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100 financing: 100% Financing with VA: Can You Have 2 VA Loans at Once? - 11/21/08 07:08 PM
In the ongoing quest to unearth the few remaining 100% home loan options, I wrote a recent article about VA loans called 100% Financing: Focusing on VA. Since then, I have been asked numerous times whether or not a veteran can have two VA loans.
The answer is yes and yes. Now I know that the question above refers to two VA loans and not two questions, so let me explain the two yes answers. As most lenders and veterans already know, a veteran can have two VA loans in succession. Once a VA loan has been paid off and the … (2 comments)
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100 financing: FHA + Nehemiah: A Path to 103% Financing - 02/05/08 11:58 PM
With the rapid demise of 100% financing, first-time home buyers are finding it increasingly difficult to purchase homes, even as prices become more tempting. Yet there is one solution often overlooked by borrowers and lenders alike. It is the Nehemiah program, and when used in conjunction with a normal FHA loan, magical things happen.
What is Nehemiah? The Nehemiah Corporation is “a community development corporation specializing in homeownership, affordable housing and community development.” The Nehemiah Program, founded in 1997, is the largest privately funded down payment assistance program (DPA) in the country and has helped a quarter of a million families … (21 comments)
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100 financing: “Timely Rewards Payment Option”–Fannie Mae’s Best Kept Secret - 10/16/07 09:09 PM
Sub-prime mortgages have largely evaporated. What remains are a few offerings in the 10–11% range with nasty prepayment penalties and the potential for future rate resets.
So what do you do if you or your client have sub-prime credit?
Try Fannie Mae’s DU engine. Although most lenders think of Fannie/Freddie as prime credit only, both offer approvals for lower credit grades. Even with a credit score in the high 500’s, you may be able to secure a Expanded Level I, II, or III approval. While these do carry higher rates—7.5% to 8.5%— you can at least secure a safe, standard 30 … (1 comments)
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100 financing: 100% Financing With Freddie Mac’s Home Possible - 09/25/07 08:49 PM
As sub prime, Alt-A and 2nd mortgages continue their disappearing act, the GSE’s have been busy trying to help make housing more accessible and affordable. Both Fannie Mae and Freddie Mac have brought forth fantastic programs that can help consumers buy homes with no down payment or refinance homes with little remaining equity.
Fannie Mae’s initiative is called MyCommunity Mortgage and I wrote a previous article about that. Freddie Mac has something similar called Home Possible. Here are a few highlights:
100% purchase or rate and term refinance, with no minimum borrower contribution. (105% CLTV allowed on SFRs)30 & 40 yr … (1 comments)
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100 financing: The New FHA: What You May Not Know About Appraisals - 09/12/07 12:20 PM
During the sellers’ market of the early 2000’s, FHA loans were the forgotten stepchild of the mortgage business. No seller would even talk to a buyer approved through FHA or VA. One big reason for that avoidance was the FHA appraisal and related property issues.
All that has changed.
While an FHA approved appraiser must still be used, the rest of FHA’s appraisal requirements have been brought into parity with those of conventional loans. Here are some key improvements:
Pest reports: No longer required. Pest reports used to be an FHA fact of life, and every structure on the property—the broken down shed … (1 comments)
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100 financing: The Last Gasp for 100% Stated Income/Stated Asset Prime Mortgages - 05/22/07 01:56 PM
My Chase rep called this morning to tell me that Chase is pulling their 100% SISA (stated income/stated asset) loans at the end of the month. I can’t say this is unexpected, since the noose had been slowly tightening. The 100% SISAs for prime A paper borrowers had survived until now only in the rarified atmosphere of 740+ Fico scores.
Chase was one of the few left with a low enough default rate to find buyers on Wall Street. Apparently the numbers are in, and Chase got its butt kicked on 100% loans originated in 2006, particularly on the 2nds that are … (1 comments)
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100 financing: Urgent Notice from Wells Fargo on 100% Financing - 04/10/07 08:25 PM
Today’s message from Wells Fargo on 100% stated income/stated asset loans.
Urgent notice: Wells Fargo Home Equity will continue to have SIVA (stated income/verified assets) to 100%, however, the Stated Income/Stated Asset to 100% will no longer be offered for loans locked/registered on or after Tuesday, April 17th. Monday, April 16th will be THE FINAL DAY to get your SISA 100% loans in our system (an earlier communication incorrectly approximated a final locking date of April 23). Mark your calendars now and make sure you don’t miss the final SISA 100% CLTV opportunity. The 100% full doc prime loans are still around, but who … (4 comments)
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100 financing: FHA Access–A Safe Way to 103% Financing - 03/31/07 06:41 PM
A couple of weeks ago I wrote an article called Qualifying For a Home Loan: 6 Reasons to Consider FHA. Not all lenders have been around long enough to remember FHA loans. Those who have remember the extra requirements that made FHA loans unpopular with sellers. But it’s a buyer’s market today, and all that has changed.
Last week I originated my first FHA Access loan in 7 years, and I was reminded what a great program it is. FHA Access is a 2nd loan that pairs with a traditional FHA 1st and covers the 3% down payment and all of the buyer’s closing costs. … (2 comments)
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100 financing: Qualifying For a Home Loan: 6 Reasons to Consider FHA - 03/12/07 10:31 AM
FHA loans are the forgotten toy in the box. Gathering dust like some old Atari game while we’ve played with our shiny new Xbox, FHA loans years ago lost their appeal. It’s time to reconsider.
Here six reasons every first-time buyer should consider an FHA loan.
100% financing. FHA was the first to offer 100% loans. FHA loans actually require a 3% down payment, but they can be combined with a 2nd loan to cover the down payment and closing costs. If you don’t need that 2nd loan because Aunt Betty wants to help, FHA will allow her to “gift” … (0 comments)
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100 financing: Are You Pre-Approved for 100% Financing? Better Check Again… - 03/05/07 03:57 PM
Worthless Pre-Approvals So you’ve decided to buy a home. And being the educated consumer or Realtor that you are, you secured loan approval for your 100% financing in advance. Now, you’ve got a formal approval and all the conditions are met.
Smooth sailing, right? Not necessarily.
I recently wrote an article entitled 6 Reasons Your Next Loan May Take Longer Than It Should. The post got a lot of attention over at Active Rain where most people had begun experiencing these very problems. And I’m afraid it’s just the tip of the iceberg.
Rapid Changes The meltdown in sub-prime lending market … (0 comments)
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Marc Brinitzer
Sacramento,
CA
More about me…
Big Valley Mortgage
Office Phone: (916) 791-3760 x 340
Cell Phone: (916) 761-3760
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