New Jersey... Call Victor Today!!'s Blog

New Jersey: Live Where You Work Program:

Fri, 06 Nov 2009 16:58:13 -0600

What is the LWYW homebuyer program

The LWYW program is a home mortgage incentive program that provides low-interest mortgage loans to homebuyers purchasing homes in towns where they are employed. The goal of LWYW is to build stronger communities by promoting homeownership and encouraging people to live closer to their jobs. This, in turn, will reduce the need for cars and increase the use of alternative transportation such as walking, biking and public transit.

If you would like to buy a house in the town where you currently work, then LWYW might be right for you. Employees benefit from attractive mortgage rates, more flexible loan application review and underwriting criteria, and reduced commuting times to work. Municipalities benefit from having a committed workforce living nearby, and the activity and economic vibrancy that comes with people living near where they work.

Eligible Properties: Properties must be located in a participating Live
Where You Work municipality. Eligible properties include one-family units, including condominiums, (new and existing), and existing 2- to 4-family unit properties that are more than 5 years old. Some Live Where You Work municipalities include *Urban Target Areas (UTA). In Urban Target Areas eligible properties can also include new two-unit residential dwellings. Properties must be located in State designated Smart Growth locations.

REMEMBER>>> First Time Home Buyers with 0 to 619 fico score, can still qualify for a loan. Call for more info.

Bad credit or no credit, give me a call!

Sincerely,

Victor M. Jaramillo
(908) 296-0966 Mobile
www.activerain.com/100percent

Morristown, NJ... Live where you work and receive.....

Tue, 06 Oct 2009 15:33:05 -0500

5% off your total loan amount. Restrictions apply. You can read up on this program at: http://townofmorristown.org/lwyw/

First time home buyers, if interested on learning more information about this program, please don't hesitate to contact me.

Sincerely,

Victor

DIVORCE? Q&A

Tue, 23 Jun 2009 13:04:00 -0500

68% in NJ.

There are many questions you might be asking at this time, particularly surrounding your home. We are here to help. Let's first break down some of the basics.

"I think I want to stay in my home...what do I need to keep in mind?" First, take into consideration the size of the home, utilities, payments, family needs. Does staying in the home truly make sense? You will likely now be entirely responsible for the house payment, taxes, insurance, upkeep, maintenance and other related bills. Your household income may be decreasing, and your overall expenses may be increasing if you are subject to a court order for support, so it is important that you are aware and thorough in determining what your actual expenses will be in keeping and maintaining the home on your own.

"My spouse is entitled to share in the equity we have in our home...how is this handled?" The equity in the home needs to be determined by an appraiser - call us if you need a recommendation and referral. The appraised value less the eventual costs of selling (commissions and seller closing costs) equals the equity to be split between the parties. This is the amount you will be obligated to give to your ex-spouse. And in general, any money you or your spouse contributed to the home from your own pre-marital assets must also be accounted for in determining the final division of equity.

With the divorce, your spouse may put a marital lien on the property or there may be a court ordered mandate for distribution of the equity, possibly including interest on that amount. This means that you will likely have a specified amount of time to obtain the funds needed to give the ex-spouse their portion of the equity. This can be done by cashing out the equity in the home with a new mortgage, selling the home or by using other assets you have to "buy out" their stake in the home.

If you choose to stay in the home, you have two financing options to pay your ex-spouse. You can either refinance your home to get cash out, or you can obtain a new second mortgage or home equity loan. This is where you will want the advice of a trusted mortgage professional.

Even though you may now be qualifying for the loan without a spouse's income - with your own good credit and income, you can usually qualify on your own. Often, child support and alimony is viewed as stable income, if it has been received for three months and is likely to continue for at least three years.

"What if I am the one leaving the home?" It is important to know that even though the divorce decree awarded the home to your spouse, you are still obligated for this debt in the eyes of the mortgage company.

Many people assume that by filing a Quit Claim Deed removing themselves from the title, they are no longer responsible for the mortgage. A Quit Claim Deed only eliminates your name from the title of the property, but not from the mortgage loan. The benefit of a Quit Claim Deed is that if the spouse on the title passes away, the property will go to his or her heirs rather than to the ex-spouse.

"How might this scenario impact my credit - and what can I do?" Unfortunately for many, divorce is a time of great financial hardship and credit challenges. Because you are obligated on the mortgage until it is paid in full or refinanced, it is imperative that the person responsible for the payment remains current. One possibility you have to remove your name from obligation is to contact the company which currently holds your mortgage, and ask to do a "Qualifying Name Delete Assumption." This process will leave the existing loan in place, but would relieve the non-occupying spouse from their obligation on the loan. Give us a call, and we can explain more about this process, or help you determine if a refinance may make more sense instead.

"If I want to go buy another home - am I going to be out of luck while I am still listed on the old mortgage?" Although it is difficult and not usually advised to purchase another home until your divorce is final, we are happy to look over how you expect the financial situation to be finalized, and help you get ideas as to what you will qualify for. Remember that in most situations, child support and alimony must have been received for three months, and be likely to continue for at least three years in order to use this income for qualifying. Even if you are still listed as a co-borrower on the mortgage for the prior home, if the divorce decree states that you are not obligated for the mortgage, many mortgage programs will allow you to be qualified without this obligation. However, any late payment issues on the mortgage held by your ex-spouse will impact your credit scores, as the mortgage is still a joint liability in the eyes of the credit bureaus until you are removed via a refinance, sale or other method as described above.

"What if I do want to purchase another home before the divorce is final?" This may be possible, but be aware that your spouse may have a marital interest in your new property, and it will need to be handled by your attorney with a Quit Claim Deed being given from your ex-spouse to you. You will also have to qualify with the full debt from the current home, because there would not yet be a final divorce decree assigning ownership. Be very careful with this situation, especially as the financial situation you expect...may not be the final result, once the decree is entered.

Taking the time to talk with us during this process and before you decide to start looking at a new home can help eliminate many of the concerns or questions that often surface in these situations. We understand this may be a very difficult time, and you have many decisions to make. We can provide you with a free financial consultation, credit check, and mortgage strategy review - so that you have the answers and information you need to make good decisions.

We'll help you sort out the options and strategies you have at hand, and do our part to help you at this time...and down the road. We understand that it's not just a house - it's your home.

Victor M. Jaramillo

Omega Financial Services

Phone: 908-933-0253 Ext. 328

Tempting Tax Credits for First-Time Home Buyers

Tue, 23 Jun 2009 13:00:17 -0500

Tempting Tax Credits for First-Time Home Buyers

What could you do with $8,000? How about using it to finance a home? In order to stimulate the economy and revive the housing market, Congress has enacted legislation providing a tax credit of up to $8,000 for first-time home buyers.

Just last year, home buyers and owners were able to take advantage of the housing and Economic Recovery Act's $7,500 tax credit. This credit served as a 15 year interest free loan for those who purchased their home after April 9, 2008 and before July 1, 2009. With the new and improved $8,000 tax credit plan in place, buyers have the opportunity to receive a good chunk of cash which, unlike the last year's tax credit, does not have to be repaid.

If you're interested in taking advantage of this opportunity, you only have a short while to act. Determine whether or not you qualify for this tax credit by reviewing the following requirements and by contacting Omega Financial Services today at 908-933-0253 or online at fhaomega.com.

Are You Eligible?

First-Time Home Buyer:
Have you leased your home for the past three years? If so, then you may qualify for the tax credit, as the plan defines a first-time home buyer as a "buyer who has not owned a principal residence during the three0year period prior to the purchase."

Purchase Date:
Buyers are encouraged to act fast as the cutoff date for this $8,000 credit is December 1st, 2009; not at the end of the year, as you might expect.

If you purchased your home before the New Year, you're out of luck, though you may qualify for the housing and Economic Recovery Act Tax Credit. Contact us today at 908-933-0253 to learn more about your tax credit and mortgage program options.

Principle Residence:
According to the plan, a "main home" is "any home that will be used as principle residence," and includes "single-family detached home, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats." Multiple home owners, or those looking to purchase their second, third, or even fourth home, will not qualify for this particular tax credit.

Income Limits:
Those buyers with a modified adjusted gross income (MAGI) of less than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return will receive the full tax credit amount. If it is more, the tax credit amount is reduced until your MAGI meets or exceeds $95,000, at which point you are no longer eligible for the credit. Call your Omega Financial Services mortgage professional at 908-933-0253 to discuss your current financial situation and to determine whether you make a good tax credit candidate.

Stay Put:
In order to qualify for the tax credit, plan to stay put in your new home for a minimum of three years. Buyers cannot move, sell or otherwise leave their home for at least three years after they purchase.

Price:
The plan states that the buyer receives 10% of the purchase price of the home or $8,000, whichever is less. So the monetary amount you're awarded is determined by your new home's price. In order to receive the maximum credit of $8,000, the buyer must purchase a home for $8,000 or more.

Participating in the tax credit program is simple. Determine your tax credit amount by completing the IRS Form 5405 and claim the tax credit on your federal income tax return. With home prices and mortgage rates at all time lows, buyers incentives and tax credits greatly contribute to your goals of homeownership. Discuss your home loan, tax credit and buyer incentive options with your Omega Financial Services professional and to discover the grogram that is best for you.

Keeping You Informed
Omega Financial Services is dedicated to keeping you informed of the latest market trends and mortgage options. Visit us online at fhaomega.com, or call today at 908-933-0253, to obtain custom loan options designed to fit you needs and help you obtain you home ownership goals.

Victor M. Jaramillo

Omega Financial

(908) 933-0253 Ext. 328

Tempting Tax Credits for First-Time Home Buyers

Tue, 23 Jun 2009 12:58:20 -0500

Tempting Tax Credits for First-Time Home Buyers

Are You Eligible?

Purchase Date:
Buyers are encouraged to act fast as the cutoff date for this $8,000 credit is December 1st, 2009; not at the end of the year, as you might expect.

Victor M. Jaramillo

Omega Financial

(908) 933-0253 Ext. 328

Tempting Tax Credits for First-Time Home Buyers

Tue, 23 Jun 2009 12:55:20 -0500

Tempting Tax Credits for First-Time Home Buyers

Are You Eligible?

Purchase Date:
Buyers are encouraged to act fast as the cutoff date for this $8,000 credit is December 1st, 2009; not at the end of the year, as you might expect.

Victor M. Jaramillo

Omega Financial

(908) 933-0253 Ext. 328

Tempting Tax Credits for First-Time Home Buyers

Tue, 23 Jun 2009 12:53:18 -0500

Tempting Tax Credits for First-Time Home Buyers

Are You Eligible?

Purchase Date:
Buyers are encouraged to act fast as the cutoff date for this $8,000 credit is December 1st, 2009; not at the end of the year, as you might expect.

Victor M. Jaramillo

Omega Financial

(908) 933-0253 Ext. 328

Tempting Tax Credits for First-Time Home Buyers

Tue, 23 Jun 2009 12:50:50 -0500

Tempting Tax Credits for First-Time Home Buyers

Are You Eligible?

Purchase Date:
Buyers are encouraged to act fast as the cutoff date for this $8,000 credit is December 1st, 2009; not at the end of the year, as you might expect.

Victor M. Jaramillo

Omega Financial

(908) 933-0253 Ext. 328

Tempting Tax Credits for First-Time Home Buyers (Save)

Tue, 23 Jun 2009 12:49:09 -0500

Tempting Tax Credits for First-Time Home Buyers (Save)

Are You Eligible?

Purchase Date:
Buyers are encouraged to act fast as the cutoff date for this $8,000 credit is December 1st, 2009; not at the end of the year, as you might expect.

Victor M. Jaramillo

Omega Financial

(908) 933-0253 Ext. 328

Tempting Tax Credits for First-Time Home Buyers (Save)

Tue, 23 Jun 2009 12:46:30 -0500

Are You Eligible?

Purchase Date:
Buyers are encouraged to act fast as the cutoff date for this $8,000 credit is December 1st, 2009; not at the end of the year, as you might expect.

Victor M. Jaramillo

Omega Financial

(908) 933-0253 Ext. 328

Tempting Tax Credits for First-Time Home Buyers (Save)

Tue, 23 Jun 2009 12:44:44 -0500

Are You Eligible?

Purchase Date:
Buyers are encouraged to act fast as the cutoff date for this $8,000 credit is December 1st, 2009; not at the end of the year, as you might expect.

Victor M. Jaramillo

Omega Financial

(908) 933-0253 Ext. 328

DIVORCE? Q&A

Tue, 23 Jun 2009 11:33:29 -0500

There are many questions you might be asking at this time, particularly surrounding your home. We are here to help. Let's first break down some of the basics.

We'll help you sort out the options and strategies you have at hand, and do our part to help you at this time...and down the road. We understand that it's not just a house - it's your home.

Victor M. Jaramillo

Omega Financial Services

Phone: 908-933-0253 Ext. 328

Spotlight-- Tempting Tax Credits for First-Time Home Buyers

Tue, 23 Jun 2009 11:14:24 -0500

Tempting Tax Credits for First-Time Home Buyers

Are You Eligible?

First-Time Home Buyer:

Have you leased your home for the past three years? If so, then you may qualify for the tax credit, as the plan defines a first-time home buyer as a "buyer who has not owned a principal residence during the three0year period prior to the purchase."

Purchase Date:

Buyers are encouraged to act fast as the cutoff date for this $8,000 credit is December 1^st, 2009; not at the end of the year, as you might expect.

Principle Residence:

According to the plan, a "main home" is "any home that will be used as principle residence," and includes "single-family detached home, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats." Multiple home owners, or those looking to purchase their second, third, or even fourth home, will not qualify for this particular tax credit.

Income Limits:

Those buyers with a modified adjusted gross income (MAGI) of less than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return will receive the full tax credit amount. If it is more, the tax credit amount is reduced until your MAGI meets or exceeds $95,000, at which point you are no longer eligible for the credit. Call your Omega Financial Services mortgage professional at 908-933-0253 to discuss your current financial situation and to determine whether you make a good tax credit candidate.

Stay Put:

In order to qualify for the tax credit, plan to stay put in your new home for a minimum of three years. Buyers cannot move, sell or otherwise leave their home for at least three years after they purchase.

Price:

The plan states that the buyer receives 10% of the purchase price of the home or $8,000, whichever is less. So the monetary amount you're awarded is determined by your new home's price. In order to receive the maximum credit of $8,000, the buyer must purchase a home for $8,000 or more.

Keeping You Informed

Omega Financial Services is dedicated to keeping you informed of the latest market trends and mortgage options. Visit us online at fhaomega.com, or call today at 908-933-0253, to obtain custom loan options designed to fit you needs and help you obtain you home ownership goals.

Victor M. Jaramillo

Omega Financial Services

Phone: 908-933-0253

Fax: 908-933-0252

1-800-633-4220

Website:fhaomega.com

Today I will make a difference in my life...

Mon, 22 Jun 2009 10:30:00 -0500

Today I will make a difference. I will begin by controlling my
thoughts. A person is the product of their thoughts. I want to be
happy and hopeful. Therefore, I will have thoughts that are happy and
hopeful. I refuse to be victimized by my circumstances. I will not let
petty inconveniences such as stoplights, long lines, and traffic jams
be my masters. I will avoid negativism and gossip. Optimism will be my
companion, and victory will be my hallmark. Today I will make a
difference.

I will be grateful for the twenty-four hours that are before me. Time
is a precious commodity. I refuse to allow what little time I have to
be contaminated by self-pity, anxiety, or boredom. I will face this
day with the joy of a child and the courage of a giant. I will drink
each minute as though it is my last. When tomorrow comes, today will
be gone forever. While it is here, I will use it for loving and
giving. Today I will make a difference.

I will not let past failures haunt me. Even though my life is scarred
with mistakes, I refuse to rummage through my trash heap of failures.
I will admit them. I will correct them. I will press on. Victoriously.
No failure is fatal. It's OK to stumble - I will get up. It's OK to
fail - I will rise again. Today I will make a difference.

I will spend time with those I love. My spouse, my children, my
family. A man can own the world but be poor for the lack of love. A
man can own nothing and yet be wealthy in relationships. Today I will
spend at least five minutes with the significant people in my world.
Five quality minutes of talking or hugging or thanking or listening.
Five undiluted minutes with my mate, children, and friends.
Today I will make a difference.

From the Authors of The Secret

Today is a fruitful day...

Mon, 22 Jun 2009 10:12:57 -0500

A truly good man is not aware of his goodness
and is therefore good.

A foolish man tries to be good
and is therefore not good.

The master does nothing,
yet he leaves nothing undone.

The ordinary man is always doing things,
yet many more are left to be done.

The highest virtue is to act without a sense of self.
The highest kindness is to give without condition.
The highest justice is to see without preference.

When the Tao is lost, there is goodness.
When the goodness is lost, there is morality.
When morality is lost, there is ritual.
Ritual is the husk of true faith,
the beginning of...

The great master follows his own nature
and not the trappings of life.
It is said:
"He stays with the fruit and not the fluff."
"He stays with the firm and not the flimsy."
"He stays with the true and not the false."

*This was written 25 centuries ago.

Can someone Refinance with a 560 Fico Score?

Fri, 19 Jun 2009 16:47:28 -0500

Yes they can!

40/47 DTI, SFR or 2 Family Only, 90% LTV, 3 months Reserves, 0x30 Lates on the Mortgage.

Fast Closings, Full Documention, Call for more details. New Jersey Only~!

TWO YEARS TAX RETURNS, ONE MONTH PAY STUBS, COPY OF THE HOI POLICY, DEED, COPY OF THE DRIVER LICENSE & SOCIAL SECURITY CARD. SATISFACTORY VERIFICATIONS OF EMPLOYMENT, ON TIME MORTGAGE PAYMENTS AS APPLICABLE.

THE RECEIPT OF A SATISFACTORY APPRAISAL REPORT ON THE SUBJECT PROPERTY.

AVAILABILITY OF THE LOAN PROGRAM YOU HAVE SELECTED AT THE TIME OF PROPERTY SELECTION.

THE SUBMISSION OF A COMPLETE LOAN APPLICATION PACKAGE, PAYMENT OF ALL REQUIRED FEES IF ANY, AND A SATISFACTORY FINAL REVIEW THEREOF.

Call for more details and Rates:

Thank you

*rates subject to change without notice. Licensed Mortgage Lenders by the NJ Dept. of Banking & Insurance.

FYI. We can do FHA Purchases with 580-619 Fico Score, in New Jersey

Fri, 19 Jun 2009 16:10:24 -0500

SIT BACK

RELAX

OMEGA

DOES THE WORK

FOR YOU!!

YOU'VE GOT A FRIEND AT OMEGA

LET US SHOW YOU HOW EASY IT IS

SEARCHING

FOR THE BEST DEAL?

FHA AT OMEGA

MULTI STATE DIRECT ENDORSEMENT LENDER

580-619 Fico- 30 YR FHA FIXED

Call for your Free Rate Quote.

PURCHASES:

· 96.5% Financing

· UP TO 6% SELLER'S CONCESSION ALLOWED!!!

· Max DTI 40/47 & 12mon. Canceled Rent Checks.

· SFR Or 2 Family Only, Max Loan= $417,000.00

· 1st Time Buyer? $8,000 Tax Credit, ends Nov. 30th, 09

Reliable, Honest, Ethical, and Professional.

OMEGA FINANCIAL IS A DIRECT FHA, MULTI-STATE LENDER.

Victor Jaramillo Or Carlos Jaramillo

Home Loan Financial Analysts

CALL US TODAY For Fast Results!!

(908) 296-0966 Or (908) 296-7883

Rates Subject to change without notice. Licensed mort lenders, by the nj dept. of banking & insurance.

YOU'RE GOING TO LOVE

GETTING

AN FHA LOAN AT OMEGA

IT'S AS EASY AS SNAPPING YOUR

FINGERS

FHA AT OMEGA

"I'm going to make you an offer you can't

refuse.

Go FHA at Omega."

**FHA JUMBO Arm Pricing as of 06/15/09

Mon, 15 Jun 2009 13:57:24 -0500

**FHA Jumbo 5/1 Fixed Period Arm: 4.875%/5.022%APR

**FHA Jumbo 3/1 Fixed Period Arm: 4.75%/4.896%APR

- Loan Amounts up to $725,000.00
- Only 3.50% Down Payment
- Only 620 Fico Score
- $8,000.00, 1st time home buyer tax credit (must buy before Nov. 30th, 2009)
- Fast Closings!
- Reliable, Honest, Professional, Ethical, and Hardworking.

Contact: Victor M. Jaramillo
Home Loan Financial Analyst
Omega Financial Services
1872 Morris Avenue
Union, NJ 07083 (2mins from Shorthills)
(908) 296-0966 Cell

VJaramillo@omegafunding.net

*Rates subject to change without notice
Equal Housing Lender

Can someone buy a $760,000 home with only 3.5% down and a 620 Fico?

Mon, 15 Jun 2009 12:04:52 -0500

Yes they can!

With the New FHA Jumbo Purchase Loan, a customer can qualify up to a $725,000.00 loan amount, with as little as 3.5% down and a 620 Fico Score.

*The interest rates are relatively low.

Contact your local Home Loan Financial Analyst for more information:

Victor M. Jaramillo
Omega Financial Services, Inc.
(We are Direct Lenders and Correspond with: Bank of America & Chase; They service our loans.)
(908) 296-0966 Cell

vjaramillo@omegafunding.net

$8,000 Tax Credit

Mon, 15 Jun 2009 11:43:20 -0500

FYI

Don't forget to put that contract on the home of your dreams before Nov. 30th, 2009 to take advantage of that $8,000 Tax Credit.

FHA rates are relatively low. Contact your local home loan financial analyst for more information.

We value customers like you. Thank you for your time.

Call for more information.

Sincerely,

Victor M. Jaramillo
(908) 296-0966 Cell
VJaramillo@omegafunding.net

Union/Somerset County, New Jersey Network Event

Thu, 09 Apr 2009 11:34:18 -0500

Hello Friends,

We are looking for Vendors to participate at our 1st Network Event.

What to find at the Event:

Buyers/Sellers

Free Food

Training

---------------------------------------------------------------------------

We will have a room full of customers looking to buy/sell/and learn from the professionals in our area: Attorneys, Real Estate Agents, Mortgage Consultants.

Your suggestions are highly appreciated.

Sincerely,

Victor M.J.
Omega Financial Services, Inc.
1872 Morris Avenue
Union, NJ 07083
(908) 933-0253 Ext. 328
(908) 964-0295 Fax
(908) 296-0966 Cell
vjaramillo@omegafunding.net

Learn how to get 1 deal a day!

Thu, 09 Apr 2009 11:15:29 -0500

1) Value People

2) Build Relationships by building Rapport with customers

3) Try to have 30 minute conversations a day with 3 to 4 people

4) Pass out your business cards to 10 new people today

5) Selling the invisible over the phone may seem hard but you must build trust with your customer

These 5 tasks will increase your production level far greater then expected. Please pass this along to your friends.

Your best friend in the mortgage industry,

Victor MJ
Sales Managing Mortgage Consultant
Omega Financial Services, Inc.
1872 Morris Avenue
Union, NJ 07083
(908) 933-0253 Ext. 328 (After walking on 1500 degree fire walk with Tony Robbins, I'm sure I can help you increase your sales, call me, its free)

vjaramillo@omegafunding.net

FHA FHA FHA FHA FHA FHA

Thu, 12 Mar 2009 09:54:03 -0500

DEAR NJ RESIDENT,

RATES ARE LOW, DEBT CONSOLIDATION, FHA STREAMLINE, REFINANCE NOW, LOWER YOUR PAYMENT AND PAY OFF YOUR HOME FASTER!!!

SINCERELY,

VICTOR JARAMILLO

WEBSITE: WWW.8773FHAHUD.COM

CELL: (908) 296-0966

TOLL-FREE: (877) 3FH-AHUD

OMEGA FINANCIAL SERVICES, INC.

OR VISIT US AT: 1872 MORRIS AVENUE, UNION, NJ 07083

THANK YOU FOR YOUR BUSINESS!!!

FHA requires two appraisals on..

Fri, 09 Jan 2009 15:03:49 -0600

Here is what I got after some research with a client of mine.. I hope it helps.. When FHA needs second appraisals

Quoted directly from Mortgagee Letter 2008-09, dated April 4, 2008, effective 1/1/09 "Second Appraisal Requirements/Loan-to-Value Limits for Cash-Out Refinances: The instructions in ML 2008-09 regarding when a second appraisal is needed, and the requirements for that second appraisal, as well as the 85 percent limitation on cash-out refinances when the loan balance will exceed $417,000, remain in effect." "In addition, FHA will now require a second appraisal for all cash-out refinances where the LTV, exclusive of the UFMIP, will exceed 85 percent of the appraiser's estimate of value. This second appraisal requirement applies regardless of the loan amount or the location of the property, i.e., whether the property is in a "declining area" or is not. This second appraisal requirement for cash-out refinances is effective for all case number assignments on or after January 1, 2009 and is to adhere to the instructions set forth in ML 2008-09. Please also note that cash-out refinances with LTVs exceeding 85 percent will be over-selected for post-endorsement technical reviews (PETR) to assure the quality of the underwriting."

Print this out and tape it near your computer to remind yourself...

Sincerely,

Victor M. Jaramillo
Sales Manager/Mortgage Consultant
President's Club
Omega Financial
1872 Morris Ave.
Union, NJ 07083
(908) 933-0253 Ext. 328
(908) 964-0295 Fax
(908) 296-0966 Cell
www.FHAOMEGA.com
Lic. Mortgage Bankers by the NJ dept., of Banking & Insurance
Equal Housing Lenders
Lions Club Member, 98
vjaramillo@omegafunding.net

2009 resolution: To save New Jersey's buyers $1,000,000.00 in 1 year.

Fri, 02 Jan 2009 20:07:32 -0600

You read correctly.

My Goal in 2009 is to save Home Buyers in New Jersey... $1,000,000.00 in one year!

Objective is to help save every borrower: $100.00 to $200 per month.

For Example, on jumbo conventional loans: $750,000 Loan; most competitors would give them a 5.375%; a monthly payment of: $4,200.00/month... If I offer that same customer a 5.000%; a monthly payment of $4,027.50 I'll save this customer $172.50/month x's 12= $2,070.00/year!

Or on FHA's, $315,000 loan at a 6.00% $1,890/month and If I give them a 5.25% that's $1,741.95; a savings of $148.05/month x's 12= $1,776.60/year!

If the Average between the two above is $160.00 a month x's 12 months= $1,920.00/year.
That's 521 borrowers I must close in one year to achieve this goal!!

It can and will be done! :))

Best,

Victor M. Jaramillo
Omega Financial
Sales Manager/Mortgage Consultant
1872 Morris Ave
Union, NJ 07083
(908) 933-0253 Ext. 328
(908) 296-0966 Cell
E: vjaramillo@omegafunding.net
W: www.FhaOmega.com
Equal Housing Lender
NJ.,Lic.,Mortgage Banker
FHA-Conventional-Commercial
Low Rates
Best Service
We Care
We Believe
We Want The Best For You!