Market update with David Robertson


The glass half full view of the world at the
end of 2019 is still intact, but the bushfire tragedies, the coronavirus outbreak, and below
average business confidence is challenging the outlook. An update on our view at the
start of the new decade. The 20’s kicked off with optimism that the
global deceleration had turned the corner, with forecasts of global growth dipping to
3% but edging higher to 3 ½ % through 2020 and the domestic outlook was consistent with
a global recovery thanks to a truce on the Trade Wars. Local data was also positive through
January, with employment growth running at 2.1 % year on year, comfortably ahead of population
growth of 1.6 %. The unemployment rate is down to 5.1 % at
year end. This good news, together with an uptick in the inflation rate and more gains
for property markets, was enough to keep the RBA on hold in February and their language
is still stoically positive, but the Reserve Bank did admit that the impact of the bushfires
and the coronavirus outbreak will weigh on domestic growth. Just how large this impact
will be and how lasting is the unknown part of
the equation, but a negative read for first quarter GDP can’t be ruled out. Far less likely is two consecutive negative
quarters, a recession; so while the impact of the virus on China will be significant,
and the combined impact with the fires will be very challenging for local tourism and
other service exports, we do need to consider the recovery, not just the downturn. Similarly, for housing, the downturn through
2018 was very unsettling, but the inevitable recovery shows the longer term trend. The
gains in Sydney and Melbourne are clear in the chart; but in January, every capital city
was stronger, and regional property rose 0.7 % for the month. Stronger property prices
are one consequence of last year’s RBA rate cuts, which will help to offset slower domestic
demand; but another impact from the cuts was a lower Aussie Dollar, which did recover back
above 70 cents at year end, but is back around 67 ½ cents now, having been hit by the prospect
of China slowing as it tries to contain the virus. The lower Aussie dollar will continue to help,
but as for its direction from here, we’ll continue to respect 66 ½ cents as a key support
level, but the brief run above 70 cents over New Year’s could be a portend for upside
risks, so the 70 cent barrier is also a key trigger level to be monitored. The third beneficiary of these record low
interest rates is stock markets, with our ASX 200 up over 18 % last year, and further
gains seen in January: so having posted a record of 7100, you can see it’s been a
very impressive decade for stocks, even though ours have lagged the USA, especially the Nasdaq. The twenties are off to a roaring start, but
increased volatility in equities and other markets is likely, until the impact of coronavirus
is more clear, including locally through tourism and consumer confidence in particular.

(Home Loans) Zero Down Payment (No Down Payment) FHA (Mortgage) [CalHFA] No Down Payment Loan


640 Fico score first time homebuyer no
downpayment and you want me to cover closing cost – I got you back okay I’m excited to tell you what the
program is but you’re gonna have to wait a second because I want you to know that
most people think that they can’t qualify to buy a house well the truth is
you can’t with just that 645 go score and provable income you can buy your own
house with a zero down payment and very often zero closing costs what are you
reading for it okay it’s called a Cal half alone follow this I’m going to
teach it how it works and how you going to qualify
there is an income limit to this program it used to be about seventy-two thousand
dollars for a family of four and if you had a family of six it would go up to
like eighty two thousand dollars well CalHFA did away with that in San
Bernardino County it is a hundred and twenty eight thousand seven hundred
dollars maximum income that is huge that’s tremendous
if husband makes 60 grand wife makes 60 grand think of the house you can buy
with no money down people ask me Oh Chris that must be for like really cheap
properties right like the two hundred and twenty thousand dollar property no
it works for those properties too but believe it or not it goes up to seven
hundred and five thousand dollars the truth is the income limit stops you from
reaching seven hundred and five thousand dollars so you got a long ways to go
you’re good okay one of the requirements how do the requirements work well this
is super important but it’s really good for you it’s good information and it
protects you one of the things they require is you must go to a first-time
homebuyer seminar it is a training program taught by HUD what taught by the
state you can actually do it online or you can go do it live it costs about a
hundred bucks but it’s well worth it it’s gonna serve you well now you heard
me mention first-time homebuyer what is a first-time homebuyer it is not
somebody who’s never owned a home obviously it sounds like it is but it’s
not according to all government programs a first-time homebuyer is somebody who
has not owned a home in the last three years if you owned a home ten years ago
but during the boom went bust maybe you lost it or you had a problem that’s okay
as long as you haven’t known it for three years you’re good okay one of the
requirements that you we all have to adhere to is this is only for owner
occupancy this is for people who want to buy a house raise a family in it have a
great life live in that house you’ve got to live there
hey also some great news guess what if you want to buy a manufactured house
there’s many people who buy a manufactured house on a permanent
foundation it must be on a permanent foundation if you have a 665 go score
guess what you can use this program too okay so how does this program work do
you really put zero down well no what happens is you get a first mortgage
it’s an FHA mortgage for ninety six and a half percent
it’s like putting three and a half percent down now you’re gonna have a
second mortgage it’s called a my zip and how that works is they’re gonna give you
the money for the down payment the three and a half percent actually the program
works they’ll give you the three or four percent depending on the interest rates
that they charge now how that works is you’re saying Oh Chris I have another
payment on top a second mortgage well it’s called a silent second and a silent
second means you don’t make monthly payments how it works is when you pay
off the house or sell the house or refinance the house at some later date
then you pay it off and my zip is that zero percent interest not a big deal I
think that’s pretty awesome now how do we get the closing costs well that’s
another program it’s a third mortgage it’s called my home assistance and
they’re gonna give you money for closing costs and when you combine it all on
some loan amounts you don’t have to shell anything out of your pocket now do
we make payments on the third no it works the same way it is a silent third
mortgage that one accumulates interest at like two and a half percent very very
little so if you don’t have the money to put down to buy a house this is awesome
this is a great program with only a six forty five coast Corps you can buy your
own house all you got to pay is the appraisal we got ways to take care of
that we got all kinds of ways you can do this if you have that FICO score and you
got income I want you to call me we’re gonna fire your landlord

Mortgage “Employment History” so you can Fire Landlord [Buy a house] FHA Loan [Loan Advisor]


You know when it comes to employment history what’s important? history is the key means going backwards, right? well, we expect a Two-year employment history in most cases to get a loan. There’s a few exceptions When you go to school you get a college degree or maybe even a certificate class of some kind that shows you took this serious and we use that in lieu of The two years experience. Otherwise, we need a two-year history of you work and doesn’t have to be on the same job But it must be two years of work So if you’re looking at a commissioned job, we’re gonna need you know Close to a two-year history of you working commissioned so we could average out the income. You can’t say Hey, I’ve been working at this job for three months. I’m making great money. I’m making 10 grand a month now It really doesn’t work That way you need a history going backwards if your hourly or salary, that’s fine But if we need overtime you have to have a history of working overtime It can’t be. Hey, I worked 18 hours overtime. Less we can I use it. No, unfortunately not This is really important because people ask me all the time. Hey, Chris, what if I go get a second job? That would be awesome for you. You’ll bring extra money in the house, but I can’t use that income for two years So why two years because people get jobs? just so they have some extra money and That doesn’t mean they’re gonna stick it out They work overtime, but it doesn’t mean they’re gonna stick it out and continue to work overtime. So History is the key and all documentation Everything we have to prove pretty much goes by a two-year history

Bendigo Bank | Business Banking | Customer Testimonials


Our business model is to look at
continuous growth sticking to a plan. Being able to trade through something
and not have that fear of a too large of an overdraft. We’re employing more people, we’re building equipment but buying equipment. We’re moving into new
premises so demand for banking facilities or cash is important. We deal
with 40 different suppliers over four countries in multiple currencies. Fast
service, fast transactions really helps our cash flow and our suppliers cash flow
as well. We made a change four and a half
years ago to go to the Bendigo. What stood out for us was the level of detail that the bank went into really wanting to know exactly what our plans were and how we could work together to grow our business. It’s great just dealing with
the same few people every time. We’ve got a good working relationship with them all
like a friend. Our communication levels are high. With the opposition that
they’ve got they stand alone. Bendigo Bank compared to the big four would be one word and that is relationship. Strong relationship
banking. We both share information about what the bank is wanting from us but
also what we are required for the bank. The reasons we came over to begin with
are the same reasons I could see us staying with them. We are managing growth and the partnership as as long as life can take us. I always recommend to anyone in business to deal with the Bendigo Bank and have a chat to them and get
some personalised service. Something that I don’t see changing in the foreseeable
future and that’s a good story to happen. Without Bendigo Bank we feel that our
business wouldn’t have grown as much because we would have to focus more on
our banking needs rather than focusing on growing our business to where it is
now and we have succeeded so it means a lot.

Mortgages for the Self-Employed – First Integrity Mortgage Services Loan Officer Tim Whitmire.


Self Employed and Commissioned Salesmen Beware!
Hi, I’m Tim Whitmire. I’m a Senior Mortgage Banker at First Integrity Mortgage. If you are self-employed, earn commissions
or bonus income, have any type of varying income, or have recently changed jobs or your
source of income is changing, and you are looking to purchase a home in the near future. This
is a very important video for you! Fannie Mae, Freddie Mac, FHA, USDA, and VA
all have very similar guidelines when it comes to what income can be used and how income
is calculated. I want to give you a heads up of what to watch for. Starting with Self Employed borrowers or buyers;
– Generally speaking, borrowers must be self-employed
a full two years prior to being able to use their income to qualify. Even if you are immediately
successful and earn a great income you must have a two year history prior to using that
income to qualify for a mortgage. It is also very important to understand that
we must qualify self-employed borrowers with their gross ADJUSTED income. This is income
after all write offs. A challenge self-employed buyers often face is qualifying for a mortgage
with their adjusted gross income. You naturally want to, and should, take advantage of all
legal tax deductions. However, by doing this, you are also lowering your taxable income
and make it more difficult to qualify for a mortgage. Those who earn a 1099 type of income instead
of a W2 income and those who own 25% or more of a company are considered to be self-employed
in the lending industry. Commissioned and Bonus income: Fannie Mae, Freddie Mac, FHA, USDA, and VA
also require a two year history of commission or bonus income before using this income to
qualify. If the majority of your income is a commission or bonus, qualifying isn’t too
different than being self-employed. If you have a guaranteed base income plus
commissions or bonuses we can use your base income to qualify without a two year history. I also find that those who have this type
of income many times have unreimbursed employee expenses written off on their tax returns.
Unreimbursed employee expenses written off on your tax returns directly reduces the amount
of income that can be used to qualify. This can have a significant impact on what you
can qualify for. Varying income: If your income varies or fluctuates, this can
also present challenges. If you work in the construction industry and work overtime in
the summer but have layoffs or less hours in the winter we also must average income
over a two-year period. The same goes for seasonal employment or those with 2nd jobs.
Any type of varying income must have a long enough history to establish an average income
for qualifying. Changing jobs or source of income: It is important to not make changes to your
employment during the loan process. Even if you take a very similar position with another
company and earn a greater income, making this change during the loan process will without
a doubt cause delays. At minimum, we must document a full 30 days of earnings prior
to loan approval. Depending on the circumstances, six months of earnings or more may be required. Fannie Mae, Freddie Mac, FHA, USDA, and VA
have very strict guidelines when it comes to qualifying income. It is important to work
with an experienced mortgage professional who understand these guidelines and to start
the pre-approval process early to learn about and prepare for any challenges you may face
in advance. Thankfully I also have alternative loan programs
if your income doesn’t fit into the Fannie Mae, Freddie Mac, FHA, USDA, and VA box. Call me to start the mortgage pre-approval
process today at (314) 402-8184. I look forward to working with you!