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Inflation Climbs and Deadline for California Loan Program
CPI reaches 3.5% - what does this mean for rate cuts? The CA Dream for All deadline is just around the corner!
Nathan Udomsri
April 19, 2024
Inflation Reaccelerating
📈 Inflation - Consumer Price Index: This months reading shows CPI inflation is at 3.5%. This has increased from January (3.1%) and February (3.2%).
🗓️ When are the next Federal Reserve Meetings: The next ones are in April, June, July, September, November and December
✂️ If they don’t start the first rate cut in July, this means the Federal Reserve will have to make the cuts in the last 3 meetings of 2024. This is going under the assumption that the Federal Reserve wants to stick to what they planned beginning of this year.
Deadline for California Program
The widely marketed Dream for All Program has a deadline of April 29th to enter into the lottery system. You will need to receive a Pre-Approve Letter from an approved Lender, like us! Please be mindful of the pros and cons!
Thank you again for your support. It means the world to me 🌎
Talk soon,
Nathan
👇️ PS - More Below
California Dream For All Shared Appreciation Loan
🗺️ This program is offered in California (there are other programs in other states that offer shared appreciation)
Offers up to 20% for down payment or closing costs, not to exceed $150,000. You do have to share the appreciation gained
Be mindful, that you do have to pay the original borrowed amount and the percentage of your appreciation if you sell or refinance the home
Have your Mortgage advisor break the numbers down for you, cover the pros and cons, and make sure it’s a good fit for your specific scenario
If you’re a business owner or have self employed income, it’s always a great idea to keep your mortgage advisor up to date on how much income you’re making on the your tax returns!
💡 Why is this important?
Most loan products want to ensure you have stability of income. Hypothetically, you had a really good 2022 year, but your 2023 income has declined. You may need to supply an explanation to the Lender. My rule of thumb is if it’s over a 20% Decline, definitely alert your Mortgage advisor right away!
I was able to travel to Washington DC 🏛 and speak with several congressmembers about the issues facing the housing market and how they can help make housing more affordable and attainable for Americans. Being in DC for the Cherry Blossoms 🌸 has been on my bucket list, and I was able to check that off my list after all these years! 🎉
Big Month… I’m getting married! 💍 Maybe by the time you’re reading this, I already am. Juggling wedding planning 💒, the business, and half marathon training has been a great challenge for sure. I’ve noticed that it has forced me to level up in order to juggle everything. 🏋️♂️