Nima Rezvan First Time Home Buyer Expert CT FHA Loans - FHA 203k - CT Mortgage's Blog

Economic Update

Mon, 19 Mar 2012 07:36:18 -0700

http://www.myprospectmortgage.com/NRezvan/article.asp?articleID=1438

Pending home sales, a forward-looking indicator based on signed contracts, rose 2% in January after a revised 1.9% decrease in December. It was the highest reading since April 2010. On a year-over-year basis, pending home sales are up 8%.

Orders for durable goods — items expected to last three or more years — fell $8.6 billion or 4% to $206.1 billion in January. Economists had anticipated a 0.7% decrease. This follows a 3.2% increase in December. Excluding volatile transportation-related goods, orders posted a monthly decrease of 3.2%.

The Standard & Poor's/Case-Shiller 20-city housing price index — on a non-seasonally adjusted basis — fell 1.1% in December after a 1.3% decrease in November. On a year-over-year basis, prices fell 4% compared with December 2010.

The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending February 24 fell 0.3%. Refinancing applications decreased 2.2%. Purchase volume rose 8.2%.

The Commerce Department announced that gross domestic product — the total output of goods and services produced in the U.S. — increased at a revised annual rate of 3% in the fourth quarter of 2011, compared to the initial estimate of 2.8%. This follows a 1.8% pace of growth in the third quarter of 2011.

Total construction spending fell 0.1% to $827 billion in January from a revised $827.6 billion in December. Economists had anticipated an increase of 1% in January. Compared to a year ago, construction spending rose 7.1%.

Initial claims for unemployment benefits for the week ending February 25 fell by 2,000 to 351,000, the lowest level since March 2008. Continuing claims for the week ending February 18 fell by 2,000 to 3.402 million.

Upcoming on the economic calendar are reports on factory orders on March 5 and international trade on March 9.

http://www.myprospectmortgage.com/NRezvan/article.asp?articleID=1438

Nima's new office opens in Stamford, Connecticut

Sun, 05 Jun 2011 17:50:36 -0700

I would like to announce to everyone that my new office in Stamford, Connecticut is open.

Please update your contact information for me:

Nima Rezvan

Loan Officer

NMLS#: 110681

Prospect Mortgage

68 Southfield Avenue

Suite 170

2 Stamford Building

Stamford, CT 06902

Phone: 203.913.6016

Fax: 877.804.5752

Email: nima@prospectmtg.com

Website: http://www.NimaLoans.com

FHA Loans Announcement: Increase in upfront premiums for FHA mortgage insurance starts April 5, 2010

Fri, 29 Jan 2010 20:45:45 -0800

FHA UPDATE FHA UPDATE

On January 21, 2010; the federal housing commissioner announced news about the increase in upfront premiums for FHA mortgage insurance. Effective for FHA loans for which the case number is assigned on or after April 5, 2010, FHA will collect an upfront MIP or Mortgage Insurance Premium of 2.25%. This will be an increase of 0.50% from current MIP of 1.75%.

If you have any FHA questions please feel free to email me at: nima@concorde.bz

Nima Rezvan

Executive Mortgage Banker

Blackberry: 203.913.6016

Email: nima@concorde.bz

Website: http://www.NimaLoans.com

Today's Employment Report Disappoints as US Economy Sheds 85,000 Jobs in December

Fri, 08 Jan 2010 08:54:15 -0800

The unemployment report which I saw on CNBC stated that the US economy lost 85,000 jobs in the month of December which could mean the mortgage interest rates could come down a bit from their existing positions.

The mortgage interest rates have been going higher and higher since November 30, 2009. The poor report today could cause a small drop in rates and that's what most home buyers will be hoping for.

In my opinion, lower rates could cause much mortgage rate lock activity as most borrowers and most mortgage professionals did not lock in before November 30th.

Let's hope for a decrease in the mortgage interest rates so that more consumers can take advantage of these low rates. You can't get greedy in this highly volatile market and you need to be pro-active. I watch the market like a hawk for my clients here in Connecticut.

Let me know if you have any questions about the mortgage interest rates and if you just simply would like a rate quote then email me now at Nima@concorde.bz

Your CT Mortgage Professional,

Nima Rezvan

Executive Mortgage Banker

Phone: 203.913.6016

Email: Nima@concorde.bz

Website: http://www.NimaLoans.com

Healthy Alternatives to Asbestos a Priority for Connecticut Home Owners

Wed, 06 May 2009 16:03:46 -0700

Healthy Alternatives to Asbestos a Priority for Connecticut Home Owners

Used in millions of homes and buildings built prior to 1980, many civilians are still being exposed to asbestos in public facilities, restaurants, schools, shipyards and other industrial locations. As one of the small states in the country, it is ironic that Connecticut is one of the largest in terms of asbestos exposure risks. There are an estimated 600 locations in the state that have been known exposure sites. All of the known exposure sites occurred in the cities of Hartford, New Haven and Fairfield. There are many things to consider in the real estate industries.

Asbestos is often in old fireproofing, roofing, vinyl flooring, pipe and boiler insulation, and some roads and cement pipe and cement sheet products. Citizens of Connecticut should be aware that when purchasing or remodeling older homes, exposure to asbestos may potentially become a health concern.

Although exposure to asbestos does not always lead to related illnesses, frequent exposure greatly increases those odds. Asbestos exposure can cause a severe lung ailment known as malignant mesothelioma. This rare form of asbestos lung cancer accounts for nearly three percent of all cancer diagnoses in the country. Mesothelioma treatment is unfortunately almost always unsuccessful and physician prognosis is poor. There were 498 fatalities relating to asbestos in Connecticut between 1979 and 1999. Of those deaths, 249 can be attributed to mesothelioma. Mesothelioma diagnosis can be hard to detect, as it can take as long as 20-50 years for symptoms to show.

The removal of asbestos must be performed by licensed abatement contractors who are specially trained in handling hazardous materials. It is highly recommended that those who believe they live or work in an area where asbestos are found to leave it undisturbed. Contractors come equipped with protective gear in case its fibers become airborne immediately after it is broken up.

The removal of hazardous materials must be performed by an abatement contractor who is trained and licensed in handling toxic substances. The Connecticut Department of Public Health administers an asbestos program that aims to reduce potential exposure to asbestos. Found in over 3,000 products in the state, they provide assistance in the safe inspection, removal and disposal of asbestos-contaminated areas by following state regulations.

With increasing technology and public initiatives, green alternatives exist which allow for an asbestos free environment. The United States Green Building Council (USGBC), in a study conducted in 2003, estimated a savings of $50-$65 per square foot for well-constructed green buildings in the U.S. These asbestos alternatives will not only reduce energy costs, but allow for a clean, healthy home, free of health damaging materials.

* * * * * * * * * * * * * * *

This is an informative blog for everyone who should be well aware of this deadly disease.

As you may know, homes built before 1980 likely have asbestos insulation in them. When homeowners remodel, they may expose themselves to asbestos, which could lead to the deadly cancer called mesothelioma. There are many environmentally safe and healthy ways to insulate your home and this is among the topics we like to discuss. For more information please visit http://www.Asbestos.com

Your Connecticut Senior Mortgage Broker,

Nima Rezvan

Blackberry: 203.913.6016

Email: Nima@concorde.bz

How do I know if this Condo Complex is FHA Approved? Click on FHA Approved Condo List Link in this Blog!

Mon, 20 Apr 2009 16:23:38 -0700

Dear Realtors and Consumers,

Are you always wondering if a certain condo complex is FHA approved or not? Do you find yourself having to contact the listing agent and asking them if it is and sometimes they don't know? Wouldn't it be better if I just gave you a link to go and check on your own with the most updated FHA Condo Approved list? This website is not a big secret and it is easily found on http://www.HUD.gov but sometimes difficult to locate on the website.

Click on this link to do a simple search to see if a condo complex is FHA approved or not:

https://entp.hud.gov/idapp/html/condlook.cfm

Currently there are 1,590 condo complex's in the state of Connecticut that are FHA approved.

If you would like any information on FHA loans or even would like to apply for an FHA loan here in CT or any of the following states: NY, NJ, MA, RI and FL, then don't hesitate to contact me now.

Remember that a FHA mortgage - home loan is not solely for first time home buyers. Ask me for details.

Hope this blog is helpful to anyone looking to see if a condo is FHA approved or not. This link needs to be added to your favorites so that you can go back to it if you ever need to look up a new condo complex.

Your Fairfield County Senior Mortgage Broker,

Nima Rezvan

Blackberry: 203.913.6016

Email: Nima@concorde.bz

* * * * * * * * * * * * * * * * * * * * * * * *

Click for FREE FORECLOSURE LIST

Largest REO - Foreclosure - Bank Owned Properties - Real Estate Owned List

Home Loan Highlights: FHA 203k, FHA Streamline 203k, Fannie Mae HomeStyle and EasyBuild Renovation - CT MORTGAGE - Connecticut First Time Home Buyer Loan

Sun, 19 Apr 2009 22:47:14 -0700

CT Mortgage - Renovation Home Loan Highlights

FHA 203k	FHA Streamline 203k	Fannie Mae HomeStyle	EasyBuild Renovation
Owner Occupied only, 1-4 Family, Mixed-use	Owner Occupied only, 1-4 Family	Owner occupied 1-4 unit, 1 unit Second home & 1-2 unit Investor	1-2 Units Owner occupied, Second home
Minimum $5,000 in repairs	Up to $35,000 in non-structural repairs. No minimum repair.	No minimum amount of repairs	Minimum $35,000 in repairs
FHA Loan Limits	FHA Loan Limits	FNMA Loan Limits	Up to $1mm
Borrower can be their own general contractor (Limited to qualifications)	Borrower can be their own general contractor (Limited to qualifications)	Borrower can be their own general contractor (Limited to qualifications and 10% of future appraised value)	Borrower cannot be their own general contractor
Ratios 31/43*	Ratios 31/43*	Ratios 28/36*	Ratios 28/36* Minimum FICO 700
Plan Review required by FHA Consultant	No Plan Review or Consultant required	No Plan Review required with < $15,000 in rehab	No Plan Review required
Homeowner/Contractor agreements required	Homeowner/Contractor Agreement + Detailed Contractor Cost Estimates	Homeowner/Contractor agreements required	Contractor agreements required
No reserves required at closing* (3 & 4 Unit properties require 3 months of PITI reserves - 15% vacancy factor)	No reserves required at closing* (3 & 4 Unit properties require 3 months of PITI reserves - 15% vacancy factor)	Reserves may be required at closing*	6 months interest liquid reserves required at closing
10% to 20% Contingency Reserve. Determined by DE Underwriter	NO Contingency Reserve 2 disbursements per sub-contractor	10% Contingency Reserve ALWAYS required	Cost overrun allowed up to 10% of construction costs
High LTV on O/O 1-4 units	High LTV on O/O 1-4 units	95% LTV on O/O 1 & 2 family	1Unit
Mixed-use properties, up to 4 residential units.	Purchases and refinances	80% LTV on O/O 3-4 family	90% to $650,000 - 700 80% to $750,000 - 700
Up to six months of PITI can be financed, if home is not habitable during renovation	See FHA Guidelines regarding eligible improvements	95% LTV on Single Family Second Homes	75% to $1,000,000 - 700
Items NOT completed on MMWS:
Contingency Reserve (unless elected) Consultant or Architectural Fees	80% Non-O/O 1 family	Second Home 90% to $417,000 - 700
		70% Non-O/O 2 family	2 Units
		Up to six months of PITI can be financed, if home is not habitable during renovation	80% to $650,000 - 700 70% to $1,000,000 - 700
* May differ if allowed by Automated Underwriting		June-08

If you have any questions in regards to these 4 different type of rehab home loans then please feel free to contact me.

Your CT Mortgage Professional,

Nima Rezvan

Senior Loan Officer

Blackberry: 203.913.6016

Email: Nima@concorde.bz

Largest REO Directory List: Bank Owned Properties - Foreclosures - REO - Real Estate Owned - Foreclosure Homes

Sat, 18 Apr 2009 20:17:22 -0700

REO - Bank Owned Properties - Foreclosures - Real Estate Owned

(scroll down below to see how you can view different REO - Foreclosures - Bank Owned Properties by most nationwide banks)

Save this blog as your favorite because you will come back to this REO blog over and over again, I guarantee it. This blog will discuss REO - Bank Owned Properties - Foreclosures - Real Estate Owned homes/condos that are for sale by most of the banks nationwide.

What is a REO and what does it stand for? REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction. Real Estate owned homes can be a way to get a good deal on properties. Search for properties owned by different banks in your area. The market is picking up and it's time to look for great deals that are available to all buyers from first time home buyers to real estate investors.

If you need a Mortgage - Home Loan for any property that you see that you like to purchase then I'm available to do home loans / mortgages in the following states: CT - Connecticut - NY - New York - NJ - New Jersey - MA - Massachusettes - RI - Rhode Island - FL - Florida

Countrywide REO:
http://www.countrywide.com/purchase/f_reo.asp

Wells Fargo REO:
https://www.pasreo.com/reo/

American Home Mortgage REO:
http://www.ahmhomes.com

Bank of America REO:
http://bankofamerica.reo.com/search/

IndyMac Bank REO:
http://apps.indymacbank.com/individuals/realestate/search.asp

JP Morgan Chase Bank REO:
http://mortgage.chase.com/pages/other/co_properties_landing.jsp

Washington Mutual REO (WAMU): (CHASE)
http://www.wamuproperties.com

Ocwen Financial REO:
http://www.ocwen.com/reo/home.cfm

Wachovia REO:
http://reo.wachovia.com/

SunTrust REO:
http://www.suntrustmortgage.com/reo.asp

First Niagra Bank REO:
http://www.fnfg.com/personal_banking/mortgages/real_estate_owned_sale.asp

HSBC REO:
http://www.banking.us.hsbc.com/

Compass Bank REO:
https://www.compassbank.com/appforms/properties/index.jsp

Fannie Mae REO:
http://www.mortgagecontent.net/reoSearchApplication/fanniemae/

Freddie Mac REO:
http://www.homesteps.com/hm01_1featuresearch.htm

HUD REO:
http://www.hud.gov/homes/index.cfm

Regions Bank Properties
http://realestate.regions.com/servlet/Ore/ForeclosedPropertySearch.jsp

Citibank REO
http://www.citimortgage.com/Mortgage/Oreo/SearchListing.do

SBA Properties
http://app1.sba.gov/pfsales/dsp_search.html

FDIC Real Estate Owned
http://www4.fdic.gov/DRRORE/

Sallie Mae Financial Services Properties
http://www.grpcapital.com/properties/index.html

BB&T REO (Branch Bank and Trust)
http://www.bbt.com/applications/specialassets/search.asp

Beal Bank Commercial REO
http://www.bealbank.com/Content.aspx?ID=13

GRP Financial Services Properties
http://www.grpcapital.com/properties/index.php

Coldwell Banker REO Division
Coldwell Banker REO Division

People's Bank REO
http://www.peoples.com/im/cda/multi_elements/0,,1355,00.html

National City Mortgage REO
http://www.ncmcreo.com/

Taylor Bean REO
http://www.taylorbeanhomes.com/

Downey Savings & Loan
http://www.downeysavings.com/bank-owned-properties

Zions Bank

https://www.zionsbank.com/foreclosed_properties.jsp?leftNav=specialty_fore&topNav=sbanking

Wells Fargo Commercial REO

https://www.wellsfargo.com/com/cgi/properties

Virginia Housing Development REO

http://www.vhda.com/vhda_com/Template_app.asp?VHDA_COM_PAGE_NAME=REOSearch

US Government Home Sales REO

http://www.homesales.gov/homesales/mainAction.do

USDA REO

http://www.resales.usda.gov/

TREO REO

http://www.treointernational.com/usa/index.php?option=com_content&view=article&id=59&Itemid=66

Security National REO

http://reo.snsc.com/

REO TRANS REO

https://www.reotrans.com/index.cfm

Regions Bank REO

http://realestate.regions.com/servlet/Ore/ForeclosedPropertySearch.jsp

Private Financial Services or Bank of Oklahoma REO

http://www.bokproperties.com/realestate/search.asp

PNC Bank REO

http://www.realtyservices.pnc.com/

New South Federal Savings Bank REO

http://www.newsouthfederal.com/reo/

M&T Bank REO

http://services.mandtbank.com/personal/mortgage/reomort.cfm

New Bridge Bank REO

http://www.newbridgebank.com/property_for_sale.asp

Keystone Asset Management REO

https://www.keystonebest.com/search_for_home/search_for_home.asp

Kentucky Housing Corp REO

http://www.kyhousing.org/apps/REO/

Kennedy Funding REO

http://www.kennedyfunding.com/for_sale.html

US HUD REO

http://www.hud.gov/homes/index.cfm

HSBC Commercial REO

http://www.us.hsbc.com/1/2/3/business/borrowing/real-estate/for-sale

HMB REO

http://www.hmbireo.com/listing.php

GRP Financial Corp a Sallie Mae Company REO

http://www.grpcapital.com/properties/index.html

CAPMARK Financial Group REO

http://www.capmark.com/CAPMARK/mainpage.aspx?id=180&ts1_TSMenuTargetID=180&ts1_TSMenuTargetType=1&ts1_TSMenuID=0

Fremont Investment and Loan REO

http://www.fmtinv.com/

HomeSteps a Freddie Mac Unit REO

http://www.homesteps.com/hm01_1featuresearch.htm

First Preston Management REO

http://www.firstpreston.com/

First National Bank Alaska REO

http://www.fnbalaska.com/363.cfm

FDIC REO

http://www2.fdic.gov/drrore/

Downey Savings REO

http://www.downeysavings.com/bank-owned-properties

Beal Bank REO

http://www.bealbank.com/Content.aspx?id=35

1st National Bank of Scotia - New York REO

Carolina First Bank - NC, SC REO

Coast and Country - Southern California

First Federal Bank of California - California REO

First National Bank of Alaska - Alaska REO

Lexington State Bank - North Carolina REO

National Bank of Arizona - Arizona

NewBridge Bank - North Carolina, Virginia REO

New South Federal Savings Bank - Southern US REO

nNYRealty.com - New York REO

REOColorado - Colorado REO

REODenver.com - Denver, CO REO

Unity Bank - NJ, Pennsylvania

American Wholesale Properties - Indiana - REO Listings

Heter & Company, Inc. - Denver, CO - REO Listings

HMBI - Nationwide REO Listings

Indy REO - Indianapolis, IN - REO Listings

Kennedy Funding - National REO

Park Realtors - Cincinnati, Ohio - REO Listings

Property Solutions Group LLC - St.Louis, MO - REO Listings

REO Colorado - Colorado REO Listings

FreeForeclosureDatabase.com
Free National Searchable Directory of REO

REO Source
Good National REO Search Site

TaylorBean REO
National REO asset disposition site.

Click below to get a FREE Weekly REO - Foreclosure List:

CT REO - Connecticut Foreclosure Free Weekly List: http://app.streamsend.com/public/C2Tl/1Cq/subscribe

If you are interested in a FHA 203k Rehab Streamline Loan then please click on this link below to read more: Understanding the FHA 203k STREAMLINE

I'm available to answer all of your mortgage questions so please feel free to contact me via Email at: Nima@concorde.bz

Your CT REO Foreclosure Expert,

Nima Rezvan

Senior Loan Officer

Understanding the FHA 203k STREAMLINE

Mon, 13 Apr 2009 01:46:54 -0700

CT FHA 203k Streamline Rehab Loan

Being a mortgage professional since 2002 and I can be honest with you in saying that the hottest inquired about home loan in recent days has been the FHA 203k Streamline. I'm posting this blog today so that everyone can get themselves familiarized with this loan. This is an excellent mortgage product specially for buyers of foreclosures, REO properties or bank owned properties because most of these homes need some fixings before a bank or lending institution is willing to lend money on them. FHA 203k Streamline goes by the FHA guidelines hence the name FHA 203k rehab loan.

For more information directly from the US Department of Housing and Urban Develpment, click on this link: http://nhl.gov/offices/hsg/sfh/203k/203kmenu.cfm

Understanding the FHA 203k STREAMLINE

I. Program Highlights

FHA Renovation Program
Owner Occupied Only
Simplified process!
Up to $35,000 in repairs with no minimum!
No consultant required
No contingency funds required
Up to 50% of materials can be disbursed after closing to each contractor in order to defray cost
Two draws per contractor
No 10% holdback

II. Eligible Properties

1-4 unit properties
Town houses
Condos (interior only)
Row homes
HUD Repos (single unit only)
Purchase and Refi Transactions

III. Eligible Improvements

Repair/Replacement/upgrade of:

- roofs, gutters and downspouts

- existing HVAC systems

- plumbing and electrical systems

- flooring

Minor remodeling, such as kitchens, which does not involve structural repairs
Painting, both exterior and interior
Weatherization, including storm windows and doors, insulation, weather stripping, etc.
Septic system and/or well repair or replacement
Repair/replace/add exterior decks, patios, porches
Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens
Accessibility improvements for persons with disabilities
Lead-based paint stabilization or abatement of lead-based paint hazards
Basement finishing and remodeling, which does not involve structural repairs
Basement waterproofing
Window and door replacements and exterior wall re-siding

IV. Ineligible Improvements

Major rehabilitation or major remodeling, such as the relocation of a load-bearing wall
New construction (including room additions)
Repair of structural damage
Repairs requiring detailed drawings or architectural exhibits
Landscaping or similar site amenity improvements
Any repair or improvement requiring a work schedule longer than six (6) months
Rehabilitation activities that require more than two (2) payments per specialized contractor

V. Who Can Do the Work?

Borrower can select their own contractor
Should be licensed and insured if required by municipality
Should be able to document qualifications
Borrower can do their own work only if they can document their qualifications

VI. Getting them Closed

Borrower collects contractor bids
Bids are used to order appraisal
Appraiser will do a "subject-to-completion" appraisal
Borrower and contractor sign contract

VII. What Happens After Closing?

Work begins
Up to 50% can be paid to each contractor up front
Final inspection will be done to ensure workmanlike completion of work
Title update will be needed before final disbursement

VIII. Reasons to pick the 203(k) Streamline

Much faster process to get to closing
Includes appliances and cosmetics
Less expensive (no contingency funds, no consultant fee, fewer inspections, etc.)
Up to 110% of after-improved value
Overcomes borrower concerns about property

If you have any questions feel free to visit the Frequently Asked Questions section of US Department of Housing and Urban Development: http://www.hud.gov/offices/hsg/sfh/203k/faqs203k.cfm

I really do hope that this blog is helpful to you and if you would like to speak to me directly regarding a FHA 203k Loan then you may do so by emailing or calling me.

Your Connecticut Senior Mortgage Broker,

Nima Rezvan

Blackberry: 203.913.6016

Email: Nima@concorde.bz

Website: http://www.NimaLoans.com

CT REO, CT Foreclosures, CT Bank Owned Properties - FREE WEEKLY LIST

Thu, 09 Apr 2009 07:55:38 -0700

Click for FREE FORECLOSURE LIST

Dear Reader,

For the passed 18 months I've been sending out a free weekly CT foreclosure list. If you would like to see these CT bank owned properties then please simply email me at: Nima@concorde.bz with your Email address and I will add you to the list.

This week's Connecticut foreclosure list is going to be going out soon so for the subscribers already on my list, stay tuned.

Please let me know if anyone that you know could take advantage of this CT REO list as it has become a very popular hot item here in Connecticut for anyone that is interested in receiving this list. The list contains realtors, investors, attorneys, past clients, current clients, family, friends and specially first time home buyers. First time home buyers can definitely take advantage of this list because not only can they purchase a new home at already low prices and low interest rates but even a heavier discount on top of all of the low rates and prices. Real Estate Investor's enjoy this list as well so it is a win-win situation and this CT REO list is absolutely FREE.

Get on this Connecticut Foreclosure list and take advantage of this free service that I provide. I currently have over 1,600 subscribers and would be willing to add you and anyone else that can take advantage of these bank owned properties.

My goal is to help move the real estate market with as much help as possible. We have lots of inventory and these CT foreclosures need to go and not pile up one over the other.

I'm here to network so please let me know if you are interested in this free weekly list of CT foreclosures.

Your Connecticut Senior Mortgage Broker,

Nima Rezvan

Senior Loan Officer

Blackberry: 203.913.6016

Email: Nima@concorde.bz

Available to you 7 days a week until 10pm for your convenience. Making homeownership dreams come true since 2002.

USEFUL TOOL FOR REALTORS: FAQ's About The First Time Home Buyer Tax Credit (By Nima of LADD Financial 203.913.6016)

Thu, 23 Oct 2008 23:21:09 -0700

Nima Presents:

Frequently Asked Questions
About the First-Time Home Buyer Tax Credit Law

(Forward this email to all of your Current Clients, Past Clients, First Time Home Buyers & Anyone that can use this information)

The Housing and Economic Recovery Act of 2008 authorizes a $7,500 tax credit for qualified first-time home buyers purchasing homes on or after April 9, 2008 and before July 1, 2009. The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.

1. Who is eligible to claim the $7,500 tax credit?
First time home buyers purchasing any kind of home-new or resale-are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after April 9, 2008 and before July 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs.

2. What is the definition of a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.

3. How do I claim the tax credit? Do I need to complete a form or application?
Participating in the tax credit program is easy. You claim the tax credit on your federal income tax return. No other applications or forms are required. No pre-approval is necessary; however, prospective home buyers will want to be sure they qualify for the credit under the income limits and first-time home buyer tests.

4. What types of homes will qualify for the tax credit?
Any home purchased by an eligible first-time home buyer will qualify for the credit, provided that the home will be used as a principal residence and the buyer has not owned a home in the previous three years. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats.

5. Instead of buying a new home from a home builder, I have hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?
Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been "purchased" on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after April 9, 2008 and before July 1, 2009.

In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date.

6. What is "modified adjusted gross income"?
Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first determine "adjusted gross income" or AGI. AGI is total income for a year minus certain deductions (known as "adjustments" or "above-the-line deductions"), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains.

To determine modified adjusted gross income (MAGI), add to AGI certain amounts such as foreign income, foreign-housing deductions, student-loan deductions, IRA-contribution deductions and deductions for higher-education costs.

7. If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?
Possibly. It depends on your income. Partial credits of less than $7,500 are available for some taxpayers whose MAGI exceeds the phase-out limits. The credit becomes totally unavailable for individual taxpayers with a modified adjusted gross income of more than $95,000 and for married taxpayers filing joint returns with an AGI of more than $170,000.

8. Can you give me an example of how the partial tax credit is determined?
Just as an example, assume that a married couple has a modified adjusted gross income of $160,000. The applicable phase-out to qualify for the tax credit is $150,000, and the couple is $10,000 over this amount. Dividing $10,000 by $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time home buyer tax credit that is available to this couple, multiply $7,500 by 0.5. The result is $3,750.

Here's another example: assume that an individual home buyer has a modified adjusted gross income of $88,000. The buyer's income exceeds $75,000 by $13,000. Dividing $13,000 by $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $7,500 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,625.

Please remember that these examples are intended to provide a general idea of how the tax credit might be applied in different circumstances. You should always consult your tax advisor for information relating to your specific circumstances.

9. Does the credit amount differ based on tax filing status?
No. The credit is in general equal to $7,500 for a qualified home purchase, whether the home buyer files taxes as a single or married taxpayer. However, if a household files their taxes as "married filing separately" (in effect, filing two returns), then the credit of $7,500 is claimed as a $3,750 credit on each of the two returns.

10. Are there any circumstances for which buyers whose incomes are at or below the $75,000 limit for singles or the $150,000 limit for married taxpayers might not be able to claim the full $7,500 tax credit?
In general, the tax credit is equal to 10% of the qualified home purchase price, but the credit amount is capped or limited at $7,500. For most first-time home buyers, this means the credit will equal $7,500. For home buyers purchasing a home priced less than $75,000, the credit will equal 10% of the purchase price.

11. I heard that the tax credit is refundable. What does that mean?
The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.

For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that taxpayer qualified for the $7,500 home buyer tax credit. As a result, the taxpayer would receive a check for $6,500 ($7,500 minus the $1,000 owed).

12. What is the difference between a tax credit and a tax deduction?
A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $7,500 in income taxes and who receives a $7,500 tax credit would owe nothing to the IRS.

A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $7,500 in income taxes. If the taxpayer receives a $7,500 deduction, the taxpayer's tax liability would be reduced by $1,125 (15 percent of $7,500), or lowered from $7,500 to $6,375.

13. Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?
No. The tax credit cannot be combined with the MRB home buyer program.

14. I live in the District of Columbia. Can I claim both the DC first-time home buyer credit and this new credit?
No. You can claim only one.

15. I am not a U.S. citizen. Can I claim the tax credit?
Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of "nonresident alien" in IRS Publication 519.

16. Does the credit have to be paid back to the government? If so, what are the payback provisions?
Yes, the tax credit must be repaid. Home buyers will be required to repay the credit to the government, without interest, over 15 years or when they sell the house, if there is sufficient capital gain from the sale. For example, a home buyer claiming a $7,500 credit would repay the credit at $500 per year. The home owner does not have to begin making repayments on the credit until two years after the credit is claimed. So if the tax credit is claimed on the 2008 tax return, a $500 payment is not due until the 2010 tax return is filed. If the home owner sold the home, then the remaining credit amount would be due from the profit on the home sale. If there was insufficient profit, then the remaining credit payback would be forgiven.

17. Why must the money be repaid?
Congress's intent was to provide as large a financial resource as possible for home buyers in the year that they purchase a home. In addition to helping first-time home buyers, this will maximize the stimulus for the housing market and the economy, will help stabilize home prices, and will increase home sales. The repayment requirement reduces the effect on the Federal Treasury and assumes that home buyers will benefit from stabilized and, eventually, increasing future housing prices.

18. Because the money must be repaid, isn't the first-time home buyer program really a zero-interest loan rather than a traditional tax credit?
Yes. Because the tax credit must be repaid, it operates like a zero-interest loan. Assuming an interest rate of 7%, that means the home owner saves up to $4,200 in interest payments over the 15-year repayment period. Compared to $7,500 financed through a 30-year mortgage with a 7% interest rate, the home buyer tax credit saves home buyers over $8,100 in interest payments. The program is called a tax credit because it operates through the tax code and is administered by the IRS. Also like a tax credit, it provides a reduction in tax liability in the year it is claimed.

19. If I'm qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?
Yes. The law allows taxpayers to choose ("elect") to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.

20. For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on in which year my credit amount is the largest?
Yes. If the applicable income phase-out would reduce your home buyer tax credit amount in 2009 and a larger credit would be available using the 2008 MAGI amounts, then you can choose the year that yields the largest credit amount.

21. Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2008 tax return?
Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the future home buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the down payment. Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties.

*** Please feel free to share this with your family, friends, colleagues, realtors, brokers, builders, business partners, past clients, current clients and whoever else that can make good usage of this information. I'm here if you have any questions so please feel free to contact me regarding all of your Real Estate Financing needs.

Nima Rezvan

Executive Mortgage Banker

Concorde Funding Group, Ltd.

1037 East Putnam Avenue

Riverside, CT 06878

Cell: 203.913.6016

Email: Nima@concorde.bz

The highest compliment my clients/business partners can give me is the referral of their friends, family and associates.

*****************************************************************

Nima's Client & Business Partner Testimonials:

"If you want a level headed, honest, capable loan officer, then Nima is your person! His attention to detail and follow-up is excellent, and that's just what is needed in this volatile market. I recommend Nima for your financial needs!"
-Jane Walters, Realtor

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"Nima Rezvan is shining example of a dedicated and detail oriented professional that will provide you with outstanding service all the way. As a business associate he is a dream come true and I am delighted to recommend him anytime!"
-Sonja Babic, Realtor

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"Nima was a pleasure to deal with. His rapid response, out of the box thinking, and commitment to customer service will make Nima my first stop for my real estate loan needs."
-Jeff D., Homebuyer

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"Nima came through for my client with only a two week window for a mortgage commitment. He was on top of the situation from start to end. I highly recommend Nima for any mortgage needs."
-Andrea Toth, Realtor

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"Nima always treated his customers with the professionalism and attentiveness needed in order to make sure the deal got done and all parties involved were satisfied. His above and beyond type attitude made him easy to work with and made my job a lot easier. You always knew where you stood with him, his honesty and knowledge of the products and programs was refreshing."
-J. George, Sr. Loan Coordinator

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"Nima is the type of financial advisor who will not stop until he can make the numbers work for you. He's not just interested in getting loans and saying "next", Nima feels a sense of satisfaction when everything works for his clients. As a colleague he is one of the first people I would call in a bind. On a personal note, Nima is a true gentleman."
-Luke Constantino, Realtor

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"I have known Nima Rezvan for approximately 6 plus years. I first met Nima at one of my Real Estate Public Open Houses. I took a liking to him due to the fact that he was very well dressed in a business suit. Was a true professional and new what he was talking about when it came to the financing of loans. I then asked him to work with me on some open houses and we worked well together. I always recommend him to everyone. I have never had a bad experience with him or his work. I strongly recommend Nima to people/clients who are out there looking for a loan. When Nima gets a referral he is sure to stay on top of it and call the client until he gets results. Nima is definitely at the top of my list."
-Maria Miller, Realtor

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When I was discussing refinance options with my mother, I referred her to Nima. I knew he was energetic and dedicated to his job. I knew he could get her what she needed at an outstanding rate! Nima was always available to help. I will refer other friends and family to Nima Rezvan in the future!

-Becky H.
(Fairfield, CT)
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Dear Nima,

We'd like to thank you for all your help throughout our refinancing process. We enjoyed working with you because of your admirable working ethics and charm. Thanks again!

- The Dioses Family

(Norwalk, CT)

______________________________________

"I refinanced my mortgage with Countrywide Home Loans and I want to Thank You again for all of your help! You made, what I thought was going to be a very difficult process go so smoothly. You were very fast and efficient in helping me daily with the documents that I needed. You kept me smiling and composed from the very first day that I called you until the closing about two weeks later. I hope that you stay in the business forever and with Countrywide Home Loans so that I never have to seek out another Home Loan Consultant again. It's a comforting feeling knowing that if I need to make any changes at all, you are just a phone call away! Thanks Again Nima!"
- Michelle Olson

(Fairfield, Connecticut)

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"Nima was great to do business with. I bought my first home and he was there from the start to finish, answering any questions I had. I'm planning to buy another house in the future and will definitely call Nima when the time comes. I would recommend him to all first time home buyers and my friends."

- Jasmine F.

(Bronx, New York)

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"I have had the pleasure of working with Nima for the past 15 months where he helped me to achieve the purchase of my first home. Nima is incredibly personable and made me feel comfortable asking any and all questions, which he answered extremely quickly and in great detail. I was so pleased with his service that I am currently returning to refinance, and will continue to return to Nima for all of my future lending needs, and will also continue to recommend him to friends and family."

- Melanie K.

(Southbury, Connecticut)

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"Let's face it, when it comes to something as big and as important as purchasing a home, going through the financial process can be one of the most traumatic experiences there is. It was fortunate, then, that my wife and I happened upon Nima Rezvan of Countrywide Home Loans. From start to finish, Mr. Nima Rezvan worked tirelessly to meet our needs, even going so far as to connect us with those people who could help us clear up erroneous errors on our Credit Report. Never have I met anyone who answered so many questions without complaint and with a rapid turnaround. Being first time homebuyers, besides answering the myriad of questions asked, sometimes it was just the needed reassurances that the process was moving forward, or that things were being done that meant a great deal to us. In short, Mr. Nima Rezvan was always available. Thank you, Nima. You helped make the dream of owning a home come true for us."

- Ray and Andera LeCara, Jr.

(Bristol, Connecticut)

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"I would be very happy to refer new customers to you. You were always efficient and thorough in answering my questions. Still have a few boxes to unpack but am very happy in my new home. Thanks for all of your help!"

- Karen F.

(Stamford, Connecticut)

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"Nima found the perfect mortgage to meet our needs. He answered every question, found us a great interest rate, explained all the paperwork, and referred us to an excellent Real Estate Attorney"

- Tina Panik

(Farmington, Connecticut)

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"I used Nima when I purchased my first home. I was nervous with the entire process. Nima put me at ease with obtaining the mortgage, and even helped with a lot of advice for getting the home I wanted. I would definitely recommend Nima to anyone purchasing a home."

- Marc H.

(Milford, Connecticut)

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"Nima Rezvan has been a pleasure to deal with. It is not often you're able to deal with someone as professional, as organized, and as thorough as Nima. Nima knows the real estate financing business and how to find the right mortgage product for any customer's situation."

- Jeffrey D.

(Bridgeport, Connecticut)

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"I can't say enough about Nima!! He handled a refinance for me. He was professional, honest and took good care of me. He did whatever it took to get me exactly what I needed. No wonder he was awarded the 2005 Rookie Of The Year Award, I will (and do) recommend him to everyone. I love the Mortgage Man!!!"

- Carla R.

(Naugatuck, Connecticut)

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"He got me my first loan and did it quick! I'd use him again for a mortgage. My realtor was so impressed that he now recommends him for mortgages from Florida. Nima is definitely Mr. Mortgage Man!"

- John Nicholas

(Delray Beach, Florida)

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"Nima is a rare find. In my business, I meet with professional people everyday. However, I have yet to deal with someone as dedicated to his work as Nima. I would recommend Nima to my clients and family alike."

- Daniel Loft

(Fairfield, Connecticut)

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"Nima was referred to me by my best friend. I was very nervous about the whole home buying process because I was a first time home buyer but Nima made it simple for me. I bought my condo in Florida with ease. My realtor was impressed with him and he is referring his Florida clients to Nima. I would recommend Nima to my friends."

- Tassos R.

(Fairfield, Connecticut & Tampa, Florida)

Nima Rezvan

Executive Mortgage Banker

Concorde Funding Group, Ltd.

Cell: 203.913.6016

Email: Nima@concorde.bz

The highest compliment my clients/business partners can give me is the referral of their friends, family and associates.

Attention Mortgage Professionals: FREE 6 Month Subscription to Mortgage Originator Magazine

Thu, 10 Apr 2008 08:07:32 -0700

Dear Active Rain Real Estate Professionals,

I received an email this morning regarding a FREE 6 month subscription to M.O.M: Mortgage Originator Magazine. I've been personally reading this magazine for the past 3 to 4 years. In your free time, I highly recommend this magazine as a great mortgage read.

I'm convinced you will renew your subscription once your 6 months are up. If you would like to learn more about MOM then visit their website to learn more: http://www.mortgageoriginator.com/

If you would like to take advantage of this offer, just click on the link below and provide your name and address where you would like to receive your complimentary issues. Allow 4-6 weeks for delivery to begin.

https://securefsg.pfpub.com/mom/subscription/free6month/

Hope all is well with everyone and enjoy this FREE offer. The Mortgage Man also known as the "Marketing Guru" here on Active Rain is always looking to share great deals/news with you.

Thanks for your attention.

Regards,

Nima Rezvan

Home Loan Consultant

http://www.MyNima.com

Happy Holidays from THE MORTGAGE MAN!

Sun, 09 Dec 2007 15:33:39 -0800

Happy Holidays to you and your Family!

Your Active Rain Mortgage Man,

Nima Rezvan

Home Loan Consultant

Direct: 203.913.6016

Website: www.MyNima.com

Happy Thanksgiving Active Rain & Friends! From Me & My Family to You & Your Family! (picture is a 1,000 words)

Thu, 22 Nov 2007 17:35:46 -0800

Dear Active Rain & Friends,

I wanted to quickly do a members only blog and wish you all a Happy Thanksgiving! From me and my family to you and your family, HAPPY THANKSGIVING! I actually wanted to write a long blog but I think a picture is a 1,000 words. I wish you all a great rest of 2007.

Your Active Rain Friend & Mortgage Man,

Nima Rezvan

Home Loan Consultant

Direct: 203.913.6016

Website: http://www.MyNima.com

Available to you 7 days a week until 10pm est. for your convenience!

FREE MARKETING OPPORTUNITY: It's my Birthday and I can BLOG if I want to.. I can BLOG if I want to!

Mon, 15 Oct 2007 06:06:42 -0700

Hello Active Rain Friends/Business Partners & New Active Rain Readers,

Good morning! It is a chilly October 15th morning here in Fairfield, Connecticut.

I am up early as always and I wanted to take this time to BLOG to say hello and inform you of my Birthday.

It's mid-October and I am thinking about BUSINESS only!

The Active Rain Marketing Guru or Marketing Genius has been hard at work the past 2 months. I am starting to receive results and it feels good.

This sounds odd but on my Birthday, I would like to offer THE REALTORS on active rain a FREE Co-Marketing opportunity. I have already been working on this with local Realtors and it's working out great. Remember, the best part of this co-marketing opportunity is that it's FREE and I do most of the work. It is a strategic plan to grow our business together, jointly.

Well, I know I haven't been as active here on Active Rain but it's my birthday and I can BLOG if I want to, I can BLOG if I want to!

Happy October 15th to you all and REALTORS, email me today by clicking here: Contact Nima now!

Let's work on this MORTGAGE MAN's SECRET 4th Quarter Co-Marketing Campaign.

*** Are you having a bad streak? Are you desperately looking for new business? Are you getting lazy just sitting at home and doing nothing? Well, if you said "YES" to any of these questions then you need to contact me because this idea could work and you have nothing to lose. I was TOP PRODUCER the last 2 months and I will be again this month and most of it is because of this new marketing tactic that I came up with on my own. Active Rain is a source for E-Networking! So let's Network. Let me see if I can find a buyer for you. It doesn't matter what state you are in, trust me. Email me today! The secret will be revealed on this BLOG ACTION DAY and my Birthday!

Your Active Rain Friend & Original Mortgage Man,

Nima Rezvan

Home Loan Consultant

Cell: 203.913.6016

Website: http://www.mynima.com/

Connecticut Home Loan Consultant Nima Rezvan was special guest speaker at All Star Realty of Stamford, CT Meeting

Wed, 10 Oct 2007 18:38:22 -0700

Dear Reader,

I just wanted to say hello to all of my friends, past clients, business partners and blog subscribers. I wanted to share with you about how I was the guest speaker at All Star Realty's office meeting last night in Stamford, Connecticut. It was an honor to attend this meeting and speak with all of the agents of the office about where we are today as far as the mortgage industry is concerned.

I attended the meeting with the following in my hands:

1.) Business Cards, plenty of them.

2.) Company information about the mortgage company that I work for and have been working for since January of 2005.

3.) Co-Marketing flyers where I can do some marketing with each of the agents in the All Star Realty office.

4.) Open House Mortgage flyers to show as examples for all of the office listings.

5.) List of my mortgage company REO's in all of Connecticut so that they can share with their buyers, investors, family and friends.

6.) Giveaways like pens and candies.

While at the meeting we discussed the following topics:

1.) Current status of the mortgage company that I work for.

2.) What my mortgage company can do for them.

3.) What I can do for the agents of the office.

4.) What All Star Realty of Stamford, CT can do for me.

5.) Mortgage products that fit some of their Jumbo mortgage clients and even first time home buyers.

6.) Marketing tactics so that they can increase their business in which it will increase my referrals from them.

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Today I received a Thank You letter from the Broker/Owner Violet Tehrani:

Dear Nima:

On behalf of every one at ALL STAR REALTY, I'd like to thank you for coming to our office meeting, and providing such wonderful education about the mortgage industry (these days) . We enjoyed having you here. Thanks for the pens & the candies too. We look forward to doing business with you. We would make a perfect team, who would cater to different clients' needs (accordingly). Once again thank you for your time, knowledge and expertise.

Regards,

VIOLET TEHRANI

ALL STAR REALTY, INC.

STAMFORD, Connecticut

(203)358-0100

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The meeting was a big success as I already received a home buyer CT mortgage preapproval from one of the agents and an All Star Realty of Stamford, CT agent who wants to refinance their existing Stamford, CT Mortgage.

I also mentioned that even if your buyer as a preapproval, I am still willing to work closely with them and get them a better mortgage rate or better closing costs so that they look like a hero in front of their clients.

I have not been actively blogging because I have had a full plate on a daily basis. It was very important for me to be there for my new clients, past clients and business partners.

Thanks for reading my blog today and I look forward to hearing from you.

Your Connecticut Home Loan Specialist,

Nima Rezvan

Cell: 203.913.6016

Website: http://www.mynima.com/

Available to you 7 days a week until 10pm for your convenience!

National Mortgage News: Facts are Facts! Who was the top Mortgage Originator in Quarter 2 of 2007

Tue, 25 Sep 2007 05:43:45 -0700

Dear Reader,

The facts are in so please take a look at the top 10 mortgage originators of quarter 2 of 2007. You be the judge here. Who is at the top of the list? Who is growing market share? Who is almost more than 2x better than the #2 mortgage lender on the list? You be the judge. Just simply sharing the facts here.

Top Originators in Q2 2007

(Dollars in Millions)

RANK COMPANY Origination Volume Q2 2007 Q2 2006

1 Countrywide Financial $130,163 $118,509

2 Wells Fargo Home Mtg. $79,957 $110,040

3 CitiMortgage, Inc. $61,252 $48,330

4 Chase Home Finance $59,561 $45,743

5 Bank of America $51,918 $44,702

6 Washington Mutual $42,514 $52,592

7 Wachovia $28,440 $31,003

8 IndyMac Bancorp, Inc. $22,505 $20,060

9 GMAC ResCap $22,263 $28,266

10 SunTrust Mortgage, Inc. $18,261 $15,331

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The above data was found on http://www.nationalmortgagenews.com/

You may use this data in your blogs and newsletters. You can also copy and print this blog and share with all of your friends and colleagues.

Your Active Rain Mortgage Professional,

Nima Rezvan

Home Loan Consultant

203.913.6016

http://www.mynima.com/

Available 7 days a week until 10pm for all of your home financing needs!

Mortgage Man's Top 10 SIGNS WE ARE IN A NEW MARKET

Tue, 21 Aug 2007 00:50:18 -0700

Dear Reader,

This is an actual blog filled with recent everyday facts only for your viewing pleasure. I am sitting here in the office and it is almost 8pm and I thought to myself why not share my recent experiences with you all here on Active Rain and the public who visits my blog on a daily basis. Some of these may be funny but at the same time can be tearful. It is August 20th and we are in a new market folks, a new market!!!

Top 10 Signs That Our Real Estate/Mortgage Market Has Changed:

1.) REALTOR CALLING ME EVERY SINGLE DAY! So I have this purchase closing at the end of September here in Connecticut and the realtor representing the buyer (also my borrower/client) keeps calling me every single morning at 9am sharp and even once over the weekend requesting the commitment letter. The funny thing is that the realtor called me and asked for the commitment letter more than a week ago when I didn't even have a credit card from the borrower and I didn't even start anything on the loan because the borrower had not commited to me just yet. I rarely see this happen so this is a very good reason the market is changing. It is obvious that the realtor wants to be sure that there is a solid deal here and I don't blame her in this new market that we are in. I'm always available to my clients and business partners at the following cell phone number: 203.913.6016 or you may visit my website: http://www.mynimacom/

2.) 128+ MORTGAGE COMPANIES HAVE GONE OUT OF BUSINESS! So yeah, did you know over 128 mortgage lenders have gone down under already? Isn't that just out of this world? Check out my blog from a few days ago that is tracking the lenders as they go under. Click here to view the blog which I am updating on a weekly basis: (VERY INTERESTING) "Imploded" Mortgage Lenders & Ailing/Watch List Mortgage Lenders Did we discuss any mortgage companies going out of business 5 years ago or 4 or 3 or last year? I don't remember much of it but now it is the new hype in this market. Who is next to go? Wow, very scary but its actual life folks, we are in a new market.

3.) FORECLOSURES AT ALL TIME HIGHS FOR THE PAST 5 YEARS! Yes, people who could barely afford homes 2-3 years ago are starting to see their mortgages adjust since they received adjustable mortgages with low interest rates and they can't afford to make their monthly mortgage payments. A lot of people are going into foreclosure. The real estate market is so bad that most of these foreclosures are not selling in auctions. Yes, we are in a new market folks!

4.) REO's AT ALL TIME HIGHS! So if you read #3 then you know what happens to the foreclosures that don't sell in public auctions, the banks/lenders purchase them and are not considered REO's (Real Estate Owned) for the bank. Now they will be heavily discounted and offered to the public like regular listings. Did you know in the first 5 years in the business I did probably 2-3 reo's and in the last 3 months I have done 7 purchase transactions on REO's!!! Holy cow is right, we are in a new market. If you would like a list of the REO's in your state, please contact me by clicking here: Contact Nima now!

5.) BOMBARDED WITH EMAILS, CALLS AND MORE ABOUT MY COMPANY! My company has been in the news in the past 3 weeks and it is causing my current clients, past clients, business partners, family and friends to call me or email me and ask about how my company is doing or how I am doing. This is a negative and a positive in one because if people are calling me because they heard something on the radio or if they heard something on TV or if they read something on the Internet then they also remember what I do for a living and who I work for so that means I did a great job of notifying the people around me as to what I do and who I work for. I work for the largest lender in the country and I personally am happy with my company and what my company has done for my clients/business partners most importantly and lastly what they have done for me. I always put my business partners/clients before me and that is why I am still in the business in a market like this. To view my recent blog on how my company is doing please click here to view my blog: Countrywide Home Loans: The Real Story (Informative Blog)

6.) RATE SHOPPING SPREE! So I have this other purchase closing and my own friend shopped me with 7 other banks. Yes, you just read right, 7 other banks! Okay, so he may not be a best friend and or a good friend but he is a friend that I met through another friend but still, 7 banks? Does he trust me, of course he trusts me and he even purchases his first condo with me 2 years ago. He is in the financial business in Manhattan and he knows better as to the real estate market is down and the mortgage industry is weak so he is taking full advantage of trying to get the best deal. Guess who he is going with for his Purchase? That's right, you guessed correctly, ME! I am with the best lender and I provide the best service so he is going with me. He couldn't find a super slam dunk deal so he is going with me. I remember a while ago, you either went with someone you knew and did not shop for rates but if you did, it was at most cases 3 lenders, not 7. Yes, yes, yes, we are in a new market!

7.) SOLICITING THE MORTGAG BRANCHES! What? Are you kidding me? I don't even remember people dropping by our offices to ask for our business. I am talking about the homeowners insurance agents, title companies and attorney's! We are getting visitors almost on a daily basis asking for our business. Is it that bad out there? These folks come in and they don't even know how to communicate with us because they have never probably left their offices in the past so and so years in the business. See, when the real estate market is bad and the mortgage industry is bad it doesn't just effect the mortgage professionals and the real estate professionals but it effects a whole wide range of real estate professionals!!! Just ask around or look around, you will see what I am talking about.

8.) LEAVING THE BUSINESS! I know of dozens and dozens of real estate professionals who have left the business. When I say real estate professionals I am including a lot of different professions. So you do what you love and you do it well, all of a sudden you leave the whole industry? Definitely means we are in a new market and the new market is not so nice. I know realtors that are going to do this part time while picking up new day jobs or weekend jobs. I know mortgage professionals who are speaking with recruiters on new office jobs and then doing mortgages part time on the side.

9.) SAY GOODBYE TO SUB-PRIME! The sub-prime market has been going away slowly and slowly in the past 7-8 months. The whole market is almost gone. I can totally remember being recruited by sub-prime lenders and hearing even from people here on Active Rain that being in the sub-prime world is better because I will make more money. Hmmm, more money? How, by charging people who didn't have any other choice extra so that I can become richer off of their bad credit? Hmmmm, that sure did contribute to this whole mess we are in now and will be in for a while to come. I am not in this business to become rich but I'm honestly in this business because I love what I do and I enjoy helping people out with the biggest purchase decision of their lifetime. Take a look at #2 and click on the blog to see how many sub-prime mortgage companies have already closed their doors.

10.) MORTGAGE GUIDELINES ARE GETTING TIGHTER AND THE INVENTORY IS GETTING LARGER!!! So just in case you did not know, the mortgage guidelines are getting tighter at all the banks that are left doing business. All of the risky loans like the sub-prime loans or all of the Alt-A loans are hard to come by now. The guidelines are changing and it is getting harder and harder for consumers to get approved for mortgages. I am not speaking about the people with bad credit but the people with good credit as well. Times are changing fast and it is up to a mortgage professional like me to get you pre-approved and get you a home loan that fits your financial situation. For a no-obligation free mortgage preapproval please click here: FREE Home Mortgage Pre-Approval

Honestly, I could have kept going and going, but this is good enough for now! So do you agree? Remember, all markets are different but the general real estate professional might agree with me here. I am not a person who likes to discuss anything negative but this blog had to be shared with you tonight.

Thanks for dropping by and I look forward to reading your comments and I'm also ready to service all of your Real Estate Financing Needs!

Your Friendly Mortgage Man,

Nima Rezvan

203.913.6016

http://www.mynima.com/

Countrywide Home Loans: The Real Story (Informative Blog)

Fri, 17 Aug 2007 22:39:39 -0700

Sincerely,

Nima Rezvan

Home Loan Consultant

Countrywide Home Loans

48 Westport Avenue

Norwalk, CT 06851

203.913.6016 (direct)

203.845.2363 (fax)

Nima_Rezvan@countrywide.com (email)

http://www.MyNima.com (website)

Countrywide, America's #1 Home Loan Lender

The highest compliment my clients can give me is the referral of their friends, family and business partners.

(VERY INTERESTING) "Imploded" Mortgage Lenders & Ailing/Watch List Mortgage Lenders

Tue, 14 Aug 2007 16:39:02 -0700

Dear Reader,

I was referred to a very interesting website which I thought was extremely interesting to me and I know for a fact that it would be interesting for you as well. You don't have to be a financial analyst or a mortgage industry analyst to know that we are going through some rough times. I was referred to this websute: http://www.ml-implode.com/ which is a website dedicated to the mortgage lending industry. This website has news about lenders that have gone out of business and lenders that are on a watch list of lenders in trouble or possibly going out of business. You can take a look at the website closely on your own and you figure out if this is really accurate or not. Below I will copy and paste the 117 mortgage lenders that have already gone out of business or are on their way of going out of business if still functioning. I will also share the 14 top mortgage lenders that are on a watch list of mortgage companies that are in trouble of some sort which is very bad for their company. Everything you find in this blog is not my opinion but data that I found on http://www.ml-implode.com/ or http://www.lenderimplode.com/ or http://www.mortgageimplode.com/

I will also share the definitions of imploded lenders and ailing lenders that is also found on the website:

"Imploded" lenders: The "imploded" status is somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or a "firesale" acquisition. The Companies include all types (prime, subprime, or a mix of both; retail or wholesale; subsidiaries and entire companies). Note: Companies listed here may still be operating in some capacity; check with them before making assumptions.

Ailing lenders haven't shut down, but they're significantly scaling back or are (or recently have been) in manifest financial, legal, or operational distress. Unfortunately, most of the industry now falls under this description, so we are forced to reserve this list for the more glaring cases or those which we happen to have more specific info about.

The 14 mortgage lenders on a watch list are:

Ailing/Watch List Lenders according to website: http://www.ml-implode.com/

13. Quality Home Loans
12. Amstar Mortgage Corporation
11. Meridias Capital
10. Option One
9. CIT Home Lending
8. FNBA
7. GreenPoint Mortgage
6. All Fund Mortgage
5. Ocwen Loan Servicing
4. Doral Financial Corp.
3. Evergreen Investment/Carnation Bank
2. Coast Financial Holdings, Inc.
1. Residential Capital, LLC*

The 131 mortgage lenders that "imploded" according to website: http://www.ml-implode.com/

131. Accredited Home Lenders
130. First National Bank of Arizona (FNBA) Wholesale, Correspondent
129. GreenPoint Mortgage - Capital One Wholesale

128. NovaStar Wholesale
127. Quick Loan Funding
126. National City Home Equity
125. Calusa Investments
124. Mercantile Mortgage

First Magnus

First Indiana Wholesale

Pacific American Mortgage (PAMCO)

Spectrum Financial Group - Wholesale

Transland Financial Services - Wholesale

117. Express Capital Lending
116. Deutsche Bank Correspondent Lending Group (CLG)
115. MLSG
114. Trump Mortgage
113. HomeBanc Mortgage Corporation
112. Mylor Financial
111. Aegis (Everything)
110. Alternative Financing Corp (AFC) Wholesale
109. Winstar Mortgage
108. American Home Mortgage / American Brokers Conduit
107. Meridias Capital
106. Fieldstone Mortgage Company
105. Nations Home Lending
104. Wells Fargo Alternative Lending Wholesale
103. Entrust Mortgage
102. Flick Mortgage/Mortgage Simple
101. Alliance Bancorp
100. Choice Capital Funding
99. Premier Mortgage Funding
98. Stone Creek Funding
97. FlexPoint Funding (Wholesale)
96. Starpointe Mortgage
95. Unlimited Loan Resources (ULR)
94. Freestand Financial
93. Steward Financial
92. Wells Fargo (Correspondent)
91. Altivus Financial
90. ACT Mortgage
89. Alliance Mortgage Banking Corp (AMBC)
88. Concord Mortgage Wholesale
87. Heartwell Mortgage
86. Oak Street Mortgage
85. The Mortgage Warehouse
84. First Street Financial
83. Right-Away Mortgage
82. Heritage Plaza Mortgage
81. Horizon Bank Wholesale Lending Group
80. Lancaster Mortgage Bank (LMB)
79. Bryco (Wholesale)
78. No Red Tape Mortgage
77. The Lending Group (TLG)
76. Pro 30 Funding
75. NetBank Funding
74. Columbia Home Loans, LLC
73. Mortgage Tree Lending
72. Homeland Capital Group
71. Nation One Mortgage
70. Dana Capital Group
69. Millenium Funding Group
68. MILA
67. Home Equity of America
66. Opteum (Wholesale, Conduit)
65. Innovative Mortgage Capital
64. Home Capital, Inc.
63. Home 123 Mortgage
62. Homefield Financial
61. First Horizon (Subprime)
60. Platinum Capital Group
59. First Source Funding Group (FSFG)
58. Alterna Mortgage
57. Solutions Funding
56. People's Mortgage
55. LowerMyPayment.com
54. Zone Funding
53. First Consolidated (Subprime Wholesale)
52. EquiFirst
51. SouthStar Funding
50. Warehouse USA
49. H&R Block Mortgage
48. Madison Equity Loans
47. HSBC Mortgage Services (correspondent div.)
46. Sunset Direct Lending
45. Kellner Mortgage Investments
44. LoanCity
43. CoreStar Financial Group
42. Ameriquest
41. Investaid Corp.
40. People's Choice Financial Corp.
39. Master Financial
38. Maribella Mortgage
37. FMF Capital LLC
36. New Century Financial Corp.
35. Wachovia Mortgage (Correspondent div.)
34. Ameritrust Mortgage Company (Subprime Wholesale)
33. Trojan Lending (Wholesale)
32. Fremont General Corporation
31. DomesticBank (Wholesale Lending Division)
30. Franklin Financial (Wholesale Operations)
29. Ivanhoe Mortgage/Central Pacific Mortgage
28. Eagle First Mortgage
27. Coastal Capital
26. Silver State Mortgage
25. ResMAE Mortgage Corporation
24. ECC Capital/Encore Credit
23. Lender's Direct Capital Corporation (wholesale division)
22. Concorde Acceptance
21. DeepGreen Financial
20. Millenium Bankshares (Mortgage Subsidiaries)
19. Summit Mortgage
18. Mandalay Mortgage
17. Rose Mortgage
16. EquiBanc
15. FundingAmerica
14. Popular Financial Holdings
13. Clear Choice Financial/Bay Capital
12. Origen Wholesale Lending
11. SecuredFunding
10. Preferred Advantage
9. MLN
8. Sovereign Bancorp (Wholesale Ops)
7. Harbourton Mortgage Investment Corporation
6. OwnIt Mortgage
5. Sebring Capital Partners
4. Axis Mortgage & Investments
3. Meritage Mortgage
2. Acoustic Home Loans
1. Merit Financial

These two lists are just mind boggling! What is going on with the mortgage industry? What are your thoughts? Share your thoughts with us here.

* Note: Everything that you found in this blog was all found on ml-implode.com (as of 8-22-2007)

Bridgeport, CT REO/Foreclosures - Bridgeport, Connecticut Discounted Real Estate Homes

Tue, 14 Aug 2007 06:36:00 -0700

Bridgeport REO-Foreclosures:

Dear Bridgeport Home Buyer & Investors:

There are currently 4 Countrywide REO/Foreclosures listed and ready to be sold at discounted prices!

If you are a first time home buyer, a seasoned buyer or an investor, take a look at these four homes and maybe you can find yourself a great deal.

If you are interested in any of the four properties then please click here for more info: Contact Nima now!

In order to be eligible to purchase any of these 4 homes then you must be preapproved through a Countrywide Home Loans Home Loan Consultant. There is a FREE NO-OBLIGATION preapproval so please feel free to contact me now: Contact Nima now!

Once you are preapproved, you do not have to receive your financing through Countrywide but if you decide to stay with Countrywide then you will receive NO APPRAISAL FEE's and NO CREDIT REPORT FEE.

If you would like a FREE COMPLIMENTARY NO-OBLIGATION PreApproval then please click on this link: FREE Home Mortgage Pre-Approval

45-51 RIDGE AVENUE,	Duplex	$264,900.00
BRIDGEPORT, CT 06604
68 LEIGHTON ROAD,	SFR	$236,900.00
BRIDGEPORT, CT 06606
73 CARNEGIE AVE,	SFR	$185,900.00
BRIDGEPORT, CT 06610
74 VELVET STREET,	SFR	$153,900.00
BRIDGEPORT, CT 06610

Thanks for reading my blog today and I look forward to hearing from you very soon!

Your Bridgeport, CT Mortgage Professional,

Nima Rezvan

Home Loan Consultant

203.913.6016

http://www.mynima.com/

Contact me now! I work nights & weekends for your convenience!

First Time Home Buyer Blog: Items Needed For Home Loan/Mortgage Application

Sat, 04 Aug 2007 09:11:17 -0700

Dear Reader,

This is a great blog for new first time home buyers across the country not just Connecticut. The following list of items has been compiled for your convenience. You will need to bring this information to your mortgage application in order to expedite the processing of your mortgage loan.

All questions welcome! Visit my Countrywide Home Loans Website by clicking here: Countrywide Home Loans

A check for your credit report and appraisal
Your residence addresses for the past two years
Names, addresses and phone number of your landlords for the past two years
Present value of all real estate owned
Names, addresses, phone numbers and contact person for all employers for the last two years
W-2 Forms for all employers for the last two years
Pay stubs covering the most recent 30 day period (all current jobs)
Addresses, account numbers and current balances for all checking, savings and other deposit accounts
Three most recent months' bank statements (all accounts, all pages)
Name, account numbers, balances and monthly payments for all consumer debt accounts including auto loans, personal loans, student loans, credit union loans and mortgages
Name, account numbers, balances and monthly payments for all credit cards used in the last several months
Evidence of alimony or child support, a copy of the court order and ages of child(ren)
Copy of divorce decree and separation agreement
Social security and other benefit award letters if being used toward qualifying income
Stock information including names of stocks, share owned, current price per share and last three month's stock statements (or most recent quarterly statement)
Make, year and estimated value of all automobiles. Also include copy of title if auto is less than four years old and owned free and clear.
Documentation relating to any special issues such as bankruptcy, credit problems and recently established accounts for deposits or loans
Copy of deed, most recent tax bill and most recent homeowner's insurance bill (for refinance only)

FOR VA LOANS:

DD214 of Certificate of Eligibility (original)

IF YOU ARE SELF EMPLOYED:

Two years personal tax returns
Two years partnership/corporate tax returns (if applicable)
Year to date profit and loss statement, signed by accountant

IF YOU ARE APPLYING FOR A NO-DOC LOAN:

Three months' original bank statement or other proof of source of funds for closing

REAL ESTATE AGENTS, PLEASE PROVIDE:

Copy of listing card
Complete ratified contract of sale (all pages)
Your personal business card
Name, address and phone number of condominium management company (if applicable)

(D.C chfa)

Also for a similar informative First Time Home Buyer blog, view: 10 Things Borrowers Should Avoid When Applying For A Mortgage

Contact me today with any mortgage/loan questions that you might have by clicking here: Contact Nima now!

If you would like to get started now for a NO-OBLIGATION FREE MORTGAGE PREAPPROVAL then please click on this link: FREE Home Mortgage Pre-Approval

Thanks for visiting my blog today and please come back again real soon.

Your CT Mortgage Professional,

Nima Rezvan

Home Loan Consultant

Norwalk, CT 06851

203.913.6016

http://www.mynima.com/

I work nights and weekends until 10:00pm for your convenience.

The Power of Active Rain E-Networking turns into Face-to-Face Networking!

Mon, 30 Jul 2007 07:25:14 -0700

Got Active Rain? I would like to share with you another positive ActiveRain Real Estate Network story. On Tuesday July 24, 2007 around noon time, I was on my way back from a family vacation in Newport, Rhode Island when before leaving the resort I remembered that there was a very nice real estate broker that I e-networked with here on http://www.activerain.com/ . I contacted Linda Davis and I asked her if she was available today. Although it was almost last second, Linda Davis made room in her busy schedule to meet me in person. She notified me that she had an important Real Estate meeting in Phoenix and that she had to catch a plane so our meeting could only be about 20-30 minutes. I put Broker Linda Davis's address into my GPS and I was off to meet with her. As I pulled up to her office, I was impressed. What a great office and perfect location. I parked my car and entered her office to only be greeted with a friendly/warm smile of one of her agents.

The time was here, I finally got to meet Linda Davisin person. We shook each others hand and even hugged one another. Her office was fabulous and right away I knew that I was in a meeting with a proven real estate professional and a proven winner. Thanks to Active Rain, our first meeting felt like we had known one another for a few years. She was a sweet person who accepted me into her office and our appointment with open arms. I felt right at home and our meeting was a very successful one. We discussed how foreclosures are on the rise all over the country including Connecticut. When you are a great real estate broker and you have years of experience in real estate then you are given an opportunity to list bank owned properties. Linda Davis is one of the real estate listing agents for Countrywide REO's in her territory. She currently has 2 Countrywide REO (Real EstateOwned) properties. I told her up front that I know that she has been in the business for 30 years and that I'm sure she has a great working relationship with other loan officers or mortgage brokers so that I would like to become her primary Countrywide Home Loans representative for these Countrywide REO's. When there is an interested buyer for a Countrywide REO, then you need to be pre-approved by a Countrywide loan officer first but you don't have to receive your mortgage through Countrywide Financial - Home Loans - Equity Loan Mortgages .... Our first meeting was up quickly and she had to get ready for her business trip to Phoenix. I was very pleased with our meeting and was excited to know that Active Rain gave me an opportunity to e-network with a wonderful real estate professional like Linda Davis which then turned into a face-to-face networking opportunity for the two of us. We could have definitely met longer or discussed more but we both had to get going. I had a 2pm appointment in my Norwalk, CT office and she had to catch a plane. We exchanged business cards, took a couple of pictures together and embraced one another goodbye.

_________________________________________________________________________________________

Meet Linda Davis:

Linda Davis

Broker/Owner

RE/MAX Realty Group

8 Hurlbutt Drive

Gales Ferry, CT 06335

Linda Davis was licensed as a real estate agent in 1977 and earned her broker's license in 1986. She has helped 100's of families with their real estate needs.

Designations:

    ABR (Accredited Buyer's Agent)
    CRP (Certified Relocation Professional)
    CRS (Certified Residential Specialist)     SRES (Senior Residential Specialist)

Awards:

    RE/MAX International's Lifetime Achievement Award and Chairman's Club
    #1 Realtor- Ledyard, Connecticut
    Top 5% Eastern CT Association of Realtors

Community Involvement:

    Member, Ledyard Town Council
    Ledyard Parks and Recreation Commission
    Eastern Connecticut Chamber of Commerce
    Recipient, Ledyard Outstanding Woman of the Year

Realtor Involvement:

    Past President, Southeastern Connecticut Board of Realtors
    Recipient, Realtor of the Year
    Member, (ERC) Employees Relocation Council

If you are interested in Countrywide REO property in Gales Ferry or any surrounding towns, then contact Real Estate Broker Linda Davis by visiting her website at: http://www.ctrelocation.com/

Subscribe to her Eastern Connecticut Real EstateBlog: http://blog.ctrelocation.com/

If you need to be pre-approved for a Countrywide REO then please contact me by clicking here now: Contact Nima now!

Thanks again for reading my blog and as always I hope you have a great day.

Your Active Rain Mortgage Man,

Nima Rezvan

Home Loan Consultant

Countrywide Home Loans

48 Westport Avenue

Norwalk, CT 06851

203.913.6016

http://www.mynima.com/

I work nights/weekends for your convenience! I'm always ready to service all of your Real Estate Financing needs whether it being a Purchase or Refinance.

Bridgeport, CT Open House: New Construction Single Family Home: 640 Ezra Street 7-8-2007 1-4pm

Sat, 07 Jul 2007 02:30:37 -0700

New Construction Home in Bridgeport, Connecticut

Open House this Sunday 7-8-2007 from 1-4pm

Hosted by: Realtor Mahmoud Hessami of RE/MAX Right Choice in Trumbull, Connecticut

New Listing! Listing Price of: $329,900

640 Ezra Street Bridgeport, Connecticut (MLS #: 98337016)

Style: COL	Color: WHITE	Ext: VINYL	Built: 2007	NC: C
Rooms: 6	BR: 3	Baths: 2/ 1	Sqft: 1,700 +/-	Acres: .17+/-	Gar: 1 UND
Basement: FIN,GAR/ACC	Heat: BASBRD,GAS	AC: NONE
Roof: ASPHLT	Sewer/Water: SEWER,CITY WATER

Remarks:

NEW CONSTRUCTION CTR HALL COL ON CUL-DE-SAC,NORTH END LOCAL LR W/FPL & HRWD FLS, FORMAL DR,EIK W/SLIDERS TO DECK, 1/2 BATH & LAUNDRY, MBR, FIN BSMT NOT INCL IN SQ FT.$2000 CREDITTOWARDS APPL AT CLOSING. ONE BAC DUE AND PAYABLE UPON PASSING OF TITLE

Any Questions about this listing can be answered by Realtor Mahmoud Hessami (203)394-2485

________________________________________________________________________________

MORTGAGE EXAMPLE:	7/1 ARM I/O	30 Year Fixed	30 Year Fixed	7/1 ARM I/O
Financing	80%	80%	100%	95%
Sales Price	$329,900	$329,900	$329,900	$329,900
Down Payment	$65,980	$65,980	$0	$29,400
1st Loan	$263,920	$263,920	$263,920	$263,920
2nd Loan (HELOC)	N/A	N/A	$65,980	$49,485
Interest Rate	6.5%	6.75%	7.375%	6.75%
Points	0%	0%	0%	0%
Principal & Interest or I/O	$1,430	$1,712	$1,823	$1,484
2nd Loan (HELOC)	N/A	N/A	$577	$433
Property Taxes	$517	$517	$517	$517
Homeowners Insurance	$83	$83	$83	$83
MONTHLY PAYMENT including Taxes/Insurance	$2,030	$2,312	$3,000	$2,517

* Available 7 days a week until 10pm (First Time Home Buyer Specialist)

* Free No Obligation Mortgage Consultation

* Free Complimentary Pre-Approvals

* Bi-lingual office: Spanish

* Ask about our 100% Financing mortgages (No Down Payment)

* Ask about our Interest Only mortgages

Financing Available by Countrywide Home Loans:

Nima Rezvan

Home Loan Consultant

Mobile: (203)913-6016

http://www.MyNima.com

10 Things Borrowers Should Avoid When Applying For A Mortgage

Sat, 09 Jun 2007 18:08:56 -0700

Dear Reader,

Today I want to take time to educate the borrower (applicant) on things not to do when getting ready to apply for a home loan. With recent sub-prime mortgage meltdown, mortgage guidelines tightening and interest rates on the rise in the past 3 weeks in a row, I believe all consumers should be more cautious before applying for a purchase loan or a refinance loan with a lender of your choice. An educated applicant is essential in this market and it is my duty to try to educate you so that you get approved for a mortgage product of your choice with a great interest rate.

*Note: Real Estate Professionals, feel free to add this to your own blogs and even in your email blasts to your current clients. You have my permission to use this blog to share with your family, friends and colleagues.

10 Things Borrowers Should Avoid When Applying For A Mortgage:

1.) Avoid being late on your bill payments! Lenders look carefully at your recent credit history as it is a major variable when it comes down to approving you for a mortgage and determining an approval with a great interest rate. I tell all of my family, friends and clients to just make the minimum payments even if you can't afford to pay the whole debt off when you receive the bill. The three major credit bureaus look for a solid payment history in order to rate you and give you a high Fico score which is one of the major variables when applying for a home loan, a car or any big purchase.

2.) Avoid purchase or lease of a new car! Lenders look at your debt-to-income ratio. A large payment such as a car lease or purchase can greatly impact those ratios and prevent you from qualifying for a mortgage. Ask yourself, which is more important to you, a car or a home? One of the biggest purchases and investments of your lifetime is more important than a car so don't chance this by adding more debt to your current debt/liabilities. Wait until you close on your transaction/mortgage and then go ahead and purchase a new automobile or lease a new car.

3.) Avoid changing jobs! A new job may include bonuses which you can't count towards your new income because in your previous job you did not have bonuses. A new job in a different field might cause problem when applying for a loan. Remember that lenders look for 2 years of employment history which should usually be in the same line of work. If you are fresh out of college then you do have a college/university excuse and it is okay if you have not worked yet for 2 straight years after college.

4.) Avoid buying new furniture or major appliances for your new home! If the new purchases increase the amount of debt you are responsible for on a monthly basis, there is the possibility this may disqualify you from getting the loan, or cut down on the available funds you need to meet closing costs.

5.) Avoid moving assets from one bank account to another! These transfers show up as new deposits and complicate the application process, as you must then disclose and document the source of funds for each new account. The lender can verify each account as it currently exists. You can consolidate your accounts later if you need to.

6.) Avoid searching for a lender on-line! Not many have heard positive stories about people using on-line companies for their home financing needs. I am implying about companies like Ameriquest, DiTech and xyz mortgage companies. I highly recommend speaking with someone that you know and trust. If you do not know anyone in the business then ask a family member or a close friend to refer you to someone. I am looking for your best interest, your family and friends are as well. Always going with the top lender in the country like the #1 home loan lender that I currently work for Countrywide Home Loans is your best bet. Would you rather do business with someone who you can see face to face or someone that is hundreds or thousands of miles away from you in another state who you know nothing about?

7.) Avoid requesting your credit report by yourself! When you request your own credit report this will show as an inquiry on your lenders credit report. Credit inquiries must be explained to the lender by you writing an explanation letter. In your explanation letter you should also include that you have not recently applied for new credit cards or any other debt that the lender can't see. Lenders and I are looking for your best interest so don't apply for new credit cards and increase your debt because it could be detrimental to you getting approved for your mortgage product of interest.

8.) Avoid losing needed documents for the loan application! Important paperwork such as W-2 forms, divorce decrees, tax returns, pay-stub and asset statements should always be filed away in a safe place where you can access them when needed. Requesting new copies of these items could take a long time and could effect the closing of your mortgage.

9.) Avoid seeking advice from persons who are not certified professionals in the mortgage business! There have been a number of times where I've had clients tell me that their colleague or friend told them differently regarding something during the loan process. I want the best for you and I would not dare say anything which is not true or anything that will keep you away from getting approved for a mortgage. Speak with a mortgage professional about anything that has to do with your home loan and don't ask anyone else. Do you ask your landscaper about investment decisions? Do you ask your dentist about your cholesterol levels? The point here is to always seek advice about mortgage from a mortgage professional.

10.) Avoid consolidating your bills before speaking with your mortgage professional! Speak with your lender first and then they can guide you on if it is needed to be done or not. Sometimes the liquid assets that you have in your checking/savings/asset accounts could be needed in order to get approved for the home loan. It is great to have less debt/liabilities but it is also important to have money saved/stored away in the bank because lenders like to see reserves. They want to see that you have assets in emergency cases like if you lost your job that you can still make your monthly mortgage payments while you search for a new job. Again, the lender or your mortgage professional is looking for your best interest. They are not going to lend you hundreds and thousands of dollars if you have no money in the bank because you never know when any emergency can arise.

Thanks for reading my top 10 things to avoid when close to applying for a mortgage. If you have any further questions or need any mortgage advice, then please feel free to contact me by visiting my website: http://www.mynima.com/

Want to set up a FREE NO-OBLIGATION MORTGAGE CONSULTATION for a refinance or a purchase of a home then click here to get started: https://countrywide.dorado.com/nimarezvan/GetStarted

or you may contact me on my mobile at 203.913.6016 or email me at: Nima_Rezvan@countrywide.com

Your Nationwide Mortgage Professional,

Nima Rezvan

Home Loan Consultant

Countrywide Home Loans

48 Westport Avenue

Norwalk, Connecticut 06851

I work nights & weekends for your convenience! I can do loans in all 50 states.