How do I know if I am eligible?

You may be eligible if you:

•Are the owner occupant of a one to four unit home.

•The loan on your home is owned or controlled by Fannie Mae or Freddie Mac (Don't know? See below),

•You are current on your mortgage payments (current means that you haven't been more than 30-days late on your mortgage payment in the last 12 months

•You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of your house, and

•You have a stable income sufficient to support the new mortgage payments.

Can I get cash out to pay other debts?

No. Only transaction costs, such as the cost of an appraisal or title report may be included in the refinanced amount

How low can my interest rate go?

Treasury is providing incentives to your investor to write the interest down as low as 2%, if necessary to get to a payment that you can afford based on your income.

The Obama Plan to help homeowners hold onto their houses by refinancing their mortgages is getting underway today. There are three core elements to the program.  All the details are available at: http://www.treas.gov/press/releases/reports/housing_fact_sheet.pdf.  

People with LTVs between 80% and 105%, and this is the group that is the focus of the Obama Plan. They may have had an LTV when they purchased the house of less than 80%, and have been paying their mortgage each month, but in the early years of a mortgage, not much goes to principal. So even if prices had remained flat, after 5 years they would have only been down to about a 75% LTV. But last year, housing prices in the 20 largest metro areas declined by 18.2%, which pushed their LTV well above the 80% level, which has locked these people out of refinancing.

If they could refinance, they could save a lot of money each year. If someone has a $200,000 mortgage at 6.5%, and they were able to refi at the current rate of 5.16%, they would save $2,300 per year. That is almost 3 times the size of the household tax cuts ($800) in the stimulus package. There is a certain amount of luck involved here, since the current mortgage has to be held or backed by FNM or FRE, which are involved with about half of all mortgages. Still, it is estimated that this program could help between 4 and 5 million homeowners.

Ronell Moore

615-482-1498

Commercial/Residential

Mortgage Broker

Hello Middle Tennessee, today is a good day to install new flooring. We have stimulus pricing on all of our products. Designer products such as Quick Step Laminate flooring, installed for as low as $4.25 a square foot. If Laminate flooring is not your thing, we understand. That's why we are installing Pre-Finished Hardwood for as low as $5.50 a square foot. Sometimes a nice combination of flooring make a Home look/feel special. Carpet installed for as low as $9.99 a yard. If you looking to upgrade your standard of living, but on a budget. Please feel free to contact Vanleers Flooring today.

Ronell Moore

615-482-1498

Hello Middle Tennessee, today is a good day to install new flooring. We have stimulus pricing on all of our products. Designer products such as Quick Step Laminate flooring, installed for as low as $4.25 a square foot. If Laminate flooring is not your thing, we understand. That's why we are installing Pre-Finished Hardwood for as low as $5.50 a square foot. Sometimes a nice combination of flooring make a Home look/feel special. Carpet installed for as low as $9.99 a yard. If you looking to upgrade your standard of living, but on a budget. Please feel free to contact Vanleers Flooring today.

Ronell Moore

615-860-2491

I have Lenders that will purchase or securitize mortgages made to aliens who are lawful permanent or nonpermanent

residents of the United States. We do not specify the precise documentation that a lender must obtain to verify

that a permanent or nonpermanent resident alien borrower is a legal resident of the United States, rather, a lender

should make a determination of the alien's residency status based on the circumstances of the individual case,

using whatever documentation it deems appropriate. Some products may limit LTV and occupancy based on

residency.

Permanent and Non-Permanent Resident Alien:

Alien cards are not required providing the following are met:

• Two year verified work history in the United States, including a 2 year history of receipt of social security card

regardless of documentation type

• Employment must have a likelihood of continuance

• Two year residency in the United States

• Two year credit history in the United States

• Credit score requirements must be met

FHA Mortgage Limits List - FHA Forward

Message:   MORTGAGE LIMITS SUCCESSFULLY COMPLETED


Mortgage maximums as of Tuesday December 16, 2008
(95 records were selected, records 1 through 50 displayed)

MSA Name	MSA Code	Division	County Name	County Code	State	One-Family	Two-Family	Three-Family	Four-Family	Last Revised	Limit Year
KNOXVILLE, TN (MSA)	28940		ANDERSON	001	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
SHELBYVILLE, TN (MICRO)	43180		BEDFORD	003	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
NON-METRO	99999		BENTON	005	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
NON-METRO	99999		BLEDSOE	007	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
KNOXVILLE, TN (MSA)	28940		BLOUNT	009	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
CLEVELAND, TN (MSA)	17420		BRADLEY	011	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
LA FOLLETTE, TN (MICRO)	29220		CAMPBELL	013	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
NASHVILLE-DAVIDSON--MURFREESBORO, TN (MSA)	34980		CANNON	015	TN	$393,300	$503,500	$608,600	$756,350	01/01/2009	CY2009
NON-METRO	99999		CARROLL	017	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
JOHNSON CITY, TN (MSA)	27740		CARTER	019	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
NASHVILLE-DAVIDSON--MURFREESBORO, TN (MSA)	34980		CHEATHAM	021	TN	$393,300	$503,500	$608,600	$756,350	01/01/2009	CY2009
JACKSON, TN (MSA)	27180		CHESTER	023	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
NON-METRO	99999		CLAIBORNE	025	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
NON-METRO	99999		CLAY	027	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
NEWPORT, TN (MICRO)	35460		COCKE	029	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
TULLAHOMA, TN (MICRO)	46100		COFFEE	031	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
NON-METRO	99999		CROCKETT	033	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
CROSSVILLE, TN (MICRO)	18900		CUMBERLAND	035	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
NASHVILLE-DAVIDSON--MURFREESBORO, TN (MSA)	34980		DAVIDSON	037	TN	$393,300	$503,500	$608,600	$756,350	01/01/2009	CY2009
NON-METRO	99999		DECATUR	039	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
NON-METRO	99999		DEKALB	041	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
NASHVILLE-DAVIDSON--MURFREESBORO, TN (MSA)	34980		DICKSON	043	TN	$393,300	$503,500	$608,600	$756,350	01/01/2009	CY2009
DYERSBURG, TN (MICRO)	20540		DYER	045	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
MEMPHIS, TN-MS-AR (MSA)	32820		FAYETTE	047	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
NON-METRO	99999		FENTRESS	049	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
TULLAHOMA, TN (MICRO)	46100		FRANKLIN	051	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
HUMBOLDT, TN (MICRO)	26480		GIBSON	053	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
NON-METRO	99999		GILES	055	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
MORRISTOWN, TN (MSA)	34100		GRAINGER	057	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
GREENEVILLE, TN (MICRO)	24620		GREENE	059	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
NON-METRO	99999		GRUNDY	061	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
MORRISTOWN, TN (MSA)	34100		HAMBLEN	063	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
CHATTANOOGA, TN-GA (MSA)	16860		HAMILTON	065	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
NON-METRO	99999		HANCOCK	067	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
NON-METRO	99999		HARDEMAN	069	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
NON-METRO	99999		HARDIN	071	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
KINGSPORT-BRISTOL-BRISTOL, TN-VA (MSA)	28700		HAWKINS	073	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
BROWNSVILLE, TN (MICRO)	15140		HAYWOOD	075	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
NON-METRO	99999		HENDERSON	077	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
PARIS, TN (MICRO)	37540		HENRY	079	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
NASHVILLE-DAVIDSON--MURFREESBORO, TN (MSA)	34980		HICKMAN	081	TN	$393,300	$503,500	$608,600	$756,350	01/01/2009	CY2009
NON-METRO	99999		HOUSTON	083	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
NON-METRO	99999		HUMPHREYS	085	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
COOKEVILLE, TN (MICRO)	18260		JACKSON	087	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
MORRISTOWN, TN (MSA)	34100		JEFFERSON	089	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
NON-METRO	99999		JOHNSON	091	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
KNOXVILLE, TN (MSA)	28940		KNOX	093	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
NON-METRO	99999		LAKE	095	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
NON-METRO	99999		LAUDERDALE	097	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009
LAWRENCEBURG, TN (MICRO)	29980		LAWRENCE	099	TN	$271,050	$347,000	$419,425	$521,250	01/01/2009	CY2009

Selection criteria

Sorted by:	County
State:	TN
County:
County Code:
MSA Name:
MSA Code:
Limit Type:	FHA Forward
Last Revised:

---

The CY2009 basic standard mortgage limits for FHA insured loans are:
			One-family		Two-family		Three-family		Four-family
	FHA Forward		$271,050.00		$347,000.00		$419,425.00		$521,250.00
	HECM		$417,000.00
	HOPE for Homeowners		$550,440.00
	Fannie/Freddie		$417,000.00		$533,850.00		$645,300.00		$801,950.00

---

High cost area limits are subject to a ceiling based on a percent of the Freddie Mac Loan limits The ceilings for CY2009 are:
			One-family		Two-family		Three-family		Four-family
	FHA Forward		$625,500.00		$800,775.00		$967,950.00		$1,202,925.00
	HECM		$417,000.00
	Fannie/Freddie		$625,500.00		$800,775.00		$967,950.00		$1,202,925.00

---

Section 214 of the National Housing Act provides that mortgage limits for Alaska, Guam, Hawaii, and the Virgin Islands may be adjusted up to 150 percent of the new ceilings. This results in new CY2009 ceilings for these areas of:
			One-family		Two-family		Three-family		Four-family
	FHA Forward		$938,250.00		$1,201,162.00		$1,451,925.00		$1,804,387.00
	Fannie/Freddie		$938,250.00		$1,201,162.00		$1,451,925.00		$1,804,387.00

---

 

 

 

Don't allow the Television, Newspapers, and so call friends turn this into Happy New Fears. We live in a World of Opportunity. People are rich/poor in good and tough economies. Which did you choose last year, which will you choose Today.

I work primarily in the Middle Tennessee area. I love helping families, business owners, and investors acquire financing for real estate. Over the past few year we have helped many achieve his/her dreams. Interest rate are low on Residential Mortgages and great on Commercial Property. One of my old favorite sayings " Not taking advantage of opportunity, is the same thing as failing", Reducing your interest rate and lowering your payment is your right.

 

Ronell D. Moore
Residential/Commercial

Mortgage Consultant
615-482-1498 Phone
615-866-0062 Fax
info@Fhacloser.com
http://www.FhaCloser.com

 

FHA Secure Termination
In accordance with HUD Mortgagee Letter 2008-13, the FHA Secure program will expire on December 31, 2008.  The FHA Secure program offered expanded guidelines for borrowers currently delinquent on their mortgages due to ARM Rate Resets, as well as Rate/Term Refinance transactions from non-FHA mortgages to FHA Fixed Rate Mortgages.  These provisions were only temporary.

*    After December 31, 2008 HUD will no longer issue Case Numbers under the FHA Secure program
*    Most Lenders will allow loan registrations dated prior to December 29, 2008.  No loan registered with some lenders on or after December 29, 2008 may be registered as a FHA Secure loan.  The loan file must have a completed and signed loan application at the time of loan registration.
*    There are no specified deadline dates for Underwriting Approval, Lock, Close, Fund, or Delivery.
*    HUD is in the process of working on expanded guidelines to accommodate those borrowers who may be delinquent on their current mortgage and do not qualify under standard HUD guidelines.  I will work diligently to accommodate any new HUD guidelines as quickly as reasonably possible.
*    All new non-delinquent non-FHA refinance transactions, registered on or after December 29, 2008 will follow standard HUD.

 To get registered today please click here:

https://www.americanonefinance.mortgagexsites.com/iFrame.aspx?FileName=LoanApplicationPop.x&ReferrerGUID=1a87815d-128a-400a-8095-b6195ea99d0b&language=English&UID=k2odvbfc33ain245vamhh245

 

615-482-1498

FHA Refinance Mortgage Options

Homeowners enjoy the benefits of investing in their property year after year. For some, there comes a time when that investment can come in handy. Refinancing with an FHA loan can prove to be an effective way to put that equity to work.

Sending a child to college, consolidating bills, taking a much needed vacation, or making home improvements are some of the ways homeowners tap into the equity they have accumulated in their home to help with these expenses. Keep in mind that FHA refinancing is only available to homeowners who are currently using their home as their principal residence.

FHA offers several different options to homeowners who are considering an FHA refinance mortgage:

FHA REFINANCE: CASH OUT REFINANCING
This refinancing option is especially beneficial to homeowners whose property has increased in market value since the home was purchased. A Cash Out refinance allows homeowners to refinance their existing mortgage by taking out another mortgage for more than they currently owe, therefore repaying their current mortgage and using the equity they have built up in their home to take out another larger mortgage. This allows the homeowner to access the equity they have built up in their home and put it to good use where needed.

In order to get the most benefit from refinancing your mortgage, it is often best to consider refinancing after you have had time to build up a significant amount of equity in your home. If the property was purchased more than one year prior to the refinance, the homeowner can refinance the existing mortgage for up to 85 percent of the appraised value plus the allowable closing costs, which vary from state to state.


FHA REFINANCE: STREAMLINED REFINANCING BASICS
This refinancing option is considered streamlined because it allows you to reduce the interest rate on your current home loan quickly and oftentimes without an appraisal. FHA Streamlined Refinance also cuts down on the amount of paperwork that must be completed by your lender saving you valuable time and money.



In order to qualify for a Streamlined Refinance your original home loan must be an FHA loan in good standing and the refinance must lower your monthly interest payments. This type of refinancing option reduces your monthly expenses by lowering your payments but there is no option to receive cash back. This works well for people who are in good financial standing with no significant debt because it allows you a little extra money each month that can be put to good use elsewhere