Good Morning!
Did you know that Fannie Mae special financing available for many of their own foreclosure properties?
...It's true! Fannie has taken a que from HUD. They have a special financing product called Home Path.
If you see a Fannie Mae owned property with the HomePath logo - this means it qualifies for the HomePath product.
Here are some benefits of the Fannie Mae Homepath Loan:
1) Up to 95% ltv (primary residence), 90% ltv (second home), and 85% ltv (investment property) only need a 660 Fico Score.
2) Up to 80% ltv (primary residence, second home, and investment property) only needs a 620 Fico score.
3) Up to 6% Seller Concessions allowed for LTV's from 75.01%-95%, 9% Seller Concessions allowed for LTV's 75% and below.
4) No MI regardless of LTV!
Have a good day today! ...and thanks for reading.
Brett
Thursday, January 28, 2010
Tuesday, January 26, 2010
Here's An Exciting New Jumbo Loan...
Hey there!
I wanted to announce an exciting new purchase product that we have...
We have a new Jumbo purchase loan up to 90% loan to value ratio with no Mortgage Insurance!
· Max $500,000 loan amount.
· Minimum 700 score.
· Single family homes only.
It's good to see the LTVs starting to creep higher on these loans again. (with no MI!)
Have a good day today! ...and thanks for reading.
Brett
I wanted to announce an exciting new purchase product that we have...
We have a new Jumbo purchase loan up to 90% loan to value ratio with no Mortgage Insurance!
· Max $500,000 loan amount.
· Minimum 700 score.
· Single family homes only.
It's good to see the LTVs starting to creep higher on these loans again. (with no MI!)
Have a good day today! ...and thanks for reading.
Brett
Monday, January 25, 2010
Your Home Isn't Selling For One Of These Two Reasons...
Good Morning!
If you are having trouble selling your home - there's really only one of two reasons your home isn't selling...
It's either the home, or it's the price.
So, take a step back and give your home an honest look. ...try to determine which one of these reasons might be behind your home not selling.
Get the opinion of a good realtor. ...look what other homes in your area are actually selling for. (not the listing price, but the sales price).
Have a good day today! ...and thanks for reading.
Brett
If you are having trouble selling your home - there's really only one of two reasons your home isn't selling...
It's either the home, or it's the price.
So, take a step back and give your home an honest look. ...try to determine which one of these reasons might be behind your home not selling.
Get the opinion of a good realtor. ...look what other homes in your area are actually selling for. (not the listing price, but the sales price).
Have a good day today! ...and thanks for reading.
Brett
Thursday, January 21, 2010
FHA Is Making Some Big Changes To Their Loan Program...
Good Morning!
FHA has been talking about making changes to their loans - and it looks like these changes are coming this summer.
Here are the changes FHA is making in their guidelines...
Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending
The first step will be to raise the up-front MIP by 50 bps to 2.25% and request legislative authority to increase the maximum annual MIP that the FHA can charge.
If this authority is granted, then the second step will be to shift some of the premium increase from the up-front MIP to the annual MIP.
This shift will allow for the capital reserves to increase with less impact to the consumer, because the annual MIP is paid over the life of the loan instead of at the time of closing
The initial up-front increase is included in a Mortgagee Letter to be released tomorrow, January 21st, and will go into effect in the spring.
Update the combination of FICO scores and down payments for new borrowers.
New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA's 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%.
This allows the FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well.
This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer.
Reduce allowable seller concessions from 6% to 3%
The current level exposes the FHA to excess risk by creating incentives to inflate appraised value. This change will bring FHA into conformity with industry standards on seller concessions.
This change will be posted in the Federal Register in February, and after a notice and comment period, would go into effect in the early summer.
Have a good day today! ...and thanks for reading.
Brett
FHA has been talking about making changes to their loans - and it looks like these changes are coming this summer.
Here are the changes FHA is making in their guidelines...
Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending
The first step will be to raise the up-front MIP by 50 bps to 2.25% and request legislative authority to increase the maximum annual MIP that the FHA can charge.
If this authority is granted, then the second step will be to shift some of the premium increase from the up-front MIP to the annual MIP.
This shift will allow for the capital reserves to increase with less impact to the consumer, because the annual MIP is paid over the life of the loan instead of at the time of closing
The initial up-front increase is included in a Mortgagee Letter to be released tomorrow, January 21st, and will go into effect in the spring.
Update the combination of FICO scores and down payments for new borrowers.
New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA's 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%.
This allows the FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well.
This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer.
Reduce allowable seller concessions from 6% to 3%
The current level exposes the FHA to excess risk by creating incentives to inflate appraised value. This change will bring FHA into conformity with industry standards on seller concessions.
This change will be posted in the Federal Register in February, and after a notice and comment period, would go into effect in the early summer.
Have a good day today! ...and thanks for reading.
Brett
Wednesday, January 20, 2010
Why Go To A Title Company To Close If You Don't Have To?...
Good Morning!
Did you know that our title services will come to your home or office to close your loan?
...even on weekends!
Once we closed an emergency room doctor - while he was while he was on duty at the hospital!
...just keep this in mind the next time you are considering a purchase or a refinance loan.
Have a good day today! ...and thanks for reading.
Brett
Did you know that our title services will come to your home or office to close your loan?
...even on weekends!
Once we closed an emergency room doctor - while he was while he was on duty at the hospital!
...just keep this in mind the next time you are considering a purchase or a refinance loan.
Have a good day today! ...and thanks for reading.
Brett
Tuesday, January 19, 2010
FHA Is Making Life Easier For Sellers...
Good Morning!
FHA is instituting a temporary waiver of the 90 day seasoning rule for sellers.
This means a seller that has purchased a home doesn't have to wait 90 days to sell the home on an FHA loan.
Here are the 6 things you need to know about these changes:
1.
Waiver takes effect February 1st, 2010 for a period of one year unless extended.
2.
Investors are now exempt from the 90-day seasoning rule.
3.
All transactions must me arms-length.
4.
No identity of interest can exist between buyer and seller.
5.
If sale price is 20% or more of the seller's acquisition cost, the lender must:
a. Provide supporting documentation and/or a second appraisal and...
b. Order an inspection of the property and provide it to the buyer.
6.
The waiver is limited to forward mortgages only.
Have a good day today! ...and thanks for reading.
Brett
FHA is instituting a temporary waiver of the 90 day seasoning rule for sellers.
This means a seller that has purchased a home doesn't have to wait 90 days to sell the home on an FHA loan.
Here are the 6 things you need to know about these changes:
1.
Waiver takes effect February 1st, 2010 for a period of one year unless extended.
2.
Investors are now exempt from the 90-day seasoning rule.
3.
All transactions must me arms-length.
4.
No identity of interest can exist between buyer and seller.
5.
If sale price is 20% or more of the seller's acquisition cost, the lender must:
a. Provide supporting documentation and/or a second appraisal and...
b. Order an inspection of the property and provide it to the buyer.
6.
The waiver is limited to forward mortgages only.
Have a good day today! ...and thanks for reading.
Brett
Wednesday, January 13, 2010
We're Still Doing This Loan Down To A 580 Credit Score...
Good Morning!
Did you know we are still doing USDA loans down to a 580 credit score?
...It's true! ...and, USDA is a 100% loan!
Here's what you want to make sure of... Your poor credit should be over 24 months old.
So, look at the trade lines on your credit report. If most of the bad credit is over 24 months old, and your score is above 580 - then I can probably help you.
Have a good day today! ...and thanks for reading.
Brett
Did you know we are still doing USDA loans down to a 580 credit score?
...It's true! ...and, USDA is a 100% loan!
Here's what you want to make sure of... Your poor credit should be over 24 months old.
So, look at the trade lines on your credit report. If most of the bad credit is over 24 months old, and your score is above 580 - then I can probably help you.
Have a good day today! ...and thanks for reading.
Brett
Monday, January 11, 2010
What To Do When The Seller Refuses To Do Repairs On A Purchase...
Hello,
If you are buying a house that needs minor repairs - but the seller refuses to do them - what do you do?
This situation happens a lot, especially on bank owned homes.
The simple answer is to use an escrow hold back. ...an escrow hold back is a small amount of money that is held out of the seller's proceeds from the sale to make the repairs.
You have to write the escrow hold back right into the contract - under special provisions. To avoid having to rewrite this clause - be specific. Your realtor will need to write - "An escrow hold back in the amount of $______ will be used for (specific) repairs."
One key with the escrow hold back is the repairs need to be minor - and they can't take that long to finish. ...an average amount of an escrow hold back is $1,500 to $3,000.
Knowing how to solve minor repair problems on an offer - can sometimes make the difference between getting a great deal on a house, or not buying it at all.
If this situation comes up with your deal - just give me a call - I can help you out.
Have a good day today! ...and thanks for reading.
Brett
If you are buying a house that needs minor repairs - but the seller refuses to do them - what do you do?
This situation happens a lot, especially on bank owned homes.
The simple answer is to use an escrow hold back. ...an escrow hold back is a small amount of money that is held out of the seller's proceeds from the sale to make the repairs.
You have to write the escrow hold back right into the contract - under special provisions. To avoid having to rewrite this clause - be specific. Your realtor will need to write - "An escrow hold back in the amount of $______ will be used for (specific) repairs."
One key with the escrow hold back is the repairs need to be minor - and they can't take that long to finish. ...an average amount of an escrow hold back is $1,500 to $3,000.
Knowing how to solve minor repair problems on an offer - can sometimes make the difference between getting a great deal on a house, or not buying it at all.
If this situation comes up with your deal - just give me a call - I can help you out.
Have a good day today! ...and thanks for reading.
Brett
Tuesday, January 5, 2010
If Your Debt To Income Ratio Is Too High - Here's A Way Around It...
Good Morning!
If you are trying to get a conventional mortgage - and you've been told your Debt to Income Ratio is too high... Then this email is for you!
There are two parties that decide what your maximum Debt to Income Ratio is... Fannie Mae/Freddie Mac, and the Mortgage Insurance companies.
I've seen Fannie Mae approve Debt to Income Ratios as high as 60%. ...However, the MI companies have come out and said that they will not insure mortgages with Debt to Income Ratios higher than 41%.
So, if your DTI ratio is higher than 41% - you're out of luck.
...unless you know me.
I can still do conventional loans with DTI ratios higher than 41% because we have portfolio products - and these don't have MI on them.
Just a tip for you.
I hope you have a good day today.
Thanks for reading!
Brett
If you are trying to get a conventional mortgage - and you've been told your Debt to Income Ratio is too high... Then this email is for you!
There are two parties that decide what your maximum Debt to Income Ratio is... Fannie Mae/Freddie Mac, and the Mortgage Insurance companies.
I've seen Fannie Mae approve Debt to Income Ratios as high as 60%. ...However, the MI companies have come out and said that they will not insure mortgages with Debt to Income Ratios higher than 41%.
So, if your DTI ratio is higher than 41% - you're out of luck.
...unless you know me.
I can still do conventional loans with DTI ratios higher than 41% because we have portfolio products - and these don't have MI on them.
Just a tip for you.
I hope you have a good day today.
Thanks for reading!
Brett
Monday, January 4, 2010
The Feds Are Making More Rules...
Good Morning! ...and, I hope you had a great new year's day!
The mortgage industry is changing again today.
The federal government has mandated new Good Faith Estimate guidelines that go into effect as of January 1. ...More and stricter rules.
I'm all for rules that protect borrowers.
...The feds are squeezing mortgage brokers. They are continuing to make life more and more difficult for them.
In my opinion, if the federal government has their way - in a couple years there will only be a few big banks doing mortgage loans. ...Mortgage brokers will be no more.
...That's too bad.
Fortunately I work for a bank - so I will be safe... ...however, I'm also a broker.
The reason it's too bad - is that as mortgage brokers continue to die off - so does something else... Consumer choice. ...Options for borrowers.
For instance, if you submit a loan to Wells Fargo for a mortgage - if it doesn't fit into their mortgage guideline box you will be declined. ...end of the line.
If you submitted your loan to a loan officer that has the option to bank or broker - he or she could look at the profile of your loan and decide the best place to submit your loan that will best match the underwriting guidelines. ...so you will be approved.
It's very important to you to place your loan with a loan officer that has different options on where to submit your loan. ...just my opinion.
I hope you have a good day today.
Thanks for reading!
Brett
The mortgage industry is changing again today.
The federal government has mandated new Good Faith Estimate guidelines that go into effect as of January 1. ...More and stricter rules.
I'm all for rules that protect borrowers.
...The feds are squeezing mortgage brokers. They are continuing to make life more and more difficult for them.
In my opinion, if the federal government has their way - in a couple years there will only be a few big banks doing mortgage loans. ...Mortgage brokers will be no more.
...That's too bad.
Fortunately I work for a bank - so I will be safe... ...however, I'm also a broker.
The reason it's too bad - is that as mortgage brokers continue to die off - so does something else... Consumer choice. ...Options for borrowers.
For instance, if you submit a loan to Wells Fargo for a mortgage - if it doesn't fit into their mortgage guideline box you will be declined. ...end of the line.
If you submitted your loan to a loan officer that has the option to bank or broker - he or she could look at the profile of your loan and decide the best place to submit your loan that will best match the underwriting guidelines. ...so you will be approved.
It's very important to you to place your loan with a loan officer that has different options on where to submit your loan. ...just my opinion.
I hope you have a good day today.
Thanks for reading!
Brett
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