Joe's Blog

We can do USDA Loans Right now without the funds!

Joe Schmitz (Platinum Mortgage Partners) — Wed, 11 Feb 2009 23:10:32 -0600

We have USDA Loans availabe without USDA funds! Please call or e-mail me for further details about our USDA programs here in Hawaii.

Steps to a successful VA loan Closing

Joe Schmitz (Platinum Mortgage Partners) — Mon, 17 Nov 2008 19:08:07 -0600

Steps to a successful VA Loan closing

1) Select a loan officer that you like and trust that also has a tremendous knowledge of your VA Home Loan benefit.

2) Get preapproved. (There is a big difference between preapproval and prequalified) Here is a list of items you will need to get preapproved:

A signed completed Request for Certificate of Eligibility (if you do not currently have one)
W-2' s for the past 2 years
Pay stubs (LES) for 1 month
Bank statements, retirement statements, IRA's, CD's, etc....
2 years tax returns (if self employed in past 2 years)
Bankruptcy Documents (if applicable)
Divorce Decree (if paying child support)

3) We input all your information, pull a credit report from all three credit bureaus, run VA's loan analysis to ensure you budget for the amount requesting and then run our in house program to receive a computer approval. (If we do not get a computer approval we have the ability to do a manual approval on a case by case basis)

4) Once we have an approval you then choose a Realtor (one who has a tremendous knowledge in VA loans) to help you find a property.

5) Once you get an offer accepted on a property we do your official loan application with the property on it.

6) Your file is then turned into the processor, who then verifies that everything was inputted correctly, makes a list of outstanding conditions on your loan. The processor also sends your electronic file to VA to open a case number and assign an appraiser. The processor also sends your electronic file to the escrow company so that they may order the documents needed to transfer ownership from the seller over to you.

7) Once the appraiser gets their report back to VA. VA will review it and then assign a NOV (notice of value), which we use as the appraised value.

8) Once we receive the NOV (it must be at or higher than sales price) and everything else on the condition list is completed we then order all your closing documents.

9) We will setup a time and date to sign your documents, a few business days later we will fund your loan and the next business day after that your transaction records and you own your own home.

Once you get an accepted offer on the property you have picked all the rest of the steps can take place in 30 - 45 days.

COSTS OF OBTAINING A VA LOAN

Joe Schmitz (Platinum Mortgage Partners) — Fri, 14 Nov 2008 18:29:01 -0600

COSTS OF OBTAINING A VA LOAN

Funding Fee

A funding fee must be paid by all veterans, except those exempt due to receipt of disability compensation, using the VA home loan program.
The funding fee can range from 0.5 percent for Interest Rate Reduction Refinancing Loans (IRRRL) to 3.3 percent for veterans who are subsequent users of the VA home loan program.
For all VA loans, the funding fee may be paid in cash or included in the loan.
For more information on the VA funding fee, contact the nearest VA office.

Other Closing Costs

Reasonable closing costs may be charged by the lender. These costs may not be included in the loan. The following items may be paid by the veteran purchaser, the seller, or shared. Closing costs may vary among lenders and also throughout the nation because of differing local laws and customs.

VA appraisal
Credit report
Loan origination fee (usually 1 percent of the loan)
Discount points
Title search and title insurance
Recording fees
State and/or local transfer taxes, if applicable

Remember, VA-guaranteed financing is a benefit which Congress intended eligible veterans should have. If you are a veteran home buyer or know of one, it makes sense to look into the VA loan program as a good way to finance a home purchase.

Requirement for a VA loan approval

Joe Schmitz (Platinum Mortgage Partners) — Fri, 14 Nov 2008 18:27:37 -0600

REQUIREMENTS FOR LOAN APPROVAL

To obtain a VA loan, the law requires that:

The applicant must be an eligible veteran who has available entitlement.
The loan must be for an eligible purpose.
The veteran must occupy or intend to occupy the property as a home within a reasonable period of time after closing the loan.
The veteran must be a satisfactory credit risk.
The income of the veteran and spouse, if any, must be shown to be stable and sufficient to meet the mortgage payments, cover the costs of owning a home, take care of other obligations and expenses, and have enough left over for family support.

An experienced mortgage lender will be able to discuss specific income and other qualifying requirements.

What if you have had a VA loan before?

Joe Schmitz (Platinum Mortgage Partners) — Fri, 14 Nov 2008 18:26:15 -0600

HAD A VA LOAN BEFORE?

Remaining Entitlement

Veterans who had a VA loan before may still have "remaining entitlement" to use for another VA loan. The current amount of entitlement available to each eligible veteran is $36,000. This was much lower in years past and has been increased over time by changes in the law. For example, a veteran who obtained a $25,000 loan in 1974 would have used $12,500 guaranty entitlement, the maximum then available. Even if that loan is not paid off, the veteran could use the $23,500 difference between the $12,500 entitlement originally used and the current maximum of $36,000 to buy another home with VA financing. For certain loans in excess of $144,000, the basic $36,000 entitlement can be increased to a maximum guaranty equal to 25 percent of the Freddie Mac conforming loan limit for a single family residence. To illustrate, the maximum guaranty for 2005 would be $89,912. This is 25 percent of the 2005 Freddie Mac conforming loan limit for a single-family residence of $359,650. This means qualified veterans can obtain a no down payment loan of up to $359,650. Under Freddie Mac's charter, maximum original loan amounts are 50 percent higher for first mortgages on properties in Alaska, Hawaii, Guam and the U.S. Virgin Islands. Most lenders require that a combination of the guaranty entitlement and any cash down payment must equal at least 25 percent of the reasonable value or sales price of the property, whichever is less. Thus, in the example, the veteran's $23,500 remaining entitlement would probably meet a lender's minimum guaranty requirement for a no down payment loan to buy a property valued at and selling for $94,000. The veteran could also combine a down payment with the remaining entitlement for a larger loan amount.

Veterans who had a VA loan before may still have "remaining entitlement" to use for another VA loan.

The current amount of entitlement available to each eligible veteran is $36,000. This was much lower in years past and has been increased over time by changes in the law. For example, a veteran who obtained a $25,000 loan in 1974 would have used $12,500 guaranty entitlement, the maximum then available. Even if that loan is not paid off, the veteran could use the $23,500 difference between the $12,500 entitlement originally used and the current maximum of $36,000 to buy another home with VA financing. For certain loans in excess of $144,000, the basic $36,000 entitlement can be increased to a maximum guaranty equal to 25 percent of the Freddie Mac conforming loan limit for a single family residence. To illustrate, the maximum guaranty for 2005 would be $89,912. This is 25 percent of the 2005 Freddie Mac conforming loan limit for a single-family residence of $359,650. This means qualified veterans can obtain a no down payment loan of up to $359,650. Under Freddie Mac's charter, maximum original loan amounts are 50 percent higher for first mortgages on properties in Alaska, Hawaii, Guam and the U.S. Virgin Islands.

Most lenders require that a combination of the guaranty entitlement and any cash down payment must equal at least 25 percent of the reasonable value or sales price of the property, whichever is less. Thus, in the example, the veteran's $23,500 remaining entitlement would probably meet a lender's minimum guaranty requirement for a no down payment loan to buy a property valued at and selling for $94,000. The veteran could also combine a down payment with the remaining entitlement for a larger loan amount.

Restoration of Entitlement

Veterans can have previously used entitlement "restored" to purchase another home with a VA loan if:

The property purchased with the prior VA loan has been sold and the loan paid in full, or
A qualified veteran-transferee (buyer) agrees to assume the VA loan and substitute his or her entitlement for the same amount of entitlement originally used by the veteran seller. The entitlement may also be restored one time only if the veteran has repaid the prior VA loan in full but has not disposed of the property purchased with the prior VA loan. Remaining entitlement and restoration of entitlement can be requested through the nearest VA office by completing VA Form 26-1880.

The application process for VA financing is no different from any other type of loan. In fact the VA application form is the same as that used for HUD/FHA and conventional loans. The mortgage lender verifies the applicant's income and assets, and obtains a credit report to see that other obligations are being paid on time. If all is well and the appraised value of the property is enough to cover the loan needed, the lender, in most instances, can then close the loan under VA's automatic procedure. Only about 1 percent of VA loan applications have to be submitted to a VA office for approval before closing.

WHO IS ELIGIBLE FOR A VA LOAN?

Joe Schmitz (Platinum Mortgage Partners) — Fri, 14 Nov 2008 18:24:29 -0600

WHO IS ELIGIBLE?

Veterans with active duty service, that was not dishonorable, during World War II and later periods are eligible for VA loan benefits. World War II (September 16, 1940 to July 25, 1947), Korean conflict (June 27, 1950 to January 31,1955), and Vietnam era (August 5, 1964 to May 7, 1975) veterans must have at least 90 days' service. Veterans with service only during peacetime periods and active duty military personnel must have had more than 180 days' active service. Veterans of enlisted service which began after September 7, 1980, or officers with service beginning after October 16,1981, must in most cases have served at least 2 years.

Gulf War. Basically, reservists and National Guard members who were activated on or after August 2, 1990, served at least 90 days and were discharged honorably are eligible. VA regional office personnel may assist with eligibility questions. Members of the Selected Reserve, including National Guard, who are not otherwise eligible and who have completed 6 years of service and have been honorably discharged or have completed 6 years of service and are still serving may be eligible. Contact the local VA office to find out what is needed to establish eligibility. Reservists will pay a slightly higher funding fee than regular veterans. (See paragraph entitled "Costs of Obtaining a VA Loan").

Members of the Selected Reserve, including National Guard, who are not otherwise eligible and who have completed 6 years of service and have been honorably discharged or have completed 6 years of service and are still serving may be eligible. Contact the local VA office to find out what is needed to establish eligibility. Reservists will pay a slightly higher funding fee than regular veterans. (See paragraph entitled "Costs of Obtaining a VA Loan").

WHAT CAN A VA LOAN BE USED FOR?

Joe Schmitz (Platinum Mortgage Partners) — Fri, 14 Nov 2008 18:23:13 -0600

WHAT CAN A VA LOAN BE USED FOR?

To buy a home, a condominium unit in a VA-approved project.
To build a home.
To simultaneously purchase and improve a home.
To improve a home by installing energy-related features such as solar or heating/cooling systems, water heaters, insulation, weather-stripping/caulking, storm windows/doors or other energy efficient improvements approved by the lender and VA. These features may be added with the purchase of an existing dwelling or by refinancing a home owned and occupied by the veteran. A loan can be increased up to $3,000 based on documented costs or up to $6,000 if the increase in the mortgage payment is offset by the expected reduction in utility costs. A refinancing loan may not exceed 90 percent of the appraised value plus the costs of the improvements. Check with a lender or VA for details.
To refinance an existing home loan up to 90 percent of the VA-established reasonable value or to refinance an existing VA loan to reduce the interest rate.
To buy a manufactured home and/or lot.

WHAT IS A VA-GUARANTEED LOAN?

Joe Schmitz (Platinum Mortgage Partners) — Fri, 14 Nov 2008 18:22:00 -0600

WHAT IS A VA-GUARANTEED LOAN?

These loans are made by a lender, such as a mortgage company, savings and loan or bank. VA's guaranty on the loan protects the lender against loss if the payments are not made, and is intended to en courage lenders to offer veterans loans with more favorable terms. The amount of guaranty on the loan depends on the loan amount and whether the veteran used some entitlement previously. With the current maximum guaranty, a veteran who hasn't previously used the benefit may be able to obtain a VA loan up to $417,000.00(upto $793,750. 00 in the county of Honolulu, Hawaii) depending on the borrower's income level and the appraised value of the property. The local VA office can provide more details on guaranty and entitlement amounts.

VA FINANCING -A GOOD DEAL FOR VETERANS

Joe Schmitz (Platinum Mortgage Partners) — Fri, 14 Nov 2008 18:20:49 -0600

VA FINANCING -A GOOD DEAL FOR VETERANS

More than 27 million veterans and service personnel are eligible for VA financing. Even though many veterans have already used their loan benefits, it may be possible for them to buy homes again with VA financing using remaining or restored loan entitlement. Before arranging for a new mortgage to finance a home purchase, veterans should consider some of the advantages of VA home loans:

Most important consideration, no down payment is required in most cases.
Loan maximum may be up to 100 percent of the VA-established reasonable value of the property. Due to secondary market requirements, however, loans generally may not exceed $417,000.00 (upto $793,750. 00 in the county of Honolulu,Hawaii)
Flexibility of negotiating interest rates with the lender.
No monthly mortgage insurance premium to pay.
Limitation on buyer's closing costs.
An appraisal which informs the buyer of estimated property value.
Thirty year loans with a choice of repayment plans.
Traditional fixed payment (constant principal and interest: increases or decreases may be expected in property taxes and homeowner's insurance coverage); Graduated Payment Mortgage-GPM (low initial payments which gradually rise to a level payment starting in the sixth year); and in some areas, Growing Equity Mortgages-GEMs (gradually increasing payments with all of the increase applied to principal, resulting in an early payoff of the loan.) Hybrid ARMs: VA is authorized to guarantee hybrid ARM loans where the initial rate remains fixed for at least 3 years. The initial adjustment can be as much as 2% if the fixed rate period is 5 or more years. Annual adjustments thereafter are limited to 1 percent. If the initial fixed rate period is 5 or more years, the interest rate on the loan is capped at 6 points above the initial rate. If the fixed rate period is less than 5 years, the initial adjustment is limited to 1 % and the annual cap to 5 percentage points. Traditional ARM loans: VA can also guarantee traditional one year ARM loans where the rate is adjusted annually. Annual adjustments are limited to 1 % and the maximum interest rate increase over the life of the loan is limited to 5 percentage points.
New homes which are appraised before or during construction are inspected to help ensure compliance with the plans and specifications used for the appraisal and with VA minimum property requirements. All new houses, regardless of when appraised, are covered by either a 1-year builder's warranty or a 1 a-year insured protection plan.
An assumable mortgage, subject to VA approval of the assumer's credit. Right to prepay loan without penalty.
VA performs personal loan servicing and offers financial counseling to help veterans avoid losing their homes during temporary financial difficulties. WHAT IS A VA-GUARANTEED LOAN? These loans are made by a lender, such as a mortgage company, savings and loan or bank. VA's guaranty on the loan protects the lender against loss if the payments are not made, and is intended to en courage lenders to offer veterans loans with more favorable terms. The amount of guaranty on the loan depends on the loan amount and whether the veteran used some entitlement previously. With the current maximum guaranty, a veteran who hasn't previously used the benefit may be able to obtain a VA loan up to $417,000.00(upto $793,750. 00 in the county of Honolulu, Hawaii) depending on the borrower's income level and the appraised value of the property. The local VA office can provide more details on guaranty and entitlement amounts.

Why a VA loan?

Joe Schmitz (Platinum Mortgage Partners) — Fri, 14 Nov 2008 18:19:24 -0600

WHY A VA LOAN?

The more you know about our home loan program, the more you will realize how little "red tape" there really is in getting a VA loan. These loans are often made without any down payment at all. Aside from the veteran's certificate of eligibility and the fact that the appraiser is assigned by VA, the application process is not much different than any other type of mortgage loan.

Lenders are also able to use VA recognized automated underwriting systems, such as Loan Prospector and Desktop Underwriter, to facilitate the underwriting process.

VA Eligibility Frequently Asked Questions

Joe Schmitz (Platinum Mortgage Partners) — Fri, 14 Nov 2008 18:16:27 -0600

Eligibility Frequently Asked Questions

Questions about who is eligible for a VA loan and reuse of eligibility for another VA loan.

Q: How do I apply for a VA guaranteed loan?

A: You can apply for a VA loan with any mortgage lender that participates in the VA home loan program. At some point, you will need to get a Certificate of Eligibility from VA to prove to the lender that you are eligible for a VA loan.

Q: How do I get a Certificate of Eligibility?

A: Complete an 1880: You can apply for a Certificate of Eligibility by submitting a completed VA Form 26-1880, Request For A Certificate of Eligibility For Home Loan Benefits, to the Winston-Salem Eligibility Center, along with proof of military service. In some cases it may be possible for VA to establish eligibility without your proof of service. However, to avoid any possible delays, it's best to provide such evidence.

Q: Can my lender get my Certificate of Eligibility for me?

A: Yes, it's called ACE (automated certificate of eligibility). Most lenders have access to the ACE (automated certificate of eligibility) system. This Internet based application can establish eligibility and issue an online Certificate of Eligibility in a matter of seconds. Not all cases can be processed through ACE - only those for which VA has sufficient data in our records. However, veterans are encouraged to ask their lenders about this method of obtaining a certificate.

Q: What is acceptable proof of military service?

A: If you are still serving on regular active duty, you must include an original statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters which identifies you and your social security number, and provides your date of entry on your current active duty period and the duration of any time lost.

If you were discharged from regular active duty after January 1, 1950, a copy of DD Form 214, Certificate of Release or Discharge From Active Duty should be included with your VA Form 26-1880. If you were discharged after October 1, 1979, DD Form 214 copy 4 should be included. A PHOTOCOPY OF DD214 WILL SUFFICE.....DO NOT SUBMIT AN ORIGINAL DOCUMENT.

If you are still serving on regular active duty, you must include an original statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters which shows your date of entry on your current active duty period and the duration of any time lost.

If you were discharged from the Selected Reserves or the National Guard, you must include copies of adequate documentation of at least 6 years of honorable service. If you were discharged from the Army or Air Force National Guard, you may submit NGB Form 22, Report of Separation and Record of Service, or NGB Form 23, Retirement Points Accounting, or it's equivalent. If you were discharged from the Selected Reserve, you may submit a copy of your latest annual points statement and evidence of honorable service. Unfortunately, there is no single form used by the Reserves or National Guard similar to the DD Form 214. It is your responsibility to furnish adequate documentation of at least 6 years of honorable service.

If you are still serving in the Selected Reserves or the National Guard, you must include an original statement of service signed by, or by the direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters showing the length of time that you have been a member of the Selected Reserves. Again, at least 6 years of honorable service must be documented.

Q: How can I obtain proof of military service?

A: Standard Form 180, Request Pertaining to Military Records, is used to apply for proof of military service regardless of whether you served on regular active duty or in the selected reserves. This request form is NOT processed by VA. Rather, Standard Form 180 is completed and mailed to the appropriate custodian of military service records. Instructions are provided on the reverse of the form to assist in determining the correct forwarding address.

Q: I have already obtained one VA loan. Can I get another one?

A: Yes, your eligibility is reusable depending on the circumstances. Normally, if you have paid off your prior VA loan and disposed of the property, you can have your used eligibility restored for additional use. Also, on a one-time only basis, you may have your eligibility restored if your prior VA loan has been paid in full but you still own the property. In either case, to obtain restoration of eligibility, the veteran must send VA a completed VA Form 26-1880 to our Winston-Salem Eligibility Center. To prevent delays in processing, it is also advisable to include evidence that the prior loan has been paid in full and, if applicable, the property disposed of. This evidence can be in the form of a paid-in-full statement from the former lender, or a copy of the HUD-1 settlement statement completed in connection with a sale of the property or refinance of the prior loan.

Q: I sold the property I obtained with my prior VA loan on an assumption. Can I get my eligibility restored to use for a new loan?

A: In this case the veteran's eligibility can be restored only if the qualified assumer is also an eligible veteran who is willing to substitute his or her available eligibility for that of the original veteran. Otherwise, the original veteran cannot have eligibility restored until the assumer has paid off the VA loan.

Q: My prior VA loan was assumed, the assumer defaulted on the loan, and VA paid a claim to the lender. VA said it wasn't my fault and waived the debt. Now I need a new VA loan but I am told that my used eligibility can not be restored. Why?

Or,

Q: My prior loan was foreclosed on, or I gave a deed in lieu of foreclosure, or the VA paid a compromise (partial) claim. Although I was released from liability on the loan and/or the debt was waived, I am told that I cannot have my used eligibility restored. Why?

A: In either case, although the veteran's debt was waived by VA, the Government still suffered a loss on the loan. The law does not permit the used portion of the veteran's eligibility to be restored until the loss has been repaid in full.

Q: Only a portion of my eligibility is available at this time because my prior loan has not been paid in full even though I don't own the property anymore. Can I still obtain a VA guaranteed home loan?

A: Yes, depending on the circumstances. If a veteran has already used a portion of his or her eligibility and the used portion cannot yet be restored, any partial remaining eligibility would be available for use. The veteran would have to discuss with a lender whether the remaining balance would be sufficient for the loan amount sought and whether any down payment would be required.

Q: Is the surviving spouse of a deceased veteran eligible for the home loan benefit?

A: The unmarried surviving spouse of a veteran who died on active duty or as the result of a service-connected disability is eligible for the home loan benefit. If you wish to make application for the home loan benefit as a surviving spouse, contact our Winston-Salem Eligibility Center. In addition, a surviving spouse who obtained a VA home loan with the veteran prior to his or her death (regardless of the cause of death), may obtain a VA guaranteed interest rate reduction refinance loan. For more information, contact our Winston-Salem Eligibility Center.

[NOTE: Also, a surviving spouse who remarries on or after attaining age 57, and on or after December 16, 2003, may be eligible for the home loan benefit. However, a surviving spouse who remarried before December 16, 2003, and on or after attaining age 57, must apply no later than December 15, 2004, to establish home loan eligibility. VA must deny applications from surviving spouses who remarried before December 16, 2003 that are received after December 15, 2004.]

Q: Are the children of a living or deceased veteran eligible for the home loan benefit?

A: No, the children of an eligible veteran are not eligible for the home loan benefit.

Benefits of a VA Loan

Joe Schmitz (Platinum Mortgage Partners) — Thu, 13 Nov 2008 15:31:10 -0600

VA Home Loan Benefits

No Down Payment is required. (Up to a total loan amount of $793,750.00 including financed funding fee on purchase transactions, in the county of Honolulu Hawaii.)
No PMI (private mortgage insurance). VA guaranties 25% of the appraised value of the home allowing the veteran not to have to pay for PMI.
The Veteran can refinance their current VA loan to reduce their interest rate and include closing costs without qualifying, regardless of property value.
The seller can pay all or part of the closing costs associated with the process and closing of the mortgage.
Disabled veterans are exempt from funding fee.
Credit and Income standards are not as strict as conventional loans.
No prepayment penalties.
Cash out refinances up to 100% of apprasied value

Upcoming VA Loans Seminars

Joe Schmitz (Platinum Mortgage Partners) — Thu, 13 Nov 2008 15:27:48 -0600

Next Seminar

Saturday, December 6th
11:00am - 3:00pm
Nehelani Conference Center
Schofield Barracks

Tuesday, November 18th
6:00pm - 9:00pm
Leeward Community College
96-045 Ala Ike
Pearl City, HI 96782

Wednesday, November 19th
6:00pm - 9:00pm
Kalaheo High School
730 Iliaina St
Kailua, HI 96734

Saturday, November 22nd
10:00am - 2:00pm
Oahu Veterans Center
1298 Kukila St
Honolulu, HI 96818

Tuesday, November 25th
6:00pm - 9:00pm
Brown's Driving School
85-866 Farrington Hwy
Waianae, HI 96792

VA 100% Cash out Refinance and Purchase! up to $793,750.00

Joe Schmitz (Platinum Mortgage Partners) — Wed, 12 Nov 2008 14:38:41 -0600

VA now allows for cash out refinances up to 100% of the homes value! this can be used to refinance out of bad subprime loans or other conventional loans as well as taking out cash for any purpose! Also the max loan limit in Honolulu country for the VA cashout is $793,750.00 and the limit is the same on purchases! Our branch specializes in VA loans and we also hold free seminars throughout the island to educate veterans about their VA benefit.

Platinum Mortgage Partner's Guarantee Program

Joe Schmitz (Platinum Mortgage Partners) — Tue, 09 Sep 2008 20:54:26 -0500

OUR WAHIAWA BRANCH GUARANTEE PROGRAM:

We Guarantee:

1. Your final lender charges will not exceed the Good Faith Estimate: Or we will credit the difference at closing!

2. Final loan figures will be available to the settlement company no less than 72 hours prior to closing: Or we will credit you $100 at closing

3. You Loan will close on the date specified: Or we will credit you $250 at closing

Guarantee is given at time of locking the loan in the form of a sign certificate.

Call me for complete details of our guarantee program.

What separates myself and my company from other lenders

Joe Schmitz (Platinum Mortgage Partners) — Tue, 09 Sep 2008 20:51:05 -0500

What separates myself and my company from the other lenders out there?

Because rates are rates...

1. We believe in putting our customers first; we give them extraordinary service GUARANTEED in writing.

2. We provide our clients with a list of our company values and working philosophy, which we work and live by.

3. Our Business is built on relationships and trust. Our relationships with our customers and with each other are more important than money or the deal.

4. We believe in integrity (doing what we promise) is the key to building trust and relationships with our customers and with each other.

5. We have a secure online application system which provides our clients convenience and security and helps save time and ensures accurate information

6. Unlike normal banks I am available on my clients schedule not a Mon-Fri 9-5 which provides convenience for clients.

7. I served in the U.S. Navy Submarine Force, which gives me understanding of what active duty and prior service Veterans go through on a day to day basis.

FREE VA and FHA Seminars 102% Financing also MCC!

Joe Schmitz (Platinum Mortgage Partners) — Tue, 03 Jun 2008 14:59:30 -0500

Highlighted Products:

FHA! We are your FHA lender!

VA: We KNOW VA and pay all the VA non-allowable fees!

Loans Up to 102% Financing: FICO scores as low as 620!

(102% financing requires appraised value to be 2% higher than purchase price)

MMC Program: Few lenders offer this! Call me today and ask about it. On a purchase price of 400k this can save your clients roughly $336.00 per month on their payment; this can be combined with FHA or VA to repeat dual benefits.

Free Seminars!

Join us at Cofedbank's free monthly seminars to learn more about FHA/102%/VA/MCC . Seminars conducted at our convenient Kapolei branch. This month's Dates:

•· VA/MCC June 14^th 10am-1pm

•· FHA/102% Program/MCC June 28^th 10am-1pm

Donuts and beverages provided for free

Please call 783-5815 to register as there are a limited number of seats.

FREE VA/FHA/MCC/102% Financing Seminars!

Joe Schmitz (Platinum Mortgage Partners) — Fri, 30 May 2008 20:15:25 -0500

We're offering free seminars on the following dates:

VA/MCC: 14th June

FHA/102% Financing/MCC: 28th June

Please call to register as there is a limited number of seating: 808-783-5815

Seminars are held monthly at our convenient Kapolei branch:

949 Kamokila Blvd. Suite 102

Kapolei, HI 96707

Have a great day and hope to see you and your clients there!

Foreign Currency Mortgages

Joe Schmitz (Platinum Mortgage Partners) — Wed, 16 Apr 2008 21:10:56 -0500

cfsb

Colorado Federal Savings Bank

Joe Schmitz

Foreign Currency Mortgages

Foreign Currency Mortgages allow investors to leverage stable, low cost of funds from other countries which dramatically increase the cash flow on Income Properties

What's so great about a foreign currency mortgage?

•· Very Low Interest Rates (as of Feb 4^th):

•o JPY Rate: 1.99% (must have JPY income)

•o USD Rate: 4.28%

•o CHF Rate: 3.79%

•o Other Currencies available!

•· Maximize Cash flow

•· No Credit Report and No Fico required

•· Flexi-currency Facility

•· Great for U.S. Citizen and foreigners

•· Loans available on foreign properties

•· Unlimited Properties

•· No Maximum Loan Amount

•· Personal Service and Professional Advice

U.S. States Available: HI, CA, OR, WA, NV, CO, NY and FL (Also available for foreign properties)

Property Types: SFR, Condo, and Townhome

Program Highlights:

•· Interest rate: Variable Depend on Currency

•· Investment properties ONLY

•· Single Family Homes and Condos

•· Up to 30 year interest-only mortgages

•· 75% LTV, 50% DTI

•· Higher LTVs possible with Additional Security

•· Available with USD, BP, Euro, Chf, AUD,
NZD, HKD, CAD currencies

•· Currency Switching Option Offered at Interest Rollover Dates

•· Maximum 4 Changes Per Calendar Year

•· 2 Changes at No Cost

•· Max 70% LTV for Currency Switching Option

Program Borrower Profile :

•· Experienced Real Estate Investor

•· Consistent Income: W-2 or S/E

•· Provable Income

•· Strong Reserves

•· Strong Credit History

•· Understanding of the Currency Markets

•· Not Time Sensitive

•·

Repayment:

•· Principal and interest installments

•· Interest only Mortgages

•· Payable quarterly in arrears

Options:

•· Purchase

•· Refi (rate and term and Cashout)

Actual Scenario:

Loan Amount	$765,000	$788,000
Rents	5425	5425
1^st Mortgage	3220	2475	3.77%
2^nd Mortgage	780	0
Taxes/Insurance	685	685
Operating Expenses	435	435
Total Expenses	5120	3595
Net Income	305	1830	600%!

Incredible Product for Investors! Actualy scenario increased cash flow 600%!

Joe Schmitz (Platinum Mortgage Partners) — Thu, 14 Feb 2008 17:47:18 -0600

cfsb

Colorado Federal Savings Bank

Joe Schmitz

Foreign Currency Mortgages

Foreign Currency Mortgages allow investors to leverage stable, low cost of funds from other countries which dramatically increase the cash flow on Income Properties

What's so great about a foreign currency mortgage?

•· Very Low Interest Rates (as of Feb 4^th):

•o JPY Rate: 1.99% (must have JPY income)

•o USD Rate: 4.28%

•o CHF Rate: 3.79%

•o Other Currencies available!

•· Maximize Cash flow

•· No Credit Report and No Fico required

•· Flexi-currency Facility

•· Great for U.S. Citizen and foreigners

•· Loans available on foreign properties

•· Unlimited Properties

•· No Maximum Loan Amount

•· Personal Service and Professional Advice

Program Highlights:

•· Interest rate: Variable Depend on Currency

•· Investment properties ONLY

•· Single Family Homes and Condos

•· Up to 30 year interest-only mortgages

•· 75% LTV, 50% DTI

•· Higher LTVs possible with Additional Security

•· Available with USD, BP, Euro, Chf, AUD,
NZD, HKD, CAD currencies

•· Currency Switching Option Offered at Interest Rollover Dates

•· Maximum 4 Changes Per Calendar Year

•· 2 Changes at No Cost

•· Max 70% LTV for Currency Switching Option

Program Borrower Profile :

•· Experienced Real Estate Investor

•· Consistent Income: W-2 or S/E

•· Provable Income

•· Strong Reserves

•· Strong Credit History

•· Understanding of the Currency Markets

•· Not Time Sensitive

Repayment:

•· Principal and interest installments

•· Interest only Mortgages

•· Payable quarterly in arrears

Options:

•· Purchase

•· Refi (rate and term and Cashout)

Actual Scenario:

Loan Amount	$765,000	$788,000
Rents	5425	5425
1^st Mortgage	3220	2475	3.77%
2^nd Mortgage	780	0
Taxes/Insurance	685	685
Operating Expenses	435	435
Total Expenses	5120	3595
Net Income	305	1830	600%!

For the Service You Deserve

Call Me!

Joe Schmitz

Loan Officer

Cell: (808)783-5815 Always Available!

Office: (808)674-0633x20

Fax: (808) 674-0833

joe.schmitz@cofedbank.com

Colorado Federal Savings Bank

949 Kamokila Blvd. Suite 102

Kapolei, Hawaii 96707

Foreign Currency Mortgages! GREAT for the Experienced Investor!

Joe Schmitz (Platinum Mortgage Partners) — Mon, 11 Feb 2008 21:27:02 -0600

Foreign Currency Mortgages

Foreign Currency Mortgages allow clients to leverage stable, low cost of funds from other countries which dramatically increase the cash flow on Income Properties

What's so great about a foreign currency mortgage?

•· Very Low Interest Rates (as of Feb 4):

•o JPY Rate: 1.99% (must have JPY income)

•o USD Rate: 4.28%

•o CHF Rate: 3.79%

•· Maximize Cash flow

•· No Credit Report and No Fico required

•· Flexi-currency Facility

•· Unlimited Properties

•· No Maximum Loan Amount

•· Personal Service and Professional Advice

Program Highlights:

Interest rate: Variable Depend on Currency
Investment properties only
SFRs and Condos
Up to 30 year interest-only mortgages
75% LTV, 50% DTI
Higher LTVs possible with Additional Security

Type of Investor:

•· Experienced Real Estate Investor

•· Consistent Income: W-2 or S/E

•· Provable Income

•· Strong Reserves

•· Strong Credit History

•· Understanding of the Currency Markets

•· Not Time Sensitive

Program Highlights:

Available with USD, BP, Euro, Chf, AUD,
NZD, HKD, CAD currencies
Currency Switching Option Offered at Interest Rollover Dates
Maximum 4 Changes Per Calendar Year
2 Changes at No Cost
Max 70% LTV for Currency Switching Option

Repayment:

Principal and interest installments
Interest only Mortgages
Payable quarterly in arrears

Options:

Purchase
Refi R/T and Cashout

Actual Scenario:

Loan Amount	$765,000	$788,000
Rents	5425	5425
1^st Mortgage	3220	2475	3.77%
2^nd Mortgage	780	0
Taxes/Insurance	685	685
Op Exp	435	435
Ttl Exp	5120	3595
Net Income	305	1830	600%!

New Product Update!

Joe Schmitz (Platinum Mortgage Partners) — Mon, 14 Jan 2008 16:22:22 -0600

VA Loans with a NO closing cost option; I pay all the non-allowable fees! Now up to $1.5 Million!
•·       MCC! Which can also be combined with VA
•·       Stated income products still available
•·       Commercial Loans: All property types!
•·       100% financing even for credit challenged borrowers with no points!
•·       FHA and Hawaiian Homelands
•·       Refinances, rates are low! It's a great time to refinance!
•·       Hard Money available
•·       And Much More!

VA jumbo loans up to $1.5 Million!

Joe Schmitz (Platinum Mortgage Partners) — Mon, 14 Jan 2008 16:14:11 -0600

VA Loans Up to 1.5 Million! (I'm still payment all non-allowable fees!)

Here is how it works:

VA will guarantee up to a purchase price of $625,500. In addition, the VA jumbo product requires a down payment. Here is how you calculate the down payment:

Purchase price + funding fee - $625,500 = Non-guaranteed amount. The required down payment is 25% of the non-guaranteed amount.

Requirements:

•1. Must have a FICO score of at least 660

•2. Must have 2 Month's reserves

Give me a call or send me an e-mail with any questions.

Colorado Federal Savings Bank Commercial Loans

Joe Schmitz (Platinum Mortgage Partners) — Wed, 05 Dec 2007 15:44:03 -0600

Colorado Federal Savings Bank is an equal housing lender, federally chartered thrift and loan, Member FDIC and a direct lender of commercial real estate first mortgages nationwide since 1990. Today Colorado Federal Savings Bank is the second most profitable thrift and loan which in today's uncertain mortgage market is truly unique and means we are here to stay.

Here are some examples of some of our products:

1) Apartments 5+ units and 1-4 units as long as they are next door to each other adding up to minimum of 5+ units, Mixed Use with apartments and commercial attached in one building and Mobile Home Parks with 15+ pads. Stated income. To 80% LTV's with DSCR of 1.15+, 660+ mid score, $350K to $20 million.

2) Part-time Farms or Ranches to $3 million, owner-occupied.

Colorado Federal Savings Bank Commercial Loans

Joe Schmitz (Platinum Mortgage Partners) — Wed, 05 Dec 2007 15:43:36 -0600

Here are some examples of some of our products:

2) Part-time Farms or Ranches to $3 million, owner-occupied.