refinance: 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)
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refinance: Veterans’ Benefits Improvement Act of 2008 Changes. VA Cash Out Refinance 100%. - 10/25/08 05:58 PM
Veterans’ Benefits Improvement Act of 2008 Changes
Recently, in VA Circular 26-08-19, the Veterans Administration (VA) announced several changes regarding loan guaranty provisions. President Bush Officially signed over the changes this month October 2008.
Major Improvements to the VA Program are below in layman terms ☺
The Veterans Benefits Act of 2008 includes four major housing provisions.
1.) Cash Out Refinances the bill increases the maximum LTV from 90% to 100%.
2.) The VA ARM and hybrid ARM programs are extended until 2012.
3.) The maximum guaranty amount of 175% of the Freddie Mac limit is extended to 2012. This makes … (12 comments)
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refinance: Hello Fresh Start! Goodbye Chapter 13 Bankruptcy - 05/27/08 07:53 PM
Fresh New Start After A Bankruptcy
Just because you filed for a Chapter 13 Bankruptcy, doesn't mean that all hope is lost.
Yes! You can obtain a Chapter 13 Refinance utilizing a Bankruptcy Buyout putting all your worries behind you.
Nobody is perfect and many homeowners file for a Chapter 13 for a variety of reasons but the bottom line is everyone deserves a second chance and a chance to get a fresh new start.
There are still many programs out there even on Government loans that can help you obtain peace of mind.
The ABC's of the … (5 comments)
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refinance: Market Report in Virginia Beach Regarding Mortgage Options - 05/27/08 12:02 AM
Quick Market SnapShot in the 757
As you can see in the Demographic Stats above for the Virginia Beach Area, the numbers has it's Pros and Cons.
Pro
We are not in a Declining Market compared to the rest of the Nation and even our brothers and sisters up North in Virginia. Having a 0.9 Ratio in foreclosures is pretty tame. We are not in a Upside Market compared to the rest of the Nation. The Median LTV is 85% which is excellent in having that emergency equity. Cons
50% Late Payments in the last 12 months. Seems like … (3 comments)
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refinance: Refinance Cashout on your Rental? Use this Free Tool to Decide (Rentometer.com) - 05/12/08 08:39 PM
Need to tap into your Rental property?
Investment Properties are hotter than ever with all the current Short Sales anf Foreclosures going in the market.
So now that you captured a rental property and are utilizing a stable rental income for quite some time now, it has come to attention than an unxepected financial need arises and have to decide if tapping into your investment property is worthwhile.
Analyzing your Rental income, Mortgage and Rental Lease
There's 3 main factors come into play with your Rental are as follows
Rental Mortgage: - Does your investment property have a mortgage tied to … (3 comments)
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refinance: Self Employed Program Still Alive and Kicking! - 04/02/08 09:53 PM
As many lenders out there are eliminating loan programs for the self-employed customers/derive their income from mostly from commissions, theres still hope.
I still feel like if you maintained good credit these borrowers should still have a chance to get a simple, fast, competitively-priced home financing done.
You’ve built a good credit rating. Now you can reap the rewards with convenient, streamlined refinancing from the Wells Fargo Mortgage Express reduced-paperwork option.
Wells Fargo Mortgage Express offers: Convenience. There’s no need to hunt for tax returns, bank statements or pay stubs. Simply state your income and assets on your application. Speed. Your … (8 comments)
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refinance: FHA is still a Super Star! - 04/01/08 08:52 PM
Many lenders out there are tightening their grip on strict guidelines and restrictions, its hard to find the right "Niche" for borrowers nowadays.
As many have perceived with FHA as a strict loan and strict appraisal standards, FHA has made a lot of improvements over the last few years.
FHA is still going strong as my "Super Star Loan Program" and should not be forgotten.
I have had much success with the following just as a clarification on my FHA guideline.
Low Down payment (only 3% cash investment) Closing costs can be paid by seller or lender through premium pricing Seller Concessions up … (9 comments)
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refinance: FHA Secure Loan Program Clarification - 03/28/08 12:43 PM
Many people are asking about this type of program since alot of lenders they talked to don't offer it or have no clue on the program.
What is the program?
The new FHA Secure loan program is a new refinance option that is being offered through the FHA to home owners that have fallen behind on their mortgage payments due to increasing interest rates and payments on their adjustable rate mortgages. The FHA Secure loan program is the Bush administrations initiative to slow the record foreclosure rate in America.
The FHA Secure loan program is designed to help home owners who took out subprime … (11 comments)
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refinance: Golden Opportunity to buy - 03/19/08 05:35 PM
There's too much negativity in the news about the market and finance, I rarely turn on my TV anymore because of that. My solution is to use RSS feeders to get the news and weed out the negativity and focus on what to bring to the table.
The point is just because they say we are in a slump let's start thinking outside the box, when one door shuts another door opens, am I right?
Optimism isn't always a frame of mind. It also has a lot to with your finances.
The golden opportunity here if you will in this real estate slump … (8 comments)
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refinance: My 2 cents on Bear Stearns Deal - 03/17/08 10:23 PM
Heres the Quick Wiki: http://en.wikipedia.org/wiki/Bear_Stearns
The Bear Stearns Companies, Inc. (NYSE: BSC) was the parent company of Bear, Stearns & Co. Inc., which was one of the largest global investment banks and securities trading and brokerage firms in the world. The firm's main businesses included capital markets (equities and fixed income), investment banking, wealth management, and prime brokerage clearing services.Following a March 14, 2008 announcement that the firm required emergency financing from the Federal Reserve Bank of New York and JPMorgan Chase in order to avoid insolvency, Bear Stearns suffered a precipitous decline in value with its market capitalization dropping by 47%. … (11 comments)
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refinance: Loan Minimum too low for most lenders/brokers - 03/16/08 04:15 PM
I hear this story time and time again about borrowers being refused a loan because they are trying to finance a loan less than $50,000. There are 2 reasons why this happens
Lenders have guidelines where financing a loan must meet minimum loan requirement due to risk and cost.Mortgage Brokers work strictly on commission and most won't work on a loan that doesn't pay out well.This is indeed very frustrating for consumers especially the borrowers who really need to refinance to stream line debt or get cash out to help out their current situation. I do understand their needs and I believe … (7 comments)
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refinance: Virginia Beach Direct Lender - Prosperity Mortgage proud to be part of Wells Fargo Family - 03/15/08 06:41 PM
I am so proud to be part of this family and I I couldn't ask for a better lender to work for as a Loan Officer.
Recently I got news that...
Congratulations -- We’re #1 Again!! A Message From The Retail Leadership Team For the 16th year running, WFHM is the #1 Retail lender. Congratulations!! This tremendous record is attributable to great teamwork and the dedication of the entire Retail team. In addition to extending a huge THANK YOU for your efforts, we also want to let you know how important it is to keep the streak alive. … (0 comments)
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refinance: Is it time to Refinance Virginia Beach? - 03/14/08 08:22 PM
It's funny I get asked this question almost every day!
There are many stories and articles out there posted by bloggers, news media, analysts, agents etc that try to give a 10 page essay on the market and if its time to buy a house or refinance. I don't know about everyone else but I like to keep things super simple (K.I.S.S - Keep It Super Simple) We have so many different generation gaps now a days and everyone being the expert we miss the bottom line here.
Can you use a lower payment?
Do you have equity in your house?
Do you want to … (5 comments)
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refinance: 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)
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