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July Newsletter
Discover what's happening in Omaha this July with our latest newsletter! From exciting local festivals and events to expert tips on boosting your credit score and navigating the real estate market, we've got you covered. Be sure to check out Page 2 for some market updates!
Market Updates – June 2024
Here's the latest Market Updates. Click on the "Download PDF" to view or click through the slides above to view.1.) MBS Highway Housing Index (June 2024):The MBS Highway National Housing Index dropped 5 points in June 2024 to 53. This was the second straight monthly decline during what is typically the high season for residential real estate. Stubbornly high (>7%) mortgage rates are to blame.2.) BLS Jobs Report (June 2024):June's job growth was just above estimates, as the BLS reported that 206k new jobs were created. However, there were big revisions to previous months, as the data for April and May shaved 111k jobs from those months combined. The unemployment rate rose to 4.1%, the highest since November 2021, triggering the reliable Sahm Rule and suggesting we're already in a recession.3.) ADP Employment Report (June 2024):Private sector job growth missed forecasts in June, as employers added 150k new jobs versus the 160k that were expected. Most of the growth came from service-providing sectors, while small businesses continue to feel the pinch. ADP noted that "job growth has been solid, but not broad-based," with a rebound in leisure and hospitality hiring keeping June from being a downbeat month.4.) Consumer Price Index (June 2024):The Headline Consumer Price Index fell 0.1% from May to June, marking the first monthly decline since the start of the pandemic. Plus, annual Core CPI (which removes food and energy prices) reached a more than 3-year low of 3.3%, due in part to moderating shelter costs. How will these friendly inflation numbers impact the Fed's timing for rate cuts this year?5.) Change in Home Value after 10 years:Talk about a winning record! Buying a home and holding it for 10 years has earned a profit every year except one since 1942. Just look at those returns, too! Housing builds significant, long-term wealth.The Levinson Teamhttp://www.LendingByLevinson.com402-618-0154
Churchill Mortgage Servicing
Churchill Servicing Questions:https://churchillmortgage.yourmortgageonline.com - Churchill Mortgage Servicing websitecustomerservice@yourmortgageonline.com - For general inquiries: recast questions, escrow disbursements, payments received, questions about statements, etcpayment@churchillmortgage.com - For first payment inquiries: borrowers needing web address to register account, web address to make payment online, and escrow holdback questions/disbursements Contact Churchill Internal Servicing team directly at 1-888-665-8407Contact Dovenmuehle (Sub-servicer) Customer Service at 1-855-439-6526
Market Updates – May 2024
Here's the latest Market Updates. Click on the "Download PDF" to view or click through the slides above to view.1.) MBS Highway Housing Index (May 2024):The MBS Highway National Housing Index dropped 1 point in May 2024, as an over 50 basis point jump in mortgage rates during April negated the normal seasonal upswing in activity. Home prices remain in expansion territory (above 50) in all regions.2.) BLS Jobs Report (May 2024):May’s job growth came in well above forecasts, as the BLS reported that 272K new jobs were created. However, revisions to the data for March and April shaved 15K jobs from those months combined. In addition, the unemployment rate rose from 3.9% to 4%, which is the highest since January 2022.3.) ADP Employment Report (May 2024):Private sector job growth was below forecasts in May, as employers added 152K new jobs versus the 175K that were expected. Growth in April was also revised lower by 4K jobs. ADP noted that "the labor market is solid" but “job gains and pay growth are slowing going into the second half of the year.”4.) Existing Home Sales (May 2024):Existing Home Sales fell Month over Month (MoM) for the 3rd-straight month, but even with total inventory rising to 1.28 million, median sales prices still climbed 3.1% MoM to a new record of $419,3005.) Change in Home Value after 10 years:Talk about a winning record! Buying a home and holding it for 10 years has earned a profit every year except one since 1942. Just look at those returns, too! Housing builds significant, long-term wealth.The Levinson Teamhttp://www.LendingByLevinson.com402-618-0154
Market Updates – April 2024
Here's the latest Market Updates. Click on the "Download PDF" to view or click through the slides above to view.1.) MBS Highway Housing Index (April 2024):The MBS Highway National Housing Index rose 3 points in April 2024, resuming its upward trajectory after a brief pause in March. While buyer activity improved month-over-month in most regions, it remains lower compared to the same time last year. Home prices, meanwhile, continue to move higher, boosted by seasonal demand and buttressed by low inventory.2.) BLS Jobs Report (April 2024):April's job growth missed estimates, as there were 175k new jobs created versus the 243k that were expected. Revisions to the date for February and March also shaved 22k jobs from those months combined while the unemployment rate rose to 3.9%. Overall, the data suggests softening in the labor sector, which could pressure the Fed to cut rates if this trend continues.3.) ADP Employment Report (April 2024):April saw hotter-than-expected private sector job growth, led by a boost in leisure and hospitality jobs, as employers added 192k new jobs versus the 175k that were expected. March's figures were also revised higher (from 184k to 208k new jobs), with ADP noting that April's "hiring was broad-based" with only the information sector showing weakness.4.) Home Builder Sentiment (April 2024):Home builder confidence held steady in April, and while this ended four months of gains, sentiment remains in positive territory above the key breakeven threshold of 50. Among the index components, buyer traffic and current sales expectations ticked higher. Yet, sales expectations for the next six months softened as many buyers remain on the fence.5.) Change in Home Value after 10 years:Talk about a winning record! Buying a home and holding it for 10 years has earned a profit every year except one since 1942. Just look at those returns, too! Housing builds significant, long-term wealth.The Levinson Teamhttp://www.LendingByLevinson.com402-618-0154
NIFA – First-Time Homebuyer Loan
First Home Program Eligibility First Home HomeBuyer:Individuals who haven’t owned and occupied a primary residence within the past three years, are considered a first-time homebuyer. Even if a home was owned years ago, but has been occupied by renters for three or more years, to us that's still considered a first-time homebuyer.Potential buyers do not need to be a first-time homebuyer if:They are a qualified veteran who has been discharged from the service under conditions other than dishonorable ORThey're purchasing a home located in a target area. Use our Geocoding/Mapping System to help identify whether or not a specific home is in a target area.Note: There are some situations when NIFA may grant an exception to the first-time homebuyer requirement. If one of these situations apply, a Participating Lender will submit documentation to our office for review during the loan application process:If home is lost by divorce and individual received no sale proceedsIf home is lost by a natural disasterIf home is lost by a forced job relocationNIFA is committed to helping homebuyers get into their new home with a great, low interest loan, and minimal hassle.Household Income Limits:All NIFA loan programs have maximum household income limits based on the home’s location and household size. NIFA’s program eligibility includes the income of any adult member who will reside in the home and will be a borrower, co-borrower or non-borrowing spouse. Note: Income from other adult occupants is only included when the occupant will have an ownership interest in the home.This includes, but is not limited to, base pay, overtime, commissions, bonuses, tips, self-employed income, social security, disability, unemployment, child support, alimony, part-time income and interest income from assets over $5,000.NIFA will use your current monthly household gross income and will project it over 12 months. This calculation method is only used by NIFA to determine program eligibility. In most cases, your Participating Lender will use a more conservative underwriting approach for income to qualify you for the loan. First-Time Homebuyer Education:NIFA requires First-Time Homebuyers to complete an approved homebuyer education class before closing because we understand how overwhelming it can be to purchase your first home. From one of these classes, a first time homebuyer will gain valuable knowledge on the loan process, terminology, budgeting, tips for selecting a real estate agent, home inspections, home maintenance and much more.Browse NIFA-approved classes
Market Updates – February 2024
Here's the latest Market Updates. Click on the "Download PDF" to view or click through the slides above to view.1.) Personal Consumption Expenditures (January 2024)The Fed’s favored inflation measure, Core PCE, continues to move closer to its 2% target as the annual reading fell to 2.8% for the 12 months ending in January. This was well below 2022’s 5.6% peak and the lowest level since March 2021. But the question remains - when will the Fed think inflation is low enough for them to start cutting rates this year?2.) MBS Highway Housing Index (February 2024):February 2024 witnessed a massive increase in the MBS Highway National Housing Index, which rose 13 points to 55 (from 42 in January 2024). This was driven primarily by a 16-point jump in the Buyer Activity sub-index (from 33 to 49). While part of this increase is normal seasonality, there is little doubt that buyers have been reenergized by lower mortgage rates, slightly higher inventory, and the prospect of Fed rate cuts ahead.3.) BLS Jobs Report (February 2024):February job growth came in above forecasts, with 275K jobs created per the BLS. However, revisions to the data for December and January shaved a whooping 167K jobs from those months combined. The unemployment rate also rose from 3.7% to 3.9%, the first increase since October.4.) ADP Employment Report (February 2024):February saw slower-than-expected job growth in the private sector, as employers added just 140K new jobs versus the 150K that were forecasted. However, January’s total was revised higher, and ADP noted that “employment growth remained steady” and “pay gains for job-changers accelerated for the first time in more than a year.5.) Home Builder Sentiment (February 2024):Home builder confidence rose for the third straight month, reaching the highest level since last August. The NAHB noted that this boost to builder sentiment is due to a lack of existing home inventory, expectations that mortgage rates will continue to moderate, and the prospect of future rate cuts by the Fed. Plus, in a good sign for much-needed supply, the NAHB expects single-family starts to rise around 5% this year.6.) New Home Sales (January 2024):Signed contracts on new homes rose for the second straight month in January, up 1.5% from December and 1.8% from a year earlier. The lack of existing homes for sale continues to boost the new construction market and, in a good sign for much-needed supply, the NAHB recently noted that they’re expecting construction for single-family homes to rise this year.7.) Change in Home Value after 10 years:Talk about a winning record! Buying a home and holding it for 10 years has earned a profit every year except one since 1942. Just look at those returns, too! Housing builds significant, long-term wealth.The Levinson Teamhttp://www.LendingByLevinson.com402-618-0154
Utility Helpers Provided by Churchill Mortgage
Churchill Mortgage is a proud partner with Utility Helpers! This collaboration provides a one-of-kind concierge service to help you navigate the challenges of setting up everything from utilities, alarm systems, trash, plus many others. The dedicated team at Utility Helpers makes sure you have every opportunity to focus on the purchase of your new home and takes the stress of time-consuming transfers of various utilities off their plate.
Market Updates – December 2023
Here's the latest Market Updates. Click on the "Download PDF" to view or click through the slides above to view.1.) Consumer Price Index (December 2023)Consumer prices for all items rose 3.4 percent from December 2022 to December 2023. Food prices increased 2.7 percent, reflecting a 1.3 percent increase in food prices at home and 5.2 percent increase in prices for food away from home.2.) MBS Highway Housing Index (January 2024):The MBS Highway National Housing Index jumped to 42 in January 2024, from 34 in December 2023. This was the second straight month of improvement after six months of decline. While normal seasonality is playing a supporting role in the turnaround, the lead actor has been the sharp fall in mortgage rates in late 2023.3.) BLS Jobs Report (December 2023):Job growth beat expectations once again in December, with the BLS reporting 216K new jobs were created. However, revisions to the data for October and November shaved 71K jobs from those months combined. The unemployment rate held steady at 3.7%, which was better than the expected rise to 3.8%. Employers added a total of 2.7 million jobs last year, an average of 225K a month. 4.) ADP Employment Report (December 2023):Private payrolls were stronger than forecast in December, as employers added 164,000 jobs led by a “healthy bump” in leisure & hospitality. Almost all the growth came in service-providing industries, with goods-producing companies only adding 9,000 jobs. Annual pay growth continued to decelerate, with ADP noting that the risk of a “wage-price spiral” leading to higher inflation “has all but disappeared.The Levinson Teamhttp://www.LendingByLevinson.com402-618-0154
Debt Consolidation ~ Could you use an extra $1,800 a month?
I talked to one of our past clients who shared how his various debt payments are piling up... • Student loans • Credit cards • Auto loans • Personal loans It all added up to $110,000 with monthly payments of $2,900. My goal with all clients is to help you build wealth over your life, specifically with real estate and debt management. This specific client has done very well with the equity gained on his home over the last few years. We were able to tap into his equity with a HELOC (home equity line of credit) and take a loan of $110,000 to off all of his debt mentioned above. This strategy LOWERED HIS MONTHLY PAYMENT TO $1,100 AND SAVED HIM $1,800 PER MONTH! If he uses that extra savings to pay down his new debt, he will be debt-free in less than 4.5 years. Another goal I have for all of our clients is to be debt-free, including your mortgage. Do you have a client in a similar situation? I can help! To learn more, click the link here and schedule a time for us to talk.https://calendly.com/cody-levinson/ The Levinson Team 402-618-0154http://www.LendingByLevinson.com
How My Credit Guy Improves Your Credit Score – Analyze, Negotiate, Educate!
Your credit score is like your financial report card - it plays a huge role in determining your loan type, interest rate, monthly payments, and your home-buying power. If your score is low, you could be building up credit, have some debt you're dealing with, or simply may not be using credit often (or at all). Whatever your score is, we're here to ensure you're armed with the credit knowledge you need to get into your dream home.Get started here --> Review (mycreditguy.com)Credit Builder Card --> https://www.creditbuildercard.com/mycreditguy.htmlP.S. Download our free guide for a simple breakdown of credit and how it affects your home-buying journey
Private Mortgage Insurance (PMI) Explained
Private mortgage insurance (PMI) is a type of mortgage insurance you might be required to buy if you take out a conventional loan with a down payment of less than 20 percent of the purchase price. PMI protects the lender—not you—if you stop making payments on your loan. Here's a helpful article that talks about when you can remove PMI and the steps to take. https://www.consumerfinance.gov/ask-cfpb/when-can-i-remove-private-mortgage-insurance-pmi-from-my-loan-en-202/ Reach out to our team if you are wanting to learn more.The Levinson Team www.LendingByLevinson.com 402-618-0154
How to Stop Credit Bureaus From Selling Your Data Without YOUR Permission!!
Did you know that the credit repositories (Equifax/Experian/TransUnion) can sell your personal data without your permission? Prompting annoying sales and solicitation calls, at best, or at worst, fraudulent junk debt dealers harassing you.Trigger leads enable companies to see when you're in the market for credit so they can market their services to you. Receiving unsolicited offers can feel annoying and invasive.You can opt-out of solicitations from credit and insurance companies and sign up for the National Do Not Call Registry.TAKE ACTION TO OPT OUT - CLICK THIS LINK -https://www.optoutprescreen.com/You can register with the Do Not Call List if you are bombarded with emails, texts, snail mail, or phone calls. To opt out of these lists, visit DoNotCall.gov or call 1-888-382-1222
Looking To Purchase An Investment Property?
Real Estate is typically known to be a smart a safe investment. And despite the current economy, that still stands true, especially when using passive income that you may already have through equity and other investments. While we're seeing fluctuating interest rates, lower than normal inventory, and many facing economic strife, let's discuss why owning an investment property is still a key move for long-term wealth.
Thinking About Applying for A No Credit Score Loan?
When you're debt-free, you may not have a credit score. But that doesn't have to impact your ability to buy a home if you can't pay cash. At Churchill Mortgage, we can walk you through the process of getting a no score home loan that can be paid off quickly. This allows you to return to your debt-free lifestyle as soon as possible.
What if I’m using Gift Funds?
Using gift funds for a mortgage down payment can be a great way to help fund the purchase of a home. Gift funds are funds given to you by a family member, relative, or sometimes a close friend, to assist with the down payment or other closing costs associated with a mortgage. Using gift funds can be a valuable resource to make your home purchase more affordable. Here's how you can go about it: 1. Confirm Lender Policies: First, you'll want to speak with your lender (or me, your Mortgage Loan Officer) to understand their specific guidelines regarding using gift funds. Lenders often have rules about who can gift you funds, the required documentation, and how much of the down payment can come from gifts. 2. Source of the Gift: The person gifting you the funds will need to provide a gift letter, which is a formal statement confirming that the funds are a gift and not a loan. This letter should include the giver's name, relationship to you, the gift amount, the purpose of the gift (down payment), and a statement that the funds do not need to be repaid. 3. Documentation: You'll need to provide documentation to show the source of the gift funds and the transfer of funds. This could include bank statements from the giver showing the withdrawal of funds and your bank statements showing the deposit of the gifted amount. 4. Transfer of Funds: To ensure a smooth process, it's essential that the funds are transferred properly. Ideally, the gift funds should be transferred directly from the giver's account to your account. Avoid mixing the gift funds with your own funds, as this could complicate the verification process. 5. Gift Letter: The gift letter, along with the giver's bank statements and any other required documentation, should be submitted to your lender as part of your mortgage application package. 6. Underwriting Process: During the underwriting process, the lender will review the gift letter and supporting documentation to ensure that the funds meet their requirements. They'll want to confirm that the funds are a true gift and won't create additional debt for you. 7. Closing: Once the lender approves the use of gift funds, the funds can be applied towards your down payment during the closing process. The gift funds will be listed on your Closing Disclosure, which is the official document detailing all the costs and credits associated with the loan If you have any questions or concerns, please don't hesitate to reach out. I'm here to help you navigate the process and make your home-buying journey a smooth one.
Market Updates – November 2023
Here's the latest Market Updates. Click on the "Download PDF" to view or click through the slides above to view. 1.) Housing Index (November 2023): National Housing Index fell to 31 in Nov 2023 from 35 in Oct 2023, though it remains much higher than the reading of 13 from a year ago. Elevated mortgage rates caused buyer activity to slow, while competition for scarce inventory helped keep the majority of prices steady nationwide. The Northeast and Mid-Atlantic regions remained the busiest, the Northwest and Southwest the slowest. 2.) Home Price Appreciation: Home prices continue to hit record highs in many of the major indices, and they’re now on pace to deliver 6-8% appreciation in 2023. CoreLogic called prices “resilient” and Case-Shiller said the strength and breadth of their data gives them an “optimistic view about future results.” 3.) Jobs Report (October 2023): Job growth was lower than expected in October, with the BLS reporting 150K new jobs versus the forecasted 180K. There were also big revisions lower to August and September, reducing job creations in those months by 101K. The Fed has been looking for signs of a softening labor market. Will this weaker data be enough for another rate hike pause at their December 13 meeting? 4.) ADP Employment Report (October 2023): Private payrolls were weaker than forecasted in October with just 113,000 jobs created, while pay growth reached the slowest pace in 2 years. Almost all the growth came in service-providing industries, with goods-producing companies only adding 6,000 jobs. ADP noted that “while the labor market has slowed, it's still enough to support strong consumer spending. The Levinson Team www.LendingByLevinson.com 402-618-0154
Bridge Loan
What if your Equity could help buy your dream home? Well, it can and do so much more! Ask us how.
Buy Now vs. Wait?
Have you been asking yourself should I buy a house now or wait until next year?
Home Buyers Edge
Certified Home Buyer Program. The Next Best Thing to a Cash Offer.If you’re looking to buy a home right now, you’ve probably noticed the market is saturated with other buyers and we know that can feel overwhelming when you’re house hunting.The truth is, to win in today’s market you need a competitive edge over other buyers. So, as part of Churchill’s commitment to doing what’s right for you, we’re giving you every advantage possible to come out ahead—and that starts with our Home Buyer Edge program.This exclusive program focuses solely on you and helps you seal the deal on your dream home.It starts with a quick pre-approval through our Churchill Mortgage app, so you can start shopping as soon as possible. While your house hunting you will become a Certified Home Buyer. This enables you to compete with cash offers since you’ll be pre-underwritten by an actual mortgage underwriter.And if you’re worried about rates—Home Buyer Edge covers that too! We’ll secure your rate for 90 days—and if rates go down, you get the lower rate.Finally, we’ll top it all off with a $10,000 Seller Guarantee. This strengthens your offer and makes it easier for the seller to say “yes.”There’s no better way to stand out from your competition in today’s market than with Home Buyer Edge by Churchill Mortgage. When competition is high, it’s important to present the most trustworthy offer by becoming a Churchill Certified Home Buyer. Plus, watch the video above for more info on our $10,000 Seller Guarantee.