The "New" Fannie Mae Refinance Plus Program:
 
The Fannie Mae Refinance Plus program is designed to provide a competitively priced, refinance option to qualified borrowers who currently have a loan guaranteed by Fannie Mae. This program is only available to Fannie Mae customers who have demonstrated the ability to repay their mortgage and have verified their information as part of their original loan.

Customers can take advantage of today's lower interest rates, while receiving additional underwriting flexibilities including expanded eligibility criteria, as well as minimal documentation requirements. 

• Up to 105% LTV with no maximum CLTV
• Loans may be eligible for a waiver of appraisal or an exterior-only property inspection
• Mortgage insurance (PMI) will not be required for loans with LTV over 80% if the existing loan being refinanced does not currently have PMI
  
  

General Program Guidelines:

·        The borrower must receive a benefit via a reduced monthly mortgage payment or a stable mortgage product (i.e. ARM to Fixed Rate)

·        Only loans run as limited cash out refinances will be eligible. Cash out refinances are not eligible for Refi Plus

·        Borrower(s) on the existing loan must be identical to the borrower(s) on the new loan.  A borrower may be added to the new loan as long as the existing borrower(s) remain intact

·        Mortgage insurance (PMI) will not be required for loans with LTV over 80% if the original Fannie Mae loan had an LTV less than or equal to 80%

·        Lenders will not be required to perform a review of the condo or PUD project to determine warrantability, but will be required to confirm the property is not a condo hotel or motel project. A condo questionnaire will be required

The following components are eligible in the new loan amount calculation:

•·        The payoff of the unpaid principal balance of the existing first mortgage. (No subordinate financing/2^nd Mortgages may be paid off with the proceeds of the new mortgage, including purchase money subordinate financing)

•·        The financing of closing costs, prepaid items and points

•·        Cash back to the borrower in the amount that is no more than the lesser of 2% of the new loan or $2,000

 

The following are not eligible for Refi Plus:

•·        Loans where the existing mortgage was delivered to Fannie Mae on or after March 1^st, 2009

•·        Interest only loans

•·        3/1 ARM loans (other ARM loans are OK)

•·        Balloon loans

•·        Loans with new subordinate financing/2^nd mortgage (can refinance the 1^st mortgage only)

•·        My Community mortgage loans

•·        Home style renovation loans

•·        Loans subject to an outstanding repurchase from Fannie Mae

•·         Loans with lender paid mortgage insurance (lender paid PMI)

 
The Lender will only ask for the following income documentation:

•·        Salary/Bonus/Overtime: current pay stub and verification of employment

•·        Commission employee or self employed employee will need one years tax returns

•·        For certain Refinance Plus loans... the lender will waive the requirement for an appraisal or property inspection. A cost of $75 will apply for the inspection waiver

Overlays: 

•·        Minimum 620 credit score

•·        55% maximum debt ratio

•·        Mortgage payment history, not allowed over 30 days late in the last 12 months

•·        At least 4 years elapsed from any bankruptcy discharge from the application date

•·        Not allowed to have multiple bankruptcies

•·        At least 7 years elapsed from any foreclosure from the application date

•·        Loans where the existing loan has mortgage insurance (PMI) but the borrower no longer qualifies under current PMI guidelines

 To look up if a loan is currently owned by Fannie Mae, use the following link: http://loanlookup.fanniemae.com/loanlookup/

"AVERAGE" INTEREST RATES (May 13th, 2009) FOR THE NEW FANNIE MAE PROGRAM.........

If you have: 

A Single Family Home and Owner Occupied
A 720 credit score or higher (see below for other credit scores)
Is below 95% LTV
Are willing to escrow your taxes and insurance
(add .25% to the rate if you don't want to escrow your taxes and insurance) 

5 Year Fixed
4.125% to 4.50%
(Buy down the rate to 3.75%)

30 Year Fixed
4.875% to 5.125%
(Buy down the rate to 4.50%)

20 Year Fixed
4.75% to 5.00%
(Buy down the rate to 4.375%) 

15 Year Fixed
4.625% to 5.00%
(Buy down the rate to 4.25%) 

10 Year Fixed
4.25% to 4.625% 

If you have a 700 to 719 credit score increase the rate .50%
If you have a 680 to 699 credit score increase the rate .75%
If you have a 660 to 679 credit score increase the rate 1.00% to 1.75%
Add 1.00% to the rate for a condo


If you have a second mortgage:

90% CLTV to 95% CLTV add .25% to the rates above
Over 95% CLTV add 1.50% to the rates above
Below 90% CLTV no bump to the rate 

Donna Paserba
donna@glmcdirect.com
414-698-5091

2009 Economic Stimulus Plan that could be very beneficial if you own or are buying a home:

Benefit #1 — Expansion of First-time Home Buyer Tax Credit The tax credit available to first time home buyers was increased from $7,500 to $8,000 for homes purchased between January 1, 2009, and December 1, 2009. Also, the credit no longer needs to be paid back as long as you live in the home without selling it for at least 3 years. The previous version of the credit expired on July 1, 2009, and required home buyers to pay the funds back over a 15 year time frame. The income limitations remain the same ($75,000 for single tax payers claiming the full credit and $150,000 for married tax payers), as do most other qualification requirements. Also, the credit remains refundable. This means That first-time home buyers who owe less than $8,000 in taxes for the year are still eligible for the full $8,000 credit when they file their tax returns. In that case, the IRS will write you a check for the difference between $8,000 and your actual tax bill. In fact, the credit can be claimed on your 2008 tax returns that you file by April 15, 2009, even if you buy the home in 2009. There is one catch, however: if you bought the home in 2008, the credit remains $7,500, and it still needs to be paid back over a 15 year timeframe beginning in 2011 when you file your 2010 returns.

Benefit #2 — Expansion of Home Improvement Tax Credit The tax credit for making energy efficient home improvements is now 30% of the cost of the improvements up to a maximum of $1,500. This means that if the improvements cost you $4,500, you would receive a tax refund of $1,500 when you file your tax returns. Eligible improvements include energy efficient exterior doors and windows, insulation, heat pumps, furnaces, central air conditioners and water heaters. Generally, your home improvement contractor and/or the manufacturer selling the improvements issues a certification that clarifies whether the improvements meet the necessary standards for energy efficiency. Most modern windows, furnaces, and air conditioners meet these requirements. If you've been holding off on making some of these improvements, now is a great time to get a move on it – especially with all the great deals that are being offered!

Things you will need before you close on you're your new home:

Appraisal:                                             $250 to $450 (Type, Duplex, FHA)
Home Owners Insurance:                        $500 to $700 (Credit Score, History)
Earnest money:                                     $500 to $1,000 (Realtor) *Credit back on closing statement

                                                          $1,250 to $2,150
                                                         "Average" upfront costs are $1,400


With an Inspection:                              $250 to $450 (not required, optional)

                                                          $1,500 to $2,600
                                                         "Average" upfront costs are $1,700


With a Water Test:                               $250 to $500 (Mostly Rural locations, Water wells)

                                                          $1,750 to $3,100
                                                         "Average" upfront costs are $2,200

Location Restrictions Apply: This program is not not for Milwaukee or Milwaukee County and Germantown or West Bend.  This program is for cities with a population of under 20,000 people. *UPDATE... 5/13/09 The credit score required for this program is now 620. If you have $1,500 you may be able to buy a home with no downpayment. CALL TODAY! TAKE ADVANTAGE OF THIS WONDERFUL LOAN PROGRAM BEFORE IT GOES AWAY!!! YOU ONLY NEED A 620 MINIMUM CREDIT SCORE!!!

You can still buy a home or house with no money down (Surrounding Milwaukee County)

FHA (Federal Housing Authority - The government) just canceled It's Down Payment Assistance program for purchasing a home with No Money Down!

We still have "one more program left" with no down payment required!

You can still buy a home with No Money Down!

Income limits and Location restrictions apply!

Buyers or Realtors.... Contact: Donna Paserba at 414-698-5091
Or apply online at www.wisconsinhomeloan.net

Great Lakes Mortgage Corporation
Member of the Better Business Bureau
FHA, VA, USDA & HUD approved

Fast, Friendly, Up Front and Honest Service!

Your #1 Washington County Mortgage Specialist!

PURCHASE A HOME WITH "NO DOWN PAYMENT/NO MONEY DOWN" (TWO PROGRAMS):

#1.  Single Family Housing Guaranteed Loans - Eligibility with less than perfect credit

100% No Down Payment, Low 30 Year Fixed Rate!

PURCHASE ONLY!
 
The Guaranteed Rural Housing (GRH) loan program provides moderate income families with access to affordable home ownership in eligible areas with a population under 20,000 people. Approved GRH lenders provide home purchase financing requiring no down payment and can finance loan closing costs and repairs up to the property's appraised value.

#2  FHA is "Your Door to Homeownership," - Eligibility with less than perfect credit

NO or Low downpayments, Easy credit qualifying. A loan at a reasonable cost And, money for repairs. Low 30 Year Fixed Rate!

REFINANCE:

Refinance with no cash back up to 97% of the value of your home

Refinance with cash out to 95% of the value of your home

Only need 2 years out of BK - must have good pay history after BK

Can leave Chapter 13 open or pay it off

Foreclosure started but didn't foreclose? Can refinance 1 year later if no mortgage lates

Foreclosed? Can refinance 2 years later if no mortgage lates

Use non occupying Family Members for more income no matter what credit score

Can disregard debt on credit bureau if someone else is paying it

Can use trade lines not on credit bureau, example: cell phone, insurance, 401k, etc...

Rural- No max LTV and No max Acreage

"Mortgages Made Easy"

Serving ALL of Wisconsin!!!

Donna Paserba
414-698-5091 / fax: 414-527-4700
https://www.wisconsinhomeloan.net (secure site)

When searching for a mortgage company; Chose a company that offers FHA government loans. FHA loans are not score driven. You can get a low 30 year fixed rate with scores in the 500's.

Included; are 100% no down payment purchases.

Donna Lee Paserba
Senior Loan Officer
Great Lakes Mortgage Corporation
Serving ALL of Wisconsin

414-698-5091
https://www.wisconsinhomeloan.net (secure site)

MEMEBR BBB!

Up front, honest and no obligation necessary