Pick A Pay coming back to bite Wells Fargo

Wells Fargo had a negative amortization loan called Pick-A-Pay

You picked your payment every month- want to pay $1? Ok – the additional interest was just added onto your loan amount.
This worked OK when a properties value was going up 10% every month.
When the bubble broke so did this loan program.
I remember one loan officer I respect telling me he did everything he could to steer clients away from the Pick-A-Pay program.
Well, California’s Attorney General just reached an agreement with Wells to modify $2.4 billion in Pick-A-Pay mortgages!
See more here at the Wall Street Journal…
Barry Bevis, Broker/Realtor

Trulia goofs up again- This time with School Zones

Trulia is full of errors and incorrect data. Their “Schools” tab does not show the correct school zones for most properties.

Rather than extract school zones from public records or from the MLS listing feeds they just show the schools closest to the address.
Look at the listing below- It is zoned for Leon High School, an “A” rated school.
But Trulia show Godby High School, an “F” rated school!

School zones are very important to buyers and can make huge differences in the price a seller can ask for their home.

Trulia needs to get this corrected!

Barry Bevis, Broker/Realtor

Rates are holding in the Fours!

Rates December 3rd, 2010 

Conventional 30 yr Fixed  –  4.5% no points (3.99% for first time home buyer)

Conventional 15 yr Fixed  –  3.875% no points (3.5% for first time home buyer Conventional 5/1 arm- 2.99% no points

Jumbo 5/1yr arm  – 3.99% FHA 96.5%- 4.375%  – 30 year fixed  (4.00% for first time home buyer)

VA 100%- 4.375% – 30 year fixed (4.00% for first time home buyer) All conventional and government loan rates are based on a middle
credit score of 740 or higher and a loan amount of $150k or higher on
a primary residence purchase.  Max loan to value on all conventional
loans is 95% due to mortgage insurance guidelines. (debt to income
ratio is limited for mortgage insurance above 90% loan to value)   All
rates based on purchase money mortgages for primary residences.

Rates are subject to change based on market conditions and are
intended to be used as a guide only.  For APR and up to the minute
rates, please call for a rate quote. For more information on our loan programs or to make an application,
please contact:

Tyler Oden
Office:  850 425-6716
Fax:  850 425-6730
Mobile: 850 294-6626 Barry Bevis, Broker/Realtor