USA Mortgage in Columbia MO

VA home Loans in Missouri---Chapter 2

Reza Abadi (USA Mortgage ) — Mon, 28 Jan 2013 14:18:50 -0800

We talked about VA loans being one of the most popular loans for our veterans. These loans have plenty going for them and the benefits are phenomenal.

No down-payment for these loans is very desirable and not having MI (Mortgage Insurance) makes them even better. VA loans tend to have great interest rates (usually better than Conventional loans) and have much easier qualification to go with that.

There are of course some restrictions for VA loans which we will talk more in next chapter but here are some of the highlights of VA loans:

· 100% financing.

· No monthly MI.

· If veteran is disabled and is qualifies for the disability, there will not be any up-front funding fee which could be up to 3.3% if it is multiple use of VA loan.

· Great interest rates (fixed and ARM options).

Call or email us today to get qualified for your VA loan. You can click on the banner below to take our full online application.

VA home loans in Missouri---Chapter 1

Reza Abadi (USA Mortgage ) — Thu, 06 Dec 2012 06:51:49 -0800

I should say one of my favorite home financing options is VA loan, with the $0 down option and no MI (Mortgage Insurance) they are superior to any other loan out there. VA Loans do offer very competitive interest rates as well and USA Mortgage in Columbia, Missouri has a lot of different options on closing cost and fees.

In addition to all the above benefits, these loans are for qualified veterans and it makes the work very joyful by helping them become home owners. These loans tend to have easier guidelines as far as qualifying for credit goes.

If you are shopping around for a VA loan in Missouri, give us a call or take an application online. We can get your pre-approved in just a few minutes and help you buy your dream home.

Keep looking for upcoming blogs on VA loans, we will blog about the benefits, how to qualify, refinances and guidelines soon.

But my lender can do it... why can't you?

Reza Abadi (USA Mortgage ) — Tue, 16 Oct 2012 09:03:02 -0700

I have heard this over and over from some of the agents "My lender can do it, why can't you?". Even with the black and white kind of rules and guidelines in lending, there are still some niche programs and productsthat not everybody has access to or don’t' know how to do them properly.

There are different entities who do lending; Banks, Mortgage brokers, Mortgage Bankers and etc. Using or selling your loans to different investors (secondary market) is what determines how many programs and different products one can offer. The more investors, the more options and most likley better rates and fees.

So, is this the case all the time? how come a lender can do a same FHA loan and some can't get it done? Well, most lenders specially banks and mortgage bankers who use their own money to fund the loan and have some skin in the game, will put overlays to protect their warehouse lines and limiting the buy backs on the sold loans.

Sometimes, Mortgage bankers who do their own underwriting decide to get a file done that is considered "irresponsible lending" just to make the agent happy or make a buck. In my opinion, if you are a good loan officer and company, you should know and understand this is why we are in a bad economy situation and our housing market is a mess, because we did lending like it was giving out candy on Halloween, if you had a right costume and could pretend to be who we want you then you got the candy!!

We need to pay attention to our lending practices and even we all want our clients to be home owners, sometimes, it isn't a right decision for them and as professionals we should understand that and prepare them to become homeowners not to set them up for failure while collecting our checks.

Refinancing my current loan, good idea?

Reza Abadi (USA Mortgage ) — Tue, 09 Oct 2012 07:27:53 -0700

We all have heard about what a good time is to refinance our current loans to a lower interest rate, but is this a good idea in all cases?

There is more than just the interest rate to consider when refinancing or buying your home. Choosing a right loan program, Having the right amount of fees are just as important. Make sure to look at all the options and don't just go for the lower rate as a lot of lenders use that as a bait. Compare your current loan to the proposed loan on short and long term to make sure you are benefiting on saving monthly payment and building equity.

Sometimes getting rid of your monthly PMI (Private Mortgage Insurance) is more beneficial than just getting a lower rate. Changing the terms on your current loan porogram can make a differnce to your monthly payment and equity. I have refinanced a lot of my clients from the 30 years to 20/15 years loans with little or no increase to their payment, they are now saving a lot of interest and will be building equity much faster.

Click on the link below and we can compare your current home loan to the different options.

Mr./Mrs. Broker, Tear down your walls!!

Reza Abadi (USA Mortgage ) — Mon, 23 Jul 2012 06:15:45 -0700

We all remember the days that a real estate broker was an insurance agent, financial advisor, Mortgage broker and a CPA all in same office and time. Today, things are a little bit different, consumer protection laws, conflict of interest and so many other regulation in place that makes it hard to operate as an one stop shop.

Considering all these laws and limitation, there are still brokers and real estate companies that have in house lenders, now these lenders may not be affiliated with the real estate agencies but they pay hefty amount of rent every month to buy the business from that office and eliminate the competition. It is perfectly understandable to be ambitious and want to suceed in business but not at the cost of your client's benefits and your agents in the office.

There are a lot of banks and mortgage companies out there and maybe most of them offer a same programs and options but there are some niche products that aren't that popular or profitable that could benefit your clients and make an extra deal for the real estate agent.

I called one of our local real estate brokers for a time frame to do a presentation for their agents, the broker emailed me back " We already have a lender that provides that service". I wrote back " Mr. Broker, Have you heard about the steering laws and RESPA violations, Have you seen the penalties for a mortgage company paying 10 times more than what the market value of rental in order to get an office in your agency?"

Tear down the walls, let in the talent and knowledge so your agents and their clients can benefit from it.

Watch out, It is a USDA loan....

Reza Abadi (USA Mortgage ) — Mon, 16 Jul 2012 15:07:23 -0700

USDA home loans have been popular in the last few years due to the crash of subprime market and the credit restrictions. USDA loans are one of the only loans beside VA loans that offer 100% financing and with their low monthly MI, it makes them a great option, but you need to watch out for some of the guidelines that aren't covered on the cover and can come up as your loan progress with the lender.

the basic rules and guidelines about the income limits, location of property, condition of property are all the first steps we use to qualify the borrower and here are some of the more detailed rules that you need to watch for before making the offer on your dream home.

1. USDA loans are mostly made for borrowers who can't afford to put any money down or don't have any options with other loan programs. Now if you have great credit and 20% of your down-payment sitting in your bank, USDA probably will ask you to find alternative option.

2. If you are buying a house that has over 5 acres of land, USDA office will look at these case by case, which it does defeat the purpose of the whole entire loan in the rural areas!

3. Although USDA isn't a first time home buyer program but you only can own one home at any given time with this loan. So, if you do have three investment property and want to buy your own home with the USDA, you may run into some problems.

4. If you do meet the income eligibilities for USDA but have someone else living in your house with you who also makes money and has income, then you need to add that to the household income and calculate it based on their income, even if they aren't going to be on the loan or title.

If you need to learn more about the USDA loans, call or email me anytime.

203K Renovation Loan

Reza Abadi (USA Mortgage ) — Thu, 31 May 2012 10:39:34 -0700

Are you considering doing a renovation, you should consider using the 203K Renovation loan. This loan is a form of FHA financing, allowing for refinance or purchase, this loan has all that FHA has to offer, plus allowing home buyers an downers to use the future value of the home and get money for the renovation.

Your minimum loan amount will be $50,000.00 (Including Improvements)
Your maximum loan amount will be $271,000.00 (Including Improvements) or FHA maximum loan amount by counties
Your option for loan type is a 15 year or 30 year fixed purchase or refinance loans
The house must be at least 1 year old
The house must be currently or soon be owner occupied
Home improvement costs must be completed by approved, licensed and insured contractors

The 203 K Renovation loan has a list of eligible improvements and required improvements. for a complete list please click here.

MHDC Loan First Time Home Buyer

Reza Abadi (USA Mortgage ) — Tue, 22 May 2012 13:26:45 -0700

MHDC which is also known as, Missouri Housing Development Commission, is a first time home buyer program, which is offered by the states. MHDC is a form of the FHA loan which does allow down-payment assistance.

When considering a new home you should go by these guidelines:

MHDC will allow borrowers to use 3% down-payment assistance which will bring the financing to 99.5% with only .5% down.
USDA requires the property to be in certain locations, where this loan does not have this requirement; any FHA approved property is eligible for the MHDC loan.
MHDC requires you to meet the income limit
If the property is sold or refinanced less than 3 years, the down-payment assistance money needs to be paid back
MI (Mortgage Insurance) options are about equal to the FHA loan requirements; regardless of the down-payment MI will be charged.
First time homebuyers and qualified veterans are the only exceptions to participate with this loan program

Eligible properties for the MHDC loan are, single-family detached, duplexes,semi-detached, condominiums, town home, modular or manufactured housing.

Contacting a loan officer before house shopping should be your first step in purchasing a new home, you will want to see if you're "pre-approved" so you can see how much you can afford to borrow and what you can afford to pay on your new home.

FHA Home Loan, is it the right loan for you?

Reza Abadi (USA Mortgage ) — Thu, 17 May 2012 13:57:44 -0700

FHA Home Loan could be the right loan program for you. FHA is a government loan which has been around for several years.

FHA requires just 3.5% down-payment. Which means it will finance 96.5% for your home loan. FHA will have a 1% up-front MI (Mortgage Insurance) which can also be financed to your loan. This would total your loan to be 97.5%. Regardless of how much you put down on your home loan you will still be charged a monthly MI.

Credit is usually easier for FHA loans, even if you have a lower credit score it will not affect the rate as much.

Don't automatically assume that you can not be approved for a FHA loan. It may meet FHA requirements depending on your circumstance. You possibly may have options that can cimprove your poor credit scores within time. Some home buyers may need to spend sisx months to a year improving credit history.

Your first step should be going to your lender and seeing if you can fist be pre-approved, if not they can take a look at your credit and determine if there are solutions to improve your credit scores. Contact FHA credit counseling or first time homebuyer counseling.

No Down-Payment with USDA Home Loans in Missouri

Reza Abadi (USA Mortgage ) — Tue, 24 Apr 2012 14:07:50 -0700

USDA loans are one of the few home loans which offer 100% financing. Missouri does have many different properties which are in USDA eligible locations. USDA offers many different benefits besides the no down-payment option, lower MI (Mortgage Insurance), Competitive interest rates and fixed loans are some of these incentives.

However there are some restrictions in income limits and property locations for these type of loans. There are also some credit limits and criteria which have lower standards than a typical conventional loans and offer a same or better rates and fees.

USA Mortgage is an approved USDA lender and was given the number one producer in USDA loans in state of Missouri in 2011. We do pride ourselves with outstanding service and great products with competitive rates and fees.

Home Affordable Refinance Program

Reza Abadi (USA Mortgage ) — Wed, 21 Mar 2012 11:30:55 -0700

Home Affordable Refinance Program also known as HARP.

Do you owe more than the home's current value? Are you current on your mortgage? This program will fit you, it is a program which is planned to help homeowners in refinancing their mortgages.

I strongly suggest taking advantage of this program, even if you're "underwater" as rates are at a record low.

The Home Affordable Refinance Program may only be around for a short while, as determined by congress.

To be eligible for a refinancing under HARP:

Your mortgage MUST be owned or certained by Fannie Mae or Freddie Mac
Your mortgage MUST have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
Your current (LTV) also known as Loan to Value, MUST be higher than 80%
You MUST be up to date on the mortgage at the time of the refi, with no late payments in the last six months, no more than ONE late payment within the last 12 months
Make sure you're able to pay the new mortgage payments
Will the refinancing improve the long term affordability or stability of your loan

Homeowners with a higher interest rate compared to the current market rate should see an instant plunging in their payments.

HARP's program was specifically designed to help current homeowners get into a more affordable loan program.

Apply today to see if you can qualify for the Home Affordable Refinance Program.

Adjustable Rate Mortgage (ARM)

Reza Abadi (USA Mortgage ) — Thu, 15 Mar 2012 13:56:00 -0700

Adjustable Rate Mortgage (ARM):

An ARM is a mortgage with an interest rate that may vary over the term of the loan -- usually in response to changes in the prime rate or Treasury Bill rate. The purpose of the interest rate adjustment is primarily to bring the interest rate on the mortgage in line with market rates.

Mortgage holders are protected by a ceiling, or maximum interest rate, which can be reset annually. ARMs typically begin with more attractive rates than fixed rate mortgages -- compensating the borrower for the risk of future interest rate fluctuations.

Choosing an ARM is a good idea when:

Interest rates are going down
You intend to keep your home less than 5 years

ARMs have the following distinguishing features:

Index
Margin
Adjustment Frequency
Initial Interest Rate
Interest Rate Caps
Convertibility

Index

An adjustable rate mortgage's interest rate increases and decreases based on publicly published indexes. ARMS are based on different indexes including:

United States Treasury Bills (T-bills)
The 11th District Cost of Funds Index (COFI)
London Interbank Offering Rate Index (LIBOR)
Certificate of Deposit Indexes (CODI)
12-Month Treasury Average (MTA or MAT)
Cost of Savings Index (COSI)
Bank Prime Loan (Prime Rate)

Margin

Margin is a fixed percentage amount that is pointed added to the index - accounting for the profit the lender makes on the loan. Margins are fixed for the term of the loan.

interest rate = index + margin

Adjustment FrequencyAdjustment frequency reflects how often the interest rate changes - also known as the reset date. Most ARMs adjust yearly, but some ARMs adjust as often as once a month or as infrequently as every five years.Initial Interest RateThe initial interest rate is the interest rate paid until the first reset date. The initial interest rate determines your initial monthly payment, which the lender may use to qualify you for a loan. Often the initial interest rate is less than the sum of the current index plus margin so your interest rate and monthly payment will probably go up on the first reset date.Interest Rate Caps

Interest rate caps put limits on interest rates and monthly payments.

Common caps:

Initial Adjustment Cap

An initial adjustment cap limits how much the interest rate can change at the first adjustment period.

Example:

If your ARM has a 1% initial adjustment cap, your interest rate may only increase or decrease by a maximum of 1% at the first adjustment period.

Periodic Adjustment Cap

A periodic adjustment cap limits how much your interest rate can change from one adjustment period to the next. Usually a six-month adjustable rate mortgage will have a one percent periodic adjustment cap while a one-year adjustable rate mortgage will have a two percent periodic adjustment cap.

Example:

If your loan has a 2% periodic adjustment cap, your interest rate may only increase or decrease by a maximum of 2% per adjustment period.

Lifetime Cap

A lifetime cap sets the maximum and minimum interest rate that you may be charged for the life of the loan. Most ARMs have caps of 5% or 6% above the initial interest rate.

Example:

If your loan has a 6% lifetime cap, your interest rate may only increase or decrease by a maximum of 6% for the life of the loan.

Initial adjustment caps, periodic adjustment caps, and lifetime caps make up an adjustable rate mortgage's cap structure, and are usually represented as three numbers:

Example:

1/2/6 -- Initial adjustment cap is 1 %/ periodic cap is 2% / lifetime cap is 6%.

Negatively Amortizing Loans

Because Negatively Amortizing Loans provide payments caps instead of interest rate caps, they limit the amount the monthly payment can increase. However, there is a risk interest rates could potentially escalate to a point where the monthly payment would not cover the interest being charged. If this scenario were to occur, the extra interest charges would be added to the principle of the loan, resulting in the borrower owing more than was initially borrowed. Borrowers are usually allowed to make payments over the loan amount to pay down the mortgage and guard against this scenario.

There are certain times when having a negatively amortizing mortgage could be beneficial. If a borrower were to lose a job or have an unexpected financial emergency a negative amortization option could ease cash flow situation. However, this should only be used as a short-term solution.

Option ARM loans

Option ARM loans allow the borrower to choose the amount to pay toward the mortgage each month. Make a minimum payment, interest-only payment, 30-year amortized payment or 15-year amortized payment. Pay the minimum amount to free up funds for other uses, or make larger payments for faster equity build up. Option Arms offer much more cash flow flexibility but must be used wisely by the borrower. Always consult a qualified loan officer to learn about all of the risks associated with these types of loans. He or she will also be able to offer valuable advice on properly managing your monthly payments.

Home Purchase Loan

Reza Abadi (USA Mortgage ) — Tue, 06 Mar 2012 08:24:30 -0800

Steps in completing your home purchase loan

1. Pre-approval - Get pre-approved for a mortgage and know in advance exactly how much house you can afford. Completing this step will also increase your negotiating power since you'll be viewed as a "cash buyer".

2. Loan Search - Put yourself in the hands of an experienced mortgage professional, someone who will help you to determine which financing options best suit your needs today and in the future.

3. Loan Application- It's crucial to supply the lender with as much information as possible, as accurately as possible. All outstanding debts as well as assets and income should be included.

4. Documentation - Paperwork supporting the application must also be submitted. Information commonly sought includes pay stubs, two years' tax returns, and account statements verifying the source of the down payment, funds to close and reserves.

5. The Hunt -Begin shopping for a house. Once you find the right one, the terms of the sale will be negotiated, including the price and potentially the terms of the loan being sought.

6. Appraisal - Lenders require an appraisal on all home sales. By knowing the true value of the home, the borrower is protected from overpaying.

7. Title Search - This is the time when any liens against the property are discovered. A lien may have been placed on a property to ensure payment of outstanding debts by the owner. All liens must be cleared before a transaction can be completed.

8. Termite Inspection - While most purchase loans do not require a formal inspection for termite and water damage, some loans (especially government loans) allow for the possibility. If problems are found, repairs may be necessary.

9. Conditional Approval – Once all of the information compiled has been submitted and reviewed we may have some more documentation to gather from the borrower in order to reach the final approval.

10. Final Approval – Once the investor decides everything needed has been gathered and the borrower still qualifies for the loan, we will reach our final approval.

11. Signing - During this step, final loan and escrow documents are signed.

12. Confirmation of Funding - The lender authorizes the disbursement of loan proceeds.

13. Closing - Documents transferring title will now be officially recorded by the County Recorder.

14. Congratulations, you are now a homeowner!

Loans

Reza Abadi (USA Mortgage ) — Mon, 05 Mar 2012 14:42:48 -0800

All you need to know about loans.

FHA Loans:

This is a government loan which has been around fo r years and it has been taking a much bigger portion of market these days.

96.5% financing, need only 3.5% down-payment.
Loan will have 1% up-front MI (Mortgage Insurance) and this can be financed into the loan. So, the total financing would be 97.5%.
Monthly MI will be charged regardless of amount of down-payment. Here is the break down of Monthly MI.

What is LTV: Loan to value (ratio of purchase price or appraisal value to loan amount)

NOTE: 15 Years FHA Loan with LTV of 78% WILL NOT have monthly MI. ( The only FHA loan without monthly MI).

Monthly MI will drop when LTV reaches 78% or after 5 years. (whichever comes LATER.)
FHA will allow gift money as down-payment. This money can be from any close relative.
FHA Rates are normally better than conventional but have higher MI factors.
Credit Criteria are usually easier for FHA loans and the lower credit scores will not affect the rates as much.

USDA Loans:

USDA Loans which stands for United States Department of Agriculture are very agressive loans for rural areas. There is a website to determine if the property is in an eligible location. http://eligibility.sc.egov.usda.gov

100% financing with no money down is one of the top options USDA offers.
There is an up-front fee which gets financed to the loan (similar to FHA). The up-front fee for USDA is at 2.00%
USDA didn'tuse to have any monthly MI which made it one of the best loans in the nation, but as of October 2011 there is .25% monthly MI and this amount will never go away regardless of the equity in property.
USDA will allow closing cost and fees to be financed to the loan as long as the appraisal value does support the addition.
There is income eligibility for USDA loans which varies by county and numbers of family members. Refer to the site above for income eligibility.
USDA's credit criteria are more relaxed compared to conventional loans and they offer aggressive interest rates.

VA Loans:

This loan is for eligible veterans. VA loans are another government loan which offers alot of uniqe benefits.

100% financing with no money down.
Up-front fee for VA varies on the status of veteran, the number of usage of VA loan in past and the purpose of a loan. Typically a first time home buyer using VA will pay 2.15% up front fee which will get financed to the loan.
If a veteran is disabled and the percentage of disability is within the guidelines they are not required to pay the up-front MI.
There are NO MONTHLY MI for VA loans, this makes the loan one of the most powerful and beneficial financings in our industry.
Credit criteria are easier compare to the conventional loans.

Conventional Loans:

This loan is offered by private investors and it's not a government loan. These loans generally have much tougher guidelines and restrictions.

95% financing requires minimum of 5% down-payment.
Interest rates in conventional loans are determined by down-payment, credit scores, debt to income (DTI) and the loan amount.
There is no up-front MI required for these loans.
There will be monthly MI if the down-payment is less than 20% but USA Mortgage does offer alternatives for this and we can compare to different options.

MHDC Loans:

First time home buyer program offered by the staes. MHDC is a form of FHA loan which does allow down-payment assistance.

MHDC will allow borrowers to use 3% down-payment assistance which will bring the financing to 99.5% with only .5% down.
Unlike USDA, these loans don't have any eligible property locations and any FHA approved property is eligible for this loan.
There are income limits in this program.
The program is only for first time home-buyers.
If the property is only for first time home-buyers.
If the property is sold or refinanced less than 3 years, the down-payment assistance money needs to be paid back.
MI options are all similar to FHA loans.

203K or Renovation Loans:

203K loan is a form of FHA financing which provides a unique feature. Allowing for refinance or purchase, this loan has all FHA features plus allowing home buyers and owners to use the future value of home and get money for renovation.

Minimum loan amount: $50,000 (Including improvements)
Maximum Loan Amount $271,500 (Including improvements) or FHA Maximum loan amounts by counties.
Loan Types: 15 years or 30 years fixed purchase or refinance loans.
house must be currently be (or soon be) owner occupied.
House must be at least 1 year old.
Home improvement costs must be completed by approved, licensed and and insured contractors.

Other Loan Options:

Besides all the loans above we do offer a variety of other financing options as well. Below is a lise of some of our unique loans. Please contact USA Mortgage for information on these loans:

FHA One time close construction loans.
NO PMI loans with 5% down.
Manufacture loans (must follow all rules and guidelines.)
HARP (refinance program for under water loans.)
Cash-out refinances.

Should I Apply For a VA Loan?

Reza Abadi (USA Mortgage ) — Fri, 02 Mar 2012 11:59:55 -0800

Should I apply for a VA loan?

If you're a Veteran, Active Duty Personnel, Reservists/National Guard member, or possibly a surviving spouse you should consider the VA loan.

How it works. Offers 100% financing. A VA funding fee of 0 to 3.3% (this may be financed) of the loan amount is paid to the VA. When purchasing a home, veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less. When refinancing a home, veterans may borrow up to 90% of reasonable value in order to refinance where state law allows.

You will need a certificate of eligibility (COE) before you can get a VA backed loan.

It is generally easier to qualify for a VA loan than conventional loans.

How to get a COE for your lender.

The COE can be accessed at vip.vba.va.gov at under the WebLGY online database.
Potential borrower inputs data
Your COE will be determined in seconds

Should I refinance my home?

Reza Abadi (USA Mortgage ) — Thu, 01 Mar 2012 14:48:50 -0800

Is this the right time to refinance my home? There are a lot of different variables involved in financing a propety. Most homeowners focus on interest rates, This is a big mistake as rates aren't the only important part of financing.

Choosing a right program for your home loan is the first and most important part of the process, a knowlegable loan officer will research the available options and would choose the best program for your need and status. Shopping for rate and terms is the next step and you need to make sure to pay attention to fees as much as the rate, as sometimes fees will not be re-couped with your saving.

You can get pre-qualified with us in 24 hours and find out which program is best for you in short term and long term.

USA Mortgage Ranked #1 in Missouri for USDA loans

Reza Abadi (USA Mortgage ) — Wed, 29 Feb 2012 09:31:50 -0800

We are honored to be recognized as number 1 Lender in Missouri for USDA home loans. As one of the largest retail lenders in Missouri USA Mortgage.

USDA Loans are 100% financing which is backed by Department of Agriculture. The clients have to meet the income requirements and the property needs to be in an eligible location.

USDA loans have a very minimal MI (Mortgage Insurance) which makes them a very affordable home loan. You can apply online for USDA loans and we will have a pre-approval within 24 hours.

Call or email us for any questions.

Taking Mortgage Education One Step Further

Reza Abadi (USA Mortgage ) — Wed, 28 Dec 2011 12:34:33 -0800

We have previously blogged about our commitment to our clients and our goal to not only provide them with the best loan product possible, but also educating them on their entire real estate transaction in efforts to provide a well rounded product to all. In addition to this we try to keep our realtors informed of new loan products, changes in loan products, and continuing education on existing products. In 2012, Reza Abadi's office with USA Mortgage is making a commitment to take this education one step further. We have begun sending a monthly newsletter to all realtors in our area which will give us an avenue of constant contact allowing us to keep, not only realtors, but their clients constantly informed. Additionally, we will be providing brochures and packets to our realtors which will allow them to give pertinent literature to their clients before they enter into the loan process.

As always, contact us anytime with all of your general mortgage inquiries.

100% Financing with a VA Home Loan

Reza Abadi (USA Mortgage ) — Tue, 20 Dec 2011 12:21:23 -0800

Calling all military personel, did you know that you can purchase a home with a VA Home Loan and receive 100% financing? If you are a veteran, active duty personnel, Reservist/National Gaurd member, or a surving spouse, you may qualify for a VA Home Loan. If you are uncertain whether or not you qualify just give us a quick call and we can help you determine eligibility.

Here at Reza Abadi's office with USA Mortgage we pride ourselves in fully educating our clients and helping through the mortgage process using a step by step system. Please contact us today with any questions in regards to VA Home Loans or any other general mortgage inquiry.

Home Rates are low low LOW

Reza Abadi (USA Mortgage ) — Mon, 19 Dec 2011 13:11:41 -0800

You may have heard that home loan rates have improved and are back down to near historic levels. In fact, I've been slammed with emails and phone calls from people just like you who wanted to take advantage of this wonderful situation.

But you need to keep the following in mind...

While some people say good things come to those who wait, others say to strike while the iron is hot. In this case, the "iron is hot" with rates at exceptionally low levels. And while weak economic reports here in the U.S. and the economic crisis in Europe are two of the main reasons rates have improved recently, signs of inflation are beginning to creep into our economy–and that never bodes well for home loan rates. That's why it's more important than ever to act now.

It will only take a minute–give me a quick call so we can look at your situation. It doesn't cost anything to check it out, and the choice of moving forward will be up to you. Don't miss this window of opportunity to save significantly on your monthly budget.

Contact myself and USA Mortgage today to discuss home loan rates or any general mortgage inquiries.

FHA Lending Limits Increased Again

Reza Abadi (USA Mortgage ) — Thu, 15 Dec 2011 13:43:00 -0800

Great news from FHA, regarding Lending Limits, for just about every county across the country! With the passing of H.R. 2112 (The Consolidated and Further Continuing Appropriations Act of 2012), FHA has confirmed its commitment to keeping FHA loan limits as high as possible to stimulate the housing market. This means that FHA has reestablished the previous higher FHA loan limits that were in place before they were decreased during the period of October 1, 2011 through November 17, 2011.

Click here for Missouri FHA lending limits.

The FHA loan is one of the best options for homebuyers in today's market. Buyer agents need to know the FHA loan limits so they can properly advise their buyers, and listing agents need to know the FHA loan limits to know whether to accept FHA financing terms on their listings.

If you have any questions about the FHA loan limits, contact me anytime. And if there's anything else I can do for you or your clients, just let me know. I'm always happy to help.

What is a HARP Loan?

Reza Abadi (USA Mortgage ) — Wed, 14 Dec 2011 15:12:27 -0800

What is a HARP loan? How can I benefit from a HARP loan?

HARP is an acronym which stands for Home Affordable Refinance Program. The program was created in order to let borrowers, who got into a home prior to the housing crisis, refinance their mortgage despite the fact that their home value has decreased since they gained ownership. This program is offered by Fannie Mae and Freddie Mac and you will hear the loan itself referred to as the Refi Plus or DU Refi Plus program and the Relief Refinance Mortgage respectively. These programs allow borrowers to refinance their first mortgage up to 105% of the appraised value, as well as, allowing them to roll in $2,500 in closing costs. You can find more detailed information at www.MakingHomeAffordable.gov.

Contact myself and USA Mortgage today for questions regarding a HARP refinance or any other general mortgage inquiries.

Which Loan Product is Best For You

Reza Abadi (USA Mortgage ) — Mon, 12 Dec 2011 11:58:07 -0800

Here at USA Mortgage our job is not just to help you get home financing, but to help put you with the loan product that will best suit your needs. While we have in depth information about these loan programs on our website, I wanted to use today's blog post to give you an overview of the main products we use:

FHA Loan - These loans are backed by the government. This enables the lender to offer you a higher percentage up front to purchase your house because they have less risk if something goes wrong. FHA loans have certain lending limits, but most anyone can quailfy. These loans enable you to borrow up to 96.5% of the value of your home or perspective new home.

USDA Loan - We frequently discuss USDA loans on our blog. These kinds of loans are also backed by the government and are very popular in the mid-Missouri area. USDA targets rural properties, this being said not all properties will qualify for a USDA loan. Call us today to find out if yours qualifies! The most attractive part of a USDA loan is it allows you to borrow up to 100% of the value of your home or perspective new home. With this product you can purchase a home with no down payment.

VA Loan - As you may have already figured out, VA home loans are for american veterans. These loans are also backed by the government. You are probably already aware that you qualify for this type of loan, if you do, however, if there is any question call us today to figure out how you can qualify. VA also offers 100% financing, this is another product that will allow you purchase a home with no money down!

Conventional Loan - Conventional loans are all non-goverment backed laons. You can borrow up to 95% of the value of your current or perspective home on conventional loans. These types of loans have fewer initial requirements to qualify, however, becuase the loan is not backed by the government the lender will often request more in depth information in order to give the borrower the final approval.

FHA 203(k) Renovation Loan - This is one of the many different programs that FHA offers. This loan will enable a borrower to refinance their current house, or purchase a new house while also completing some renovations on the home. This can enable you to do anything from cosmetic or structural changes that better suit you to structural changes that will help the home pass inspection or building code. Call us today to learn more information about these types of loans.

As always, feel free to contact myself and USA Mortgage immediately with any questions about which loan product will best suit your needs or any general mortgage inquiry.

What to Expect From Your Mortgage Professional

Reza Abadi (USA Mortgage ) — Thu, 08 Dec 2011 16:40:24 -0800

So, you are looking to purchase a home and it is time to get pre-approved for a mortgage through your mortgage professional. All that mortgage professional has to do is get you qualified for your loan...right? WRONG! Your mortgage professional and your realtor are your primary sources of information to help you through the buying process. The reason you have these two individuals to use is becasue this process is long, detail oriented, and can even be very confusing for the average individual. Just because you are entering into this agreement with little prior knowledge does not mean that you must continue through the whole process without a clue of what is going on. Here at Reza Abadi's office with USA Mortgage, we pride ourselves in being a full service loan institution. Not only will we help you get approved with the proper loan product. We will help educate you and answer any questions you may have through out the entire process. We are ALWAYS available!

As always, feel free to contact myself, your mortgage professional, and USA Mortgage with any general mortagge inquiries.

Get 100% Financing with a USDA Loan

Reza Abadi (USA Mortgage ) — Wed, 07 Dec 2011 13:28:09 -0800

Are you ready to buy a home, but you are conserned about your ability to aquire funds to make a downpayment? If you answered yes to this question a USDA Loan could be the right loan product for you. USDA still offers 100% financing on qualifying properties. USDA loans are directed at homes located in areas that have a low population, however, being in mid-Missouri you may be surpriesed how many homes in our area are considered rural.

Contact us today with any inquiries. We can check the address of any home to see if it qualifies for 100% financing, we can look into getting you prequalified for a mortgage, or we can simply answer any general mortgage inquiries you may have.

Feel free to get in touch with myself and USA Mortgage anytime to answer all of your USDA Loan and general mortgage questions.