Chance Gates' Blog

A new program could save qualified borrowers $3,000 a year, even those who owe more than their home is worth.

The White House recently announced significant changes that will reduce the fees charged for the Federal Housing Administration’s (FHA) Streamline Refinance Program.

Beginning June 11, 2012, the Streamline Refinance upfront fee of 1%* will be reduced to 0.01% of the total loan amount. And the annual fee will be lowered from 1.15% to 0.55% of the total loan amount.

By refinancing through this streamlined process, the average qualified FHA-insured borrower will save approximately $3,000 a year or $250 per month, on top of any savings from refinancing to a lower mortgage rate.

The “streamline” refers to the minimal amount of documentation and underwriting that needs to be performed. Streamline refinancing can be done without an appraisal or income verification, providing the person(s) on the loan hasn’t changed.

There are no loan-to-value (LTV) restrictions on streamline refinancing. This is significant for underwater borrowers whose loan amount may exceed the current value of their home. However, second liens must subordinate with a maximum combined LTV ratio of 115% based on the original appraised value of the property.

The basic requirements of a streamline refinance are:

• The loan must already be FHA insured and endorsed on or before May 31, 2009.
• Borrowers must be current on their mortgage payments with no late payment in the previous 12 months.
• The refinance must result in a lowering of the borrower’s monthly principal and interest payments.

Currently, 3.4 million households with loans endorsed on or before May 31, 2009, pay more than a 5% annual interest rate on their FHA-insured mortgages.

Thanks to my friends at Prospect Mtg

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As a Reno/Sparks Nevada real estate professional and property manager, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.com http://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  To checkout some of  my property manager services goto http://chancegates.com/property-management-services/

If you are behind on your house payment and looking for a loan modification, go to making homes affordable

If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

Congratulations to Reno’s Veterans Guest House for winning $250,000 by taking first place honors in our inaugural Aprons in Action grand prize contest. The Veteran’s Guest House won $25,000 in the February round of Aprons in Action and went on to compete against the 10 other monthly winners in the March finale. Utah State Veterans Home in Salt Lake City took second place honors and won $150,000, while LifeBUILDERS of Detroit secured third place honors and won $100,000.
Congrats are also in order for Great Falls Children’s Receiving Home, Ronald McDonald House of Detroit, Jerusalem House, New Orleans Area Habitat for Humanity, Northwest Hospital Foundation, Taylor VFW Post 4422, Midwest Shelter for Homeless Veterans, and Jewish Family Service- Project Build for participating in the Aprons in Action grand prize contest. Each of these nonprofits does wonderful work in their respective communities, and we look forward to our continued partnerships.
During the Aprons in Action Contest, which began in April 2011, The Home Depot Foundation’s Facebook page served as a platform for 44 non-profit organizations to earn funds totaling $1 million through Facebook votes and to generate further awareness of their community efforts.
Through Aprons in Action, each nonprofit heightened its visibility both locally and nationally. As a result, the nonprofits have been able to establish new community partnerships; have experienced an increase in volunteers lining up to help; and have seen exponential growth in Facebook fans and followers.
Learn more about The Home Depot Foundation’s web site.

Read all about Reno Veterans Guest House

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As a Reno/Sparks Nevada real estate professional and property manager, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.com http://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  To checkout some of  my property manager services goto http://chancegates.com/property-management-services/

If you are behind on your house payment and looking for a loan modification, go to making homes affordable

If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

RENO, Nev. – Veterans Guest House, winner of $25,000 from The Home Depot in The Home Depot Foundation’s year-long Facebook voting program called Aprons in Action, will compete against 10 other monthly winners for $250,000 in the final round of the contest.

Voting begins March 1 and runs through March 31 at www.facebook.com/homedepotfoundation.

The organization with the most votes at the end of the month will win the $250,000 grand prize. Organizations with the second and third most votes will receive $150,000 and $100,000 from The Home Depot Foundation, respectively.

During the Aprons in Action Contest, which began in April 2011, The Home Depot Foundation’s Facebook fans have already helped 11 nonprofit organizations win $25,000 each to better their communities. In the March 2012 round of the competition, the Veterans Guest House is competing against 10 other monthly winners from across the country. Competing finalists include:
· April 2011: Great Falls Children’s Receiving Home (Great Falls, MT)
· May 2011: Ronald McDonald House of Detroit (Detroit, MI)
· June 2011: Jerusalem House (Atlanta, GA)
· July 2011: New Orleans Area Habitat for Humanity (New Orleans, LA)
· August 2011: Northwest Hospital Fdn. (Seattle, WA)
· September 2011: Taylor VFW Post #4422 (Taylor, MI)
· October 2011: Midwest Shelter for Homeless Veterans (Wheaton, IL)
· November 2011: Utah State Veterans Home (Salt Lake City, UT)· December 2011: Lifebuilders of Detroit (Detroit, MI)
· January 2012: Jewish Family Service (West Bloomfield, MI)
· February 2012: Veterans Guest House (Reno, NV) “Winning $25,000 from The Home Depot during the first round of Aprons in Action was such an honor, and we are so thankful for the recognition and the support from our community,” said Noreen Leary, Chief Operating Officer of Veterans Guest House.

“If we actually win the grand prize of $250,000, it would allow our organization to immediately establish a building fund and proceed with planning to meet the growing needs of our veterans and their families into the future. So we encourage everyone to go to Facebook and vote for us!”

Working together, the Veterans Guest House and Team Depot volunteers have already made a significant impact on the newest expansion with the addition of kitchen cabinets, appliances, new doors, bathroom fixtures and the help of Team Depot volunteers to install those items.

Across the country, The Home Depot Associates give back to their communities by volunteering their time and talents with local nonprofit organizations, like the Veterans Guest House. The Aprons in Action Program recognizes these successful partnerships and gives each of the featured nonprofits the opportunity to do additional work with Team Depot volunteers to better their communities.

“Aprons in Action is our $1 million effort to support the most active and engaged nonprofit organizations across the country,” said Kelly Caffarelli, president of The Home Depot Foundation.

“Through Aprons in Action, we have already distributed $500,000 to 44 deserving organizations from across the nationwide Team Depot network, allowing them to continue their great work serving our communities.”

How To Vote Voting runs from March 1 at 6:00 a.m. PST through March 31 at 9 a.m. PST. Aprons in Action is on Facebook at www.facebook.com/homedepot or www.facebook.com/homedepotfoundation.

The final percentages of votes for each nonprofit will be posted on The Home Depot and The Home Depot Foundation’s Facebook pages.

For more information and to view the program rules, visit The Home Depot on Facebook or go to www.homedepotfoundation.org.

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As a Reno/Sparks Nevada real estate professional and property manager, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.com http://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  To checkout some of  my property manager services goto http://chancegates.com/property-management-services/

If you are behind on your house payment and looking for a loan modification, go to making homes affordable

If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

A new law passed by Congress and signed yesterday by the President  provides protections for tenants whose landlords fall into foreclosure. Under the Helping Families Save Their Homes Act, tenants have the right to stay in their homes after foreclosure for 90 days or through the term of their lease. The bill also provides similar protections to housing voucher holders. The protections go into effect immediately and expire at the end of 2012.  The new federal protections do not preempt city and state laws which remain in full force.

It is highly advise you consult with an attorney to answer any legal questions.

Mark your favorite properties and get instant updates price changes,  new pictures and status changes.

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.comhttp://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable For a free copy of my report   “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures. or   to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending August 5 rose 21.7%. Refinancing applications increased 30.4%. Purchase volume fell 0.9%.

Wholesalers increased their inventories 0.6% to $458.7 billion in June. This followed a revised 1.7% rise in May. Sales at the wholesale level rose 0.6% in June to $395.8 billion. On a year-over-year basis, sales were 15.4% higher since June 2010.

The trade deficit increased to $53.1 billion in June from a revised $50.8 billion in May. Exports fell 2.3% to $170.9 billion. Imports decreased 0.8% to $223.9 billion.

Retail sales rose 0.5% to $390.42 billion in July after an upwardly revised 0.3% increase in June. The gain posted in July was the largest in four months. On a year-over-year basis, retail sales rose 8.5%.

Total business inventories rose 0.3% in June to $1.518 trillion, up 11.1% from a year ago. Total business sales increased 0.4% to $1.187 trillion in June, up 12.4% from a year ago. The total business inventories/sales ratio in June was 1.28.

The Reuters/University of Michigan consumer sentiment index for August’s preliminary reading fell to 54.9 from 63.7 in July. The reading was the lowest in more than 30 years, surpassing a record low of 55.3 set in November 2008.

Initial claims for unemployment benefits fell by 7,000 to 395,000 for the week ending August 6. Continuing claims for the week ending July 30 fell by 60,000 to 3.7 million.

Upcoming on the economic calendar are reports on the housing market index on August 15, housing starts on August 16 and existing home sales on August 18.

Mark your favorite properties and get instant updates price changes,  new pictures and status changes.

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.comhttp://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable For a free copy of my report   “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures. or   to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

Open House
Saturday, May 21st from 11:00am-1:00pm
Everyone is Welcome

2011-2012 School Year Application – Click Here

Click Here for Invitation for Student Built Open House
Thursday, May 26, 2011 from 4:00-6:00pm
at 4929 Hombre Way Reno

Clilck Here for Bid Packet for Prospective House Buyer

Logging in allows you to save your favorite properties and get instant updates price changes,  new pictures and open houses on the property.

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.comhttp://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable For a free copy of my report   “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures. or   to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney

http://www.acehighschool.org/

The Institute for Supply Management reported that the monthly composite index of manufacturing activity fell to 60.4 in April after reaching 61.2 in March. A reading above 50 signals expansion. It was the 21st straight month of expansion.

Total construction spending rose 1.4% to $768.9 billion in March, following a 1.4% decrease in February. Economists had anticipated an increase of 0.5% in March.

Retail sales fell 0.8% for the week ending April 30, according to the ICSC-Goldman Sachs index. On a year-over-year basis, retailers saw sales increase 2.8%.

Factory orders rose 3% in March to a seasonally adjusted $462.9 billion, following an upwardly revised 0.7% increase in February. Excluding the volatile transportation sector, orders rose 2.6%.

The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending April 29 rose 4%. Refinancing applications increased 6%. Purchase volume rose 0.3%.

The Institute for Supply Management reported that the monthly composite index of non-manufacturing activity fell to 52.8 in April from 57.3 in March. A reading above 50 signals expansion. It was the 16th straight month of expansion in the services sector.

The Labor Department reported that in the first quarter productivity rose at an annual rate of 1.6% and labor costs increased at an annual rate of 1%.

Initial claims for unemployment benefits rose by 43,000 to 474,000 for the week ending April 30. Continuing claims for the week ending April 23 rose by 74,000 to 3.73 million. The monthly unemployment rate rose to 9% in April from 8.8% in March.

Upcoming on the economic calendar are reports on wholesale trade on May 10, retail sales on May 12 and consumer inflation on May 13.

Logging in allows you to save your favorite properties and get instant updates price changes,  new pictures and open houses on the property.

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.comhttp://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable For a free copy of my report   “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures. or   to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

www.brainyquotes.com

A rise in wages, from an alteration in the value of money, produces a general effect on price, and for that reason it produces no real effect whatever on profits.
David Ricardo

A rise of wages from this cause will, indeed, be invariably accompanied by a rise in the price of commodities; but in such cases, it will be found that labour and all commodities have not varied in regard to each other, and that the variation has been confined to money.
David Ricardo

After all the fertile land in the immediate neighbourhood of the first settlers were cultivated, if capital and population increased, more food would be required, and it could only be procured from land not so advantageously situated.
David Ricardo

Again two manufacturers may employ the same amount of fixed, and the same amount of circulating capital; but the durability of their fixed capitals may be very unequal.
David Ricardo

As the revenue of the farmer is realized in raw produce, or in the value of raw produce, he is interested, as well as the landlord, in its high exchangeable value, but a low price of produce may be compensated to him by a great additional quantity.
David Ricardo

But a rise in the wages of labour would not equally affect commodities produced with machinery quickly consumed, and commodities produced with machinery slowly consumed.
David Ricardo

By far the greatest part of those goods which are the objects of desire, are procured by labour; and they may be multiplied, not in one country alone, but in many, almost without any assignable limit, if we are disposed to bestow the labour necessary to obtain them.
David Ricardo

During the period of capital moving from one employment to another, the profits on that to which capital is flowing will be relatively high, but will continue so no longer than till the requisite capital is obtained.
David Ricardo

Gold and silver are no doubt subject to fluctuations, from the discovery of new and more abundant mines; but such discoveries are rare, and their effects, though powerful, are limited to periods of comparatively short duration.
David Ricardo

Gold and silver, like other commodities, have an intrinsic value, which is not arbitrary, but is dependent on their scarcity, the quantity of labour bestowed in procuring them, and the value of the capital employed in the mines which produce them.
David Ricardo

Gold, on the contrary, though of little use compared with air or water, will exchange for a great quantity of other goods.
David Ricardo

If a commodity were in no way useful, – in other words, if it could in no way contribute to our gratification, – it would be destitute of exchangeable value, however scarce it might be, or whatever quantity of labour might be necessary to procure it.
David Ricardo

If the demand for home commodities should be diminished, because of the fall of rent on the part of the landlords, it will be increased in a far greater degree by the increased opulence of the commercial classes.
David Ricardo

If the quantity of labour realized in commodities, regulate their exchangeable value, every increase of the quantity of labour must augment the value of that commodity on which it is exercised, as every diminution must lower it.
David Ricardo

If then the prosperity of the commercial classes, will most certainly lead to accumulation of capital, and the encouragement of productive industry; these can by no means be so surely obtained as by a fall in the price of corn.
David Ricardo

Logging in allows you to save your favorite properties and get instant updates price changes,  new pictures and open houses on the property.

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.comhttp://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable For a free copy of my report   “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures. or   to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

http://www.visitrenotahoe.com

Moms will be treated to a special day where they can stroll among artisans and shop for a variety of the region’s finest assortment of artwork, enjoy fine food and popular entertainment, and bid on hand-painted plates featuring the works of well-known celebrities.

The 9th annual Arts in Bloom Festival will be held on Mother’s Day on the open air plaza across from John Ascauga’s Nugget.  The event will showcase the region’s top artists, who will be selling a combination of oil, watercolor and other paintings, woodwork, jewelry and a variety of hand-crafted unique items.  The event will feature a celebrity painted-plate auction that will benefit the Susan G. Komen for the Cure Breast Cancer Foundation.  Past celebrity artists include: Bette Midler, Sarah McLachlan, Bonnie Raitt, Linda Ronstadt, Olivia Newton-John, Maureen O’Hara, Mickey Ronney, Debbie Reynolds, Bill Cosby, Tim Allen, Steve Carell, former Summer & Winter Games Olympians and many others. All money raised from the sale of the plates benefit the Komen foundation.

Headline acts such as American Idols finalists Elliott Yamin and Kimberley Locke have also been featured entertainers in previous years.  For more information, visit www.sparksrec.com, call 775-353-2291 or write eventinfo@cityofsparks.us

The event is free and open to the public.

Contact Info

Visit Web Site
E-Mail: eventinfo@cityofsparks.us
Phone: 775-353-2291

Logging in allows you to save your favorite properties and get instant updates price changes,  new pictures and open houses on the property.

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.com, http://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable For a free copy of my report   “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures. or   to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

www.homepath.com

Fannie Mae is currently offering buyers up to 3.5% in closing cost assistance through June 30, 2011.

The HomePath property buyer must meet the following qualifications to be eligible:

• Buyers and/or selling agents (the agent representing the buyer) must request the incentive upon submission of initial offer in order to be eligible.
• The initial offer must be submitted on or after April 11, 2011 and close by June 30, 2011. If an initial offer was made prior to the effective date, the offer is not eligible for the incentive.
• The sale must close on or before June 30, 2011. No exceptions will be made to this deadline.
• Only buyers purchasing a HomePath property as their primary residence may receive up to 3.5% in closing cost assistance. Second homes and investment properties are excluded from the incentive.
• Buyer must sign the Owner Occupant Certification Rider to the Real Estate Purchase Addendum.
• If a buyer’s total closing costs are under 3.5%, the difference will not be available as a credit to the buyer.

In a few states, a bonus promotion may be available to selling agents who close on an owner occupant property meeting the above terms & conditions.

Retail and public entities are eligible for the incentive; however pool and auction sales are not eligible.

The incentive may not be available for a property where Fannie Mae acquired the property in connection with financing under a reverse mortgage. Ask the listing agent for details

Fannie Mae reserves the right to remove any property from promotion or end the promotion at any time. Any dispute over the payment of the incentive shall be resolved by Fannie Mae in its sole discretion.

Buyers should consult their lenders for guidance on financing. Lenders and mortgage products may impose their own limitations on the use of the 3.5% incentive. For example, the lender may consider the incentive

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