Cary once again makes the news for being one of the safest cities in the nation. The Town of Cary has been named the 3rd safest with populations between 100,000 and 499,999 according to CQ Press in their annual crime rankings. In 2007, Cary was ranked the 4th safest in the same category.
Once again Cary is also the highest-ranked municipality in North Carolina and the Southeastern Region. The Town of Cary has held this distinction for ten years in a row now. Amongst all the areas ranked, Cary was the 15th safest overall in the report.
Our branch specializes in affordable lending options including FHA / VA and the Community Heros program. As both a banker and a broker, you have access to a full menu of products including all Fannie Mae and Freddie Mac Conforming loans, Reverse, Jumbo and Commercial financing on a variety of property types. We are located in Cary, North Carolina and are within easy reach of the entire RTP Area including Wake, Durham and OrangeCounties.
The Housing and Economic Recovery Act of 2008 tied the national mortgage limit for FHA-insured reverse mortgages to the national conforming loan limit. The FHA product known as the Home Equity Conversion Mortgage (HECM) will therefore have a national mortgage limit of $417,000. This is the first time that a single limit applies to these mortgages nationwide.
As in previous years the special exception areas of Alaska, Hawaii, Guam and the Virgin Islands have higher loan limits. Starting this month, counties in those areas may have loan limits of 115% of area median prices. Where that amount is above $417,000, up to a ceiling of $625,500.
Reverse mortgages allow homeowners age 62 and older to borrow against the value of their home without selling it. Homeowners can take a lump-sum payment, monthly payments or a line of credit. No repayment is required as long as a homeowner lives in the home. The reverse mortgage is repaid, with interest, when a homeowner dies or sells the home.
Our branch specializes in affordable lending options including FHA / VA and the Community Heros program. As both a banker and a broker, you have access to a full menu of products including all Fannie Mae and Freddie Mac Conforming loans, Reverse, Jumbo and Commercial financing on a variety of property types. We are located in Cary, North Carolina and are within easy reach of the entire RTP Area including Wake, Durham and OrangeCounties.
FHA loans have been around for a long time, but during the current market turmoil it is proving to be an increasingly better option for home buyers and owners looking to refinance. In fact, with some of the recent loan requirement modifications, these affordable loans may make sense now more than ever.
6 reasons why an FHA loan is ideal for today's home buyer
Low Down Payment: FHA loans require as little as a 3.5% down payment. The entire amount may come from a family member, employer or charitable organization.
Easier to Qualify: Since FHA provides the mortgage insurance for FHA loans; there are less restrictive guidelines than may be available for conventional loans.
Less than Perfect Credit Qualification: Borrowers with credit problems, such as bankruptcy, have an easier time qualifying for an FHA loan than a conventional loan.
No Income Caps: There are no maximum income requirements or geographic restriction for FHA loans.
Financed Mortgage Insurance: Because the FHA charges mortgage insurance up-front (UFMIP); borrowers are able to finance this into the cost of their loan. There is still a monthly portion, but it is generally lower cost than private mortgage insurance.
No Prepayment Penalty: With an FHA loan, borrowers may prepay their loan without the worry of a costly prepayment penalty.
Although many lenders have just started working with government programs, VanDyk Mortgage is a Full Eagle Direct Endorsement FHA Lender with over 20 years of experience with the FHA, VA and USDA programs. To find out more about FHA loan options, contact us now.
Our branch specializes in affordable lending options including FHA / VA and the Community Heros program. As both a banker and a broker, you have access to a full menu of products including all Fannie Mae and Freddie Mac Conforming loans, Reverse, Jumbo and Commercial financing on a variety of property types. We are located in Cary, North Carolina and are within easy reach of the entire RTP Area including Wake, Durham and OrangeCounties.
A few months ago while testifying before Congress, lenders praised the government's foreclosure prevention program but indicated that they preferred to use their own modification programs. As part of the housing rescue bill passed by Congress in July (not to be confused with the bailout bill passed in October), homeowners in trouble have been able to refinance their mortgages with the backing of the Federal Housing Authority (FHA) starting October 1st.
However, after 8 weeks fewer than 100 applications have been made for the Hope for Homeowners program. A main reason lender's are not enthusiastic is that the program calls for them to reduce loan balances to 90% of a home's current market value. In addition, the lender has to pay an upfront mortgage insurance fee of 3% of the loan balance to the FHA.
A Senior Vice President for JP Morgan Chase Home Lending, testified about the drawbacks of Hope for Homeowners. "Under the Program, [investors in the loans] will take a loss when the principal balance is written down," she testified, adding that they won't have a chance to make up that loss if home prices recover. Sheehan added that Chase can help many borrowers' by reducing their interest rates, thereby making their monthly payments more affordable.
Other lenders such as Bank of America, Wells Fargo and IndyMac (which was taken over by the FDIC in July) agreed and stated that they prefer to use the FHA program as just one of several options. When directly asked whether the program would be considered a last resort, all the members of the panel agreed that it would be.
The bank executives said that their responsibility to maximize profits for the investors would probably limit the number of cases in which the Hope for Homeowners program would be used. All of the lenders also stressed that their efforts with loan modification programs and the increasing number of workouts that they have been doing.
Because of this disappointing response, the US Housing and Urban Development Secretary Preston announced that major changes were being made to help more home borrowers. The major change is increasing the loan to value to 96.5% from the previous 90% for some situations. This means that lenders will not have to write down the balances as much and make them more likely to participate in the program. Other changes include changing the way 2nd mortgage holders are paid off, making the process simpler and again increasing the chances that lenders will assist home owners.
Together, these changes will hopefully help more homeowners avoid foreclosure and offer another solution if a loan modification alone will not work. Despite these relaxed terms, the FHA will still use the same standards to ensure that home owners will have enough income and the ability to repay the loans. Although its mission is to help provide affordable financing, the FHA needs to make sure that it does so in a responsible way that is sustainable.
Our branch specializes in affordable lending options including FHA / VA and the Community Heros program. As both a banker and a broker, you have access to a full menu of products including all Fannie Mae and Freddie Mac Conforming loans, Reverse, Jumbo and Commercial financing on a variety of property types. We are located in Cary, North Carolina and are within easy reach of the entire RTP Area including Wake, Durham and OrangeCounties.
Secretary Preston of the US Department of Housing and Urban Development announced the new Federal Housing Administration (FHA) loan limits for 2009. Beginning January 1st FHA will insure single-family home mortgages up to $271,050 in all areas and up to $625,500 in high cost areas.
Because of the 2008 Stimulus Package, the maximum FHA loan limit was temporarily raised to $729,750 through December 31, 2008. However, the new maximum of $625,500 is still a significant increase over the $362,790 limit in effect prior to the Stimulus Package. Secretary Preston stated "these new loan limits will ensure FHA can to continue help struggling homeowners refinance into safe, affordable government-insured loans, and allow many first-time buyers take advantage of today's buyers market".
For conforming mortgages, the Housing and Economic Recovery Act links the maximum loan limit to a house price index chosen by the new Federal Housing Finance Agency (FHFA). For 2009 the national conforming limit will remain at the current level of $417,000.
Unfortunately for those in the Triangle the news is not so good. After January 1st FHA limits in Wake County will actually decrease from the current $295,000 to $271,050. The same is true for Johnston, Franklin and Harnett County. For Orange and Durham County there will be no change, with loan limits remaining at $334,650.
Another important item to remember is that FHA will be increasing the minimum borrower contribution on January 1st. Currently borrowers needed to put in 3% of the sales price or appraised value (whichever is lower), but in 2009 this will increase to 3.5%. So for anyone interested in buying under the current loan amount/down payment requirements, time is short to submit an application!
One final piece of good news... FHA and conforming interest rates are again at historic lows. They now rival the interest rates available back in 2004-2006, so if you can qualify for one of these great programs now is the time to look into buying or refinancing.
Our branch specializes in affordable lending options including FHA / VA and the Community Heros program. As both a banker and a broker, you have access to a full menu of products including all Fannie Mae and Freddie Mac Conforming loans, Reverse, Jumbo and Commercial financing on a variety of property types. We are located in Cary, North Carolina and are within easy reach of the entire RTP Area including Wake, Durham and OrangeCounties.
Some homeowners fearing a foreclosure notice during the holidays are getting an early gift from Fannie Mae and Freddie Mac. The two government sponsored enterprises (GSEs) announced they will suspend evictions and foreclosures on over 15,000 properties until January 9th.
One reason for the delay is because Fannie and Freddie, now under government control, is implementing a new loan modification program. In this program, the two mortgage companies will modify the terms on possibly hundreds of thousands of mortgages that are >90 days past due. Although the two GSEs hold a small percentage of the delinquent loans in the US, government officials hope that other lenders and servicers will follow the example.
"We encourage other servicers of non-GSE mortgages to participate in the streamlined modification program to bolster our collective efforts to stem the foreclosure crisis," Fannie Mae President and Chief Executive Herb Allison said in a statement. Until recently, troubled loans were handled on a case by case basis, a costly and time-consuming process. But as home prices continue to decline the cost of foreclosure to lenders is climbing.
For example, Freddie Mac is current trying to find buyers for over 28,000 foreclosed homes as of the last quarter, up from under 12,000 a year ago. Furthermore, the gross proceeds from the sale of fore closed homes were nearly 30% less than the unpaid balance of loan in the third quarter. This 30% loss doesn't even take into account other costs such as repairs, real estate agent commissions and closing fees.
The situation at Fannie Mae is equally bleak, with an inventor of more than 67,000 single family homes at the end of the third quarter. This is a drastic increase from the under 34,000 foreclosed homes they had at the end of 2007. Net proceeds at Fannie Mae also fell to an average of 70% of the loan balance from 78% in 2007.
The temporary suspension in foreclosure will apply to 10,000 Fannie Mae held loans and 6,000 Freddie Mac owned mortgages. Properties will range from single family to four-unit properties that were set to sell in foreclosure between the end of November and January 9th of 2009. At the very least it will help homeowners by giving them a place to stay over the holidays and hopefully longer if the loan modification program works.
Our branch specializes in affordable lending options including FHA / VA and the Community Heros program. As both a banker and a broker, you have access to a full menu of products including all Fannie Mae and Freddie Mac Conforming loans, Reverse, Jumbo and Commercial financing on a variety of property types. We are located in Cary, North Carolina and are within easy reach of the entire RTP Area including Wake, Durham and OrangeCounties.
It has been a month since the "bank bailout package" was passed by Congress. The bill underwent a difficult road to passage, with the first draft rejected in the House of Representative for fear it would be a waste of money with little effect. To overcome these objections, inducements (money to fund projects key legislators wanted) and tax breaks were added to the bill. Unfortunately, it seems that these fears may have been well founded and the "economic rescue bill" will not have the desired results.
The original plan by Henry Paulson, the Secretary of the Treasury, was to buy up the delinquent mortgages and assets held by banks. The goal was to increase the banks stability and provide them with money they could lend to consumers and businesses. Even before the bill was passed, this plan was in doubt and now has been completely canceled. Instead Paulson has decided to buy stock in the banks and non-bank institutions that provide credit cards and auto loans so they have fresh capital, also so that they could regain stability and make loans.
Unfortunately, instead of making loans many banks are using the money to pay dividends, but other banks, give executive bonuses or save for emergencies. For example, PNC Financial Services received $7.7 billion from the bailout and immediately spent $5.6 billion of it to buy National City. In fact on the same day Paulson hired the Bank of New York Mellon to run the rescue program, it decided to take $3 billion of the money for itself. Added to the expensive spa retreats AIG paid for (including another one just this week) while receiving tax payer money it seems the bill might not help the economy as much as was hoped.
Lawmakers are protesting these actions, but it should have been expected since the bill gave Paulson unlimited authority and required little supervision. It also contained no restrictions on what the recipients did with the money, although Bush recently requested banks start making loans and using the money for its intended purpose. After the latest news of waste, the Treasury also announced they seek to impose caps on executive compensation and spending at AIG and other companies that receive government funds.
These are positive steps and hopefully a sign that the government is getting on a better track. Whether the this bill ends up a "bailout" of Wall Street and a few executives or a "rescue" of Main Street and the general economy remains to be seen. With a new focus on the economy and new administration there is hope on renewed emphasis on the bailout and other plans to help consumers.
Our branch specializes in affordable lending options including FHA / VA and the Community Heros program. As both a banker and a broker, you have access to a full menu of products including all Fannie Mae and Freddie Mac Conforming loans, Reverse, Jumbo and Commercial financing on a variety of property types. We are located in Cary, North Carolina and are within easy reach of the entire RTP Area including Wake, Durham and OrangeCounties.
With the anxiety in the financial markets recently, I am writing to share some good news. I was recently awarded the Lending Integrity Seal of Approval from the National Association of Mortgage Brokers (NAMB). This means that I have met the association's high standards for ethics, integrity and dedication.
I couldn't buy or receive it just by joining the association; I had to earn it. In fact, I am the first loan officer in the Triangle and one of the very few in North Carolina that has met the strict requirements set by the NAMB. I did so because I understand that the success of my business rests upon a foundation of professionalism, education and service.
To obtain the Lending Integrity Seal of Approval, a mortgage broker or loan officer must:
Possess a current state license or registration
Pass a national criminal background and credit check
Submit three mortgage industry business references
Complete yearly professional education, including ethics training
Pass an examination on federal and state mortgage regulations
Adhere to NAMB's Code of Ethics and Standards of Business Practices
Pledge to abide by NAMB's formal ethics grievance review process
This sets the highest national standard in the mortgage lending industry and I am proud to have earned it. The rigorous validation process assures consumers that they are working with a responsible lending professional and during these challenging times, that is more important than ever.
Our branch specializes in affordable lending options including FHA / VA and the Community Heros program. As both a banker and a broker, you have access to a full menu of products including all Fannie Mae and Freddie Mac Conforming loans, Reverse, Jumbo and Commercial financing on a variety of property types. We are located in Cary, North Carolina and are within easy reach of the entire RTP Area including Wake, Durham and OrangeCounties.
After being seized by the federal government last month, Fannie Mae and Freddie Mac are canceling fee increases that were scheduled to go into effect this month. Both companies had announced plans to increase fees on all loans by 0.25%. These increases were planned as the organizations struggled to stabilize their finances over the last year.
Fannie Mae made the announcement last Thursday and Freddie Mac followed soon after. However, Freddie Mac will raise fees for some high risk loan products next year. They will also increase the requirements for low down payment loans, but will keep financing these types of mortgages.
Freddie Mac said the changes would provide "some relief from the challenges in the current market environment". In the last year, both Fannie and Freddie have increased several fees as well as the requirements such as down payments and credit scores borrowers must have. Fannie Mae Chief Executive Herb Allison also stated they are "evaluating all of our risk-management, underwriting guidelines, pricing and costs."
This is great news for consumers that are considering buying or refinancing a home. For example, on a $200,000 home it will save borrowers $500.
Our branch specializes in affordable lending options including FHA / VA and the Community Heros program. As both a banker and a broker, you have access to a full menu of products including all Fannie Mae and Freddie Mac Conforming loans, Reverse, Jumbo and Commercial financing on a variety of property types. We are located in Cary, North Carolina and are within easy reach of the entire RTP Area including Wake, Durham and OrangeCounties.
Its that time of year again, the Parade of Homes! For three weekends, the 43rd Annual Parade of Homes will feature 394 new homes throughout Wake County that you can visit for free.
October 4-5, 10-12 & 17-19 12 pm to 5 pm
Tour books with maps can be found at various locations in the Triangle or you can view the homes online to see more information and search by criteria such as price range, city or home features.
The Parade of Homes is brought to you by the Home Builders Association of Raleigh and Wake County. The parade lets you see the latest products, features, decorating and technology at your leisure. Homes are priced from $125,000 to over $3,000,000 and in many different styles and subdivisions. It is a great and fun experience and I enjoy it every year.
Our branch specializes in affordable lending options including FHA / VA and the Community Heros program. As both a banker and a broker, you have access to a full menu of products including all Fannie Mae and Freddie Mac Conforming loans, Reverse, Jumbo and Commercial financing on a variety of property types. We are located in Cary, North Carolina and are within easy reach of the entire RTP Area including Wake, Durham and OrangeCounties.
For over 20 years VanDyk Mortgage Corporation has been helping our clients realize the "American Dream".
VanDyk Mortgage is a privately owned full service Mortgage Banker and Broker approved with Fannie Mae as a Seller/Servicer and licensed by the U.S. Department of Housing and Urban Development as a Full Eagle FHA lender.
Our licensed mortgage consultants are all members of the North Carolina Association of Mortgage Professionals and the National Association of Mortgage Brokers. So you can be confident that our staff has the experience and education necessary to help you build your financial security.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
;)
;)
