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Getting Answers for all My Mortgage Loan Questions

September 3, 2010 By 5 Comments

Article by Jason Wheeler | Read our Feed | 925-285-2172

How can you get legitimate answers to all your mortgage and loan related questions in the Contra Costa SF Bay Area?

One of my main goals in my business of doing loans and helping people get the money they need for thier homes is to be your first resource for all your mortgage financing questions. I want to be sure that you feel educated and that you feel like you have somewhere to go with no obligations to ask all your questions.

Call or Email Us now if you would like to get one on one answers 925-285-2172

I’ve set up this page as a free service so anyone can get thier financial mortgage questions answered with no pressure or commitment. I’m happy to answer any question publicly or in private. Here are some of the most popular questions I recieve on a regular basis.

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  • How much can I afford to borrow?
  • How do you determine income when you are self employed?
  • What documents are needed to get started?
  • Can I use my rental income?
  • My Bank told me this but I heard that?
  • What determines my interest rate?
  • How much will it cost me to get this loan?
  • Are no cost loans available?

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So if you are going through the mortgage process with another lender, you need a second opinion or maybe you are just curious. You can get all your mortgage questions answered on this page from a pro that has been in the business since 2003. We process and close loans all over California and we want to help you better understand the complicated process of getting a mortgage loan.

Until Next time Here is to your success! Jason Wheeler 925-285-2172 |

 

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Is Bank Of America Actually Offering Mortgage Principal Reductions | CA Bay Area Financing

March 25, 2010 By 1 Comment

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Bank of America Claims to be Offering Mortgage Principal Reductions. Have You Heard of ANY Success Stories?

Bank Of America to Reduce Principal for Distress Home Owners

Bank of America, the nation’s largest mortgage lender, on Wednesday announced a program to offer homeowners who owe significantly more than their homes are worth the opportunity to have their loan balances reduced.


 
 

I’ve done some personal research on this program and from what I heard on the news today it’s a very interesting. If a homeowner owes more than 120% of the value of their home but wants to keep it, B of A essentially forgives interest temporarily. (Another way to look at it is they set the interest rate at -0-.)

Then they set a payment they think the homeowner can afford, and 100% of the payment goes to principal reduction until…

The balance of the loan drops down to the then-current value of the home. Then interest kicks in again, presumably at the original terms, although I don’t know that for sure.

Note that B of A doesn’t give up any principal, but rather gives up interest — but only for a fairly short time.

Financing Trends

Here we are wrapping up Friday 3/25/2010. Mortgage rates are still extremely low. Some of the niche programs for first time buyers and tax credits are still available.

You can look at weekly rate trends Here | Popular Funding Programs

If you have financing questions, or want to learn more about what we are doing as Real Estate Investors? Or if you are looking for new income or lending sources… Don’t hesitate to get in touch with me anytime! Right now we have access to over 300 non traditional lenders looking to give you money for your real estate deal.

Connect with Jason Online!

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Until Next time Here is to your success! Jason Wheeler 925-285-2172

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$10000 & $8000 Home Buyer Tax Credit Extension in California | Get Approved Today

March 25, 2010 By 1 Comment

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California Tax Credit Extension | What You Need to Do to Recieve the Extended Funds in 2010


Great News for home buyers! Despite declining home sales for the entire first quarter of 2010 The CA house has decided to extend the home buyer tax credits. The Governor signed the bill in Fresno CA.

New California First Time Home Buyer Tax Credit Highlights How To Qualify

  • $200 million in funds available on a first come, first serve basis – could help over 20,000 home buyers
  • New homes for any taxpayer and new/existing homes for first time home buyers
  • “Qualified principal residence” means a single-family residence, whether detached or attached, that is purchased to be the principal residence of the taxpayer, is eligible for the homeowner’s exemption under Section 218, and has either never been occupied or is purchased by a first-time home buyer.
  • $10,000 tax credit or 5% of purchase price (whichever is lower)
  • Credit given in 3 payments to a taxpayer’s personal income tax returns over 3 year period

According to the San Francisco Examiner
The first-time home buyer tax credit extension and expansion has won Congressional approval and is on its way to President Barack Obama. He’s expected to sign the measure as early as tomorrow. The U.S. House of Representatives, this morning, voted 403 to 12 to pass the measure, following unanimous U.S. Senate approval yesterday. The measure was passed as part of unemployment benefits extension legislation H.R. 3548. The extension and expansion of the popular first-time home buyers tax credit gives both new and move-up buyers a tax incentive to buy a home until at least April 30, 2010, longer for military personnel.

So What Steps To Take in order to Receive the Home Buyer Tax Credit in California?

  1. Get in Contract on a Home – Before you can apply for the tax credit you must be in contract on a home. There are several steps you must take to be successful in finding and closing on a home in the California Bay Area and surrounding cities. The first step anyone should take in finding a home is find out how much you can afford without breaking the bank. Homes in the California Bay Area while very inexpensive relative to five years ago, are still very desirable and more expensive than many other places in the state or even in the entire country for that matter. The best way to find out what you can afford when buying a home is to get a referral or find a good qualified Mortgage Broker or Loan Officer in the local area that you plan to buy in. You can find a detailed how to step by step guide for buying a home at our 10 Essential Tips to Buying a Home in the California Bay Area!
  2. Apply For the State Tax Credit – You must fill out CA and Federal Tax Forms in order to receive the credit in a timely manner. You can learn more about and download the proper forms to receive the tax credit at the California Franchise Tax Board site.

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Until Next time Here is to your success! Jason Wheeler 925-285-2172

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Filed Under: Local Real Estate News, Mortgage Tips, Uncategorized Tagged With: , , , , , ,

Building Your Business and Real Estate Portfolio Locally and Nationwide

March 7, 2010 By 5 Comments

Article by Jason Wheeler | Read our Feed | 925-285-217

Our mission is to provide clients and investors with exceptional services through the intelligent application of real estate investing strategies and the latest mortgage financing options available today. We are dedicated to helping you build a profitable business and real estate portfolio.

Through many of our strategic partners we can help provide the following.

Call or Email Us now for a Quick Approval and Personalized Quote 925-285-2172


 
 

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  • Financing for Your Real Estate – If there is a loan product in the conventional market that you qualify for we will get it for you. We have no allegiance to any one bank and always work for you. We can also provide private transactional funding for your short term Real Estate investments.
  • Transactional Funds for Real Estate Investors as low as 2.25%
  • Real Estate Investment Education – Have you thought of creating an income through Real Estate Investment strategies? If so you can benefit from one of our FREE Events. Learn our unique model in real estate investments and create a long term source of wealth and security.
  • Foreclosure Relief – If you are in a hardship or cannot make your current payments you need to speak with us. Did you know that there are several ways you can avoid going through a foreclosure and often times save your home.

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Call or Email Us now for a Quick Approval and Personalized Quote 925-285-2172

REI Capital Solutions Group was founded by Jason Wheeler. Jason has been practicing in Real Estate Finance and Investments since 2003. His main passion is to help the average consumer create success through building a successful business foundation and real estate portfolio. Jason served his community in Pleasant Hill, CA in the East Bay Area as the Vice President of Government Affairs for the Pleasant Hill Chamber of Commerce Board of Directors from 2006 to 2009..

Jason’s key to success is always finding a mutually beneficial transaction for everyone involved in his real estate transactions and investments. Jason will help you get the knowledge you need to create a significant income in real estate investments and connect you with a network of thousands of investors nationwide that want to help you succeed in Real Estate Investing.

EDUCATION: Education is the key to having success in just about any endeavor or skill we believe that in order to be successful in Real Estate Investment endeavors you must understand the various strategies that you can implement including. We can introduce you to top notch trainers that specialize in strategies like Creative Financing, Buying without using you own money or credit, finding wholesale real estate deals and much much more. You will learn from successful practitioners in the real estate investment field that bring up to date start to money systems for you to implement.

CASH FLOW PROPERTIES: If you are interested in diversifying your investments to include income-producing properties, we can introduce you to a complete turn-key solution: a national network of real estate acquisition and management professionals who can deliver cash-flow-positive, instant-equity properties in great rental markets around the country with as little as 10% down. You can literally shop for great rental properties online. Key services include property acquisition, property management, tenanting services, incorporation and tax services, and much more .You will have direct access to full comps or appraisals, mortgage documents, photos of the property and full financial’s. Contact us for a free online tour of currently available properties.

INCOME: Do you have a strong sales and marketing background? Are you highly ethical, strongly money-motivated, and interested in learning investing? Contact us to find out how you can join our outstanding team. We do not put a cap on your up-side potential. We pay for results.

COMMUNITY: Do you believe that investing is a team sport? We do! We can introduce to you a network of over 12,000 investors, brokers, lenders, lawyers, accountants, agents, property managers, deal locators and instructors so that you always have someone to consult to provide support, mentoring, advice and assistance with your next deal.

Until Next time Here is to your success! Jason Wheeler 925-285-2172 | Come to a FREE Event |

Testimonials and Reviews for Jason Wheeler

Call or Email Us now for a Quick Approval and Personalized Quote 925-285-2172

Until Next time Here is to your success! Jason Wheeler 925-285-2172

Leave a Comment or Question Below we Answer Each One!Until Next time Here is to your success! Jason Wheeler 925-285-2172 |
 

Filed Under: Mortgage Tips, Real Estate Investing Tips Tagged With: , , , , , , , , , , , ,

$100 Down Payment Gets you a Bank Owed Home in Contra Costa CA Bay Area

February 28, 2010 By 1 Comment

What?!? Did you just say that just $100 down payment can get you into a home. What kind of program is the FHA and HUD sales Incentive Program anyway? Because of the foreclosure wave and FHA continuing to struggle and the possibility of more government stimulus being pumped into the FHA they must get those darn bank owned homes off their boos so they can do what they are meant to. LEND and make homes affordable!!

So what are the incentives and advantages of the the FHA and HUD Sales Incentive?

  • 110% Loan to Value is allowed in most counties
  • $100 down payment when you use FHA financing
  • $5000 sales credit allowed from FHA for repairs at closing using FHA
  • 3% HUD allowed for closing cost assistance.

So with all these awesome benefits how the heck to I qualify. Well only HUD owned homes can use this program. You can find a HUD Owned Home Here and only owners who intend to occupy the home are eligible. If you would like to see if you or a friend qualify all you have to do is call us and we can get you qualified in 10 minutes.

Until Next time Here is to your success! Jason Wheeler 925-285-2172 | Come to a FREE Bay Area Event |

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Making Money In Real Estate Investing | Getting Started Full Time or Part Time | Five Tips for Getting Started

February 12, 2010 By 11 Comments

 

 

Posted by Jason Wheeler | Subscribe

When I talk to people about how I got started in real estate investing they often assume they don’t have enough time or money…

The fact is that when I got started I was waiting tables 6 nights a week in the restaurant business, and my mortgage business was not doing very well.

The people that find success in real estate often start part time while they work a full time job. The important thing is to get started somewhere. The key is to build a base, learn everything you can and create some contacts and mentors. By no means do you need this to be a full time endeavor at first. All of these are the reason why you should attend one of our free events. You will have an opportunity to meet others experienced and novice that want to help you succeed. You will also gain knowledge that will empower you to take action on those first deals. Finally we can show hundreds of resources to create capital for your projects.

One of the biggest misconceptions is having the money to get started.

Right now I can introduce you to over 300 non traditional lenders that want to lend you money for your real estate deals! If you really have the drive to get started investing nationwide or just locally you must start somewhere.

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Here are a Few Things to Do to Get Started Part Time


  		1.

    Find a Mentor To Guide You: This is the first thing that you should do. Many mentors will help you but often not for free. That does not mean that you have to pay them a lot of money or get involved in an expensive coaching program. Often you can serve a mentor by offering your time, service in exchange to learn and ride his/her coat tails. So where can you find mentors like this?

  2. Attend Local Networking Events: Get online and search for your local Real Estate Investment Clubs or local events and Investor Forums where you can learn about opportunities and better yet network and meet people. You should not limit your networking to just real estate investment clubs. Check out groups like your local Chamber of Commerce, Rotary and BNI are also a great places to meet professionals that may refer you business and offer connections. A common misconception is that these groups don’t offer much to real estate investors. The fact is that they offer tons. Everyone is in real estate in one way or another. You either own or rent it and many are looking for ways to leverage it to get ahead and make money.
  3. Get Social Media Savvy: Start to utilize sites like Facebook, BiggerPockets and other social media to meet investors nationwide. Actually make these people into connections. Schedule phone meetings, ask questions and offer yourself to serve. You will be surprised who you meet. Most important you MUST create a website or blog. There are many ways to get this set up however if you want to be effective in your online marketing you must work with experts. Building a blog will create more business than you might imagine. You can get a site just like this one and customized to your business and style from the guys at Free Blog Factory. I’ve found if you look all over the internet you will not find better value in launching your social media endeavors.
  4. Be Consistent: Make a business plan. Treat it like a business and it will pay you. If you are starting part time you need to schedule some time each day, even if it is only two hours and dedicate that time to learning growing, meeting investors and business partners and prospecting for property.
  5. Find Property and Make Offers: The fact is you must take action. Once you’ve spent time learning and you have a solid mentor working with you, start finding property and making offers on real estate. Many area afraid to do so because they feel they can’t back out. This is not the case as you have inspection times and contract contingencies to get you out of the deal if it is not what you are looking for. Even if your first few offers fail the experience will boost your confidence and you will get better as you go.

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Patrick Esposito from Real Estate Pro Articles

Real Estate Investing: part time or full time?

When one gets the real estate bug, then it is logical to take this business to the highest level possible, as fast as possible. If you work full time at something, you will make more than if you worked part time. Right? All things being equal, probably. The standard rule of thumb is to start part time, and go full time when your part time income equals your current full time income. Most people who invest in real estate full time for a living have probably been doing this for a while, and have a reasonable income coming in. One of the great benefits of investing in real estate is that you could work at this part time, and still become wealthy over time.

When the time is right, you will know it. Don’t go at it full time, hoping to have a great year and make “good” money. People get involved in real estate to produce cash flow, yet if they quit their job to focus only on real estate, they are stopping their cash flow. Whether buying for long term rentals, or flipping for quick profits, you can make a substantial amount of money working part time. As you gain experience, you will develop skills to help you save time, and accomplish more. For example, you will know the right qualifying questions to ask. You will also be familiar with different areas, and will know which properties to follow up on, and which ones to pass on. You will be able to determine all of this without ever leaving your home.

Working full time can tend to put pressure on you to consistently do deals. Because of this, you may purchase properties that may be better to pass on. You become anxious to do that next deal, and even the mediocre ones start to look ok. They all have potential. You must know what you are doing. After all, you do this full time. Right? If you decide to invest in real estate full time, do not do it just to massage your ego. There are many ways to do that.

Build your base first. Your base consists of your experience, your knowledge, your motivation, your credit, your asset base, and your cash flow. All successful endeavors start with a plan, and short and long term goals. You may start part time, and have a goal to go full time after a certain amount of time. Build a strong foundation, which takes time, and your success is sure to follow. Remember to always be an informed investor. www.TheInformedRealEstateInvestor.com

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Until Next time Here is to your success! Jason Wheeler

 

 

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95% Conventional Mortgage Loans are Back In California | Bay Area Mortgage Financing

February 5, 2010 By 3 Comments



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95% LTV is back on Agency Conventional Loans Borrowers may now get 95% LTV if they meet the following criteria:

  • 95% Purchase and Rate/Term refinances
  • Specific Affordable Products only (see below)
  • Borrower does not have to be a First Time Homebuyer to qualify. However , First Time Home Buyer’s must complete training course.
  • 680 Minimum Score Requirement
  • 1 unit property only (SFR and PUDs. Condos maxed at 90% LTV)
  • 2 months. reserves required regardless of AUS findings
  • 3% down payment and reserves must be borrower’s own
  • Borrowers can only own 1 property (No 2nd homes or rentals)
  • Full appraisal required regardless of AUS findings
  • 3% Seller Concessions maximum allowed
  • Counseling only required for First Time Home Buyers
  • Income limitation waived on MyCommunity program if property is located in a Fannie Neighborhood
  • Mortgage insurance must be ordered through Genworth (GE)
  • These Genworth overlays apply to product guidelines
  • Now available in CA, FL, NV, and AZ
  • Standard Conforming Fixed is not eligible. Must fit into one of the below programs

    Available Programs:
    • Freddie’s Home Possible Doc #5335 (Fixed Rate only) • FNMA MyCommunity Doc #5325 (Fixed Rate, 5 yr ARM and 7 yr ARM

    Additional benefits (see product descriptions for full details):
    • Reduced MI coverage available (16% MI coverage). This is a great selling tool against FHA! MI is reduced and unlike FHA, the MI may be removed after 2 years if home has appreciated in value. Borrowers completing GE’s Counseling Saver Program may receive additional rate discoun

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Until Next time Here is to your success! Jason Wheeler 925-285-2172


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Federal Funding Released In January for First Time Buyer Programs in Contra Costa Bay Area

January 8, 2010 By 4 Comments


Popular Financing Programs in Contra Costa Bay Area Real Estate.

Presented by Jason Wheeler

If you are thinking about a purchase a new home you should know that the Federal Tax Credit of $8,000 to first time home buyers is due to expire in April of 2010. Get crackin and buy something! When was the last time in history you could buy a home at these prices get a loan under 5% and have the government pay you $8,000 to do it? These are truly unique times we are in.

Did you know that Contra Costa County is releasing 6 Billion dollars this month for the Mortgage Credit Certificate Program? This is s huge opportunity for your borrowers to take advantage of a little known government program that can save thousands each year!

Check out the newest and hottest loan programs and let me know if you would like to see if you fit into any of them. We were locking rates in this week at around 4.75% on a 30 Year Fixed with no points this week!

Hot Loan Programs at a Snapshot

You can look at weekly rate trends Here.

Three Real Estate Investor Events This Week!

Investor Forum in Bay Area CA RSVP Here!

Join us and learn from a ton of Real Estate Entrepreneurs and Investors that are helping people like you create massive wealth in Real Estate TODAY!!. This will be a packed event where you will learn nuts and bolts Real Estate Investment knowledge to take advantage of what is happening in the market RIGHT NOW!


Filed Under: Local Real Estate News, Mortgage Tips Tagged With: , , , , , , , ,

Thinking of Investing in Residential Real Estate: It's Still Location, Location, Location

December 19, 2009 By Leave a Comment

Thinking of Investing in Residential Real Estate: It’s Still Location, Location, Location

Remember this: land is the element of real estate that appreciates. Man-made structures begin depreciating from the day they are constructed.

Think schools first.

Schools are often the first consideration for first time home buyers and renters – at least 80% to 90% of the time in my experience. These folks are most likely your biggest target market in your exit strategy for the investment properties you acquire.

Contact the main office of the district(s) serving the neighborhoods you’re interested in. Check the standardized test scores for the district. Obviously, the higher the better as an indicator of how well the district is perceived to be doing. You may be able to find the scores on line too.

Study kindergarten – sixth grade enrollment statistics (also available from the school district). Try to go back as far as ten years. You’re looking for growth in elementary school enrollment. Lots of growth equals desirable neighborhood.

Stay close to home.

Many books and courses advise you to purchase investment property located within a thirty mile radius of your personal residence. I say that’s still too far. Shoot for twenty miles, preferably fifteen.

Here’s what happens with too much distance between you and your investment. It will suffer from your neglect. An extra fifteen miles and minutes is enough to keep you away when an on site visit might really help.

Analyze the neighborhood.

Profitable neighborhoods have a common characteristic; people who can qualify for bank financing (now or in the near future) want to live there.

Ideally you’re looking for entry level to lower mid-range housing, 15 – 50 years old. It’s OK if the area is a little blighted as long as things are on the upturn. Look for visible signs of redevelopment.

Get acquainted with a competent real estate agent that does a lot of business in the neighborhood you’re investigating. Have him or her search the local Multiple Listing Service database and pull up “active listings, pending sales, and sold comps” for the area. If you plan to flip you want an active market – one, it makes it easier to estimate a final retail value for the properties you’re considering buying and two it shows that there are active buyers in the market now. Even if you plan to rent you still want to own in a location that is in demand.

Here are some things your real estate agent can help you sniff out.

  • Look for closed sales transactions. There should be a healthy number. A lot of active listings and few closed sales is not a good omen for you.
  • At least 70% – 80% of the closed sales should be to owner occupants – not investors buying rental units.
  • The majority of buyers are purchasing with conventional bank financing, not various forms of owner financing and other creative methods.

At any rate, stay away from “war zones” with large tracts of run down, vacant houses, high crime rates, etc. These areas can be tempting because people do live there (generally renting) and the ratio of rental income to property values provides the landlord with a much nicer “spread” than is achievable in nicer areas. Some investors literally make a fortune in these neighborhoods. However, it’s probably the toughest segment of the business to operate in. And, alas, 90% of us cannot pull it off.

And now a few last thoughts about the layout and placement of the lot. If any of the following are present, I suggest you pass and move on to the next candidate. These kinds of functional negatives are either impossible or just too hard to overcome and in anything less than a red hot market they will significantly lengthen or kill your exit strategies for the property.

  • The lot sits on a hill of any kind.
  • The driveway or yard slopes toward the house.
  • The lot is located in a flood plain, a valley or sits lower than the properties around it.
  • The lot is close to a large stream or drainage ditch.
  • The lot is on or backs to a busy or noisy high traffic, street.
  • The lot adjoins commercial property or is in a commercial area where traffic, noise, lights, etc. might interfere with quiet enjoyment of a residential property.
  • Any land that you know has formerly housed a manufacturer, dry cleaner, gas station or landfill.

Good hunting and choose your location carefully – a bad one can make your investing life miserable.

About The Author

Jim Howard is happy to share his love of real estate with you at realestateshelf.com. Jim’s experience with real estate spans 24 years, during which he achieved the Certified Property Manager designation through the Institute of Real Estate Management while throwing in an MBA along the way. His range of real estate experience includes managing and leasing industrial, retail and office properties as well as managing is own portfolio of residential investment properties. Jim is a licensed real estate broker in the state of Missouri.  http://www.realestateshelf.com

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