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government: No Equity? Bad Credit? Refinance FHA Streamline Your Mortgage - 05/04/09 11:53 PM

 
Don't Be Quick To Turndown a Loan
Just last week a client was referred to me by reading one of my blog posts.  The reason he was searching for a local lender is because he tried to get approved in refinancing his mortgage from an 8% rate.  The lender he tried to go with did not even bother calling the client back after pulling his credit.  This is a sign that usually the client had qualifications lower than the minimum and the loan officer decided not to call the client back.
However, I work with the client till the … (5 comments)

government: National Flood Insurance Plan Extends 6 months by Congress - 09/30/08 10:42 PM

The National Flood Insurance Program was developed by congress address both the need for flood insurance and the need to lessen the devastating consequences of flooding.
The program was set to expire today September 30th 2008 but was passed earlier this week for another 6 months by the House of Representatives and must still be signed by President George W. Bush.
This is a temporary measure due to the simple fact of not coming to a permanent agreement in whether we need to add wind coverages to flood insurance and finding a solution to the programs debt.
The National Flood Program … (3 comments)

government: First Time Home Buyer Overview and Quick Tips - 09/10/08 02:01 AM
 

 
There are some great benefits in being a First Time Home buyer but what exactly defines a First Time Home Buyer and what are the benefits you may ask?
A First Time Home Buyer is considered an applicant who has not have held an ownership interest in a principal residence within the past three years.
 
Benefits of being a First Time Home Buyer:
On FHA Loans the MIP Cap of 2.25% can be lowered to 2.0% if the client is a First Time Home Buyer Eligible to qualify for State Specific Finance Companies like VHDA for Virginia … (6 comments)

government: VHDA 103% Financing FHA Plus Loan - 09/10/08 12:58 AM

 
VHDA is Virginia's State Finance Company which more can be found here in my previous blog.
With the Down Payment Assistance programs being eliminated here shortly, there are very few true 100% loan programs out there.
There is hope though, VHDA has a loan program called FHA PLUS which is VHDA financed and FHA insured designed to help First Time Home-buyers gain home-ownership.
Contact your local mortgage professional who is licensed for VHDA loans. (I am in the Virginia Beach Area and fully licensed)
Here is a quick overview of the loan
This is a piggyback Combo loan with … (7 comments)

government: Its not FHA - Its VHDA: The FHA Alternative in Virginia. - 08/14/08 10:50 PM

 
What is VHDA?
VHDA stands for Virginia Housing Development Authority.  Its Virginia's Mortgage Finance Agency. Most every state has their own Finance Agency.
 
Mission?
VHDA was created in 1972 by the General Assembly of Virginia to help overcome barriers to affordable housing.
VHDA is not for everyone.  The eligibility requirements does have a few restrictions not limited to the following:
Household income of 65k and below for Virginia Beach County (Does vary for each county contact your mortgage expert) Underserved Minorities Disabilty and Ederly  
VHDA vs FHA ?
The main difference is VHDA is more local driven … (7 comments)

government: Buyers Don't Fold your Cards, Use Your Ace Up Your Sleeve - 05/03/08 12:12 AM
The Pre-Flop
I work with a couple Real Estate Investors in the Virginia Beach Area and they mainly invest in Short Sales and Foreclosures to sell back to potential buyers.
I had a client pre-qualified up for a $200,000 FHA Mortgage and the client was interested in buying a short sale, I called up my Investor to ask for a few listings in that price range and showed my client the listings.
 
 
The Flop
My client was excited to see a house he wanted and worked with his Realtor to put in an offer.  He offered my investor $180,000 for the listed price at $185,000. … (10 comments)

government: Support our Troops with a VA Mortgage. - 04/15/08 01:14 AM
Is there a strong military presence in your area?
I grew up as a Navy brat in Virginia.  My father is a retired Command Master Chief in the Navy, the highest rank you can get being enlisted.  So I respect the Military, The area I live in has a strong military presence.
I am located in the Hampton Roads area in Virginia, Hampton Roads is the world's largest naval base. The Navy owns 36,000 acres and more than 6,750 buildings in the area. There are some 108,000 Navy and Marine Corps personnel stationed in the area, and the Navy employs more … (14 comments)

government: HUD rolls out new RESPA reform proposal - Its Official! - 03/15/08 10:42 PM

Its official Hud rolled out the proposed revisions to Respa FINALLY  -- MArch 14th 2008.  To view the Federal Register you can see it here --------> Federal Register
What Hud Says 
HUD says simplifying and standardizing the GFE would make it easier for home buyers to shop around by comparing the fees charged by loan originators, whether they are yield spread premiums paid to mortgage brokers or other fees charged by banks.
The proposed rule would also allow settlement service providers to seek volume-based discounts for settlement services, which HUD believes would lead to lower third-party settlement service prices. Settlement service providers would … (4 comments)

government: FannieMae Homesaver Advance Progam to help out delinquent borrowers - 03/09/08 02:21 PM

 
 
Another great loan program just announced in March 2008 by Fannie Mae to help our borrowers who are delinquent on their current mortgage.
Outline of the product
The Homesaver Advance program provides funds to pay past due balances of principal, interest, taxes, insurance (PITI), and up to six months to 12 months of home owner association (HOA) fees. The 12 months is by case by case scenario.
The advance requires the borrower to sign a promissory note for the funds, payable over 15 years at a fixed interest rate of 5 percent. No payments are required for the … (2 comments)

 

Justin Williams - Loan Officer

Virginia Beach, VA

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Address: 9094 Baltimore Avenue, College Park, Md, 20740

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