President Obama's Making Home Affordable Program has helped hundreds of thousands home owners refinance their home and save money every month even though their homes had very little equity or their home was worth less then what was owed. 

Current home owners that have little or no equity anymore may be eligible to get a lower interest rate, saving you money every month under this program.  Contact us today to see if you are eligible to save money every month under this program.  The process is simple and it only takes a couple of minutes. 

Advantage Lending Corp

248-608-9120 x230

www.AdvantageLendingCorp.com

So what exactly is the FHA 203K loan and how can it help you?  The Section 203(k) program is HUD's primary program for the rehabilitation and repair of single family properties.  This loan can be used for repairing a home you wish to purchase or one you already own by refinancing your property. 

There are two types of 203K loans, the Streamline and the full version.   How do you know if you will only need the streamline instead of the full version of this loan?  Simple, if your repairs are under $35,000, you are not doing any structural changes, and the work can be completed in less than ninety days, then the streamline is for you.  If not, you will need to use the full version of the 203K which gives you more time to complete repairs or changes, you're not limited to $35,000 in changes, and you will need to take on a 203K consultant to assist in managing the project. 

203K loans can be a great option when buying a home that needs some repairs as so many homes currently in the market do.  As construction financing has generally dried up, this remains a terrific option when considering doing improvements on your existing home. 

For more information please contact us.

Advantage Lending Corp

248-608-9120 x230

www.AdvantageLendingCorp.com

To the average borrower it may appear that the Rural Development loan that is ran by the USDA is currently not being offered, but it is!  It's a fact that RD ran out of money earlier this year, but there has been a 2.5 Billion dollar infusion of cash to tide this program over. 

Some lenders are still not accepting loans for this program because they simply have not realized it's back up and running.  Rest assured that this loan is available.  Borrowers can still buy homes with zero money down, no PMI, and great interest rates. 

Daniel Litvin

Advantage Lending Corp

While the country remains fixated on the problems of the overall housing market, many people are facing a

much more personal issue - what to do with their own home when a change is needed. Whether it is the birth of

a child, an elderly parent moving in, a job change, or just time for something different, making the decision to

move or remodel is rarely an easy one. With the overall housing market not as healthy as it was a few years ago,

the questions move beyond the number of bedrooms, the local schools, and local amenities. One must consider

how long it may take to sell the home, especially if the needs are pressing. Additionally, will there be improvement

projects to complete that would make the house easier to sell. Remodeling has its own set of questions,

including how long you might need to stay in the home to recoup the investment from a major project.

Whether remodeling or moving is in your near future, some significant mortgage analysis will be required.

Two of the most important issues will be the equity in your home and your credit situation. Generally, the

more equity in your home, the greater your options become. Your home's equity can be accessed for a remodeling

project either through cash-out refinancing of your current

mortgage or a second mortgage or line-of-credit. When selling

and buying a new home, your equity can be used for your new

home's down payment and closing costs. Your credit situation

will impact what type of interest rate you'll pay, how much you

can borrow, and the type of loans you should consider.

Given current market conditions, an honest and thorough analysis

of your financial situation should be completed before you

get serious about moving or remodeling. Please give me a call

to schedule a time for us to meet. I'll help make sure that you

understand all the financial options available to you.

www.AdvantageLendingCorp.com

Mortgage rates again moved downward as European debt concerns continued to mount. In addition to

Greece's issues, Spain saw its debt downgraded last week. All of this continues to drive a major

international "flight-to-quality" with US treasuries seen as one of the safest places to stash money.

Economically, our recovery does appear to be gaining some traction. While GDP was adjusted down

slightly, we still have significant strength in manufacturing. Additionally, government stimulus has

kicked home sales higher, with hopes that it can continue to hold its own without more intervention.

While consumer moods have a long way to go to recovery, we're seeing better readings.

Mortgage rates could easily move either way this week, or not at all. Analysts are expecting to see

both ISM indices remain strong, and consensus estimates are calling for 500,000 new jobs to have

been created last month. However, even with great domestic economic news, we could have

continued concerns over Europe's debt situation holding mortgage rates low.

www.AdvantageLendingCorp.com

With ongoing changes in demographics, your "typical" home may need some remodeling to accommodate

some of the changing housing requirements. Many families are choosing to have older parents live with them.

While some homes may need changes to handle the physical needs of older occupants,

many families are remodeling, finishing basements, or adding on what was once commonly

called a "mother-in-law" apartment. With demographic trends pointing toward

more grandparents moving in and college graduates moving back in with parents, homes

with these types of improvements are likely to increase in demand.

Right now may be a great time to complete a remodeling project. According to experts, material

costs have held relatively steady over the last year. Additionally, with housing continuing

to struggle, contractors are looking for jobs and are bidding very aggressively for projects.

This all translates into the potential for a great deal for your home improvement project. Give

me a call to discuss the many financing options available for your next remodeling project.  248-608-9120 x230

Ok, so you're a Realtor or loan officer with a client that just told you that they completed a short sale in the past year.  Your first thought is probably something along the lines of "See ya", "Good luck" or maybe at best "I'll put you in my tickle file and call back in two years". 

The facts are that conventional loan guidelines treat a short sale or what is sometimes referred to as a pre foreclosure as an actual foreclosure.  Currently those guidelines state that a borrower isn't eligible for a conventional loan for the next 5 years.  Yikes!  Ok, so what's next?  How about a FHA loan?  FHA, as forgiving as it is states that a foreclosure or short sale needs to be completed 3 years prior to an FHA application is started. 

So what's left?  Rural Housing to the rescue!  Rural Housing loans do not have any time line for a borrower to be able to apply and get a RH loan.  RH loans are the most forgiving loans out there right now.  Basically a borrower can buy a home with zero down, get normal and customary sales concessions for the area (usually at 6%), there is no PMI upfront or on a monthly basis, the rates are just about the same as FHA and conventional, and all this can be accomplished with borrowers that have recent less than perfect credit scenarios.

I know what you must be thinking by now, "Why haven't I heard of this yet"?  RH loans for all their forgiving underwriting guidelines do have some particular items that make it a bit less common than other loans.  First and foremost the property needs to be in an eligible area (AKA not the most congested cities around you).  Second is that it would be ideal if your borrowers had a 660 credit score, 620 will work for most.  Officially RD has no minimum credit score, but the lenders that fund these loans do.  Third, the borrowers will need to earn less than the RD limits for the county based on the number of people they plan on having living in the home.  Lastly the home should be a conventionally framed  (stick built home), no trailer homes!!!

Now, although the RD program has some very basic guidelines, the lenders that we have to send them into to have them underwritten, may have guidelines over and beyond what RD has.  It is important that your broker has relationships with multiple lenders that underwrite RD loans.  One lender may very well approve a RD loan that another turned down. 

I hope you have found this article helpful and hope you close more deals because of it. 

DanielLitvin

President

Advantage Lending Corp

Rochester Michigan

WWW.AdvantageLendingCorp.com

RESPA, the 2010 GFE, MDIA, and general reform.  Yes it happened and it takes some understanding to be able to stay in the game and know what your doing, but isn't that the point a more educated mortgage lender?  I'm not saying that it's fun, but this is the world we now have to live in to stay in this business. 

Either way I have noticed that mortgage applications are increasing.  Mostly first time home buyers looking to take advantage of the market and of course, "Obama Money".  Things are looking good for 2010 and i wish all my other Real Estate and Mortgage professionals out there the very best of success this year. 

Daniel Litvin

www.AdvantageLendingCorp.com

Earn 85% working from our beautiful Rochester location or from your home.  Independent Loan Officers who have registered with the State of Michigan or are in process of registering are eligible for this awesome opportunity.  Loan Officers should be 100% self sufficient, able to develop their own business, and be capable of producing an average of at least two closed loans per month. 

All applicants must have:

•·         Referral network in place

•·         Past clients

•·         Their own computer

•·         Be completely self sufficient

Use our office:

•·         Unlimited use of our phones

•·         Full use of our printers and fax

•·         Internet included

•·         Experienced processor

•·         Great place to work located in beautiful down town Rochester

$495 admin fee paid by borrower

In house processing

Full health benefits available

1099 commission structure / W2 commission available also

Experienced processor

Get paid the day your loan funds

Interested applicants should email their resumes for consideration to:  jobs@AdvantageLendingCorp.com 

I know I had previously stated that in ground pools were not allowable for homes purchased with the zero down home loan offered by Rural Housing, but I WAS WRONG!  After working with a borrower that found a house that did have an in ground pool, I called Rural Housing to confirm and they informed me they do approve them, just that the National Rural Housing Office has to approve of the pool.  For the most part the authorities at RD simply want to make sure the pool is in working order and that it will not be an extra upfront cost to fix the pool.  Since it is the goal of RD to offer affordable housing, they don't want to offer financing on a home that has a pool that needs thousands of dollars of repairs that the new borrower would have to pay for.  If the pool does need work, it can be escrowed and repaired after closing if the seller is willing to pay for the repairs or it can be filled in prior to closing. 

Dan Litvin  http://www.lenderhomepage.com/content/custom/advantagelendingcorp/Inner.php?page=ExtraPages&acctid=101235&pageId=1666