing groups. Our mission is to be an advocate for small and medium size businesses and business entrepreneurs across America.

SOURCE: U.S. Commerce Association



CONTACT:

U.S. Commerce Association

Email: PublicRelations@us-ca.org

URL: http://www.us-ca.org

Should you shop your loan?

The answer is yes. In a competitive world, shopping your loan could very well save you thousands of dollars, if not more. But here is the catch; the lowest interest rate or the lowest fees doesn’t necessarily mean you are getting the best deal. Key factors could include: recuperation periods, type of loan, prepayment penalties, knowledge of loan products of mortgage professional and future plans. Also, shopping for loans could affect your credit score. Be very careful that when shopping, you don't give out your social security number because if you do, each lender will run your credit.  For more information on this topic, buy the book that is loaded with tips and tricks that will make or break your loan, Makers & Breakers: A Simple Guide to a Successful Mortgage Loan. It can be found at www.loanmanjeff.com or www.amazon.com. For more information about home loans, please call Jeff Eisenberg, President of Southern Oaks Mortgage, Inc. in Valencia at 661.964.2600.




Southern Oaks Mortgage, Inc. is a licensed Broker/Lender with

Dept. of Real Estate Lic#01458657, DRE (916) 222-0770

Reporting your rental properties on Schedule E

If you own rental properties, it’s very important to file a Schedule E with your personal tax returns. This reports the income or loss generated from your rental. This will help show proof that you have experience renting properties. Lenders typically like to see a two year history. Keep current rental contracts on file just in case the lender wants to see them. If you are renting out a home/condo and not reporting the rent on a Schedule E, then the lender cannot give you credit for the income to offset the debt you may show on your credit report, thus making it harder to qualify. For more information on this topic, buy the book that is loaded with tips and tricks that will make or break your loan, Makers & Breakers: A Simple Guide to a Successful Mortgage Loan. It can be found at www.loanmanjeff.com or www.amazon.com. For more information about home loans, please call Jeff Eisenberg, President of Southern Oaks Mortgage, Inc. in Valencia at 661.964.2600.

http://www.somloans.com/

http://www.loanmanjeff.com/

www.twitter.com/loanmanjeff

Southern Oaks Mortgage, Inc. is a licensed Broker/Lender with

Dept. of Real Estate Lic#01458657, DRE (916) 222-0770

Second Homes

Buying a second home is a dream for many folks. The true definition of a second home is a home that one can travel to that will provide a getaway from the daily grind. Well, that is my definition. A lenders definition relates to whether or not it makes sense to consider the other home a second home. The proximity to your current home is a major factor. Is this home near a beach, golf resort, ski resort, lake, river, snow or just considered a getaway city, like Palm Springs? If the answer to this question is no, then the lender will most likely consider it a rental property. For more information on this topic, buy the book that is loaded with tips and tricks that will make or break your loan, Makers & Breakers: A Simple Guide to a Successful Mortgage Loan. It can be found at www.loanmanjeff.com or www.amazon.com. For more information about home loans, please call Jeff Eisenberg, President of Southern Oaks Mortgage, Inc. in Valencia at 661.964.2600.

www.somloans.com
www.southernoaksmortgage.com
www.twitter.com/loanmanjeff

Southern Oaks Mortgage, Inc. is a licensed Broker/Lender with
Dept. of Real Estate Lic#01458657, DRE (916) 222-0770

New $10,000 Tax Credit for New Home Buyers in California

California lawmakers approved a new budget that included a $10,000 tax credit for home buyers, the largest home-buyer incentive ever offered in US history to date. Here's what you need to know. The $10,000 tax credit is for any home buyers that purchase a new home between March 1, 2009 and March 1, 2010.
This is NOT limited to first-time buyers;
There is NO income limitation; and most importantly
You do NOT have to pay it back, as long as you remain in the home for 2 years.
The bill, however, only set aside $100 million for this tax credit, so after 10,000 new homes are purchased, the credit is gone – so don't wait. The credit CAN be utilized along with the new $8,000 first-time home buyer's credit made available by the new Stimulus Plan. This means that if you're a first-time home buyer, and you purchase a qualified new home in California that costs more than $200,000, you'll get $18,000 in tax credits that you do not have to pay back, if you're a first-time home buyer and you purchase a new home that remains your primary residence for three years.It's important to note that qualified home buyers will receive the tax credit, in equal amounts, over 3-years. If your tax credit is $7,500, you will receive a tax credit of $2,500 each year for three years. If your tax credit is $10,000, you will receive a tax credit of $3,333.33 each year for three years. Finally, there is no down payment requirement to receive the $10,000 tax credit, although you will likely have a down payment requirement to secure a mortgage in today's market, at least 3.5% if you use FHA financing. The good news is the Stimulus Plan also restored the higher maximum loan limits of $729,750 for FHA and conventional loans for 2009. This is largest home buyer tax credit ever offered in US history, let alone California. If you have even been thinking about buying a new home in California, give us a call before it's too late. Don't miss out on this great opportunity to buy the new home of your dreams.

Sincerely,

Jeff Eisenberg

Southern Oaks Mortgage, Inc.

661.964.2600

jeff@southernoaksmortgage.com

http://www.somloans.com/

http://www.loanmanjeff.com/

Buying a Home? New Appraisal Rules Could Impact You

In the last several years, significant changes have impacted financing for residential real estate. The issue I would like to bring to your attention today could impact the value that will be used to underwrite your loan.The Home Valuation Code of Conduct (HVCC), effective May 1, 2009, governs the way in which appraisals must be ordered for all residential real estate transactions, where the loans are sold to Fannie Mae and Freddie Mac.The purpose of this new regulation is to ensure that the value of the home - on which a mortgage is being issued - is arrived at both independently and objectively.While I have traditionally been able to order appraisals directly from local appraisers whom I know are familiar with the neighborhood or region, this legislation will prohibit this practice and will instead randomly assign an appraiser, potentially to someone not in the immediate area. The new legislation also eliminates my ability to discuss the property with the appraiser.As a result, the task of providing information that will help the appraiser arrive at an accurate value now falls upon the seller and the real estate agents involved.While your real estate agent may already be providing this assistance, I thought it would be appropriate to stress how important this becomes in light of HVCC.If any issues occur in arriving at a fair value for your home, I will work with you to resolve them. While I don't expect any problems, being prepared is always a best practice.
Sincerely,
Jeff Eisenberg
Southern Oaks Mortgage, Inc.
661.964.2600
jeff@southernoaksmortgage.com
www.somloans.com
www.loanmanjeff.com

Housing Starts and Possible Signs of Recovery!

Housing starts rose sharply to 17% in the month of May. Stocks and Bonds are teetering back and forth like a seesaw. When stocks go up, investors usually take money out of bonds and when stocks go down, they temporarily place them in bonds causing them to improve. Improved bond yeilds means better mortgage rates. As we speak, mortgage bonds are up 19 basis points for the day. Lets hope this continues as rates are getting closer to the high 4's compared to the mid to high 5's over the past week or two.

Visit my site: http://www.somloans.com/
http://www.loanmanjeff.com/
http://twitter.com/loanmanjeff
For all your Real Estate Finance needs!

Just Joined Twitter

http://twitter.com/loanmanjeff

This is my new Twitter blog. If so inclined, please follow. I'm going to be updating it daily (well hopefully if I can find the time between everything else) with current rates and programs available. I will also announce seminars and events that are happening in the industry.

Great News for Rates!

Looks like the Fed did it again! The announced that they will purchase 750 Billion dollars worth of Fannie Mae, Freddie Mac and Ginnie Mae Mortgage Backed Securities as well as an additional $300 Billion of US Treasuries. Wow, they have big pockets. Well this is good news for mortgage rates and we saw a .325 basis points to the fee improvement today. Rates are hovering around 4.5%. Many lenders decided to hold off on improving their rates today because they are already at their capacity of loans in their pipeline. The days ahead will surely be interesting.

More info on Stimulus Package

More Exciting Information on Obama's Stimulus Package

Tax Credit Versus Tax Deduction
It’s important to remember that the $8,000 tax credit is just that… a tax credit. The benefit of a tax credit is that it’s a dollar-for-dollar tax reduction, rather than a reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a homebuyer were to owe $8,000 in income taxes and would qualify for the $8,000 tax credit, they would owe nothing. Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little income tax liability. For example, if a homebuyer is liable for $4,000 in income tax, he can offset that $4,000 with half of the tax credit… and still receive a check for the remaining $4,000!
Phaseout Examples
According to the plan, the tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000.To break down what this phaseout means to homebuyers who are over those amounts, the National Association of Homebuilders (NAHB) offers the following examples:Example 1: Assume that a married couple has a modified adjusted gross income of $160,000. The applicable phaseout to qualify for the tax credit is $150,000, and the couple is $10,000 over this amount. Dividing $10,000 by $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time homebuyer tax credit that is available to this couple, multiply $8,000 by 0.5. The result is $4,000.Example 2: Assume that an individual homebuyer has a modified adjusted gross income of $88,000. The buyer’s income exceeds $75,000 by $13,000. Dividing $13,000 by $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $8,000 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,800.Remember, these are general examples. You should always consult your tax advisor for information relating to your specific circumstances.

Remember to visit my site: http://www.southernoaksmortgage.com/, http://www.somloans.com/, and http://www.loanmanjeff.com/ for a copy of my newly published book

Obama's Stimulus Plan 2009

Tax Credit for Homebuyers
First-time homebuyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit. Remember a tax credit is very different than a tax deduction – a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income.
The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000. Buyers will have to repay the credit if they sell their homes within three years.
Additional Housing-Related Provisions
Tax Incentives to Spur Energy Savings and Green Jobs — This provision is designed to help promote energy-efficient investments in homes by extending and expanding tax credits through 2010 for purchases such as new furnaces, energy-efficient windows and doors, or insulation.
Landmark Energy Savings — This provision provides $5 Billion for energy efficient improvements for more than one million modest-income homes through weatherization. According to some estimates, this can help modest-income families save an average of $350 a year on heating and air conditioning bills.
Repairing Public Housing and Making Key Energy Efficiency Retrofits To HUD-Assisted Housing—This provision provides a total of $6.3 Billion for increasing energy efficiency in federally supported housing programs.Specifically, it establishes a new program to upgrade HUD-sponsored low-income housing (for elderly, disabled, and Section 8) to increase energy efficiency, including new insulation, windows, and frames.
Expanding Housing Assistance—This provision increases support for several critical housing programs. It includes $2 Billion for the Neighborhood Stabilization Program to help communities purchase and rehabilitate foreclosed, vacant properties.
More Help for Homeowners in the Future
Another thing to keep an eye on in the coming weeks is President Obama’s plan to help struggling borrowers before they are faced with a default on their mortgage.
According to reports, the Obama administration is discussing plans to help borrowers who are struggling to stay afloat, but who have not yet fallen behind on their payments. At this point, details are scarce; however, reports indicate that President Obama is looking to spend approximately $50 Billion to directly help homeowners before they face foreclosure and financial disaster.
While this is good news for individual homeowners, it will likely be good for the housing industry as a whole. That’s because, assisting struggling borrowers before they default should help stop the wave of foreclosures, which are estimated to top two million this year. That, in turn, will help stabilize home prices.
The Economic Stimulus Plan is huge, and impacts a number of industries. I’ve highlighted some of the major provisions that may impact you now and in the future.
As always, if you have any questions or would like to discuss how this may specifically impact you, I’d be happy to sit down with you. Just call or email me to set up an appointment.

And Remember to visit my site at: http://www.somloans.com/, http://www.southernoaksmortgage.com/, or http://www.loanmanjeff.com/

Why are loans taking longer than 30 days?

Good question! The answer to this question is the result of lower mortgage interest rates.
A few months ago, many lenders were laying off their underwriters, processors and customer service positions due to the slow refinance market. Then the Fed decided to purchase $600 billion worth of mortgage backed securities, which put confidence into the mortgage bond market. Rates dropped considerably and everyone was racing to their broker or bank to refinance. They just weren’t prepared for this influx of new loan applications, so what happened was a slow down in underwriting files. The lenders now had to re-hire new employees and train them in order to get back up to speed. This in turn is why it was taking so long to process loans. As we speak, they are still ramping up for this mini-refinance boom we are experiencing. Good news is that I have a lender who can close a loan from start to finish in 12 business days. Call Jeff Eisenberg - President, Southern Oaks Mortgage, Inc. in Valencia at 661.964.2600

Remember to visit my website at: http://www.somloans.com/ or http://www.southernoaksmortgage.com/ and stop by my website http://www.loanmanjeff.com/ to get a copy of my new book.

Interest rates climbed a bit today!

Today, the mortgage bond market was off by as much as 51 basis points. This in turn, caused mortgage rates to go up. Since investors aren't paying much for purchasing closed loans these days, the spread between rates is much lower than it has been over the last 5-7 years. So a large decrease in movement like we saw today could change interest rates roughly .375% in rate. So today probably wasn't the best day to lock in a rate.

On another note, did you know that when applying for an FHA loan, both spouses have to have their credit run even if one of them isn't going to be on the loan? The purpose of this is to add the non-applying spouse's monthly debts against the actual applying spouse's debts since they are married and will be living there together. So if your spouse has lots of debt and you are thinking that by applying as a married man/woman as your sole and separate property, you could avoid the other persons debt, that will not be the case on an FHA loan.

And remember to visit my website: http://www.somloans.com/, http://www.southernoaksmortgage.com/ and my new site for my book: http://www.loanmanjeff.com/

Happy New Year to All!

This year should be a great year to buy and to refinance! Rates hopefully will stay at all time lows and if you are in the market to purchase, home prices should stay relatively low. I do, however believe that sometime in July 2009, we will start to see a turnaround in the real estate market. I feel that housing prices will start to stabalize and possibly even appreciate 1-3% and interest rates will stay low and consistent. There you have it, my prediction!

Remember to visit my website: http://www.somloans.com/ or http://www.southernoaksmortgage.com/. Also, my new website is up for my new book: http://www.loanmanjeff.com/