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illinois mortgage advisor adviser greg zaccagni: FHA Lowers Cash out to 85% Loan To Value :( - 03/16/09 07:58 PM
The FHA plans to lower the maximum loan-to-value associated with cash-out refinances from 95 to 85%beginning April 1 2009.
"Effective for case number assignments on or after April 1, 2009, the loan-to-value (LTV) of any cash-out refinance to be insured by FHA may not exceed 85 percent of the appraiser's estimate of value," said Brian D. Montgomery, FHA Commissioner.
"Given the continued deterioration in the housing market, and FHA's need to limit its exposure to undue risk, this reduction to the maximum LTV for cash-out refinances is being instituted on a temporary basis while FHA further analyzes the housing and mortgage industry … (0 comments)
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illinois mortgage advisor adviser greg zaccagni: New FICO Scores for Mortgage Lenders - 03/11/09 09:43 PM
Fair Isaac aka FICO unveiled a new credit score today designed specifically for mortgage lenders.
The "BEACON® Mortgage Score" aims to provide better decisioning results addressing the lending risk for both homeowners and buyers.
The new model includes 15 additional score codes to help mortgage lenders make sense of the scoring so better choices are made when it comes to providing new financing and loan modifications.
Testing showed the new score identified 25 percent more mortgages and Helocs that later became delinquent when compared with the current model. That could save the industry $1 billion in foreclosure costs.
www.MortgageAdvisor.info & www.GregZaccagni.com
… (0 comments)
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illinois mortgage advisor adviser greg zaccagni: Making Home Affordable Guidelines Released Today! - 03/04/09 09:35 PM
The new "Making Home Affordable" loan modification plan aims to help seven to nine million homeowners get their hands on more sustainable mortgage loans.
The "Home Affordable Refinance" program will be available to roughly four to five million homeowners with "solid payment history" on existing Fannie Mae or Freddie Mac loans. Borrowers must provide a letter of hardship, explaining a change in circumstances or a rise in payments that will lead to foreseeable default.
The "Home Affordable Modification" will help three to four million at-risk homeowners facing foreclosure by reducing monthly mortgage payments to as low as two percent.
- There is … (0 comments)
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illinois mortgage advisor adviser greg zaccagni: Petition Calls for Changes in the way credit reports show late payments of medical bills - 12/08/08 06:35 PM
Erroneous medical collections showing up on potential borrowers' credit reports are throwing another wrench in efforts to refinance homeowners into lower interest rate mortgage loans.
"The tragedy is that the collection accounts, even those that have been paid in full, are lowering these individuals' credit scores, often to the point that they either can't qualify for a loan, or will have to pay higher interest rates if they do," said Rodney Anderson of Rodney Anderson Lending Services.
According to Anderson, 45 percent of the 1,701 loan applications his company received between June and September involved borrowers with at least one medical … (0 comments)
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illinois mortgage advisor adviser greg zaccagni: FHA Loans Highest Point Since 1991 - 11/25/08 08:29 PM
A whopping 32.9 percent of mortgage applications taken during the month of October were government-insured loans, up from 10.3 percent in October 2007.
The highest level recorded since the MBA's survey began in 1990 was a 43.8 percent share in February of that same year, while the lowest point was a mere 5.8 percent share in August 2005, when loose lending was all the rage.
And despite conventional loan application volume being down 49.7 percent in October from year-ago levels, government-insured loan volume is up 113.6 percent, the only saving grace to a dismal year in loan origination.
The MBA credits … (0 comments)
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illinois mortgage advisor adviser greg zaccagni: When will things be better for Housing? - 11/08/08 07:47 PM
The long term outlook for housing demand is good! Several national studies suggest we have already hit bottom. A new (2008) study from the Joint Center for Housing Studies of Harvard University finds "the country poised to see an increase in housing demand throughout the next decade.
"We still have a growing population," said Nicolas Retsinas, director of the Joint Center for Housing Studies and one of the study's authors. "As long as you have more households, more people are going to need places to live."
Social trends - people getting married later and divorced more often - are making single-person … (3 comments)
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illinois mortgage advisor adviser greg zaccagni: What makes obtaining loan modifications more difficult? - 10/31/08 09:41 PM
Here are some of the main items likely to interfere with a loan modification request:
Sole hardship being too much debt Having lots of assets including 401k's & IRA's Low debt to income ratio - too much income vs. debt Ownership of multiple properties Sole hardship being mortgage more than property is worth More money being deposited than what is claimed as income Having had a modification within the past year History of missed payment not related to current situation Having the current loan for less than 1 year Note: you must show the ability to meet your obligations after the modification is approved. … (0 comments)
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illinois mortgage advisor adviser greg zaccagni: 100 Percent Purchase Money Alive & Well - 10/21/08 04:06 PM
Realtors - Check out these guidelines to see if your clients qualify:
Underwriting
Fico - 620 minimum
Ratios - 31/45% DTI max
Credit - No Non Traditional Credit, Mortgage 1x 30 in last 12 months
No Bankruptcy or Foreclosure in last 2-7 years depending on circumstances.
All judgments, collections, and tax liens must be paid.
Income limits - 140% of Median Income (Chicago $71,600 - $100,200 (140%)
Applies only to qualifying income not household income
First time buyer - Available for 1st time buyers and move up buyers
Occupancy - Owner occupied only
Down Payment - $500 minimum borrower investment
Payment Shock … (1 comments)
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illinois mortgage advisor adviser greg zaccagni: FHA Spot Approval Requirements for Condominiums - 07/13/08 11:23 PM
If the condo you wish to purchase with an FHA loan isn't already on their approved list spot approval may be your solution. Here are the requirments. 1. The condominium project must be complete. There should be no ongoing or anticipated addition of any units, common elements, and/or facilities.2. Control of the common areas of the project must have been turned over to the unit owners association for at least one year. 3. The owners association must provide evidence that the project has the appropriate hazard, liability and flood insurance.4. Individual units in the project must be owned in fee simple or be an eligible leasehold interest. … (7 comments)
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illinois mortgage advisor adviser greg zaccagni: Mortgage Rates Rise as Fed Hints of rate increase due to inflationary concerns - 06/12/08 04:05 PM
Inflation concerns are causing mortgage rates to rise again!
Interest rates tied to home loans took a turn for the worse after troubling comments from the Fed regarding inflation sent them to their highest levels since last fall, mortgage financier Freddie Mac said today...
Mortgage rates jumped this week after a number of Federal Reserve officials, most notably Chairman (Ben) Bernanke and Vice Chair (Donald) Kohn, expressed concern over a threat of inflation," Frank Nothaft, Freddie Mac chief economist, said in a statement.
"This led some market participants to believe that the Fed will raise rates more aggressively over the year … (1 comments)
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illinois mortgage advisor adviser greg zaccagni: FHA lowers up front mortgage insurance premiums (MIP) for qualified borowers - 06/12/08 12:40 PM
FHA switches to Risk Based Pricing & variable up front Mortgage Insurance Premiums (MIP)
The Federal Housing Administration (FHA) is moving ahead with risk-based pricing to refinance more subprime borrowers into safer and less expensive FHA-insured loans and attract more creditworthy borrowers.
It's the first time in FHA's 74-year history they are going to base premiums on risk according to FHA commissioner Brian Montgomer. Risk based pricing (RBP) goes into effect July 14, 2008.
Currently all FHA borrowers pay a 1.5% upfront (MIP) premium regardless of risk. The new RBP structure that goes into effect July 14, raises the upfront insurance premium by 75 basis … (2 comments)
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illinois mortgage advisor adviser greg zaccagni: Are you eligable for a VA home loan? - 06/03/08 01:26 PM
A military veteran, active duty person, or a member of the national guard or selected reserves, must submit a VA Form 26-1880 (2 pages) (Form is now in a FILLABLE format - along with proof of service (DD Form 214, a statement of active duty, or proof of participation in the national guard or reserves) to the VA Eligibility Center, P.O. Box 20729, Winston-Salem, NC 27120. You can access the prequalification worksheet (excel spreadsheet) here.
Based on the applicant's length and type of service, VA issues a certificate for each person determined eligible to apply for a VA guaranteed home loan. Check the status … (0 comments)
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illinois mortgage advisor adviser greg zaccagni: FHA vs. VA Loans. - 06/03/08 08:23 AM
Members of the armed services and their veterans may wish to compare these loan types before making a finance decision.
VA loans are only open to qualified veterans. To qualify you must be an eligible veteran who has an available loan entitlement; you must move into and live in the home for a reasonable period of time after closing; you must have a reasonable debt to income ratio; and you must have good credit. Even though there are some limitations on who can qualify for a VA loan, they are not severely restricted to people who served in the military. For instance, after … (5 comments)
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illinois mortgage advisor adviser greg zaccagni: FHA Mortgage Insurance ( MIP ) Refunds - 06/03/08 07:37 AM
You may be entitled to a refund of a portion of the up front 1.5% MIP you paid if you refinace within 5 years of the time you originated the loan.
Here are the terms on FHA's website:
The FHA Commissioner determines how much of the up-front premium is refunded when loans are terminated. Refunds are based on the number of months the loan is insured.
For any FHA-insured loans with a closing date prior to January 1, 2001, and endorsed before December 8, 2004, no refund is due the homeowner after the end of the seventh year of insurance.
For any … (0 comments)
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illinois mortgage advisor adviser greg zaccagni: Is your Home Equity Line at Risk? - 06/02/08 09:57 AM
Many lenders are freezing access to Home Equity Lines of Credit (HELOCs) . Millions of Americans use their HELOCs as their families security blanket to weather any unplanned financial storms. If you were planning on using your HELOC for spring home improvements, medical bills or college tuition, chances are the money has been, or will be shut off.
Lenders retain the right to cut off or reduce your line of credit at their sole discretion. Lenders are now arbitrarily reassessing properties and then locking out access for homeowners when the lenders believe the property has negative equity.
Among the lenders taking … (1 comments)
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illinois mortgage advisor adviser greg zaccagni: Preventing Unwanted Mortgage Solicitations – Stopping Trigger Leads - 05/13/08 08:44 AM
Did you know running your credit report can "trigger" unsolicited loan offers? Credit bureaus make additional money selling loan inquiries to similar lenders.
When you allow your trusted mortgage advisor to run a credit report to answer your loan questions it "triggers" the credit bureaus to sell the inquiry to other mortgage companies.
Lenders who buy "trigger leads" know you are already working with another so they make all sorts of claims to get your attention. Motivating consumers to start the process all over again creates enormous pressure to over-promise & under-deliver. As my father used to say: "if it's too good to … (3 comments)
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Illinois Financial Advisor Greg Zaccagni
Wheaton,
IL
More about me…
Farmers Insurance
Address: Dupage, Kane, Cook County etc.., Wheaton, IL, 60189
Cell Phone: (630) 853-8555
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