Bad Vlad means lower US Mortgage Rates...Condo and Foreign Nat'l financing now available

PRODUCT UPDATE ALERT!!

Non-Warrantable Condo AND Condotel Financing now available through First Cal!!- Parameters as follows:

·         Minimum loan amount $100,000

·         Maximum loan amount $3,000,000

·         Primary Residence LTV up to 80%

·         Investment Property LTV up to 60%

·         Condotel LTV up to 75%

***Condo development cannot be in litigation for anything structurally related.

PRODUCT UPDATE ALERT!!

Foreign National financing now available through First Cal!!-Parameters as follows:

·         TIN or SSN required

·         50% max LTV (Can be higher if used for vacation purposes)

·         No foreign credit report required 

·         Full doc loan.  All documents must be translated to English.  Income and assets converted to U.S. dollars.

Financial Markets

The Dow Jones needle barely budged, and in the past month hasn’t moved more than 300 pts in either direction.  Friday the Dow dropped 140 pts and ended at 16,361, primarily influenced by the political volatility in the Ukraine and Vlad Putin’s even more volatile brain…

The Fannie Mae 4.0 Coupon has been equally flat relatively speaking, but rallied to go along with the stock market sell-off and improved by about 40 basis points…So always remember, a crazy Russian Prime Minister acting crazy often means lower mortgage rates in the U.S. 

Southern Nevada Real Estate Related Data

The Shops at Summerlin continue a torrid construction pace and is set to open before the 2014 holiday season.  The Shops at Summerlin is the biggest retail development in over 30 years, dating back to the Fashion Show mall that opened in 1981.  Plans were recently announced to build a luxury condo development adjacent to the mall, which is scheduled to break ground around the time the mall will be opening. 

http://www.reviewjournal.com/business/economy/mall-construction-track-holiday-season-opening

http://vegasinc.com/news/2014/apr/23/developers-building-luxury-apartments-next-shops-s/?_ga=1.95634456.564569733.1395507077

For more real estate financing information, please visit my website: http://www.matthewtmaltese.com/home.html

8.9 million jobs gained in last 6 years...This would be pretty awesome if we didn't lose 8.8 million jobs two years prior.

Take Advantage of FirstCal’s sponsorship of the Quarterly Housing Report on April 22^nd, at 8:30 Am at the Sun Coast Casino, by replying to this email stating you would like to attend, and your admission will be free!  (After Monday Admission will be $25).  Below is a you-tube video of who will be speaking at the event.  

https://www.youtube.com/watch?v=VG-jH4DLQvc&feature=em-share_video_user

Financial Markets

The Dow Jones, Nasdaq and S and P all stumbled to the finish line Friday, with the Dow dropping 160 points, and losing roughly 1% for the day.  The Dow ended trading at 16,412.  The labor report was released and is often a market mover but was not considered the catalyst for stock sell offs yesterday.  March resulted in roughly 192,000 jobs created, just shy of analysts’ expectations of 200,000 jobs and down slightly from February’s 197,000 jobs created.

 As a side note, this month’s report also signifies that the country has gained back all 8.8 million jobs lost during the Great Recession…Just took an easy breezy 6 years to do it.  This is not deemed as beacon of light for recovery because the labor force grows every year, but a milestone none the less.

Mortgage Backed Securities experienced calm trading sessions for the past two weeks and the Fannie Mae 4.0 Coupon did not swing in either direction more than 50 basis points.  (50 basis points loosely translate into .125% in interest rate to the consumer).

Southern Nevada Real Estate Related Data

Interesting article about am underground home that was recently purchased for 1.15 million…You can tell I was searching for content this morning!

http://www.vegasinc.com/news/2014/apr/04/mysterious-group-buys-underground-doomsday-house-l/

Also pretty cool, the Ivanpah Solar Plant located along I-15 south of Las Vegas opened in February, and is the largest Solar Plant in the world.  The article states it can generate enough power to light 140,000 homes. (Not sure if that means, “light” or “power” and more specifically if it includes the AC units…..)

http://www.reviewjournal.com/columns-blogs/john-l-smith/ivanpah-solar-plant-changes-nevada-s-landscape 

For more real estate financing information, please visit my website: http://www.matthewtmaltese.com/home.html