tempe mortgage lender: Condo Financing with 5% Down is Back! - 03/31/11 02:17 PM
It was about three and half years ago when the mortgage industry started to scale back on riskier products. Some loan products were put into hibernation until a time when they could bloom again. Fast forward to the present and now certain mortgage products are making a come back.
My most recent experience to this is that we can now offer clients condominium financing terms with only 5% down. Now understand you must qualify and there are a lot of conditions that must be met. However, just 1 year ago, we had no Mortgage Insurance companies taking risk on condominiums unless … (4 comments)
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tempe mortgage lender: Is Your Bank Providing Accurate Mortgage Information? - 02/09/11 03:42 PM
I have a funny story to share with you that happened to me the other day and thought I would share. I got a call from my Bank. As most I do my personal banking with one of the bigger banks here in Arizona. Without mentioning names and protecting the innocent, here is the conversation that transpired. “Hello Gary, Hi this is ________ with XYZ Bank and I wanted to get a hold of you and share that one of your mortgages with us is eligible for the HARP program”. HARP stands for Home Affordable Refinance Program. “I noticed you … (3 comments)
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tempe mortgage lender: FHA Loan Flexibility Helps Buyer Get into Home in Maricopa County Arizona - 10/13/10 07:34 PM
I wanted to share another success story about how FHA flexibility helped another home-buyer purchase a home. I had a client that was pre-approved for mortgage financing. The client had great credit, a stable job/income and had a clean rental record. However, the onething she was lacking was the ability to come up with the FHA 3.5% down payment requirement. This is when flexibility makes a huge difference. FHA is still one of the only loan programs that allows the down payment to be gifted or funds to come from proper government sponsored down payment assistance programs. Well with some checking … (2 comments)
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tempe mortgage lender: $100.00 Down HUD Deal Cancelled - 08/17/10 03:03 PM
Back in August 2008 I wrote a post (And You Really Thought You Can’t Get a Home with $100.00) about FHA HUD homes having a special deal on certain properties that allowed only $100.00 down. Well Folks FHA and HUD have decided to cancel this program for the time being. The marketing company for Hud homes is Arizona is www.mcbreo.com. They announced on July 19, 2010 the incentive Expiration for Arizona and Nevada.
from mcbreo website: ” HUD’s $100 Down payment initiative will expire on July 31, 2010. The $100 down payment was for owner occupants (Any individual who purchases a … (5 comments)
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tempe mortgage lender: Prayer Vs. Credit Repair? You Decide! - 04/16/10 12:43 PM
Recently I encountered a situation with a very nice client and what he said to me took me off guard. I had a client that had some major credit issues. His best option to buy a home was going to be credit repair. I gave him all the normal advice about working and tackling the issues head on, but at the end of the day he wanted to use the power of prayer. Now I am not trying to make this into some spiritual discussion, so I told my client I felt that would help, but again this was not going … (6 comments)
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tempe mortgage lender: Local, Honest and Credible: Welcome to Web 3.0 for the Real Estate Industry - 03/18/10 10:18 AM
So much information online has taken us by storm. I go back almost 5 years ago, and I thought the only way to drive traffic or information to an online audience was through google paper-per-click. Today, that has all changed. Today the trends seem to be pointed at blasting as much content out there as possible. Most of us are still stuck in the web 2.0 era and have suddenly lost focus on the important aspects of why we are on facebook, twitter, linkedin, active rain and the list goes on.
The 2.0 jokes have been there and a lot of … (2 comments)
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tempe mortgage lender: Arizona Requires Reasonable Efforts to Secure Advantageous Loan for Borrower - 03/14/10 05:36 PM
Effective July 1, 2010,
All loan originators need to be licensed in Arizona unless they have certain state exemptions. That exemption is under statue 6-991.01 . With this new license comes new regulations on both the federal and state statue. Most of these laws change not only the definition of a law originator, but who is qualified to give mortgage advice to the consumer.
The reason I sharing this is because I am still seeing many people who do not or will not fit the definition of a loan originator giving mortgage advice. Your professional license may not protect you … (2 comments)
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tempe mortgage lender: Our Competition Just Lost Another Loan to Sunstreet Mortgage - 03/05/10 10:51 AM
Since coming over to Sunstreet Mortgage,our team at the Mesa branch are now 4 out of 4 on getting competitor mortgage declines approved. Now I am not saying or bragging that this can be done every time, because every mortgage loan applicant must re-apply, collect all the stipulations, have the file underwritten and a decision is then made, but I can say that the flexibility here has made all the difference to separate our services from our competition. Here are some of the things that we are doing that I feel have contributed to getting these loans approved.
Underwriting with … (5 comments)
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tempe mortgage lender: HVCC is to finally go away!!!! - 02/08/10 03:51 PM
Mr. Bettag saves the day again with great information. Thought I would share this information with the folks in my neck of the woods.
Via Larry Bettag - Cherry Creek Mortgage:
HVCC is known as Home Valuation Code of Conduct. I like to affectionately call it hell for homebuyers, home sellers, realtors, real estate attorneys and lenders. Reaty Times reported that the days for HVCC are numbered and the death of HVCC is imminent......
THANKFULLY!!!! In the article (see www.realtytimes.com/rtpages/20091221_washingtonreport.htm) It's stated that Congress took a major step in eliminating what has been a painful thorn in the side of home sellers, Realtors, home builders, mortgage … (1 comments)
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tempe mortgage lender: Mortgage Lending Guidelines and Advice 101 - 11/11/09 11:54 AM
The new cliché in the mortgage industry is that "We are getting back to basics." I have heard this phrase thrown around lately, but sometimes I wonder if anyone except other lenders knows what we are talking about? I have a theory that if you get 2 or more mortgage lenders in a room at a party and they start talking shop, others watching probably think we are speaking Klingon, or what I been calling for a long time "mortgagese." You see, we like to throw a lot of words and acronyms around like FICO, DTI, LTV, flipping, deals, etc. But … (4 comments)
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tempe mortgage lender: Homeownership starts with taking responsibility for your credit - 08/18/09 06:06 PM
Imagine yourself in your dream home; you've got everything you wanted including the white picket fence. Now take a step back...how did you get there? I will tell you one way of never getting into your dream home; bad credit. Period. The end. If you have poor credit, you'll never be able to carry out your dream of homeownership. Some of you may be thinking that you have bad credit and you'll never own a home. Wrong. There are steps you can take to make homeownership a reality.
So you've been behind on payments, creditors are reporting wrong, I've heard them … (2 comments)
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tempe mortgage lender: Mortgage Options for Divesting Real Estate Assets after a Divorce - 10/14/08 05:17 PM
So the decision has been made and divorce proceedings have been started. For many couples who go thru this chapter in their life are really not sure where they stand in terms of being able to keep the home. Some couples just want to sell and move on and others want to stay due to the children, school districts and other sentimental reasons. In the current state of the real estate market selling might not always be your best option. Actually it might set you back worse than refinancing and splitting the home equity position. This is when someone like myself … (2 comments)
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tempe mortgage lender: I just lost another loan to ditech, oh wait is ditech still around? barely! - 09/03/08 02:10 PM
I am sure you already heard, its going thru the financial networks and the blogging world faster than I can keep up with it. I just heard about this from a colleague of mine. GMAC Financial just announced they are laying off 5,000 employees. Here is a post from AR who broke the story on our network: GMAC Mortgage now gone as well.
You see this hits home with me because I spent 2 wonderful years at GMAC Mortgage Retail as a loan originator until the writing on the wall told me it was time to leave dodge. I am glad I made the … (17 comments)
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tempe mortgage lender: And You Really Thought You Can’t Get a Home with $100.00 - 08/29/08 06:45 PM
My speciality for the last 3 years has been primarily to focus on helping 1st time home buyers make the dream of home ownership a reality. Wow what a cliche I just said. Anyhow my question of the week from many real estate agents is: How am I going to help buyers who having very little or nothing down?
In the past, the answer was pretty straight forward, we would look into down payment assistance. With Housing Bill HR-3221 doing away with my favorite pet, clients, lenders and real estate agents are scrambling to find good solutions to help these buyers get into … (17 comments)
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tempe mortgage lender: The Home in 5 Bond Program a great substitute to Ameridream and Nehemiah - 08/22/08 02:38 PM
With so much talk about down payment assistance programs (DPA's) going away some homeowners will be left out in the cold and will be wondering about how they too can buy a home in such a great buyers market.
Most lenders out there are just not offering any 100% financing options. Our company is very limited in this situation as well. Currently we only have 1 program that will finance a borrower 100%. It has so many limitations that is just does not work with the typical homeowner. Some will qualify, but most do not.
So your best options are … (8 comments)
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tempe mortgage lender: Mortgage Financing Tips When Buying an Investment Property: - 08/16/08 10:59 AM
Prices are finally starting to bottom out in most of the best areas around the Greater Phoenix Market and investment opportunities with positive cash flow are easy again for come by. In the last 30 days I am once again getting calls from investors who would like to buy at the low end of the market for the long term growth to our market.
If you do decide to purchase an investment property in Arizona, here are some tips from a mortgage advisor who not only has helped many investors finance property but also owns investment property himself.
•· Tip … (3 comments)
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tempe mortgage lender: From a Lenders Perspective: Housing & Economic Recovery Act of 2008: HR-3221: The Housing Bill - 08/07/08 01:32 PM
I just got out of a training class yesterday from the corporate powers to be, and this is the layout of this new housing bill from my point of view.
1. Down Payment Assistance is going away September 30, 2008. Officially the funds will be available for a client who if is in final approval and under contract by September 30, 2008. This time frame is an area of a grey state of mind. Already our correspondent lending channels are interpreting this differently. My opinion is to have a contract and loan closed by 9/30/2008 so you take no chances of losing these … (1 comments)
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tempe mortgage lender: 62 Days Until Down Payment Assistance Goes Away - 07/30/08 06:25 PM
Well,
I was hoping to never have to write this post. Today President Bush signed into law: The Housing Bill
which has now done away with down payment assistance programs such as Ameridream and Nehemiah.
If you agree or disagree with the politics behind the bill, it does not change the fact that this program will be gone for good on September 30, 2008.
What does this means to the folks out there that are trying to buy your first home? Well it means if you need this assistance for down payment you need to act quickly. Most lenders are … (15 comments)
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tempe mortgage lender: Please Call Me, I am the Advertised Interest Rate - 07/24/08 11:33 AM
"Hi my name is Mr. Mortgage Billboard. I am the big sign you see on the way to work each day. My colors are nice, pretty, and my font type is Helvetica, most appealing to my audience who drives by me each day. My goal is to become your friend. I will not talk back to you and you can trust me. Look at my appealing mortgage rate. Notice how my rate is ½ lower than the rate at the bank. Please call me I want to be your friend. Oh by the way please do NOT read my fine print … (5 comments)
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tempe mortgage lender: Know the Real Facts about Adjustable Rate Mortgage (ARM) Resets - 07/06/08 03:01 PM
This morning I read an article in the The Arizona Republic titled: "Arizona rate increases to peak in July". To paraphrase this article quickly, it basically states that Arizona homeowners will be faced with higher foreclosures due to the number of Adjustable Rate Mortgage that are about to reset.
Let me try to share some more factual information about this since the article did not explain it at all. The article has you to believe that all adjustable rate mortgages are BAD and that they all increase in rate. That is NOT true, it really depends on your promissory note.
I … (8 comments)
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