The good news is about 30 Days from start to finish! 

With interest rates at record lows, now is a great time to consider refinancing your Tacoma VA loan.  With our VA Refinance Program, All Tech Mortgage has the ability to go up to 100% of the appraised value.  In order to meet the 30 Day timeline here's a list of items to pull together to be better prepared to start:

1. Copy of 2 most recent paycheck stubs - covering a 30 day cycle
2. 2008 & 2007 W2 Forms
3. Copy of 2 months bank statements ( Need entire statement - if it says page 1 of 5, we need all 5 pages)
4. Copy of your current homeowners insurance policy
5. Copy of your current mortgage coupon or monthly statement
6. Copy of your DD214 or VA statement of service form - call for a sample
7. If current loan is a VA loan, need copy of the VA Note

Plus, Veteran's receiving 10% or more disability are exempt from paying the VA Funding Fee.  Up to 100% of appraised value on a 30 year or 15 year fixed rate loan.  For more information on VA Loans in Tacoma, WA contact Kevin Tinsley - Tacoma's #1 VA Mortgage Expert http://www.vahomeloanstacoma.com

(253) 472-1500 or toll free (800) 339-7059

Tax Credit Extension + Low Rates = Win-Win

Great news!  The government has just extended and expanded tax credits for home buyers - and not just those buying for the first time.

• First time home buyers can now receive an $8,000 tax credit through April 30, 2010
• Home buyers who have lived in their residences for five years may now receive a credit of $6,500
• The tax credit is now available to individuals earning up to $125,000, or $250,000 for couples

Do you have an FHA loan higher than 6.25%? If so, take a look at our No cost FHA streamline program where we pay all the closing costs! Lower your interest rate to 5.25% with 0 fees. The only items you are responsible for are the escrow items for taxes and insurance and the new FHA mortgage insurance premium. For a custom quote emailed directly to you, visit us online at http://www.fhamortgagetacoma.com/

Q: How do I apply for a VA guaranteed loan?

A: You can apply for a VA loan with any mortgage lender that participates in the VA home loan program. At some point, you will need to get a Certificate of Eligibility from VA to prove to the lender that you are eligible for a VA loan.

Q: How do I get a Certificate of Eligibility?

A: Complete a VA Form 26-1880, Request for a Certificate of Eligibility: You can apply for a Certificate of Eligibility by submitting a completed VA Form 26-1880, Request For A Certificate of Eligibility For Home Loan Benefits, to the Winston-Salem Eligibility Center, along with proof of military service. In some cases it may be possible for VA to establish eligibility without your proof of service. However, to avoid any possible delays, it's best to provide such evidence.

Q: Can my lender get my Certificate of Eligibility for me?

A: Yes, it's called Web LGY. Most lenders have access to the Web LGY system. This Internet based application can establish eligibility and issue an online Certificate of Eligibility in a matter of seconds. Not all cases can be processed through Web LGY - only those for which VA has sufficient data in our records. However, veterans are encouraged to ask their lenders about this method of obtaining a certificate.

Q: What is acceptable proof of military service?

A: If you are still serving on regular active duty, you must include an original statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters which identifies you and your social security number, and provides your date of entry on your current active duty period and the duration of any time lost.

If you were discharged from regular active duty after January 1, 1950, a copy of DD Form 214, Certificate of Release or Discharge From Active Duty should be included with your VA Form 26-1880. If you were discharged after October 1, 1979, DD Form 214 copy 4 should be included. A PHOTOCOPY OF DD214 WILL SUFFICE.....DO NOT SUBMIT AN ORIGINAL DOCUMENT.

If you are still serving on regular active duty, you must include an original statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters which shows your date of entry on your current active duty period and the duration of any time lost.

If you were discharged from the Selected Reserves or the National Guard, you must include copies of adequate documentation of at least 6 years of honorable service. If you were discharged from the Army or Air Force National Guard, you may submit NGB Form 22, Report of Separation and Record of Service, or NGB Form 23, Retirement Points Accounting, or it's equivalent. If you were discharged from the Selected Reserve, you may submit a copy of your latest annual points statement and evidence of honorable service. Unfortunately, there is no single form used by the Reserves or National Guard similar to the DD Form 214. It is your responsibility to furnish adequate documentation of at least 6 years of honorable service.

If you are still serving in the Selected Reserves or the National Guard, you must include an original statement of service signed by, or by the direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters showing the length of time that you have been a member of the Selected Reserves. Again, at least 6 years of honorable service must be documented.

Q: How can I obtain proof of military service?

A: Standard Form 180, Request Pertaining to Military Records, is used to apply for proof of military service regardless of whether you served on regular active duty or in the selected reserves. This request form is NOT processed by VA. Rather, Standard Form 180 is completed and mailed to the appropriate custodian of military service records. Instructions are provided on the reverse of the form to assist in determining the correct forwarding address.

Q: I have already obtained one VA loan. Can I get another one?

A: Yes, your eligibility is reusable depending on the circumstances. Normally, if you have paid off your prior VA loan and disposed of the property, you can have your used eligibility restored for additional use. Also, on a one-time only basis, you may have your eligibility restored if your prior VA loan has been paid in full but you still own the property. In either case, to obtain restoration of eligibility, the veteran must send a completed VA Form 26-1880 to our Winston-Salem Eligibility Center. To prevent delays in processing, it is also advisable to include evidence that the prior loan has been paid in full and, if applicable, the property disposed of. This evidence can be in the form of a paid-in-full statement from the former lender, or a copy of the HUD-1 settlement statement completed in connection with a sale of the property or refinance of the prior loan.

Q: I sold the property I obtained with my prior VA loan on an assumption. Can I get my eligibility restored to use for a new loan?

A: In this case the veteran's eligibility can be restored only if the qualified assumer is also an eligible veteran who is willing to substitute his or her available eligibility for that of the original veteran. Otherwise, the original veteran cannot have eligibility restored until the assumer has paid off the VA loan.

Q: My prior VA loan was assumed, the assumer defaulted on the loan, and VA paid a claim to the lender. VA said it wasn't my fault and waived the debt. Now I need a new VA loan but I am told that my used eligibility can not be restored. Why?

Or,

Q: My prior loan was foreclosed on, or I gave a deed in lieu of foreclosure, or the VA paid a compromise (partial) claim. Although I was released from liability on the loan and/or the debt was waived, I am told that I cannot have my used eligibility restored. Why?

A: In either case, although the veteran's debt was waived by VA, the Government still suffered a loss on the loan. The law does not permit the used portion of the veteran's eligibility to be restored until the loss has been repaid in full.

Q: Only a portion of my eligibility is available at this time because my prior loan has not been paid in full even though I don't own the property anymore. Can I still obtain a VA guaranteed home loan?

A: Yes, depending on the circumstances. If a veteran has already used a portion of his or her eligibility and the used portion cannot yet be restored, any partial remaining eligibility would be available for use. The veteran would have to discuss with a lender whether the remaining balance would be sufficient for the loan amount sought and whether any down payment would be required.

Q: Is the surviving spouse of a deceased veteran eligible for the home loan benefit?

A: The unmarried surviving spouse of a veteran who died on active duty or as the result of a service-connected disability is eligible for the home loan benefit. If you wish to make application for the home loan benefit as a surviving spouse, contact our Winston-Salem Eligibility Center. In addition, a surviving spouse who obtained a VA home loan with the veteran prior to his or her death (regardless of the cause of death), may obtain a VA guaranteed interest rate reduction refinance loan. For more information, contact our Winston-Salem Eligibility Center.

[NOTE: Also, a surviving spouse who remarries on or after attaining age 57, and on or after December 16, 2003, may be eligible for the home loan benefit. However, a surviving spouse who remarried before December 16, 2003, and on or after attaining age 57, must apply no later than December 15, 2004, to establish home loan eligibility. VA must deny applications from surviving spouses who remarried before December 16, 2003 that are received after December 15, 2004.]

Q: Are the children of a living or deceased veteran eligible for the home loan benefit?

A: No, the children of an eligible veteran are not eligible for the home loan benefit.

for more information on VA Mortgage & Home Loans call the VA Mortgage Experts at (253) 472-1500 Locally based in the Northwest serving homeowners since 1986  - Kevin Tinsley - All Tech Mortgage Inc. http://www.alltechmortgage.com

With a few extra minutes on my hand this rainy Friday afternoon, I was curious about the relationship  between the appraised value, assessed value and the Zillow value. 

So, I pulled a few loan files I was working on today and here's what I found:

   Location         Bed/Bath Size         Transaction Type     Appraised         Assessed       Zillow  

1.  DuPont, WA  3/2.50 1,948 sq ft        Refi                       288,500            267,500          312,500

2. Puyallup, WA 4/3.25 4,193 sq ft        Refi                       470,000            455,100          552,000

3. Tacoma, WA 2/1 1,016 sq ft             Purchase               135,000            161,800          175,000

4. Poulsbo, WA 4/2.50 2,712 sq ft        Refi                        345,000            356,620          364,500

5. Puyallup, WA 4/2.50 2981 sq ft        Purchase               300,000            308,900          324,500

**2 Appraised Values higher than assessed value, but lower than zillow
**3 Assessed Values higher than appraised value, but lower than zillow

Have a great weekend!

Freddie Mac Relief Refinance Mortgages - Open Access 

**You are not required to use your current servicer/mortgage company for this program. 

The Freddie Mac Relief Refinance Mortgage^SM - Open Access supports the federal Making Home Affordable Program by helping borrowers who are making timely mortgage payments but have been unable to refinance due to declining property values.

With flexibility that allows LTV ratios up to 125 percent, relief from standard mortgage insurance, and the ability to submit through Loan Prospector®, you can refinance more borrowers into mortgages that better position them for long-term homeownership success.

 **Program will be available on Monday Oct 19, 2009

• The mortgage being refinanced must be a first-lien
• Conventional mortgage currently owned or securitized by Freddie Mac.
• Have a Freddie Mac settlement date on or before May 31, 2009.
• Be seasoned for at least three months.

Proceeds of the Relief Refinance Mortgage - Open Access must be used only to:

• Pay off the first mortgage (amount includes the unpaid principal balance and accrued interest through the payoff date). The payoff amount can be rounded up to the nearest thousand.
• Pay the lesser of 4 percent of the current unpaid principal balance of the mortgage being refinanced or $5,000 in related closing costs, financing costs and prepaids/escrows.

Funds available as a result of the rounding must be:

• Applied as a principal curtailment to the refinance mortgage and/or
• Disbursed as cash to the borrower not to exceed $250.
• The proceeds may not be used to pay off or pay down any secondary financing.

All Tech Mortgage Inc. is your gateway to great mortgage products from Washington State's top mortgage lenders. Locally based in Tacoma, since 1996, we shop, compare rates & fees and connect you with the best mortgage lenders in the Northwest. The interest rates we quote are typically .25% - .50% lower than most national, regional & local mortgage companies like Bank of America, JP Mortgage Chase, USAA, BECU, Homestreet Bank and Wells Fargo. Plus our fees are some of the lowest in the industry. 

We Specialize in FHA, VA and Conventional No Cost and Low Closing Cost Purchase & Refinance Home Loans.  All Tech Mortgage offers true wholesale pricing from our lending partners.  At All Tech Mortgage, we never expect your business, but hope to earn it with our aggressive pricing, speed, and overall efficiency.

www.alltechmortgage.comor call (253) 472-1500 Kevin Tinsley Mortgage Advisor

If your mortgage loan is owned by Fannie Mae or Freddie Mac, you may be eligible for a Home Affordable Refinance to take advantage of lower interest rates. Only loans owned or guaranteed by Fannie Mae or Freddie Mac are eligible. Your mortgage company can tell you who owns your loan, or you can contact Fannie Mae and Freddie Mac directly by clicking on the links below and completing the forms for each company.

For additional program details call our office at (253) 472-1500.

Working with VA home buyers in Tacoma over the years, I have this question come up quite often. 

Can I use my VA Mortgage Benefits more than once? The answer is YES!  Although using your VA benefits a second time, could be more expensive.  VA differentiates between first time and subsequent use for VA Loans with a downpayment of less than 5%.  Currently the VA funding fee for first time use is 2.15% vs 3.30 for subsequent use.  Veteran's receiving a 10% or more disability payment, are exempt from paying the VA Funding Fees.  Below is the  2009 VA funding Fee Schedule:

2009 VA Funding Fees                                   Active Duty   Reservist
                                                                        & Veterans    & National Guard

A second question that comes up is, If I still own the home, but have since refinanced my VA loan to a conventional loan, can I use my VA Benefits again?  The answer is YES. 

There is a quirky rule regarding restoration of eligibility when the veteran still owns a property that was financed VA, even if the property is free and clear.

VA will do a one-time restoration of eligibility to the veteran.  This restoration allows the veteran to purchase another home using their full VA Home Loan benefits.

** With the recent changes in qualifying, when keeping your current home as a rental, VA does not follow the same guidelines as Fannie Mae, Freddie Mac & FHA.  This alone could be a deal saver!  For more details on this or an VA Home Loan Question, visit us online at http://www.VAHOMELOANSTACOMA.COM 

With property values declining in most areas, the ability to do a VA Refinance above 90% of the appraised value can be a challenge.  Most major lenders limit the maximun loan to value ratio at 90%.  All Tech Mortgage Inc, still has access to lenders that offer the VA Cash Out Refinance program up to 100% of the appraised value.

Just this week we have been able to refinance a young couple out of 80/20 ARM loan into fully amortizing 30 year fixed rate loans at 5.00% (5.088 apr).

If you are searching online for VA lenders who offer the VA Cash Out program, you may want to check the maximum loan to value ratio(LTV) their program allows.  If you are close to the 90% limit you may want to check out these resources to estimate the value of your home:

www.zillow.com and search the comparable sales for your home

www.JohnLScott.com - Search under sold listings to see what's been selling in your neighborhood

For more information about VA Home Loans in Tacoma, feel free to call Kevin Tinsley - Tacoma's #1 VA Mortgage Expert at (253) 472-1500 or toll free at (800) 339-7059.  For current VA Mortgage Rates, visit us online at http://www.VAMortgageTacoma.com  

Time is running out to refinance your Puyallup FHA Mortgage under the old FHA guidelines for Streamline Refinances. The ability to finance in closing costs without an appraisal will be ending on Jan 1, 2010 making it difficult to refinance if your property value has fallen.

We are also doing a lot of No Closing Cost FHA Streamline's. Instead of adding $10,000 onto your existing loan balance, let us pay your closing costs with the lender's money. You typically won't find these options at Bank of America, Chase or Citibank.

As of 10/1/20009, interest rates are near the lowest point of the year, take advantage before rates go back up or the FHA Streamline Refinance Program changes. For more information, call (253) 472-1500 or visit us online at www.fhamortgagepuyallup.com

Kevin, Joel & I would like to say thank you with all of your help with our refinance. We appreciated your honesty and willingness to answer all of our questions. You were very patient and made the process smooth and painless. Sincerely, Kristin & Joel