Mortgage Newsletters - I need help!!

Lake City Mortgage — Tue, 06 May 2008 20:56:48 -0500

I am currently working on a new marketing campaign to help retain and convert new clients to closed clients. I am looking for a marketing company that provides pre written newsletters that I can customize with my company information. I have explored multiple companies but have found that the majority of these marketing firms are targeting business partners ( Attorneys, Realtors, and CPA's ) with their newsletter. I appreciate this idea but I am always in constant contact with my referrall partners. WHat I truly need is a newsletter my clients can understand and relate to. Any ideas would be appreciated.

103% financing still here!!!!

Lake City Mortgage — Fri, 25 Apr 2008 20:09:55 -0500

For those of you who are not FHA approved there is still a 100 LTV option. Actually...103%. When Fannie Mae's 100% programs were available I found myself using the MY COMMUNITY 97% program in its place. Why would I do this? Well, the programs are identical and MY COMMUNITY offers a lower amount of required PMI. Both of these programs ( My Community 97% and Fannies' 100% - now non existant due to PMI cut backs ) with the proper utilization of seller contributions allow the buyer to have the same amount of out of pocket expenses. However, My community offers a much lower payment. So What do we know about the now non existant Fannie 100% and the Proper utilization of this loan, the MY COMMUNITY 97%.

Fannie Mae 100% - Required 35% PMI coverage - Allowed 3% seller concessions - Had an inflated interest rate to offset risk

MY COMMUNITY 97% - Requires 18% PMI Coverage - Allowed 6% seller concessions - Interest rate is considerably lower because of the 3% buyer contribution. ( IN MY OPINION A MUCH BETTER TOOL )

***THE NEGATIVE SIDE OF THE MY COMMUNITY PROGRAM IS THAT THE BORROWERS INCOME CAN NOT EXCEED HUD MEDIAN INCOME LIMITS ***

So here is the scenario we are going to use as an example to compare both programs. Seller is asking 100k with 3% back for seller concessions ( To spark interest of course ). Closing costs are approx 6000. IBecause of the 6% allowable third party contributions in the mY Com program, I can increase my interest rate to pay me 3% YSP. Then I utilize the 3% YSP as a broker credit on the HUD and an additional 3% in seller concessions. The inflated rate to pay the 3% YSP is identical to the risk pricing Fannie once offered with its 100% program.... However, the PMI is much lower because it is priced on a 97% LTV - 18% vs 30%......All of your fee will have to be collected up front but if you utilize this product as I have you will find the borrowers do not mind paying closing costs for a much lower payment (PMI) and 100% financing due to the broker credit. ......... Its all in how you look at it. 100% never left and probably never will. Let me know your thoughts. I'm curious to here if anyone else utilizes this product as I do. If you need more detail, send me an e-mail.

Travis's Blog

Mortgage Newsletters - I need help!!

103% financing still here!!!!