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mortgages: Mortgage Myth Busters goes "Live" TODAY!!!!! - 07/12/10 10:08 AM
From today on know you will have a place to go to ask ALL your residential mortgage related questions. We will do our best, through our combined knowledge and experience, to bring Web 3.0 to the mortgage industry. The internet used to be a great place to get a lot of information. We will try to make it the best place to get your answers! Please "like" our Facebook fan page and feel free to post general questions there as well. Also look for us on twitter soon!
Thanks for the post/press release Larry. You rock dude!
Gerry Suarez, Jr.
Your … (1 comments)
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mortgages: The first sign that your mortgage application is going wrong... no one is answering the phone - 07/10/10 08:49 AM
One of my Mortgage Myth Buster colleagues that is seeing much of the same thing I'm seeing. Now more than ever the details will make or break a deal. Work with trusted lenders that know what they are doing and care about you, or pay the price!
Thanks for allowing the reblog John!
Gerry Suarez, Jr.
Your FHA Loan Pro!
Via John Cannata - LegacyTexas Mortgage Sr Loan Officer - Frisco Texas ( 972-325-4912 Also available evenings and weekends):
Over the past two weeks, I spoke to three new clients with similar situations... their Loan Officer was not returning their calls … (2 comments)
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mortgages: Obama administration announces the end of government backed mortgage financing - 04/01/10 07:56 AM
In a surprise move today the Obama administration released this executive order which effectively means the end of mortgage financing as we have known it. By abolishing FannieMae, FreddieMac and government backed loans (FHA, VA and USDA) the administration has decided to hit the "reset button" on the real estate economy.
The new, more liberal, policy regarding housing will have these government entities switching roles and managing the foreclosed inventory as assisted housing. While recognizing the rate of homeownership will suffer greatly, "more people will have access to truly affordable housing that will be maintained and subsidized by the Federal Government".
… (19 comments)
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mortgages: I'm ready for it, are you? - 03/05/10 08:45 AM
As I re-read FHA commissioner David Stevens' prepared remarks for the Standard and Poor's Housing Conference that happened last month here in Orlando Florida I can't help but wonder about the future we face. There is a lot of speculation we haven't seen the worse when it comes to real estate, and a lot of factors support that; but there are also some stark realities on the flip side- the side that says maybe the worst is over. Pollyanna talk? Maybe- but maybe it's a real look at the global picture...
We all know our government cannot continue to intervene in … (2 comments)
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mortgages: VA making mortgage loans more expensive - 01/21/10 07:31 AM
Recent changes in the Real Estate Practices Act (RESPA) have caused much confusion in the mortgage industry lately. The Good Faith Estimate (GFE) that was supposed to make mortgage loans cheaper and easier to understand is not accomplishing either goal. One thing it has done, however, is severely limit the number of sources a veteran can use to get a VA loan.
VA mortgage loans are one of the best programs around. They have no down payment and the seller frequently pays closing costs, plus the interest rates are as low as any conventional loan. VA limits the amount that a … (2 comments)
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mortgages: Ruin your credit with a Mortgage Loan Modification - 12/28/09 09:27 AM
In another blow to Obama's HAMP mortgage loan modification program it has come to light that these modifications can damage the borrower's credit score. This had previously not been reported to many homeowners' seeking relief through the program.
The damage occurs when a borrower enters the trail period of a loan modification, negotiating a reduced payment with their servicer. Although that new payment is agreed upon by all parties, servicers have been reporting these reduced payments as less than the required payment. This results in mortgage payments being reported to the credit bureaus as late.
While you might think this … (8 comments)
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mortgages: FHA guidelines WILL be tightening in the near future - 12/03/09 07:58 PM
HUD Secretary Donovan testified before the House committee on Financial Services Wednesday. Much of what he had to say concerned the fact that the FHA program is NOT going broke as many have claimed. He says unless things get decidedly worse, FHA will not need a government bailout.
Reasons why FHA won't need a government bailout
The HUD Secretary outlined a number of steps the agency is "drafting" to mitigate future losses. Among them are:
•· Guidelines to improve enforcement and lender accountability. These will include "holding lenders accountable for their origination quality and compliance with FHA policies and increasing … (5 comments)
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mortgages: USDA Rural Development loans are NOT out of money, and other important facts for Lake County, FL. - 09/29/09 05:42 PM
Last Friday the USDA formally announced it was entering its annual "roll over" of funding as of its new fiscal year October 1st. This mainly administrative action results in USDA's funding being delayed until it's made available through the General Accounting Office (GAO). This by no means indicates the USDA is out of funds! What it does do is delay funding for loans and guarantees. While there are still a number of lenders that can and do close and fund loans during this period, the vast majority of lenders do not. This doesn't mean your loan won't close, it … (4 comments)
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mortgages: What the Mortgage Disclosure Improvement Act (MDIA) will mean to our industry - 08/03/09 11:50 AM
On July 30, 2009 the rules changed- are you ready?
The MDIA is effective for mortgage loan applications taken 07/30/09 and thereafter and places many additional restrictions on how we lenders will have to comply with disclosing loan terms to our borrowers. The effort is laudable- to give customers the information they need to properly shop for a mortgage, when they need it; however it represents an awesome example of how badly government can screw something up.
My vantage point for this fuster cluck is that of a Mortgage Banker. I get to see the Bank and Broker side of … (5 comments)
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mortgages: Breaking news-New FHA loan limits just released! - 02/25/09 09:53 AM
Pursuant to economic stimulus package signed into law last week HUD has posted their higher loan limits with a mortgagee letter (#09-07) out this morning. We have been looking for confirmation of this and now we have it!
In Central Florida the single family loan limit rises from $274,850 to $353,750. For loan limits in your area check this link.
Gerry Suarez, Jr.
Your FHA Loan Pro!
… (9 comments)
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mortgages: AMEX announces $300 giveaway- DON’T DO IT IF YOU ARE APPLYING FOR A MORTGAGE! - 02/24/09 04:11 PM
A number of media sources today announced that American Express will be offering some account holders a $300 incentive to pay their balance in full and close their account. This is obviously an attempt at reducing their exposure to future losses they feel may come from these accounts defaulting at some point.
If you are applying for a mortgage or intend to do so anytime soon DO NOT TAKE ADVANTAGE OF THIS OFFER! By reducing your overall available credit you can negatively impact your credit score, causing you much grief come mortgage time. Contact your trusted loan officer before acting … (8 comments)
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mortgages: TARP, TALF...how about some TALC for the rash on our bruised behinds? - 02/10/09 12:36 PM
Today our new Treasury Secretary Tim Geithner finally took the stage to unveil the administration's new bailout plan. One thing is clear, our buddy Tim needs to work harder on his public speaking skills! I, for one, am a bit taken back at the lack of a question/answer session after the speech. Can Secretary Geithner take the heat he will undoubtedly face in the course of fixing this mess? It seems to me that some people doubt it and want to keep him off stage for now. You can read the speech here.
So what of the … (9 comments)
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mortgages: Insurance Battle Royale brewing in Florida?! - 01/27/09 07:50 PM
As reported in a CNN Money article today, State Farm will be pulling out of Florida. This reaction is reported to be a result of being denied a whopping 47% rate hike, and the insurer announced it will no longer be writing new policies or renewing existing ones.
Florida's unique hurricane risks continue t be a nightmare for private industry. Will we be seeing a loan public insurer like Citizen's, who is the largest individual insurer already; or can this pen the way for other smaller insurers to spread their risk and provide more effective coverage? Only time can tell but … (0 comments)
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mortgages: December sales trends in Lake County FL including Eustis, Mount Dora and Tavares- the market is becoming very clear - 01/17/09 09:28 AM
As we look back at 2008 and it's last month, real estate sales seemed to take a very predictable path. Once again there were about 200 single family homes sold (202 to be precise). Once again it was the $100- $140k price range that garnered most of the sales (57 units or 28.2%). The local market seems to be reaching an apparent equilibrium.
More homes were sold in the $120-$140k range than any other month in 2008 (39 homes) but it appears these sales are freeing up some move up buyers because December also represented one of the highest … (2 comments)
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mortgages: Why we are all still in this business. - 11/21/08 12:41 PM
I was reminded how good it is to be a mortgage lender yesterday when I had the fortune of helping a young couple, married only two and half years, achieve their dream.
They came into one of my Realtor's offices looking to buy and not knowing if they could. "Our credit is good" they said, "but we don't have much of it". "That's a good thing these days" I told them and we proceeded with qualifying them.
Turns out their scores are in the 630's and good enough for the USDA Rural Development loan I was hoping to place them … (14 comments)
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mortgages: More GREAT news if you want to purchase a home in Lake County, FL! - 11/07/08 12:39 PM
Upcoming changes in the Rural Development loan program should allow more families to qualify with ZERO down and ZERO closing costs! The income restrictions are expected to ease, allowing households from 1 to 4 family members to make over $70,000/yr and still qualify. Households having 5 to 8 family members would actually be able to qualify even if they make over $92,000/yr! These are substantial increases so if you were told you made too much to qualify for an RD loan, please look again!
This coupled with the fact that every home in Lake County is in the eligible area … (10 comments)
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mortgages: More GREAT news if you want to purchase a home in Eustis, FL! - 11/07/08 12:33 PM
Upcoming changes in the Rural Development loan program should allow more families to qualify with ZERO down and ZERO closing costs! The income restrictions are expected to ease, allowing households from 1to 4 family members to make over $70,000/yr and still qualify. Households having 5 to 8 family members would actually be able to qualify even if they make over $92,000/yr! These are substantial increases so if you were told you made too much to qualify for an RD loan, please look again!
This coupled with the fact that every home in Eustis is in the eligible area will … (2 comments)
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mortgages: More GREAT news if you want to purchase a home in Mount Dora, FL! - 11/07/08 12:26 PM
Upcoming changes in the Rural Development loan program should allow more families to qualify with ZERO down and ZERO closing costs! The income restrictions are expected to ease, allowing households from 1to 4 family members to make over $70,000/yr and still qualify. Households having 5 to 8 family members would actually be able to qualify even if they make over $92,000/yr! These are substantial increases so if you were told you made too much to qualify for an RD loan, please look again!
This coupled with the fact that every home in Mount Dora is in the eligible area … (2 comments)
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Gerry Suarez Jr- Your FHA Loan Pro!
Mount Dora,
FL
More about me…
Mortgage Financial Group, Inc.
Address: 725 E. Alfred St, Tavares, FL, 32778
Office Phone: (352) 742-7900
Cell Phone: (352) 516-9884
Email Me
Local information regarding Mortgage lending in Central Florida including Orange, Seminole, Osceola, Lake, Volusia and Marion Counties. Also providing up to date information on HUD and government loan programs, and first time buyer programs. I'm required to tell you I'm not acting on behalf of HUD/FHA or the US Government!
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