Interest rates - Ouch!

Today, mortgage interest rates are taking a beating. Why is this happening? Good question with lots of different answers......here is a segment from Yahoo! Finance that is worth watching.....
http://finance.yahoo.com/blogs/breakout/3-signs-market-sell-off-coming-soon-121617680.html


Enjoy,

Jeff Eisenberg
Southern Oaks
661.964.2600
brokermanjeff@gmail.com

My Book is almost Complete!

If you didn't know already, I'm in the process of writing a book on home loans. It will be tips and tricks that will make or break your home loan. It will be about 96 pages long and will sell for approx. $12.95. Trust me, it will be well worth it! Visit my website at:

http://www.somloans.com/

Housing in L.A. is IMPROVING!

Good news, I'm starting to see multiple offers on properties. This means more people are making offers on the same homes which helps drive up the price. I recently had a client who made an offer on a home in which 16 other offers were presented. Luckily my client got the home. I am also seeing that homes are selling much faster than before as well. All good signs!

Jeff Eisenberg's Mortgage Show - Internet Radio Program

Well it's official, my 1st show will commence next Thurs. I will follow up with the URL so that you may listen to it. The show will talk about the difference between a foreclosure and a short pay, with guest Realtor, Kate Christiansen from Legacy Real Estate Group. My co-host will be the phenomenal personality, Mitch Krayton. I'm very excited!

HR 3221 Bill Provisions - Finally here!

FHA changes - no more down payment assistance programs allowed after Sept. 30th 2008. The FHA minimum down payment is increasing to 3.5% from 3%. First-time buyers will be eligible for a $7,500 tax credit if they purchased a home on or after 4/9/2008 or if they purchase one before July 1, 2009. There are income limitations to this. Call me for details. Conforming Jumbo loan limits will decrease from $729,750 to $625,500 as of Jan. 1, 2009.
Conforming loans will remain at $417,000 or below. This bill will help homeowners who are upside down on their homes, but the mortgages must have been originated prior to Jan. 1, 2008. Criteria is: 1) Borrower must not have defaulted intentionally and 2) Borrower must have had a debt-to-income ratio over 31% as of March 2008. The Lienholder will work with borrower to write down the mortgage to no more than 90% of the appraised value. There are some stipulations however, so call me to find out. They are going to instill a SAFE Mortgage Licensing Act, which will be a nationwide licensing and registry system.

Need Relief? I may have the ANSWER!

Having a hard time making your payments? Can't refinance because you either don't show enough income to qualify or your house's equity is upside down? Contemplating foreclosure or a short pay? Loan mitigation/modification may be the answer for you or someone you know. Call for more information. 661.964.2600

Pay your house off in 1/3 to 1/2 the time!

Through an innovative software program, you could be debt free and own your own home outright. For more information, call me at 661.964.2600.

More on President Bush's New Bill

In the coming weeks, I will be reviewing this bill and how it will affect the general public. Please stay tuned....

President Bush's New Bill

Great News! The FHA, Fannie and Freddie limits will be permanently raised to approx. $625,000 in high cost areas, like Los Angeles and Orange County, January 1, 2009. More details to follow.

FHA Approval on the Way!!!

Southern Oaks Mortgage, Inc. will be approved for FHA loans within the next 30 days! This will allow many borrowers to obtain financing with little to no down.