Connecticut VA Mortgages: CT FHA Loans's Blog

Connecticut Adjustable Rate Mortgage Refinance | FHA Secure Program Helps Those With An ARM

2008-06-05T07:56:32Z

Connecticut FHA Mortgage Refinance - CT Adjustable Rate Mortgage Refinance

With the modifications to FHASecure scheduled to begin July 14, 2008, there will help to homeowners struggling to keep up with their high-cost subprime adjustable rate mortgages who have missed up to three monthly mortgage payments over the past 12 months.

If you are delinquent, the default must have been due to the payment shock of an interest rate reset or, in the case of an Option ARM, the "recasting" of the mortgage to fully amortizing

FHASecure is a refinancing option that gives homeowners with non-FHA adjustable rate mortgages (ARMs), current or delinquent and regardless of reset status, the ability to refinance into a FHA-insured mortgage. With FHASecure, the lender will not automatically disqualify you because you are delinquent on your loan.

Borrowers refinancing into FHA loans from the subprime market will be better off, even with slightly higher mortgage insurance premiums, because FHA insurance gives them access to substantially lower interest rates, and will lower their overall mortgage costs.

Contact the Benchmark Mortgage Connecticut Team today for more information on how an FHA Mortgage May Help You. www.benchmarkCT.com or toll free in Connecticut 1-866-334-5626

FHA Mortgage News | Connecticut FHA Mortgages

2008-06-05T07:46:43Z

FHA Guideline Changes Coming Soon........

Currently, the FHA has a 'one size fits all' premium structure that charges borrowers 1.50 percent of the loan balance upfront and .50 percent annually regardless of their credit standing.

But the FHA felt this approach did not treat borrowers equitably and could put their insurance fund at risk.

That's why under their new guidelines scheduled to begin July 14, 2008, the FHA's upfront mortgage insurance premium will range from 1.25 percent to 2.25 percent with borrowers still needing to adhere to the FHA's strict underwriting criteria.

Under the new system, higher risk borrowers (those with lower credit scores and low down payments), will pay higher insurance premiums for FHA loans. Borrowers with a FICO score of 560 and below with down payments less than 5% of the purchase price will be charged a 2.25% upfront mortgage insurance premium and 0.55% annually.

Those with very good credit will now pay the lower end of the upfront mortgage insurance premium of just 1.25% and an annual of 0.50%.

By charging different premiums, the FHA will be able to operate like most other insurance companies. This will allow them to serve more people without making taxpayers pick up the tab.

Although Private Mortgage Insurers of conventional loans have been using this risk based approach for more than a decade, it's a substantial move for FHA.

It appears that with the new system, those borrowers which solid credit history and higher FICO scores should get a better deal from the new FHA rick based system.

Contact The Connecticut Benchmark Mortgage Team today and see if a FHA Mortgage is right for you!

www.BenchmarkkCT.com 1-866-334-5626 Toll Free in CT

Connecticut First Time Home Buyers | CT FHA Loan and VA Loans

2008-06-04T07:25:23Z

Connecticut First Time Home Buyers, CT FHA Loans and CT VA Loans.

First Time Home Buyers who are looking for some information about buying your first home visit www.MetroMort.com. On this web site you will find First Time Home Buyer Information as well as FHA Mortgage Loan Information and VA Mortgage Loan Information.

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RISING PRICES NOT JUST AT THE GAS PUMP... Connecticut - Benchmark Mortgage

2008-05-22T11:49:01Z

RISING PRICES NOT JUST AT THE GAS PUMP...

If you've noticed your grocery bill getting bigger lately, you're not alone - and it's likely not because you're eating more. According to Rising Food Prices: Policy Options and World Bank Response, global wheat prices have increased a whopping 181% over the past three years - and overall, food prices have increased by 83%!

Concerned? You're not alone. A recent poll showed that 73% of consumers cite higher grocery bills as a concern; with nearly half saying food inflation has caused a hardship for their households. In fact, food prices ranked just below record-high gasoline prices on the list of things people are worried about.

Theere are three simple ways you can save when it comes to food and drink prices:

Time your grocery shopping. With the exception of milk, eggs, and bread, most grocery store products are put on sale at least once every 12 weeks. So instead of buying what you need every week or two, stock up on non-perishables when they go on sale. It may take a little planning ahead on your part, but the annual savings is substantial. The average American family of four spends about $8,500 on groceries each year. Trimming that bill by 20% saves $1,700.

Make eating out a special treat. Enjoying a nice meal out is always a fun thing to do, so let it be just that, a fun thing to do rather than a solution for being too tired or too rushed to cook. When you do have the time and energy to cook, make two or three times the amount and freeze the extras. Then, when you're rushed, a home-cooked (and probably healthier) meal will be waiting in your freezer, and will likely take less time to reheat than a night out or take-out delivery. And you will save more than time: A restaurant meal for two costs $30 even at inexpensive chain restaurants. Home-cooked meals typically cost half as much, if not less. Convert two restaurant trips into two frozen homemade dinners each month, and you will save $360 per year.

Don't buy bottled water. Believe it or not, recent tests have shown that bottled water and tap water are pretty equal when it comes to safety and taste. For example, ABC News tested New York City tap water and bottled water for bacteria and found no difference in purity. Plus, there are environmental benefits of using less plastic. People who drink one $6 case of bottled water each week can save $311 per year if they stop buying bottled water. Tap water costs five cents per gallon, or less than two cents per equivalent case - about $1 for the year.

Hey, if you eat...rising food prices impact you. Use the above tips and suggestions to help minimize your concerns about rising food prices, and stay healthy and smart.

www.BenchmarkCT.com 1-866-334-5626 Toll Free in Connecticut

Plainville Connecticut Condominium For Sale : Plainville CT Real Estate For Sale

2008-05-20T09:14:02Z

Rarely available unit. Spacious and private complex. Big 2 Bedrooms, 1.5 Bath, and HUGE Eat In Kitchen. Original Flooring is no big deal BECAUSE- Seller will replace all carpets or negotiate accordingly! Closets galore! Deck for entertaining, and oversize garage for your extra toys! A Must See unit steps to Quinnipiac Park, easy on/off I-84 and route 10!

Get More details and photo's @ http://www.michaelchenkus.com/Hartford/Connecticut/Condos/Plainville/Plainville/Agent/Listing_1656615.html

For Mortgage Information on this property or any other contact Leo Namiot @ www.LeoLends.com or call 1-866-334-LOAN (5626) Toll Free in CT.

Ask about 100% Financing For First Time Home Buyers - FHA Loans and VA Mortgage Loans

Connecticut FHA Mortgage Loans - A great mortgage program to buy a home

2008-05-11T07:49:48Z

With so much negative news about the credit crunch, subprime crisis or housing meltdown it is easy to get discouraged as a first time home buyer or even if you already owned a home and are shopping looking to upgrade.

Many news reports are telling people that there is no way that you can get approved for a mortgage if you have credit issues in this market. That is simply not true.

We specialize in providing FHA loans and FHA refinance loans. These HUD loans let you buy or refinance with a low down payment. By not having income limitations or credit scoring, many people will qualify for a HUD home because they can afford the monthly mortgage payments and have reasonable credit.

for a free no obligation mortgage consultation contact Leo Namiot @ www. benchmarkct.com or 1-866-334-5626 toll free in Connecticut

Connecticut VA Loans Are A Great Way To Get 100% Financing and No MI!

2008-05-10T07:08:45Z

With all the changes and cut back to mortgage programs over the past 18 months the options for 100% Financing is limited to a slim few programs. One program that is still alive and well is the VA Mortgage Loan which will allow up to 100% Financing, NO Monthly Mortgage Insurance and allow up to 6% from the sellers towards closing costs.

Qualified veterans and active duty military can obtain a loan of up to $417,000, or $625,500 in high-cost areas, with no money down.

Here are a few of your benefits when you choose a VA Home Loan:

No down payment required
No mortgage insurance
Easier qualification standards
Credit and income standards are not as strict
No prepayment penalties

Contact Leo Namiot at Benchmark Mortgage 1-866-334-5626 Toll Free to see if you qualify for a VA Mortgage Loan. www.LeoLends.com

Connecticut Adjustable Rate Mortgage Refinance Help - FHA Mortgage Program Designed To Help

2008-05-10T06:57:37Z

Over the past couple of years many people have had their ARM adjust upward and have not refinanced because they may have thought they would not qualify for a new fixed mortgage. Our FHA Mortgage Program is designed to help those who have an ARM that has adjusted upward or is about to adjust upward, this program has been designed to help those who may have gotten into a sub prime loan because of past credit issues and are now finding it difficult to pay their mortgage after the rate adjustment.

To qualify for This FHA Mortgage Program, eligible homeowners must meet the following five criteria:

A history of on-time mortgage payments before the borrower's teaser rates expired and loans reset;
Interest rates must have or will reset between June 2005 and December 2009;
Three percent cash or equity in the home;
A sustained history of employment; and
Sufficient income to make the mortgage payment.

Contact Benchmark Mortgage Today and find out if we can help before it's too late.

www.BenchmarkCT.com

1-866-334-5626 Toll Free in Connecticut

Newington CT Condominium For Sale | MUST SEE

2008-05-08T22:22:44Z

Immaculate end unit. Bright, spacious layout. Vaulted ceiling, chair rail, molding, pillars, LG refrig. Flowing ranch w/ master suite, soaking tub, shower, walk-in. Eat in kitchen, private deck w/ view. Huge basement for storage or to finish. A Must See unit.

Type: Condominium Style: Single Story Development Level: Built Bedrooms: 2 Bathrooms: 2 Garage: Double Basement: Yes, Full "Unfin" Size: 1,568 sq. ft. Lot Type: Rectangular Has Suite: Yes

Get More Details @ http://www.michaelchenkus.com/Newington/Connecticut/Condos/Newington/Agent/Listing_1712192.html

For Mortgage Information or to get a Free Mortgage Pre-Approval Contact Leo Namiot @ Benchmark Mortgage 860-283-000 www.BenchmarkCT.com

Real Estate Agent - Beware of deals in the works with Sub Prime Lenders

2007-03-07T11:54:18Z

Unless you have been under a rock the past 3-4 weeks you are well aware of the sub prime indutries troubles. With over 30 Lenders shutting down or selling out the trouble seem to just be getting larger everyday.

Those Agents with customers that are borrowing from a sub prime lender need to make their customers aware that their loans may not close!

Without notice several lenders in the sub prime world are closing shop, so what happend to the deals that are in the pipeline? Well it's simple... They don't close! Which means your buyer(s) and the sellers are pretty much out of luck unless the buyers are able to get a mortgage from another sub prime lender. Getting a mortgage in the sub prime world is getting tougher by the day as guidelines have tightened and are going to get only tighter.

Here at Wells Fargo our sub prime division has not been affected much at all as we have always had a more conservative view than some of these loose goose type lenders who are now feeling the effects of their risks.

The bottom line is many people still have no idea what is going on in the sub prime world and may not even realize their deals may not be closing if the lender they started with closes shop.

Over the past few years there were times where Agents would tell me about those lenders who can do deals we here at Wells could not do inhouse, now those lenders are out of business as we continue to be a leader in the mortgage market.... Funny how things work out.

Good luck with those deals in the work with sub prime lenders.