Good Morning!
I wanted you to be aware of a special loan program Fannie Mae has created for Fannie Mae owned property.
It's called HomePath. It allows a low down payment and flexible mortgage terms.
Here are some of the great features of this loan...
1) Only 3% down payment. ...and, this down payment can be a gift, or even a loan from your employer!
2) No lender requested appraisal!
3) No mortgage insurance! ...This is a biggie.
4) Generous seller contributions for closing costs.
Have your Realtor do a search for Home Path homes in your area. They are usually competitively priced, and you can't beat the loan terms!
I hope you have a great day! Thanks for reading!
Brett
Wednesday, June 29, 2011
Monday, June 27, 2011
Think This Is A Way Around Foreclosure? ...Think Again.
Good Morning!
I get asked about "Deed In Lieu" a lot.
A Deed In Lieu is where you beat the mortgage company to the punch... ...and give the mortgage company back the house before they have a chance to foreclose.
People ask me how a Deed In Lieu would affect their credit.
I tell them that it would be treated the same way a full foreclosure would - from a mortgage perspective anyway.
...in fact, if you have a "Short Pay" or "Deed In Lieu" show up in the mortgage history on your credit report - it might as well say "Foreclosure".
You will have to wait a period of time before you would be eligible for a new mortgage.
...here's what you're looking at for seasoning on a foreclosure:
Fannie Mae/Freddie Mac: 5 years.
VA: 4 years.
FHA: 3 years.
I hope you have a great day! Thanks for reading!
Brett
I get asked about "Deed In Lieu" a lot.
A Deed In Lieu is where you beat the mortgage company to the punch... ...and give the mortgage company back the house before they have a chance to foreclose.
People ask me how a Deed In Lieu would affect their credit.
I tell them that it would be treated the same way a full foreclosure would - from a mortgage perspective anyway.
...in fact, if you have a "Short Pay" or "Deed In Lieu" show up in the mortgage history on your credit report - it might as well say "Foreclosure".
You will have to wait a period of time before you would be eligible for a new mortgage.
...here's what you're looking at for seasoning on a foreclosure:
Fannie Mae/Freddie Mac: 5 years.
VA: 4 years.
FHA: 3 years.
I hope you have a great day! Thanks for reading!
Brett
Wednesday, June 22, 2011
Check Out The New Guidelines For Gifting On Conventional Loans...
Good Morning!
If you wanted a Conventional Loan, and you were thinking of trying to use a gift for down payment or to help with closing costs - here are some guidelines you need to be aware of...
The gift can only be provided by...
A relative, defined as the borrower's spouse, child, or other dependent, or by any other individual who is related to the borrower by blood, marriage, adoption, or legal guardianship; or a fiancé, fiancée, or domestic partner.
Amount of gift...
If loan to value ratio is 80% or less (putting down at least 20%) then entire down payment can be a gift! This would be on owner occupied 1 to 4 family homes.
If loan to value ratio is 80% or higher then entire down payment can be a gift! ...This would apply to a one unit principal residence.
If buying a 2 to 4 unit home and the LTV is over 80% then 5% of the down payment must come from borrower's own funds. The remaining funds can come from a gift for additional down or help with closing costs or reserves.
Documentation Requirements for a gift...
Gifts must be evidenced by a letter signed by the donor, called a gift letter. The gift letter must:
· specify the dollar amount of the gift;
· specify the date the funds were transferred;
· include the donor's statement that no repayment is expected; and
· indicate the donor's name, address, telephone number, and relationship to the borrower.
Remember the main benefit of using a Conventional Loan over FHA is that there is no upfront mortgage insurance payment!
I hope you have a great day! Thanks for reading!
Brett
If you wanted a Conventional Loan, and you were thinking of trying to use a gift for down payment or to help with closing costs - here are some guidelines you need to be aware of...
The gift can only be provided by...
A relative, defined as the borrower's spouse, child, or other dependent, or by any other individual who is related to the borrower by blood, marriage, adoption, or legal guardianship; or a fiancé, fiancée, or domestic partner.
Amount of gift...
If loan to value ratio is 80% or less (putting down at least 20%) then entire down payment can be a gift! This would be on owner occupied 1 to 4 family homes.
If loan to value ratio is 80% or higher then entire down payment can be a gift! ...This would apply to a one unit principal residence.
If buying a 2 to 4 unit home and the LTV is over 80% then 5% of the down payment must come from borrower's own funds. The remaining funds can come from a gift for additional down or help with closing costs or reserves.
Documentation Requirements for a gift...
Gifts must be evidenced by a letter signed by the donor, called a gift letter. The gift letter must:
· specify the dollar amount of the gift;
· specify the date the funds were transferred;
· include the donor's statement that no repayment is expected; and
· indicate the donor's name, address, telephone number, and relationship to the borrower.
Remember the main benefit of using a Conventional Loan over FHA is that there is no upfront mortgage insurance payment!
I hope you have a great day! Thanks for reading!
Brett
Monday, June 20, 2011
Incredible Rates On These Loan Products...
Good Morning!
Rates on ARMs are getting amazing right now!
I wanted to give you an idea of where these rates are...
FHA 5 year arms = Rates in the low 3's!
VA 5 year arms = Rates in the low 3's!
Conventional 7 year arms = Rates in the mid to low 3's!
If you know you will only be in a house for 5 years or less then you should definitely be looking at one of these ARMs.
...You will save a lot of interest!
Call me or email me today if you think you could benefit from these low rates.
I hope you have a great day! Thanks for reading!
Brett
Rates on ARMs are getting amazing right now!
I wanted to give you an idea of where these rates are...
FHA 5 year arms = Rates in the low 3's!
VA 5 year arms = Rates in the low 3's!
Conventional 7 year arms = Rates in the mid to low 3's!
If you know you will only be in a house for 5 years or less then you should definitely be looking at one of these ARMs.
...You will save a lot of interest!
Call me or email me today if you think you could benefit from these low rates.
I hope you have a great day! Thanks for reading!
Brett
Tuesday, June 14, 2011
What You Need To Know About Part Time Income With FHA...
Good Morning!
I've talked about this before, but I think it's worth revisiting...
If you are trying to purchase a house with an FHA loan - and you are using part time job income, be aware of this...
FHA will want to see that you have a two year stream of this part time income before they will give you credit for it.
...So, in other words if a loan officer tells you that you need more income - you can't just run out and get a part time job to satisfy this need. ...You wouldn't fulfill the 2 year work history on it.
You do have other options though... If you are in this situation - please give me a call or drop me an email. I would love to try to help you.
I hope you have a great day! Thanks for reading!
Brett
I've talked about this before, but I think it's worth revisiting...
If you are trying to purchase a house with an FHA loan - and you are using part time job income, be aware of this...
FHA will want to see that you have a two year stream of this part time income before they will give you credit for it.
...So, in other words if a loan officer tells you that you need more income - you can't just run out and get a part time job to satisfy this need. ...You wouldn't fulfill the 2 year work history on it.
You do have other options though... If you are in this situation - please give me a call or drop me an email. I would love to try to help you.
I hope you have a great day! Thanks for reading!
Brett
Monday, June 13, 2011
A Loan Program We Have In Texas Not Many People Know About...
Good Morning!
If you are a Veteran and you live in Texas - then you have access to the Texas Vet Loan Program.
The main benefit of the Texas Vet program is low rates. Current rates are 4.32% on this program, and if you are a disabled Vet then your rate would be 3.82%.
Here are some interesting aspects of the Texas Vet loan program...
1) Program is offered with FHA, VA or Conventional loans.
2) There is a 30% rate discount to disabled veterans - which is extended to the surviving spouse as well.
3) Eligible Reservist and members of the National Guard who have a VLB home loan, have an interest rate of 0 percent while they are on active duty and for 90 days after they return.
If you are a Veteran and you are interested in this program - give me a call or shoot me an
email.
I love to help Veterans!
I hope you have a great day! Thanks for reading!
Brett
If you are a Veteran and you live in Texas - then you have access to the Texas Vet Loan Program.
The main benefit of the Texas Vet program is low rates. Current rates are 4.32% on this program, and if you are a disabled Vet then your rate would be 3.82%.
Here are some interesting aspects of the Texas Vet loan program...
1) Program is offered with FHA, VA or Conventional loans.
2) There is a 30% rate discount to disabled veterans - which is extended to the surviving spouse as well.
3) Eligible Reservist and members of the National Guard who have a VLB home loan, have an interest rate of 0 percent while they are on active duty and for 90 days after they return.
If you are a Veteran and you are interested in this program - give me a call or shoot me an
email.
I love to help Veterans!
I hope you have a great day! Thanks for reading!
Brett
Wednesday, June 8, 2011
Want To Refinance, But You Are Upside Down In Your House? ...I Have Some Loans That Might Help.
Good Morning!
Would you like to refinance your house, but you currently owe more than your house is worth?
If so, then I have several programs I can use to get you refinanced - depending on if your current loan is a Fannie Mae loan, Freddie Mac loan, or an FHA loan.
...Some of these programs will refinance up to 125% combined loan to value ratio!
If you are in this situation then I encourage you to give me a call today to see how we can get you out of your current high interest loan.
*************
I have a new limited time "no closing costs" coupon I'm offering - please click this link and enter this special code...
http://loansdonequickly.com/enter-your-private-code-to-get-this-coupon
code = 9934
You can print the coupon off and submit it with your application to get your cash at closing!
I hope you have a great day! Thanks for reading!
Brett
Would you like to refinance your house, but you currently owe more than your house is worth?
If so, then I have several programs I can use to get you refinanced - depending on if your current loan is a Fannie Mae loan, Freddie Mac loan, or an FHA loan.
...Some of these programs will refinance up to 125% combined loan to value ratio!
If you are in this situation then I encourage you to give me a call today to see how we can get you out of your current high interest loan.
*************
I have a new limited time "no closing costs" coupon I'm offering - please click this link and enter this special code...
http://loansdonequickly.com/enter-your-private-code-to-get-this-coupon
code = 9934
You can print the coupon off and submit it with your application to get your cash at closing!
I hope you have a great day! Thanks for reading!
Brett
Tuesday, June 7, 2011
Have You Thought About Using A Seller Second To Buy Or Sell A House...
Good Morning!
Did you realize that we still allow the seller to take back a second mortgage to facilitate the sale of their home?
We do!
This can come in very handy for getting deals closed, where they otherwise wouldn't be able to.
Here are some of the requirements of the seller seconds...
1) Subordinate liens must be recorded and clearly subordinate to first mortgage lien.
2) Second mortgage must be documented on loan application to correctly show Total Housing Ratio and CLTV.
3) Monthly payments remain constant for each twelve-month period over the term of the loan.
Ineligible Second Mortgages:
1) Mortgages with negative amortization.
2) Subordinate financing with "wraparound" terms that combine the indebtedness of the first and second mortgages.
3) Subordinate financing that does not fully amortize under a level monthly payment plan.
*************
I have a new limited time "no closing costs" coupon I'm offering - please click this link and enter this special code...
Page: http://loansdonequickly.com/?page_id=942
9934
You can print the coupon off and submit it with your application to get your cash at closing!
I hope you have a great day! Thanks for reading!
Brett
Did you realize that we still allow the seller to take back a second mortgage to facilitate the sale of their home?
We do!
This can come in very handy for getting deals closed, where they otherwise wouldn't be able to.
Here are some of the requirements of the seller seconds...
1) Subordinate liens must be recorded and clearly subordinate to first mortgage lien.
2) Second mortgage must be documented on loan application to correctly show Total Housing Ratio and CLTV.
3) Monthly payments remain constant for each twelve-month period over the term of the loan.
Ineligible Second Mortgages:
1) Mortgages with negative amortization.
2) Subordinate financing with "wraparound" terms that combine the indebtedness of the first and second mortgages.
3) Subordinate financing that does not fully amortize under a level monthly payment plan.
*************
I have a new limited time "no closing costs" coupon I'm offering - please click this link and enter this special code...
Page: http://loansdonequickly.com/?page_id=942
9934
You can print the coupon off and submit it with your application to get your cash at closing!
I hope you have a great day! Thanks for reading!
Brett
Wednesday, June 1, 2011
New Mortgage Guidelines Offer A Ray Of Hope...
Good Morning!
Some good news!
...but first a brief editorial comment:
After the mortgage market crash underwriting swung so far to the conservative side that it's helped put a death grip on the economy.
I don't think the feds have figured this out yet, but the real estate market is the engine that drives our economy.
If the feds had just stayed out of the way I think the market would be well on its way back by now.
...Instead they have been passing new mortgage guideline choking legislation. ...One after another, after another.
Finally a small ray of hope...
Got news today that some guidelines are changing. Mainly they have to do with the removal of overlay guidelines.
For instance...
1) Instead of mandatory submission of tax returns with every self employed borrower loan they are now leaving it up to the automated findings to decide if tax returns are needed.
2) They are also leaving the max debt to income ratio up to the automated system now - which is a welcome change. ...if we could only get the MI companies to go along with this.
The guidelines will probably never return to what they were 3.5 years ago - and that's probably a good thing. They do need to come back to at least the middle. ...and, eventually they will.
This is a little step in the right direction.
I hope you have a great day! Thanks for reading!
Brett
Some good news!
...but first a brief editorial comment:
After the mortgage market crash underwriting swung so far to the conservative side that it's helped put a death grip on the economy.
I don't think the feds have figured this out yet, but the real estate market is the engine that drives our economy.
If the feds had just stayed out of the way I think the market would be well on its way back by now.
...Instead they have been passing new mortgage guideline choking legislation. ...One after another, after another.
Finally a small ray of hope...
Got news today that some guidelines are changing. Mainly they have to do with the removal of overlay guidelines.
For instance...
1) Instead of mandatory submission of tax returns with every self employed borrower loan they are now leaving it up to the automated findings to decide if tax returns are needed.
2) They are also leaving the max debt to income ratio up to the automated system now - which is a welcome change. ...if we could only get the MI companies to go along with this.
The guidelines will probably never return to what they were 3.5 years ago - and that's probably a good thing. They do need to come back to at least the middle. ...and, eventually they will.
This is a little step in the right direction.
I hope you have a great day! Thanks for reading!
Brett
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