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mortgage: First Time Home Buyer Tax Credit - TIME IS RUNNING OUT! - 09/26/09 12:03 AM
Here is a video that gives some important information about this credit, information that I hadn't really thought about until recently. Because I know that I hadn't thought about it, I feel it very important to share this information with any and all potential buyers - they really don't have much time remaining! If you, a friend, a client, a family member, or someone you work with is still on the fence about buying, you need to send this to them@
Click here to see the video and share with anybody you know that is contemplating on buying a home but … (5 comments)
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mortgage: 10 Real Estate Deal Killers........ - 03/06/09 03:04 PM
I attended a class the other day called "10 Things to Ask Your Buyers Before Taking Them House/Condo Hunting" and will be addressing those issues in an upcoming blog entry but wanted to put together a list of what can kill a deal for a buyer or a seller. Please feel free to share this information with your buyers and sellers!
Skipping the Mortgage Preapproval Process: For buyers, getting preapproved for a mortgage gives them a clear idea of how much they can safely borrow, plus it addresses credit issues and kick-starts other financial paperwork. What's more: it identifies them … (4 comments)
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mortgage: USDA Rural Housing Loan.........With Rate of 4.25%!!! - 11/11/08 08:27 AM
We can offer a buydown on a USDA Rural Housing loan to clients. What this means is that the first year, the rate is 4.25%, the 2nd year, it is 5.25% and the 3rd through 30th year, it is fixed at 6.25%!
This is done by having the seller pay for the buy down. If there is a motivated seller, they can pay points to get the rate lowered the first and second years and then fixed for the remainder of the term. This is NOT an adjustable rate mortgage; it is fixed but just has the feature of having … (1 comments)
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mortgage: USDA Rural Housing 102% Mortgage Update - 09/23/08 11:50 PM
As the end of Fiscal Year 2008 approaches (September 30, 2008), the USDA Rural Housing Mortgage Program will be temporarily "without funds". This happens every year, as those of us that have been doing these for a while are aware. The program is funded with appropriations from Congress and as they have not yet signed the appropriations bill, there will be a lag for a week or two at the beginning of October. This is VERY NORMAL!
If you are buying a primary home in Florida, Alabama, Georgia, North Carolina, Tennesee or South Carolina, or are a Realtor with a client … (2 comments)
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mortgage: How to Reduce Your Mortgage - 09/18/08 11:49 PM
There's a simple trick to significantly reduce the length of your mortgage and save you thousands of dollars. The trick is to make one extra mortgage payment a year and apply that payment toward your loan's principal.
This is the method being used by "Bi-Weekly Mortgage Reduction Services" and "Bi-Weekly Mortgage Savings Programs". Only, when you do it yourself, you don't pay a third party unnecessary set-up costs and fees!
Example: $100,000 loan, 30-year mortgage, 6.5% fixed interest rate
In order to do this without having to make an additional payment all at once, you can take your monthly payment (P+I) … (5 comments)
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mortgage: Financial Markets.......and Their Effect on Adjustable Rate Mortgages - 09/17/08 04:15 PM
LIBOR, one of the largest indexes that Adjustable Rate Mortgages are based upon, has experienced a huge jump. If an ARM will be resetting in the near future, the holder of that mortgage may want to consider refinancing it so that the payment doesn't double or triple, especially if they will be going from an interest only to fully amortizing term. While fixed rates are still lowm this would be a good time to refinance.
LIBOR, as well as the Fed Funds Rate, are rates that banks charge each other. The Fed has set the Fed Funds rate at 2%, and didn't change it … (1 comments)
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mortgage: Maximum Rate Allowed for USDA Rural Housing Loans - 09/16/08 05:28 PM
Maximum Interest Rates for Single Family Housing Guaranteed Loan Program
The Agency and approved participating lenders must adhere to RD Instruction 1980-D, section 1980.320 when calculating the maximum interest rate allowed for Single Family Housing Guaranteed Loan Program (SFHGLP) loans.
Currently, RD Instruction 1980-D, section 1980.320 provides two options for selecting the interest rate. Lenders may select the higher of the two options to establish the maximum allowable rate. Only interest rates at or below this maximum threshold may be locked.
Current Fannie Mae rate as defined in section 1980.302(a) of RD Instruction 1980-D Lender's published VA rate for … (0 comments)
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mortgage: 100% Financing at 5.5% 30 year fixed, no points, no origination fees! - 09/08/08 10:17 AM
With the Federal Government taking conservatorship of FNMA and FHLMC, interest rates were expected to drop. In fact, some financial analysts predict that they will drop to the point where more people purchase and housing prices will RISE! NOW IS THE TIME TO BUY and you need to let all of your clients know!
As an example, today's rate for a Rural Housing loan (100% financing and they can finance closing costs and prepaids into the loan) is at 5.5% (APR 5.643) with no points and no origination fees. Couple this with our September special (We are waiving our administrative fee … (2 comments)
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mortgage: How Active Rain got us on the First Page if you Search MSN for "FHA Destin FL" in 4 days! - 08/29/08 01:14 PM
I am new to blogging (I started last week, in fact!) but have a friend in the mortgage business in Tuscon who insists that blogging helps to get referrals. I'm a little (okay, a LOT) older than him -- In fact, my first grandchild was born 4 weeks ago -- but he is adament that I can do it. He suggested I really start using Active Rain as the mechanism to get in to blogging.
I had joined Active Rain but hadn't really blogged so this week, I spent a lot of time adding to my blog. I even did a … (5 comments)
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mortgage: What Causes Mortgage Interest Rates to Rise and Fall........??? - 08/28/08 04:53 PM
Every day, we as lenders receive that day's rate sheet from our investors. In some cases, we receive 2nd, 3rd, and even 4th rate sheets on the same day from investors due to rates going up or rates going downduring the course of the same day. As a lender for the last 10 years, I have had to learn a lot about the stock market and the bond market to be able to tell which direction mortgage interest rates are heading so that I can get my clients' locked in before they go up and/or not lock them in … (25 comments)
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mortgage: Credit Score and FHA Loans - 08/28/08 03:50 PM
FHA has no minimum credit score for buyers using this program. However, most investors have a minimum score requirement of 580. We have two investors who will go below this: one will go as low as 560 and one will go as low as 500. However, there has to be a credit explanation letter with extenuating circumstances as to why the credit score is as low as it is in order to be approved.
Currently, FHA has different Mortgage Insurance costs depending on a buyer's credit score.
We also work with a credit repair specialist who helped write the FICO model … (3 comments)
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mortgage: Mortgage Insurance is Tax Deductible through 2010 - 08/28/08 02:01 PM
With the increase in FHA loans (which have up front and monthly mortgage insurance), it's important to know, for yourself and for your clients, that Mortgage Insurance Premiums are tax deductible on Federal Income Tax Returns. This deduction is for both government and private mortgage insurance premiums. In order to qualify, the mortgage would have to have been originated between 2007 and 2010. Originally, it was put in place only for 2007 but the extension was granted as part of the Mortgage Forgiveness Debt Relief Act of 2007. In order to qualify for the full tax deduction, a family's adjusted gross … (3 comments)
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mortgage: New FHA Mortgage Insurance Premiums Effective October 1, 2008 - 08/27/08 08:54 PM
Effective with all case numbers on or after 10-01-2008, FHA has announced new FHA MIP amounts!
Up Front MIP -
1.75% - Purchases and Qualifying Refinances1.5% - Streamlined Refinances3.0% - FHA Secure (Delinquent Borrowers)
Annual MIP -
0.55% - over 90% LTV greater than 15 year term0.50% - less than or equal to 90% LTV greater than 15 year term
Prior to July 14, 2008, the Up Front MIP was 1.5% and the Annual MIP was .50% in all cases; due to higher risk, they have changed how they charge MIP.
FHA has jumped to 23% of all first … (0 comments)
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mortgage: USDA Rural Development Government Loan Saves Buyers TONS of Cash! - 08/27/08 05:09 PM
The USDA Rural Development Guarenteed Loan is quickly establishing itself as the most cost effective Rural Housing Loan anybody could use.
Our Rural Housing Loan will save your buyers a truck load of cash and help them keep their money in their bank account after closing!
Here's a comparison of an FHA Government Loan, A Conventional Mortgage and a USDA Rural Development Real Estate Loan.
Not only does the Rural USDA loan have the lowest out of pocket expenses to buy Rural Real Estate, it also has the lowest down payment requirement.
Keep in mind that Rural Real Estate isn't a farm, … (0 comments)
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mortgage: Foreclosure vs. Preforeclosure vs. Short Sale - 08/27/08 08:55 AM
With the current market conditions, many homeowners are faced with mortgages they can no longer afford on homes that may be worth less than they owe. A large number of these homeowners are becoming delinquent on their mortgages and, in some cases, are going to foreclosure.
When you find yourself unable to afford your house, your 2nd home, or your investment property, even if you aren't delinquent on your mortgage, there are options available to you before you go to foreclosure. You can do a preforeclosure sale, which involves the sale of the property by the borrower to a third party for less … (1 comments)
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mortgage: A VA Loan isn't Always the Best Loan for a Veteran! - 08/26/08 09:36 PM
If your buyer is eligible for a VA loan, and are looking to purchase a primary home, the following information may be VERY helpful to you.
We have found that Rural Housing loans or FHA loans, the Rural Housing loan in particular, can be the best mortgage available, even better than a VA loan in most cases. The Rural Housing loan is specific to particular areas based on full-time population as determined by the US Census Bureau. For instance: in our local area, all of Walton County and Santa Rosa County qualify, as do: west of Hurlburt Field, Destin, Crestview, Niceville … (1 comments)
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mortgage: How do you make sure your client isn't buying "too much house"? - 08/07/08 04:18 PM
In this day of "post mortgage meltdown", buyers are being forced to actually qualify for the mortgage they are getting. Because most first time homebuyers are doing FHA or Rural Housing loans, your buyer will not be able to buy more home than they can afford due to:
FHA has a maximum debt to income ratio of 41% Rural Housing has the same, unless it was built post January, 2001, and then it is 43%. Both of these loan programs are FULLY VERIFIED programs There are some compensating factors that can help your buyer go higher (ie: a lot of … (1 comments)
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Sue Botelho-USDA Rural Housing Mortgage Pro
Fort Walton Beach,
FL
More about me…
Waterstone Mortgage Corporation
Address: 2 Park Circle, Suite A, Ft. Walton Beach, FL, 32548
Office Phone: (850) 362-6901 x 2
Cell Phone: (850) 797-7946
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