Weekly Mortgage Update 06-04-2010.mpg

In this weeks video, I wanted to give a quick shout out to AREAA for the work they did in last weeks golf tournament and raising some much needed money for some families in need. A few important notices....USDA is BACK!!! They did however raise their premiums on purchases to 3.5% and on refinances to 2.25%. This isn't permanent yet but when it does become permanent, we hear these premiums could be reduced. if this happens, USDA will give you a principal reduction to make up the difference. Also, effective June 1st, 2010, all applications taken on or after this date will be subject to a new credit review at the time of funding. It's VERY important to NOT pull your credit during the purchase process. Doing this could create major delays at the time of funding. Job reports came out this morning and they weren't good. Many experts including myself thought there would be at least 500000 jobs created in the month of May and many experts thought this number could reach 700000. Instead we saw the numbers come in at 431000 and 411000 were temporary census workers. I will be working this weekend so if you need anything at all or need a pre-qualification before you submit your offers this weekend, I will be available. My email is homefinancing@chadfocht.com and my phone number is 916-798-1234. Have a great weekend and take care!

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