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birmingham: Prospect Mortgage Exclusive - Alabama HomePath Program 11-20 Financed - 09/15/12 09:47 AM
A brand new Fannie Mae HomePath® opportunity is now available to Alabama investors. The Fannie Mae HomePath® loan program has now been expanded to allow up to a total of 20 financed properties (including those currently being financed) under an exclusive Prospect Mortgage loan program. No other lender in the country can offer this special financing to AL buyers.
Only Prospect Mortgage gives you the opportunity to capitalize on both the below-market prices of foreclosures owned by Fannie Mae and the ability to carry financing on up to 20 investment properties for each investor. Most loan programs allow only four to (0 comments)
birmingham: Refinance Today… Even If You Are Underwater on Your Alabama Mortgage! - 07/10/12 06:57 PM
If you are underwater on your Alabama mortgage, owing more on your loan balance than your home is worth right now; you may be able to refinance to a lower interest rate under the Federal Housing Finance Agency’s Home Affordable Refinance Program (HARP). Refinancing now, while rates are at historic lows, may save you money each month on your mortgage payment! Loan-to-value ratios have recently been eliminated, meaning that it doesn’t matter how underwater you are on your mortgage!
To qualify for an Alabama HARP 2.0 refinance, borrowers must meet the following criteria: The mortgage must have been owned or guaranteed by (0 comments)
· Name/address of seller’s mortgage company · Name, contact phone#, and job title for the seller’s lender representative · Property address · Sales price · Seller contribution amount toward closing costs/pre-paids · Borrower’s name(s) · Expiration date of approval letter
If your short sale approval letter does not contain all of the above information, you may have a challenge with your mortgage approval.
birmingham: REBuildUSA Partners With Lowe's for FHA 203K Renovation Mortgages - 01/25/12 08:11 PM
REBuildUSA has partnered with Lowe's Home Improvement Stores to assit home buyers and home owners. An FHA 203K loan allows you to purchase or refinance and renovate a home in one easy loan. Your loan is based on the after-improved value – what the house will be worth once the renovations are complete.
There are no costs to you to enjoy the convenience and time saving benefits of REbuildUSA™. As your 203K Renovation Lending Specialist, I will help you understand all the features of the loanI look forward to answering your questions about the loan program and guiding (1 comments)
As anticipated, HUD has announced that the 90 Day Flip Waiver for FHA mortgages has been extended once again. On January 15, 2009, HUD announced a waiver to its restriction of a borrower being able to obtain FHA financing on a property that had been acquired by the seller in the 90 days preceding the sales contract date. The inital waiver took effect on February 1, 2010. The expiration date of the waiver was set as 12 months from its starting date. That originally had waiver set to expire on January 31, 2011. HUD issued an extension through December 31, 2011. The 2nd extension is now (12 comments)
birmingham: HVCC and It's Influence on Today's Appraisal Standards - 09/04/11 01:59 PM
The Home Valuation Code of Conduct (HVCC) was implemented in May 1, 2009 by the Federal Housing Finance Agency (FHFA). It was designed as an attempt to improve the independence of appraisers. It contained provisions that prohibit lenders and third parties from influencing appraisals to arrive at a certain value. According to NAR, the HVCC establishes standards on solicitation, selection, compensation, conflicts of interest and appraiser independence. Mortgage brokers and real estate agents are prohibited from selecting appraisers. Lenders are permitted to use “in house” staff appraisers to conduct appraisals. However, the loan production staff is prohibited from: 1) Selecting, retaining, recommending, or influencing the (8 comments)
birmingham: FHA 203(k) Maximum Loan Amount - 08/30/11 09:33 PM
The FHA 203(k) maximum loan amount is the lesser of: Purchase price (or “as is” value for refinances) plus rehabilitation costs OR 110% of “After Improved” valueTIMES The LTV factor (96.5% for a purchase) or less the allowable down payment ($100) for a HUD REO Property NOT TO EXCEED Maximum county loan limit for the local area
birmingham: Why Do Lenders Prefer a Short Sale Over a Foreclosure??? - 08/13/11 10:25 PM
Why do lenders prefer a short sale over a foreclosure is a common question asked by buyers and sellers. The reason all comes down to money. Any home owner that does a short sale or has a property go into foreclosure ends up costing their mortgage company a lot of money. When a seller does a short sale, it ends up costing the lender about 20-30% less than if they have to foreclosure. Maintaining a foreclosed property is an expensive understanding for a mortgage company. The legal fees associated with a foreclosure can be costly for the lender. They also have (15 comments)
birmingham: What Is A Short Sale? - 08/13/11 07:54 PM
A home sale is classified as a "Short Sale" whenever it is sold for less than the amount owned on the mortgage and the mortgage lender accepts less than the full amount due on the outstanding balance. The seller must meet several criteria in order to qualify for a short sale? Some of those include: The seller must owe more on the home that its current value The seller must prove that the home cannot be sold for enough to satisfy the current outstanding mortgage(s) owed The seller must demonstrate that they are suffering from a financial hardship which leaves the (3 comments)
birmingham: Completed HAFA Short Sales Pass 10,000 Closings - 08/13/11 07:04 PM
According to a recent article from HousingWire, completed HAFA Short Sales have now surpassed 10,000 closings. Since the Home Affordable Foreclosure Alternatives (HAFA) program was launched in April 2010, mortgage servicers have now completed 10,438 HAFA short sales through the end of June 2011. JPMorgan Chase tops the HAFA closed volume list. The lender has now completed almost 3,600 approved HAFA short sales through the program. In June 2011 alone, nearly 1,000 were completed. Wells Fargo comes in second place in completed HAFA short sales. They have completed over 3,100 HAFA transactions. Of those completed, nearly 700 were done in June 2011 alone. Bank (6 comments)
birmingham: Can I Purchase After a Short Sale in Alabama? - 08/06/11 01:11 PM
Can I purchase after a short sale in Alabama? That is a common question on the minds of many Alabama sellers in today’s market. The answer is, possibly. In December 2009, HUD announced guidelines under which a seller who has completed a short sale can buy a new home utilizing FHA financing. Short Sales According to FHA underwriting guideline, borrowers are not eligible for a new FHA loan if · They pursued a short sale on their principal residence simply to take advantage of declining market conditions, and purchase, at a reduced price, a similar or superior property (1 comments)
birmingham: How Do Delinquent Homeowners Association (HOA) Dues Affect FHA Mortgages? - 07/03/11 03:22 PM
How Do Delinquent Homeowners Association (HOA) Dues Affect FHA Mortgages? As part of the FHA condo project approval process, various aspect of the Home Owner's Association must be evaluated. One such aspect is the delinquency rate of the current owners. FHA guidelines require that no more than 15% of the total units can be in arrears on their condominium association fee payments. Arrears is defined as more than 30 days past due. This does not include late fees or other administrative expenses. The 15% includes all units (occupied, investor, bank-owned, vacant). Should the delinquency percentage exceed 15%, exception requests may only be considered on a (17 comments)
birmingham: HAFA Short Sale Approval Criteria - 07/01/11 10:08 PM
In an attempt to reduce the increasing number of foreclosures, the U.S. Treasury Department introduced a new federal program last year help to streamlines the short sale process. The program is designed to help home owners who can no longer afford to keep their homes. The Home Affordable Foreclosure Alternatives (HAFA) program began on April 5, 2010. It is currently set to end on December 31, 2012. HAFA is designed for homeowners who have applied to the Home Affordable Modification Program (HAMP) for assistance, but have not had a success result with their loan modification program. Federal rules require servicers participating in HAMP to implement HAFA. For homeowners (0 comments)
birmingham: HomePath Renovation Financing For Alabama Fannie Mae REO's - 05/14/11 12:47 PM
HomePath Renovating Financing is Here!!!! Prospect Mortgage is now one of the few lenders across the country to offer the HomePath Renovation financing option for Fanne Mae REO properties in Alabama. HomePath mortgages are only available for select Fannie Mae REO properties. Eligible HomePath properties can be found at www.HomePath.com. Maximum LTV: Primary Residence - 1-4 units - Max 97% LTV Second Home - 1 unit - Max 85% LTV Investment Property - 1 unit - Max 85% LTV Investment Property - 2-4 units - Max 75% LTV Eligible Proeprty Types: SFR (Single Family Residence) - Attached and Detached Townhome Condo 2-4 (4 comments)
birmingham: Credit Tip #1 - Paying Off Collection Accounts and Charge Offs - 03/11/11 10:17 PM
Think twice before you pay off collections accounts or charge offs. For someone wanting to pay off collection accounts, it is suggested that you do it as part of the loan approval process. Paying off a collection account can actually bring an old account to a current derogatory status. That may in fact lower your credit score instead of raising it. If you are not planning on purchasing for several months or longer, then paying off a collection account may actually help you. There are some creditors who will continue to report the account as delinquency each month that the debt goes unpaid. Paying off (11 comments)
birmingham: Can I Finance Mortgage Payments Into My FHA 203K Mortgage? - 03/10/11 09:46 PM
The answer to this question is yes. With a Consultant FHA 203K Renovation mortgage, HUD allows for up to 6 months of PITI to be financed into your new FHA 203K mortgage. This allows borrowers the ability to more easily maintain two homes for a brief period of time. The maximum number of months depends on how long the HUD Consultant indicates that the property will be uninhabitable due to the renovations. This means that the number will vary between 1-6 months depending upon the complexity of the project. For minor to light renovations, you might expect 1-2 months to be escrowed. If the (2 comments)
birmingham: HUD Temporary Flipping Waiver Extended Until December 31, 2011 for FHA Mortgages - 03/10/11 09:05 PM
HUD has announced that its temporary waiver of the 90-day flipping restriction is now in effect until December 31, 2011. There are no changes to the Flip Waiver that was previously issued. The Flip Waiver is still subject to certain conditions. In order to be eligible for FHA financing, the mortgages must meet these conditions to take advantage of the waiver. The complete text of the waiver extension, including conditions the waiver is limited to, is available on the HUD website. Some of the Flip-Waiver provisions include: 1. The amount of the Rehab/Repair may not be added as part of the Seller's acquisition costs.2. 2nd (2 comments)
birmingham: Does Your Alabama 203K Lender Have an In-house Draw Department???? - 03/05/11 09:08 PM
Does your 203K lender have an in-house Draw Department???? This is one very important question that most Alabama buyers and real estate agents fail to ask when comparing mortgage companies that offer FHA 203K Renovation mortgage program. There are many mortgage companies who do "offer" FHA 203K mortgages. Most often, they only offer the Streamline version of the program. Very few also offer the Consultant version of the program. Surprisingly, even less of them actually have an in-house draw department. In fact, there are only a handful of 203K lenders with an in-house draw department. Why is this important, you might ask???? It is very (0 comments)
birmingham: Can I Use an FHA 203K Streamline for a Health or Safety Issue? - 02/27/11 11:53 AM
The correct answer to this question would be that "it depends". In some instances, an FHA 203K Renovation mortgage can be used to satisfy health or safety issues. The FHA 203K Streamline loan allows for an initial disbursement of 50% of the repair costs. As long as this initial 50% disbursement is sufficient to complete the health or safety the issues, then an FHA 203K Streamline can be used. If 50% will not be sufficient, then an FHA 203K Consultant mortgage will be needed.
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.