If you have a low credit score, and by low I mean anything below 660 FICO score, you may be best served with an FHA loan. That is because Fannie Mae and Freddie Mac start charging pricing adjustments for a credit score below 740. You can get prime Fannie Mae rates on a FHA loan with credit scores as low as a 580.
With an FHA mortgage you are also able to cash out up to 85% of the value of your home. With a conventional loan (Fannie Mae or Freddie Mac) you can only go up to 80% loan to value when taking cash out. If you are located in a soft market the 80% will be dropped to 75% because property values are decreasing in your area.
With an FHA 30 yr fixed mortgage you will have private mortgage insurance no matter what your loan to value is. On conventional loans mortgage insurance is only charged if you are above 80% loan to value.
Attention all realestate professionals and homebuyer's!! I work with Hamilton Group Funding which is a direct mortgage lender and we offer full fha,fnma & fhlmc programs.We have a variety of first time homeowner programs.On fha purchases only a 3.5% down payment is required. Were also able to offer a program for a client that doesn't have a credit score. We also have a fha program for a client that has a credit score as low as 500.Fha refinances with cashout no problem, and last we even offer the new program fha 203k for making improvements to a property.And of course we offer the conforming and nonconforming products as well as conventional,on these products we can lend up to 95% LTV on purchases.
You name it we have it.Our fha closings are currently taking place anywhere from 10-14 days the reason we can do this is because we lend our own money.So don't waste your time with broker's that are having trouble pre-approving your clients or closing your hard earned loans especially in this market .You already have enough things to worry about like the economy not if your clients loan is going to close on time let alone at all.Call Scott for all of your hard to place loans no mortgage broker can come close to competting with the rates that we have for your clients make me prove it give Scott a call at 954-662-8800
Attention all realestate professionals and homebuyer's!! I work with Hamilton Group Funding which is a direct mortgage lender and we offer full fha,fnma & fhlmc programs.We have a variety of first time homeowner programs.On fha purchases only a 3.5% down payment is required. Were also able to offer a program for a client that doesn't have a credit score. We also have a fha program for a client that has a credit score as low as 500.Fha refinances with cashout no problem, and last we even offer the new program fha 203k for making improvements to a property.And of course we offer the conforming and nonconforming products as well as conventional,on these products we can lend up to 95% LTV on purchases.You name it we have it.Our fha closings are currently taking place anywhere from 10-14 days the reason we can do this is because we lend our own money.So don't waste your time with broker's that are having trouble pre-approving your clients or closing your hard earned loans especially in this market .You already have enough things to worry about like the economy not if your clients loan is going to close on time let alone at all.Call Scott for all of your hard to place loans no mortgage broker can come close to competting with the rates that we have for your clients make me prove it give Scott a call at 954-662-8800
I want to let all real estate agent's and borrower's know that I have a very good program for foreign national loans. Borrower's won't need U.S. or International credit,won't need a social security number.
We specialize in Foreign National Mortgages
Call Scott At 954-662-8800
The Foreign National Mortgage program is designed to meet the needs of Foreign Nationals that would like to purchase properties in Florida.
70% Loan to Value on Purchases ,Second Homes & Investment Properties
Dominican Republic, St. Kitts and Nevis, Ecuador, St. Lucia, Greece, Uruguay, Guadeloupe
Panama, Cayman Islands, Paraguay, Chile, Peru, Colombia, Portugal, Costa Rica, Grenada
Switzerland. French Guiana, Trinidad & Tobago, United Kingdom, El Salvador, Suriname, Finland, Sweden, France, Germany
Don't see your Foreign National country listed? Give Scott a call at 954-662-8800
**Foreign National Mortgages Are Our Speciality**
Foreign National Mortgages are Super Easy to qualify for. If you're a Foreign National that is looking to purchase a second home or investment property in florida.We're your Foreign National specialist . We specialize in Foreign National Mortgages so we know how to get your Foreign National Mortgage closed right the first time. Don't waste your time with a mortgage company or broker's that doesn't specialize in Foreign National Mortgages.
I think that Bernanke and the rest of the Fed's policy makers need to be as concerned with keeping inflation in check as preventing a recession or minimizing the length and severity of a recession if were already in one.
Rate cuts may finally help get the economy back on track encouraging banks to lend again,they also have an effect on the dollar,causing spikes in oil prices and other commodities.
One market startegist said the Fed seemed to be sending a statement to investors.They wont let the dollar continue to fall and they will try to put an end to the rise in commodity prices.My opinion on that is many people believe this has fueled by the hedge funds and other speculative investors.
The Fed's made a statement that more attention has been paid to inflation since past releases.I believe that the Fed would be making a mistake if they didn't ackowledge inflation since it is caused by the rate cuts.I think the days may be numbered for speculators.
It seems as though more members of the central bank's policy-making committee are expressing more concerns about inflation.There seems to be dissagreement at the Fed about what to do next.Two Fed members voted against the rate cut yesterday, normally they vote unanimous.
A source told me that one fund manager suggest that this may be the Fed's way of telling the market the rate cuts may be over.Those votes could be the signal that the Fed is done unless something eles happens in the financial sector.
The last time that two members of the Fed diagreed with the majority opinion was September 2002.There is no other way to put it other than the Fed is running out of room to keep aggressively lowering rates.After yeaterdays rate cut ,the Federal funds rate now stands at 2.25%
Our economy has been tough.This was said by Schleisner who lost his position as a software developement director at Siemens in a big layoff.He has been working part-time since the layoff.He seems to have alot of skills,however alot of places are holding on hiring or if there is a good job.He is now using a career counseling firm that recommends aggressive networking.And also pursuing six employment possibilities at one time.He was told by the career counselor at the firm that when responding to ads on the internet it could be a long wait.
You should try and get into theese companies before they're even posting they're jobs.It's called chasing the industry ,not the job. I think that if you create enough contacts things will start to open up.
The firm also told him that practicing a two minute pitch to present to possible employers.Describing you skills and qualifications and also the ability to contribute to a firm in 120 seconds.
I'm seeing that it is getting tougher to find jobs.As buisness executives fear recessionmany of them are trimming staff instead of expanding.Our economy has lost 63,000 jobs last month,the worst monthly lost in the last 5 years.Our unemployment rate remained at 4.8% in February,the economists are saying that its only because many discouraged job seekers stop searching.And also dropping out of the workforce,at least as the Government measures the nation's pool of people willing to work.
Our employment market is only getting worse a Chairman and CEO executive Brian Sullivan of a recruiting firm CTPartners said. A big number of openings that CTPartner is filling are resulting from turnovers rather than growth at client companies Sullivan said.
Bill Heyman owner of Heyman Associates,an executive search firm sepecializing in corporate communications said he noticed that once companies make a decission to hire they are moving quickly.
He also said that clients are worried a hiring freeze may occur,so many companies are being attentive about getting the jobs filled.
It just shows that we really are in a recession and something has to be done.It's just depressing to see the amount of americans I mean good hard working people that had homes and went to work everyday thats out on the street now with no place to go, lots of them out in L.A. are pitching tents and living under a bridge.I don't know how our country is going to fix this situation but someone has to do something ASAP!
I think its likely that alot of people will miss out on the rebate because inorder to get it you have to file your 2007 taxes.The IRS has been saying that they were going to start mailing out the rebates in May.
The people who have already filed their taxes for 2007 which I think showed about $3000 in income that qualifys of course won't need to do anything eles.I know that the IRS will probably assess their rebate eligibility
and will start sending out checks to the people that qualify.Even qualifying income just for the purpose of the rebate is going to include wages,salaries, social security benefits and also certain veterans and retired rail road workers benefits.
From what I hear the IRS plans to send tax filers two notices.one to explain the stimulus payment program and the other is to confirm the amount of your rebate.
I also read that the IRS Commissioner Linda Stiff said that the second notice will come seven to ten days before you recieve your payment that is if you want your check sent by mail.If you want to do a electronic direct deposit on your 2007 tax return she also said that the second notice may come right along with your payment.
Of course selecting direct deposit for your 2007 tax return is definitely the fastest way to get your rebate payment.It will take about a week longer filing anyother way.But rebates will also be sent out by check to filers who has taken out refund anticipating loans or may have gotten into an agreement with their tax preparer this way you don't have to worry about the refund going into the preparer's account.
Also they mentioned (IRS) That the rebate checks will probably be sent seperately from the 2007 refund that may be comming to you.
Even the people that are eligible still may not get one,and if they do recieve one it may not be the full amount and you better not owe any back taxes or any non tax federal liabilities like past due child support or student loans because the IRS is going to apply part of your rebate to those liabilities.
The Federal Reserve's big defense is cutting interest rates, and most people expect a big slash of three-quarters of a percentage point on Tuesday.
But I don't think it will help much in easing the invester's fears.
"It doesn't help the problems. I believe that financial markets are just scared.The fed's can't bailout everybody .The real problem is that property values continue to drop,so the fed's can cut rates all that they want but the real problem lies in the property values.Somehow they need to find a way to start bringing the values back up so that people will start spending money again.They can lower rates to 0% but if the value is simply not there nothing can be done.
In the past week, investors have come to expect even more aggressive action from the Fed. The programs that they have came up with in the past are just bandaids that will help a small percentage of borrower's but the majority of the borrower's are in situations where they owe more than what their homes are worth.
The american home owner's have already lost 2.2 trillion in home equity values.Being in the mortgage buisness myself I see it time and time again from borrower's wanting to lower their monthly debts by refinancing but they have no equity left in their homes to do so.
The investment bank bear sterns didn't help any they've also scared investor's now they seem to think that the wall street banks are now at risk.Shares of lehman brother's went down about 25% on monday.
The Fed took steps to assume some of that credit risk last week when it agreed to accept mortgage backed securities as collateral.
Most people think that the fed's have no choice but to keep cuttuing rates.It does help alittle but it doesn't fix the main issue ,but it is better than nothing.It doesn't matter what the fed's seem to try and do as long as they keep cutting rates the investor's will see that as a sign that the central banks are in trouble.
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.
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