Mortgage Insurance deals are day to day – Twinkies are forever.

BarrysBlog_FBOkay, got a lot to get to – so read on:

5% down purchases These are getting sticky, Mortgage Fans – especially on condos. The MI (mortgage insurance) companies are only taking on a certain amount of 5% loans on condos per month. So it’s possible today to have it available for your buyers, and then tomorrow it can be gone. And it’s possible it’s not available today, but tomorrow it’s back. The MI companies are only allotted a certain amount each month. I wish I had better news to report, but those are the facts as of right now. So if you do have a borrower who says they only have 5% to put down, its pretty much a 50-50 chance it can get done. The other option is FHA, but with FHA…

FHA Spot approvals
These are getting sticky too – not because of FHA – but because of the banks that lend on spot FHA approvals. I won’t bore you by going into too many details, but condos are getting tougher and tougher to get approval on when they are spot FHA approved. We will talk about this more the next time we meet, but keep in mind getting the condo approved for FHA is only half the battle.

Pondering Life
Do you ever lay awake at night and wonder how interest rates go up and down? Me too! In a nutshell when the stock market is doing great, rates will be high. This is because investors are taking their money out of the bonds and putting it into stocks. When the stock market is doing bad, investors will put their money somewhere safe – like into 10 year treasury bonds. Rates rally (read: go down) when bonds are the place to go for safe money.

Pondering Life, part 2
Do you ever lay awake at night and wonder why Twinkies have such a long shelf life? Me too! This is because Twinkies are made without dairy products and thus spoil slower than most bakery items. I don’t know about you, but I’m craving some chemically risen, fake-cream filled cakes right now!

Trivia
Someone famous is turning 48 today. Guess who he is and win a $5.00 Starbucks gift card. Email me your answer, and good luck:

Who am I? I tried out for the Cincinnati Reds in 1977 and got cut on the last day. On South Park I was the voice of Sparky the Dog – even though all I did was bark and grunt as there was no dialogue in the script. I had reoccurring roles on Facts of Life (1985-87) and Roseanne (1988-91). You would think those two sitcoms would be the highlight of my life, but let me tell you I was also voted Sexiest Man Alive by People Magazine – twice. Barry Schwartz was voted Sexiest Mortgage Broker Alive by People Magazine as well, but that has nothing to do with this question.

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