Well, my mom always said that I should have been a politician. I said mom, I need money and I need to stretch the truth. So I turned the other way and now I am a loan officer of 16 years. I love every minute of it and...okay, most days...  But I soooo love helping people and helping people to experience the American Dream !!!  And now???  I want to play with the big boys.

Wait, what is this Jeff character talking about? Do you know that congress and HUD have turned down the down payment assistance programs?  Yes, it will be official as of October 1st, 2008. Now, some lenders have stopped sooner for the main purpose of hoping to sell that loan and to guarantee FHA funding of that loan. But some of us can still do the down payment assistance programs (DPA) until the cutoff date.

So, what's all the hoopla??  Well, there is a rally down at Upper Senate Park in Washington D.C. on September 10th at noon to support the down payment assistance programs.  There have been many that have opposed this program for several reasons and some that I understand and semi agree about. But there are so many more positives than negatives. And some of us want you, the public, to hear our opinion, and not just misleading, construed facts that have tainted these programs.

Now, don't misunderstand the fact that there are still down payment assistance programs that are still allowed. These are from your local townships, counties, and state funded programs. But many of them have some sort of restriction such as income limits, areas of approval (meaning some counties allow them and some don't), and many have some sort of repayment penalty.

What is this rally about?  Awareness.....  education... opinions.... and facts.   And this is a way for us, as Americans, to show our support and to tell the government and HUD that these such programs can still work. These programs that are sponsored by such companies as Nehemiah, AmeriDream, and so many others.  And it's a line up that you won't want to miss......

DPA Rally Program Agenda

12:00 noon: Welcome by Jeff Johnson

12:05 p.m.: Remarks by Congressman Al Green (D-TX)

12:15 p.m.: Remarks by Scott Syphax, Nehemiah Corporation of America

12:30 p.m.: Remarks by Real Families

12:40 p.m.: Remarks by Joy Jamison, NABMB

12:50 p.m.: Remarks by Dr. Ben Chavis, Hip-Hop Action Summit Network

1:00 p.m. : Remarks by Jeff Belonger

1:10 p.m.: Closing remarks by Jeff Johnson

1:20 p.m.: Q&A with any media outlets

1:30 p.m.: Rally concludes

Why is all of this important?  Well, I will give a brief outline, that is my opinion, to why we need to keep these programs up and running.

• the average person can't save much money in today's economy. High gas prices, higher food prices, and just that raising a family isn't cheap in today's economy.
• by utilizing this type of program, it can help you keep your savings in your back pocket, as an emergency fund
• fraud could run rampet if we discontinue this type of program. Come out to the rally and find out why.

Let's look at the Ripple affect.....  if someone needs to sell a home, but that 1st time-homebuyer can't buy it, they have to rely on someone that can. So, the house sits, the market could get a tad stale because of this. And as mentioned, the typical homebuyer that can't save the typical 5% or 10% down in today's economy???

Overall????   

Currently, Congressional Bill H.R. 6694has been introduced and we need our Senators to introduce a matching bill to oppose the more recent bill HR 3221. Please have your homeowners who have used DPA to obtain homes contact their National Senator's Aid on Housing or Legislature.  Sen. Lautenberg's aid is April Clark (202) 224-3224 and Sen. Menendez's aid is              Emma (202) 224-4744.

Encourage the Homeowners to share their story of how they achieve the dream of homeownership through Down payment Assistance programs.

Also, share the state and national financial impact the loss of DPA will have. The financial impact can be located at our campaign web-site: www.dpagroundswell.org .

So... what can be done?  Help us support this rally.  If you especially live in the Northern Virginian area, Maryland, or the D.C. area, please come out and share your support. If you are a family that has used the down payment assistance program, such as Nehemiah, AmeriDream, or others, please come out and show your support. If you are a realtor, or a loan officer, or a lender...please come out, If I could get some what of a head count, even better, This will be nationally televised.  Please call me and leave a message at 888-835-1663 or e-mail me at jbelonger@ihmci.com  We need your support. And if you are someone that has benefited from these programs and you would like to speak at the rally, please call me or e-mail me. I am very serious about this and we would love to hear your story.

For some of you that I have spoken to in the last 2 days, there will be another event 7 days from the 10th. But that will be mentioned on the 11th, so look for more information then, 

Support....show your support to help keep homeownership alive.....thanks

- FHA Loans - FHA Mortgages - Conventional Loans - VA Loans -

Experience & Knowledge at its BEST !!!

____________________________________________________________________________________

For more information on FHA loans, please go to this link. The FHA Expert

For more information on how you can obtain your dream home, please click here : Mortgage Financing Options

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags !!!!!

Copyright © 2008 by Jeff Belonger

Science Basics

Global Warming: The Science

The science of global warming is not new. In 1859, British scientist John Tyndall discovered that carbon dioxide (CO2) can trap heat and in 1896 Swedish scientist Svante Arrenhenius calculated that doubling a the amount of CO2 in the atmosphere could raise Earth's temperature as much as 10°F. Since Charles Keeling began measuring atmospheric CO2 in the late 1950s, scientists have accumulated a wealth of evidence documenting the increase in CO2 and other global warming gases in the atmosphere, the consequent rise in global average temperature and the influence of human activities on the Earth's climate.

The Keeling Curve 

What is Global Warming?

Global warming refers to the global temperature rise and subsequent impacts from the increase of heat-trapping gases in the atmosphere from human activities, primarily the combustion of fossil fuels. This additional pollution enhances the so-called "Greenhouse Effect" and warms the Earth. The latest report from the Intergovernmental Panel on Climate Change (IPCC) declares that the evidence for warming is "unequivocal" and that most of the observed warming is very likely - greater than 90 percent certainty - due to the increase of global warming pollution from human activities. Over the last century, the global average temperature has increased 1.3°F, with almost 90 percent of the warming occurring over the last fifty years.

What is the Greenhouse Effect?

Just like the glass of a greenhouse traps warm air inside, certain gases in the atmosphere trap heat that would otherwise escape into space. The effect is not limited to Earth. Much of what we know about the greenhouse effect comes from observation of our planetary neighbors, Venus and Mars. The atmosphere of Mars has such a low concentration of heat-trapping gases that it is in a perpetual deep freeze, while Venus has so much, its surface temperatures is hot enough to melt lead! As we rapidly enhance the greenhouse effect on Earth by adding heat-trapping gases to the atmosphere, we are turning up Earth's thermostat to dangerous levels.

 

USGCRP

What causes it?

There are a number of gases that occur naturally and are the major contributors to the greenhouse effect - water vapor, carbon dioxide, and ozone (at high altitudes, not smog at ground level). Methane and nitrous oxide play a lesser role. Some man-made industrial gases, like chlorofluorocarbons (more famous for their creation of the ozone hole), also contribute to the greenhouse effect.

The impact of each gas on global warming is a combination of their abilities to trap heat, their concentrations in the atmosphere, and how long they stay in the atmosphere. For example, while one molecule of methane traps more heat than one molecule of CO2, the higher concentration and longer atmospheric lifetime of CO2 means it has contributed more to global warming than methane has. Most efforts to control global warming pollution have focused on the CO2 emissions from human activities because they have the most affect and we have the greatest control over them.

Since the Industrial Revolution, the concentration of CO2 in the atmosphere has increased from 280 ppm to over 380 ppm. This 100 ppm change is the same increase as from the last ice age about 20,000 years ago until just before the 1800's. Human activities have changed the atmosphere as much in 200 years as natural variations changed it over 20,000 years.

Water vapor is different from the other gases produced from human activities primarily because of the much shorter time it stays in the atmosphere - days rather than years, decades or centuries. The amount of water vapor in the atmosphere is dependent on the temperature and is not a direct result of human activities. The warmer the world, the more evaporation occurs and the more water vapor the atmosphere can hold, thus increasing the amount of heat-trapping gases in the atmosphere and increasing the temperature further.

How do we know the warming is caused by human activities?

For the heat-trapping gases with no natural source, the contribution from human activities is obvious. The other gases, especially CO2, also carry a human fingerprint. The analysis of carbon isotopes demonstrates that the majority of the increase in carbon dioxide comes from the combustion of fossil fuels. The geographic differences in concentrations of heat-trapping gases - higher concentrations over land in the more heavily populated Northern Hemisphere - also points to the combustion of fossil fuels and other human activities as the source of the globe's rising temperatures.

Scientists can model the temperature effects of natural and human-induced, or anthropogenic, changes in the global temperature. The results show that natural variations alone can not explain the observed temperature rise of the last decades. The changes from human activities are necessary to fully explain the observed warming.

The most recent report IPCC has estimated that of the processes that can change global temperature, what they call "radiative forcings", the components from human activities are cumulatively 10 times larger than the best estimates of the changes from solar activity. A recent paper shows that all the trends in the Sun's activity that could influence the temperature of the Earth have been in the opposite direction needed to explain the rise in temperature over the last 20 years.

What are the impacts?

Scientists have now observed impacts from global warming on all continents and most oceans. For a closer look at impacts in specific areas, check out the "Impact Zones" section of this website. The IPCC has also identified the likely impacts on crucial areas if global temperatures continue to rise.

Federal debt $10 trillion !!!!!!!!  Unemployment at 6.1%!!!!!!  Oil prices still high!!!!!!!!  2.2 million homes on the market !!!!  The middle class is being eradicated in America.  All this will just hurt the housing market more.  We need GOOD news !!!!!   

GOOD news.....interest rates are still low; in fact they ticked down close to 6.0 % fixed 30 year this week.  Commercial properties are selling better than residential.

Can you please share more good news in the housing market?  We need a light at the end of this tunnel!!!

Thank you!

Ann Sabbagh

Vice-President

Seacoast Mortgage

www.annsabbagh.com

A couple years ago I lost my assistant that took care of most of my marketing and keeping my "systems" moving.  It didn't seem like a big deal at the time...but now its a big deal!  I think that a lot of real estate professionals are sharpening their pencils and deciding to scale back and do a lot of the "assistant type" work themselves.  Is this a recipe for disaster?  It appears to be a good decision at first but I feel that the gradual decline in productivity mostly goes unnoticed until hopefully we figure out that it doesn't make sense to be an assistant and a Real Estate Professional at the same time.  I have come to my senses and brought on an assistant part time and hopefully soon full time!  What are you doing with your business?  scaling back?  virtual assistant?  do it better yourself?   What duties are better suited for an assistant?  re-posting blogs on other blog sites?  web/ paper marketing? calendar/email management? 

I learned just in time I cant do it alone!

Welcome to Illinois Mortgage Rates and News week in review for the week ending September 5th, my take on the week's financial news and how it affected Illinois mortgage rates.

It's official. The biggest threat of inflation has passed and the weakening economy is our worst fear going forward (for this week anyways). Mortgage bonds are in full rally mode now, which means mortgage rates are moving down. Rates are at the best level in months, and this rally may have some more room to go. Over the last 3 months all the talk from the financial pundits (and many Fed Chairmen) has been about how inflation is set to ravage our economy. But now oil prices are down to $105 per barrel (from a high of $147 in July), and the economies in Europe and Asia are skidding to a halt. The dollar is showing signs of life and this all leads to money flowing out of stocks and into Treasury Bonds as a flight to quality, with mortgage backed securities going along for the ride.

The economic news this week showed more signs that the Fed won't be raising rates any time soon. The ISM index, a survey of national purchasing managers, came in at 49. Anything below 50 is a sign that the economy is down. The Fed Beige Book showed that most areas of the country are showing signs of economic weakness. Productivity was up slightly, but that just shows that producers are able to get more out put with less labor. The biggest report of the week was the unemployment report released this morning showing an increase in the unemployment rate from 5.7% to 6.1%, the highest it has been in the last five years. The report showed a loss of 84,000 jobs for the month (worse than the 70,000 loss that was expected) and the previous 2 months were also revised lower. Remember, with new population growth, it takes an increase of about 150,000 new jobs per month just to stay even. We now have less people employed than were at this time last year. Several Fed members also gave speeches, and the consensus was that we are going to be muddling through for a while, and inflation is, or will be under control.

A bigger story may be brewing this weekend. According to articles in the Wall Street Journal, Washington Post and New York Times (Hat trip to Calculated Risk), Fannie Mae and Freddie Mac are about to be put into a conservatorship under government control. This is the long talked about bailout of the two mortgage giants, and it would likely wipe out any equity stock investors still hold. It's not that this action is unexpected, both the Fed and the Treasury Secretary announced a month ago that they were ready to stand behind and guarantee any losses. But knowing a bomb is out there and hearing the explosion are different. If this takeover happens as they expect, it will be another interesting weekend, and it will have a big impact on the markets on Monday.

Mortgage bonds improved most of this week, but after the worse than expected employment numbers bonds actually ended the day worse than where they started. Still, it was a major rally for the week, and some profit taking by traders is expected. Technical indicators show that we may have some more room to run. One unknown is how low oil prices will go. Some analysts doubt that they will go below $100 per gallon. If they do OPEC could shut off the spigot and reduce supply to keep prices high. That may be harder to enforce than it has in the past, and with the economy slowing they may need to cut back a lot to keep the price propped up. What this all means is that if you are in the market to buy a new home, you may have better rates in your future, and if you've been thinking about refinancing but weren't able to get it done when the rates were lower, you may be about to get a second chance. Either way, if you need help, give me a call.

Here is what Illinois Home mortgage rates look like today for an A+, full doc purchase on a 30 day rate lock, with 0 points, and no origination fee. The conventional loans are based on the highest conforming loan amounts, which give the best pricing. (Again, there are many factors which affect mortgage rates and your ability to be approved for a loan. These rates may not fit your situation and this is just a sample of the programs that are out there. If you would like a quote for your personal situation, or to get pre-approved for a mortgage, give me a call or Contact me illinois mortgage company and I'll take the time to find the rate and program that is best for you.) :

Conventional loans up to $417,000

30 year fixed rate 6.125% 6.254% APR

15 year fixed rate 5.625% 5.789% APR

5-1 A.R.M. 5.46% 5.576% APR

7-1 A.R.M. 5.69% 5.735% APR

For Jumbo loans over $417,000

30 year fixed rate 6.75% 6.834% APR

7-1 A.R.M. 5.99% 6.103% APR

FHA LOANS - 3% down payment

With 1 point origination fee - 60 day lock

30 year fixed rate 5.875% 6.463% APR

With no origination fee - 60 day lock

30 year fixed rate 6.00% 6.472% APR

FHA APR reflects 3% down payment and the effect of mortgage insurance on the loan.

These are just a few of the mortgage programs and mortgage rates available. Which option is best for you depends on your own specific goals and needs. If you have any questions or want to go over your situation in depth, let me know how I can help.

Pete Thompson is an Illinois mortgage banker who provides superior mortgage service and competitive mortgage rates in Chicago, the Chicago area and throughout Illinois. Click here for a Free copy of The Real World Home Buyer's Guide - How to Save Thousands when Buying a Home and Getting a mortgage. For information on the latest mortgage news and current Illinois mortgage rates, please visit Illinois Mortgage Rates and News. 

That's right today is "Be late for something day" and I was in rare form. 

• My daughter woke up earlier than expected and threw off my usual morning rountine of working out.

• My daughter got picked up late for school.

• I was late for an appt - due to the above - I hate being late!

• I was late in getting to the bank.

• I was late in completing my project because the website I had to use went down.

• I was late for dinner with my husband.

• And now here I sit realizing I never even logged in AR today - I was even late getting here to post this blog.

I hope everyone else was late for something because I participated in "Be late for something day" - Did you? 

Tomorrow - "Fight Procrastination Day and Read a Book" - oh boy, I'm in trouble!

I knew many girlfriends and wives who were not happy Fantasy Football is back for another season but I had no idea that our productivity in the U.S. suffers as well.  I certainly should have but I never thought about it.

A recent article on NBC sports written by David Sweet stated Fantasy Football cost the U.S. economy 9 billion dollars each seventeen week season at 500 million a week.  Wow!

I knew I thought about and enjoyed it a little too much and I make sure that it does not interfere with anything but WOW!!  I have been tempted a few times myself but have stayed true to my profession!  I stick to my working agenda from 9AM to 5PM and I am not allowed to talk football or go to my league site during that time..  It is hard and sometimes I cheat at lunch but I have kept to my commitment.  I have a mean boss, me! (and luckily a couple of others)

I know many of you are doubters since I am writing this for everyone to read but it is true.  Honest...  I mean it...  Seriously...  Okay sometimes I cheat but it just a minute or two here and there.  It never interferes with things I HAVE to do!  But that may have been why I have not blogged in the last week.  I had to prepare for my fantasy draft while on vacation and then catch up with everyone else.  Luckily I have a very understanding wife who loves football.  Maybe it is because she is a Packers fan?  If you love Fantasy Football it helps to find a wife who enjoys football.  I highly recommend it.

I have seen some girlfriends eyes roll very quickly when their boyfriends or husbands started talking Fantasy Football (to be politically correct I know a few ladies who love fantasy football and their respective other could have cared less about it).  Considering some of the reactions I have seen, I really do not talk about it outside of my circle of football friends and that is only if they are with other people who might care about it.  Besides I do not want people to think I am a slacker!

So just remember!  It is only seventeen weeks of meaningless football!  Make sure you spend time doing productive things first and quality time with your family!

But if you have any good fantasy football tips please email me!!

    There's been quite a few stories this evening about the Fannie Mae/Freddie Mac Takeover this evening.  The first question on many people's minds is: What Does This Mean To Me?

    I'm not going to muse on the repercussions of holding their stock (ask the wall street analysts, but it doesn't look good), but I do want to look at what this means for ordinary folk like you and I that may have a mortgage backed by the lending giants.

    You see, the purpose here is to PREVENT Fannie and Freddie from going under.  They've lost over 3 billion dollars in the last 3 months,  and the Government has stated they would step in to financially back them in order to prevent failure.

    If the Government steps in as expected, first and foremost, the government will be financially insuring the losses here (This may add a billion or 3 to the national debt, but hey, how's counting?).

    If you've got a note with them now, this is designed to protect you.  It will ensure that they remain solvent enough to operate.  But what about people looking to possibly get a note through Fannie or Freddie?  Well, this might be the biggest (perhaps only) winner out of the whole deal, and here's why:

    Government control over these entities is going to ensure, without a doubt, their financial solvency.  Government regulation will likely allow mortgage rates to remain lower than they would be if the groups financial stability remained threatened.

    This could become a great step in helping the housing market recover, but it's going to come at the expense of ALL taxpayers, and the bill is certain to be in the Billions.  If you're getting ready to purchase a home, keep your eye on what happens to the mortgage rates next week, and be ready to lock in if the rate takes a dip!

~Jonathan Benya- Realtor
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000
301-653-8116
Southern Maryland Real Estate Blog

Are we getting tired of this yet??? Seems like many of the palms will look like this along Floridas East Coast and the Eastern Coastline of the US this weekend and the week to come. I hope everyone heeds the warnings and takes the necessary precautions to keep your home and your family safe.

The local agents at Keller Williams Realty in Upstate South Carolina are offering to open their homes or  any available property or rental they may have, to another Keller Williams agent from the coastline that may have to evacuate their premises. I think this is a wonderful gesture and it just goes to show that:

"KW CARES"

Nance Burdette