California is offering free money for mortgages while making a push to get homeowners into a 2 billion dollar foreclosure prevention program, and as a result, you could see a principal reduction on your mortgage if you qualify. The program is called Keep Your Home California, and it’s been around since last year but most lenders didn’t participate in it because the program required the banks to match taxpayers funds when homeowners received a mortgage reduction through the program. That requirement has been eliminated and now Fannie Mae & Freddie Mac are all aboard, and they own 62% of the mortgages in California. The changes to the program should be available in June, and eligible homeowners can receive up to $100,000 in principal reductions or money to pay their mortgage. If you want more information to see if you qualify, just go to the link below.

Ikea has announced that it may start selling prefab homes in the United States to go with their furniture. An 800 sq foot, 1 bedroom home was recently debuted at a Portland home show with a suggested retail price of 86k. If you’re worried about putting this baby together with that 2 inch allen wrench they give you, you don’t have to worry about that because it comes fully assembled delivered to your empty lot. The house has no hallways, which will make it a heck of a lot easier to leave than an Ikea store
If it’s built like most of Ikea’s furniture, it should remain standing for at least 2 years. Listen, for 86k, you could probably get a 1300 sq ft house in Stockton, CA. The only drawback being that you gotta live in Stockton, CA. No thanks Ikea, I’m gonna wait, because sure enough it won’t be long before Apple comes out with the iHouse, and then we’re all gonna get in line.

Would you be surprised to know that you can buy a house in San Jose with as little as 3.5% down, and not have to pay any closing costs? And with interest rates like we have this week, it’s pretty likely that you or someone you know could by a $300k house with a little more than $10k of your saved money and a principal & interest, taxes and insurance payment still under $2000 each month. If you want to know why  2012 is the best time to buy a house and stop renting, give me a call, leave me a comment below and share this video with your friends and family. Thanks for watching, See you next time.

Are you one of the 11 million homeowners that are underwater on your mortgage. Are you familiar with the Mortgage Debt Relief Act? Why not? It’s been around since 2007, but it’s set to expire at the end of this year. What this means, is if you get a loan modification, or do a short sale, or even get foreclosed on your primary residence, you are not responsible for paying taxes on the forgiven amount, in other words that which was left over or forgiven, cannot be counted as income to you by the IRS, and you don’t have to pay taxes on it. And that offer is about to be taken off the table at the end of this year. So if you are upside down on your mortgage and have thought about doing a short sale, call your real estate agent right now and get that house sold before the end of the year.

If you’ve ever tried to buy or refinance a house, you know that appraisals are the number one problem killing mortgage loans in California. Well, Leave it to Bieber, Justin wants you to know that the housing crisis is hurting him too. His business manager told him to buy a house for 7 million. See Bieber fans, this is the house your imaginary boyfriend wants to buy, but the appraisal came in at 6 million, and now Justin can’t get the mortgage his business manager wants. I think more than a good business manager, you need a fashion manager. Who wears a jacket made out of space invader bed sheets? Take a lesson from the celebrities that came before you. Pay cash for your house, so no one can come throw you out of it when the well run dry and those girlish looks fade away.

Fannie Mae conducted a survey in March where 73% of all respondents believed it’s a good time to buy a house. With California interest rates dropping back down under 4% this week, I would have to agree. Who’s the next person that comes to mind that’s most likely to buy a house. Maybe a couple getting married this summer, or a family expecting a baby and needs a larger home. Please share this video with them and if you know anyone upside down on their mortgage, feel comfortable sharing my number with them, so they can get the help they need. Thanks for watching, see you next time!

If you are looking for a San Jose mortgage broker, or anywhere in California, you need to look no further than Rich Iacovetta with RMI Lending. Watch this parody as Rich meets a guy who wonders what to do when your loan is denied. See the magic as Rich get’s him pre approved to buy a house in San Jose. Also, see how he reacts to a man who asks him to lower my interest rate and help me refinance my house in San Jose. If you are searching for a San Jose mortgage lender and want to see some real mortgage magic, give Rich a call

Rich Iacovetta here with RMI Lending bringing you what you need to know to help you save money in real estate and every day life. Bank of America is in the news again. Sure, they’ve taken their share of complaints from homeowners, but they just announced this last week a program that could help homeowners facing foreclosure stay in their homes. I think this plan is great. It goes like this: Rather than face foreclosure, A Bank of America program will allow homeowners who are late on their mortgage, the opportunity to transfer title back to the bank, and have your outstanding debt on the property forgiven, and in return they will allow you to rent the house at or below your current market rent with a guarantee the house will not be sold for at least 3 years. The mortgage to rent program is a great deal, considering the alternative of a short sale or foreclosure, where on average you have to wait at least 3 years before you’re able to buy a house again. This program will allow your kids to stay in the same schools, you can build your credit up again, and have your housing debt written off, why wouldn’t you do this? Well I’ll tell you why. Because you can’t right now. See, the program available by invitation only to 1000 B of A customers in Nevada, Arizona and New York, so you can’t apply for it right now, but Bank of America says if the foreclosure to rent program succeeds they will open it up to a broader range of upside down homeowners facing foreclosure here in California. If it does, I’ll be sure to let you know.

Gas prices are continueing to skyrocket, It’s gotten to the point that if you’re planning to go somewhere this summer, it might be cheaper to just mail car than to actually drive it there. While complaining doesn’t solve anything, I’ve found a helpful app for your phone that I use all the time called Gas Buddy. It’ll tell you where to find the cheapest gas station in your area, and even map out how to get there for you. The app is free for your iphone or droid, and if you don’t have a smart phone, you can go to their website gasbuddy.com to check prices.

it’s been a couple of weeks since the HARP program came out and I am seeing lots of homeowners upside down on their homes and rental properties, getting automatic loan approvals with no appraisals required and San Jose interest rates under 4.5%. Doesn’t matter how much you owe. If you have an upside down mortgage in California, I’ll let you know in less than 5 minutes if I can save you money. Who do you know that’s underwater on their mortgage, maybe a family member, co-worker or neighbor…please forward this video to them right now so they can get the help they need.

Rich Iacovetta again with RMI Lending, bringing you what you need to know in the world of Real Estate and Mortgage Lending this week. Last week’s FHA’s mortgage insurance increase sent potential homebuyers into a panic. FHA decided to make up for this “little inconvenience”, by being nice to existing homeowners who already have an FHA loan. They decided to help you save money by DECREASING the upfront mortgage insurance to just .01% and monthly MI on FHA streamline refinances in California to .55% starting June 11, 2012. Many people with FHA loans from 3 or 4 years ago, have seen low interest rates in San Jose, CA, but they weren’t able to refinance, because FHA was raising the upfront mortgage insurance every year, so most people couldn’t save money by refinancing after all. Now under this decrease of mortgage insurance, and with rates being where they are, it’s possible you can save a couple hundred dollars or more each month on your mortgage payment with an FHA streamline refinance. IF you got your original FHA loan BEFORE June 1, 2009.

A Florida mortgage broker walked in to his bank wearing a Miami Heat ballcap to cash his $100 check, but when he walked out, he was surrounded by police, handcuffed and even given a boot to the head. Turns out a teller mistook him for another robber who wears a Miami Heat ballcap and she tripped the silent alarm. Now a jury has awarded him 3.3 million dollars for his pain and suffering. Now I know you’re thinking he’s not the only customer Bank of America has kicked in the head, but you know, I would gladly take a boot to the head for half of that amount. Heck you could billy club me for that. Just not in the face. I got a show to do each week.

Interest rates are still looking great under 4% this week and even if you are upside down or underwater on your mortgage you could refinance under the HARP 2.0 loan which is available this Monday, March 19th if your loan is owned by Fannie Mae or Freddie Mac. Don’t know if your loan is owned by Fannie or Freddie, call me, and I’ll let you know in 2 minutes or less and let’s see if I can lower your interest rate and save you hundreds of dollars on your mortgage each month. Thanks for watching, I’ll see you next week.

HARP 2.0 is finally here in California. Upside down homeowners can now refinance starting March 19th. Your loan must be owned by Fannie Mae or Freddie Mac. You can have an unlimited LTV, but your previous loan must have closed no later than May 31, 2009. No mortgage lates in the last 12 months are allowed to qualify and you must have at least a 620 credit score. Primary residences, Rental properties, and Second homes are elligible. There will be a rush for HARP 2.0 throughout California, so you should contact me to do your loan application now.

Planning to buy a house with FHA loan in the future. Upfront Mortgage Insurance Premiums (UFMIP) are increasing April 1st from 1% to 1.75%. Now HUD will continue to allow this to be financed into your loan. But to give you an idea of the affect this will have on closing costs, if your purchase price is $250,000 with 3.5% down, and you get your FHA case number on March 30th, that MI premium is $2412.50, after April 1st the same exact house just got $1809 more expensive. So don’t be a fool on April 1st, get your FHA case number now and save your money.

Finally, here’s something everyone watching needs to do this Saturday. It’s daylight savings time. So be sure to change your clocks 1 hour ahead. Please forward this video to everyone you know who owns a house, wants to own a house, or owns a clock, and if you want more information about the HARP program, FHA loans, or how to set your clock back an hour please give me a call my numbers at the end of this video. Thanks for watching, see you next time.

Many people in California wonder how long they need to wait after a foreclosure, short sale, or bankruptcy before they can buy a home again. In this funny phone call parody with Nicolas Cage, he learns exactly what the waiting periods are before you can buy a house again if you have had a bankruptcy, short sale or foreclosure, and what you should be doing to repair your credit while you are waiting to purchase a home again to make sure that you are ready to get your loan faster. If you’re thinking about owning a home again in San Jose, be sure to call your local San Jose mortgage broker, Rich Iacovetta with RMI Lending.

More than 450,000 Californians will be getting mortgage help from at least $18 billion, thanks to a mortgage settlement with the nations 5 largest banks Chase, B of A, Wells Fargo, Citi and Ally Financial. The banks are being penalized for rushing the foreclosure process over the last few years by using what’s called robo-signing. Which basically means that the bank employees didn’t actually read or properly service the loans they had, that ended up in foreclosure. Most of the mortgage help for California homeowners will come in the form of reducing principal for underwater borrowers that need to modify their loans, but there are some other circumstances in which you might get mortgage relief. First, your loan cannot be a Fannie Mae or Freddie Mac loan. If it’s not and you got foreclosed on between 2008-2011, you might qualify for a foreclosure settlement payout. And under the new mortgage settlement, banks will not be able to foreclose on someone if that homeowner is currently being considered for a loan modification. Now, while this mortgage settlement isn’t going to fix the housing market, Heck this is a just a chip in that $750 billion iceberg, it is a step in the right direction for those that need mortgage help in California. What’s your thoughts?

Still want proof that you should be checking your credit report every 6 months? A South Carolina man wasn’t able to get approved for a new home because Bank of America had been reporting to all three credit bureaus each month that he’s been dead for almost 3 years. Do yourself a favor and watch out for yourself. If you want to know how to get a free legitimate credit report in California, give us a call.

Actor Steven Seagal is being sued by a man who allegedly ran illegal cockfighting matches. Steven was filming his realty show Lawman, when he teamed up with an Arizona sheriff, jumped into a SWAT tank and ripped through the man’s house, killing about 100 chickens and the gangster’s 11 month old puppy. I know it’s sad the puppy died, but the other guy was torturing chickens for entertainment. But, don’t they have search warrants in AZ? I mean why do you even need a tank to stop a gambling ring? What’s next, using a fighter jet to break up an underage drinking party? Could you imagine looking out your window? The only thing scarier than Steven Seagal in a tank is Steven Seagal in a tank top. If you live in Arizona you might want to look both ways before you cross your yard.

With this mortgage settlement announced, many are speculating that we could see home prices drop even further. While current homeowners aren’t thrilled about this, it’s a great opportunity for anyone thinking about buying a first home, or even an inexpensive rental property. If you want to see in just a few minutes if you can take advantage of this window of opportunity, please give me a call. Thanks for watching and please pass this video along. I’ll see you next time.

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 $3000 he’s figuring.

This past week President Obama held his state of the union address and proposed a refinance plan that could help homeowners save $3000 a year on their mortgage by being able to refinance their upside down home regardless if their mortgage is owned by Fannie Mae and Freddie Mac and eligible for the HARP 2.0 program, and I feel it’s my duty to interpret that plan for you. Well just hold those applause because he didn’t actually share the details of this refinance program other than saying that a small fee will be placed on the banks to pay for the plan. And we all know when he says “banks” he means “you”. Because let’s face it, anytime banks have to pay a fee, theyre going to pass that fee along to you in the way of higher rates and higher fees. Now personally, I don’t think this plan is going to work. For one thing it would have to go through a republican controlled senate, who are notorious for resisting government intervention in the housing market. And while his staff is predicting this program can help 2-3 million homeowners,that just sounds an awful lot like the FHA short-refi program they rolled out in 2010 that was estimated to help 1.5 million people, but as of 3 months ago only 195 people got loan approval for that program. So it looks like it’s back to the old drawing board Mr. President!

Think you’re having a hard time selling your house? Try selling a starship. A guy in London is such a huge Star Trek fan that he spent 10 years and $150k converting his small apartment into the starship voyager after his wife left him in 1994. This guy went all out. He even trekked up the bathroom so he could stay in character while I guess launching his photon torpedoes. Well she actually owns the place and after finding it hard to get a buyer from this planet. She’s been awarded the right to dismantle the place so it can sell, and it looks like resistance is futile. Live long and prosper bro!

Take a look at this week’s interest rates back under 4% and with 1 out of every 5 California mortgage brokers giving up their license in the last year, or allowing them to expire (it seems like even more here in San Jose), aren’t you glad that you have a friend in the mortgage business you can feel comfortable introducing your friends and family to when they are thinking about buying or refinancing a home? Please share this video with them and let me know what you think by clicking the like button and leaving a comment below. Thanks for watching, I’ll see you next time.