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short sales: Short Sale & HAFA... Work or not work? - 05/04/10 08:06 AM
"I think it's a bunch of crap and is a complete waste."
Let's break down why this sentiment seems to exist all over the Internet.
What is HAFA?
First off, for those of you who have been living under a rock, the HAFA program is an extension (technically, Supplemental Directive 09-09) of the Home Affordable Modification Program (HAMP), which itself is a part of the Making Home Affordable (MHA) program, which covers both home loan modifications under HAMP and direct refinance under HARP.
HAFA is basically an attempt to streamline the short sale process using Deed in lieu (of … (0 comments)
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short sales: 203K Refinance... Well worth it for many. - 05/03/10 07:28 AM
203K Allows for not only purchases but REFINANCES!
What is a 203K??? (a typical gov't title that means nothing) No... Its a Loan Type. It is a Renovation Loan. A loan where you are allowed money to buy the house (or in this case, pay off the existing mortgage debt on a refinance) and also get money to fix the place up, all in one loan!
This is a tremendous opportunity! you can fix your house up and get the money, right out of the equity in your home. Some people have more than one mortgage.. maybe an equity … (0 comments)
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short sales: GO OUT THERE AND GIVE IT 110%!! (Someone gave that Pep-Talk to HUD) - 05/01/10 06:59 AM
What ever happened to the 104% LTV or maybe even the old 106% percent, where you could actually go OVER the home's value??? Those were the days....
GUESS WHAT???
IT'S STILL AVAILABLE... 110% !!! And... ITs an FHA Product!
Yep, the 203K allows you to go to 110% of the Appraised Value! And now, with the recent rules changing, its PERFECT for your clients. The rule for many years said that you needed $5,000.00 in 'minimum required repairs', these required, non-elective repairs, just in order to even QUALIFY for a 203K. NOW... that requirement is GONE! There is … (1 comments)
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short sales: GO OUT THERE AND GIVE IT 110%!! (Someone gave that Pep-Talk to HUD) - 05/01/10 06:59 AM
What ever happened to the 104% LTV or maybe even the old 106% percent, where you could actually go OVER the home's value??? Those were the days....
GUESS WHAT???
IT'S STILL AVAILABLE... 110% !!! And... ITs an FHA Product!
Yep, the 203K allows you to go to 110% of the Appraised Value! And now, with the recent rules changing, its PERFECT for your clients. The rule for many years said that you needed $5,000.00 in 'minimum required repairs', these required, non-elective repairs, just in order to even QUALIFY for a 203K. NOW... that requirement is GONE! There is … (0 comments)
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short sales: Maryland Housing Vital Statistics... How does your neighborhood fare??? - 04/30/10 07:27 AM
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short sales: Broker vs. Banker for a 203K Renovation Loan.... hmmm??? - 04/27/10 05:55 AM
Well, so goes the saying... "I'm a broker and I can 'shop' your loan for the best rates and really get you the best deal". Okay.... The other side of the coin says, "I'm a lender and brokers just take my money and add their fees to it, so you'll never get the best rate doing business with a broker."
Bollocks!
203K loans are a logistical nightmare and Freddy is waiting for you to fall asleep, if your working with someone that can't properly help you. The long and short of it is this: Brokers and Lenders alike can, and do, … (4 comments)
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short sales: Not ALL 203K Lenders are created EQUAL... - 04/26/10 08:14 PM
Equal Opportunity Lender doesn't mean each lender offers their clients "Equal Opportunity" for proper service during their loan process.
BIGGEST 203K Misnomer: A lender's job is done when the loan closes.
The truth is, most people in our industry will "try" to do a 203K if it crosses their radar. It isn't hard to read up on a few hand outs, grab some third party service provider that is trying to earn your business and get them to bring some experience and clout to the "pitch"or best yet, just fake it. In order to facilitate and advise a client property in … (0 comments)
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203K World - Maryland - Baltimore - RENO Maryland / DC's #1 Reno Lender /AS-IS-EZ
Ellicott City,
MD
More about me…
Brent Kluge - FHA 203K - HomeStyle- JUMBO Reno Loan
Address: 412 H Street, NE, Washington, DC, 20002
Office Phone: (410) 591-8300
Email Me
Brent Kluge's 203K & HomePath Renovation Blog
Expert information for you for all your renovation needs focused on FHA 203k and FannieMae HomePath Renovation, HomeStyle and USDA reno.
From planning, to process, to loans, to finding a match with a contractor, Brent Kluge and his team will guide you through the entire process and avoiding the pitfalls along the way.
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