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fha: The Top 3 Mistakes Buyers Make when getting Pre-approved. - 03/02/09 08:53 PM
The very first thing that a buyer should do when considering  a new home purchase is contact their Mortgage Broker or Banker and get pre-approved. However, many times this is not the case. Many times buyers see a home that they like either by driving buy it or searching on-line. This home sparks the interest and they use on-line calculators to see if the home is affordable. The payment appears affordable and within their budget. The question is with tightening credit and underwriting criteria will the documentation support that theory.......
Mistake #1 - Test Driving Homes before Pre-approval - Looking at … (2 comments)

fha: Fannie Mae/ Freddie Mac Costs; Loans are getting Expensive! - 02/18/09 12:04 PM
Fannie MAE and Freddie Mac have gone to risk based pricing. This is not new news as loans have always been priced and approved based on levels of risk. When you as a consumer are looking to be financed the lender is evaluating three things. We refer to them as the three c's.
Credit - this is your history of repayment of other loans such as auto, note loans, installment, student loans and revolving debts such as credit cards. Your mid fico score is seen to be a fair reflection of your repayment history. Experian, transunion and equifax are the three … (0 comments)

fha: Three ways to 100% in California - 09/23/08 01:51 PM
As many of you are highly aware of there is a little turmoil in the markets. As of today at 1133 am, I am doing 100% financing three different ways. They all have there own little pros and cons but they are a way to get the first time buyer into a home.
1) CalHFa with a Chdap silent second.This requires the borrower to have a 680 fico score but is a real strong candidate for consideration. This can be combined with an FHA first mortgage and you are on your way to 100%. CalHFA put a freeze on the CHAP … (0 comments)

fha: Do you own up to your Mistakes? - 05/18/08 08:47 PM
The Foundation
It might scare many of you to hear me admit this and it may cause some of you to be concerned, others may respect the fact that I was able to admit "I did it!" I have been in the mortgage world since early 2002. In that time I was number one in the company three years, number two twice and assistant for one. I have held every position. I helped to open a mortgage bank and opened and operated my own branch that I built to 25 people in late 2006. I say none of this for pats on the … (1 comments)

fha: FHA 203K and FHA 203K Streamline - 05/15/08 09:49 AM
Have you had the luxury of running into the REO that is missing the appliances, missing the HVAC and is in dire need of some cosmetic work. You probably moved on to the next house with your buyer and called it a day. You do not have to do that anymore. FHA 203K and 203K Stremline are designed to help cure the cosmetic decor tragedy while putting your buyer into a home.
FHA 203K Streamline is what I am going to talk about for the most part because it is the one that relates well to the REO situations that we … (5 comments)

fha: FHA Learning Curve - 04/12/08 10:52 AM
I don't know about your market but FHA is the predominant purchase money tool in the greater Sacramento area right now. Along with the emergence of the FHA dominance comes the learning curve. For the last several years FHA had been put on the shelf. The loan limits were too low. The Mortgage Insurance Premium was too severe. Who wants to pay monthly MI if you can avoid it? Thirty Year Fixed mortgages were a thing of the past. There is way to much paperwork for a FHA loan. Broker's did not want to pay the insurance or sign-up because that … (9 comments)

fha: FHA and VA - 03/31/08 10:37 PM
Given the current state of the market place I believe that it is essential that you mortgage broker or loan officer have the availability of FHA and VA financing options. These options, especially in areas where there are homes under 417K, are essential to fully disclose all available options to the consumer.
When you compare the pros and cons of FHA, VA and conventional financing they all have the one thing that makes you go ugh! For example, FHA financing requires a 1.5% MIP premium that must be paid on all transactions. The pros are they offer 97% financing and cooperate … (3 comments)

fha: Mortgage Market Turn Times (Realistic Expectations) - 03/24/08 02:39 PM
Insight from Scott Johnson Calfornia Mortgage Broker  
 Turn Times
Turn times in the industry are skyrocketing. Many long-duration tasks typically
associated with mortgages were being waived when the market was "easier".
With the capital markets' "lack of appetite" for mortgage backed securities, waiving
conditions, or ignoring typical requirement are a thing of the past, below represents a
typical estimation for closing times currently in the market. This is being driven by
several factors, predominantly the collapse of capacity. 2007 was a buster of a year for
the mortgage industry, and about 85% of the competition collapsed. The remainder went
through significant downsizing, and with the return of demand, most are … (1 comments)

 

Matt Freeman; Broker- California Mortgages

Roseville, CA

More about me…

Capitol Mortgage Corporation

Address: 1540 Eureka Road Suite 100, Roseville , Ca , 95661

Office Phone: (916) 960-0395

Cell Phone: (916) 402-5948

Email Me

This blog will contain information based on my thought s for the week. I am rather optimistic person so if you here pessimism in my blog usually I am making a point. I look forward to writing and reading many blogs.



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