pressroom Services and Loan programs Rates Pre-qualification Package Links/Brokers Mortgage Calculator Contact Us

Please call for commercial,
apartment
and construction financing!


Mark Cohen
President

Ph. 310-777-5401
Email Mark


Count on Cohen Financial Group for all of your real estate lending needs:

  • 100% Purchase Programs
  • No-income Documentation Loans**
  • Swing Loans
  • 14 Day Closing
  • 24 Hour Approvals
  • FHA/VA Loans
  • New Construction Loans
  • Hard to Place Loans
  • Home Equity Lines Of Credit
  • Multi-Family / Apartment Loans
  • Out of State Loans

Mark Cohen was once again recognized as California's #1 Individual Mortgage Originator, according to Mortgage Originator Magazine (April 2008). Mark has now received this honor 11 of the last 12 years.


Market Commentary for Week of August 30, 2010

View Current Rates

We Have Some of the Highest LTV's

Deals of the Week
$1.05M
90%
(80/10/10)
1st Trust Deed,
Seller Carryback
Financing
$5.9M
70% LTV Purchase
Certain restrictions apply - call for program guidelines.

Generally weaker-than-expected economic data again pushed mortgage rates to new lows last week. In a highly anticipated speech Friday morning, Fed Chief Bernanke confirmed that economic growth has fallen below the expected levels in recent months. He also suggested that the Fed is unlikely to take further stimulus action unless the economy deteriorates significantly. The current Fed outlook is for below-average economic growth with low inflation, which is a favorable environment for low mortgage rates.

The impact of the homebuyer tax credit was seen in the weak housing market data released last week. July Existing Home Sales dropped 27% from June to an annual rate of 3.83 million units, the lowest level since May 1995. July New Home Sales showed a decline of 12% from June to the lowest level ever recorded. These figures sound terrible, but they really just demonstrate the effect of the homebuyer tax credit on the timing of purchases. The National Association of Realtors (NAR) still expects total existing home sales this year to be roughly the same level as last year.

Since the financial crisis, the Federal Housing Association (FHA) has grown rapidly, and is now backing nearly half of all new home-purchase loans. To boost reserves and reduce risk to taxpayers, the FHA will raise the annual fee it charges to new borrowers. In particular, for case numbers ordered October 4th or later, it will raise annual insurance premiums (MIP) based on LTV to 0.85% or 0.90%, up from 0.55%.    

NOTABLE ITEMS

  • The four-week average of Jobless Claims rose to the highest level since November 2009
  • Fed officials were particularly divided over the decision to buy Treasuries at the last meeting
  • The Fed’s Bullard suggested that a double-dip recession is “not very likely at this point”
  • Credit card debt dropped 4% during the second quarter to the lowest level since 2002

GOOD NEWS ON MORTGAGE LIMITS

EFFECTIVE IMMEDIATELY, LOAN AMOUNTS OF ALL FNMA- AND FHA-GUARANTEED LOANS ARE $729,750 (FOR HIGH COST AREAS). THIS IS THE NEWS THAT WE HAVE ALL BEEN LOOKING FORWARD TO. RATES ARE UNDER 5% FOR MOST FIXED RATE MORTGAGES.
Conforming and Non-Conforming Rates
Loan Type Points Maximum Rate Payment
Per $1.000
APR

30 Yr. Fixed
15 Yr. Fixed
5/1 ARM
7/1 ARM
10/1 ARM
1 $417,000 4.125%
3.750%
3.125%
3.625%
3.875%
$4.85
$4.63
$4.28
$4.56
$4.70
4.35%
3.97%
3.34%
3.85%
4.10%

30 Yr. Fixed
15 Yr. Fixed
5/1 ARM
7/1 ARM
10/1 ARM
1 $729,750
4.375%
3.875%
3.625%
4.000%
4.250%

$4.99
$4.70
$4.56
$4.77
$4.92
4.51%
4.01%
3.86%
4.24%
4.49%


5/1 ARM
7/1 ARM
10/1 ARM

15 Year I.O.
1 $5,000,000 3.750%
4.250%
4.750%

5.000%
$4.63
$4.92
$5.22

$5.37
3.87%
4.37%
4.87%

5.25%

Check out this week's featured rates IN BOLD!



Recently Closed Transactions
Amount Loan-to-Value Transaction Location

$10,600,000 70% LTV Purchase Malibu

$7,800,000 70% LTV Cashout Refi Bel Air

$4,500,000 60% LTV Purchase Hidden Hills

$4,100,000 70% LTV Cashout Refi Doheny Estate

$3,500,000 50% LTV All Cashout Refi Beverly Hills

$3,500,000 70% / 80% LTV
(Seller Carryback)
Purchase West Los Angeles

$2,500,000 80% LTV Purchase Encino

$1,350,000 80% / 90% LTV
(Seller Carryback)
Purchase Los Angeles

$1,350,000 60% LTV Purchase West Los Angeles

$1,000,000 70% LTV Cashout Refi Medical Office

$850,000 70% LTV Cashout Refi 9-unit Apt.

$450,000 96.50% LTV FHA Purchase Sherman Oaks

Major Economic News Due out Week of August 30, 2010

The biggest economic event this week will be the important Employment report on Friday. As usual, this data on the number of jobs, the Unemployment Rate, and wage inflation will be the most highly anticipated economic data of the month. Early estimates are for a decrease of about 120,000 jobs in August.

Before the employment data, Personal Income will be released on Monday. The Chicago PMI will be released on Tuesday, along with the minutes from the August 10 Fed meeting. ISM Manufacturing will come out on Wednesday. Pending Home Sales, a leading indicator for the housing market, is scheduled for Thursday. ISM Services, Productivity, Construction Spending, Consumer Confidence and Factory Orders will round out the busy schedule.     

Closing Prices and Changes for the Previous Week

30 Year Treasury Bond 3.60% - 0.08

10 Year Treasury Bond 2.53% - 0.08

5 Year Treasury Bond 1.38% - 0.04

2 Year Treasury Bond 0.49% Unch.

6 Month Bill 0.18% Unch.

Prime Rate 3.25%  
NEW! 2010 Conforming Loan Limits
1 - Unit $729,750

2 - Units $934,200

3 - Units $1,129,250

4 - Units $1,403,400
 

9595 Wilshire Blvd. Suite 801 • Beverly Hills, CA 90212 • Ph. 310-777-5401 • Fx. 310-777-5410