Refinancing at current market value is the better option than loan modification. It is a transaction, where the current lender agrees to accept less than the full amount owed on your property. It results in reduction of principal on your loan. A Short Payoff is when your current lender reduces the principal balance on your mortgage and allows you to refinance or sale your home at current value.
Key differences:
Loan modification negotiates change in rates and terms leaving principal unchanged.
The process is similar to a short sale but, instead of the property being sold, it is refinanced with a new lender. The short-refinance allows the homeowner to retain ownership of the property.
In many cases, short refinance requires approval and consent from a new lender and will require better credit score along with a reasonable debt-to-income ratio. We are working with the largest pools of lenders, which are available to help with short refinance.
Refinancing at Market Value
Must be current on mortgage payments
Minimum middle credit score is 640
No more than one 30 late mortgage payment in last 12 months
Documentation of three most recent mortgage payments
Payoff letter
Written Principal Reduction Agreement from current lender - The agreement must include the name of the borrower and must indicate the loan amount being paid off
Primary residence only
Must have sufficient documented income to qualify for the new lower loan amount (no stated income)
Must be able to prove hardship
Borrower with two mortgages are not eligible at this time
Many lenders are now cooperating with a principal reduction to refinance your home
Step 1: is to contact your existing lender and verify that they will cooperate with a short payoff/settlement to refinance and obtain a "workout" packet/application.
Step 2: is to apply. We will request your employment, income, and asset documentation to verify that you will qualify for a new FHA loan at current market value and issue a loan approval.
Step 3: is to actively work together to negotiate with your current Lender to achieve the desired principal reduction for your refinance.
EXAMPLE: Short Refinance (Refinancing At Current Market Value)
Current mortgage: $300,000
Current value: $220,000
New loan(97.75% of current value): $215,050
Closing cost for new loan: $5,000
Current lender approves short payoff for: $210,050
Troy Schuricht
CFS Mortgage Corporation 7720 N 16th st Suite 325 Phoenix, AZ 85020 602-354-0537- office 602-241-9912 - fax
CFS Mortgage Corporation is proud to continue lending on FHA loans and 580 credit scores. We are dedicated to assisting Realtor's and real estate investors with new and innovating mortgage solutions. As a bank we consistently provide and higher level of service and support than all other traditional brokers in the market place.
Available for:
Purchase
Refinance (no cash out)
Streamline Refinance
FHA requirements:
Minimum fico score requirement of 580
Full documentation of income
Debt ratios to 43%
3.5% down payment for purchases
Down payment can be gifted by family member
6% seller contribution on purchases
No asset reserve requirement
Automated underwriting approval required
Many banks have changed their requirement to 620 fico score for FHA financing. As of 05/01/09 CFS Mortgage Corp continues to fund FHA loans to 580 score. Our minimum score requirement could be subject to change in the future.
In response to the Homeowner Affordability and Stability Plan, CFS Mortgage is pleased to announce a new refinance option. The Fannie Mae Refi Plus Program is a fixed rate, fully amortizing, conventional conforming first lien mortgage loan program.
The Refi Plus Program is designed to allow individuals refinance their properties at historical low interest rates in areas of the country where home values have declined.
Features of the Refi Plus Program:
Loans up to 105% of the value of your home
Primary Homes -105%
Second Homes - 105%
Investment Properties - 105%
620 Fico Scores
Loan amounts to 417,000
No limit to the number of properties owned
Loan must be a Fannie Mae Loan
Salaried borrowers require one paystub
Self-employed borrowers require one year's federal tax return
No mortgage insurance required if you do not currently have it
Existing mortgage insurance remains same if you have it
Existing second mortgages must remain in place
Please call for details and to see if your home has a Fannie Mae eligible loan.
Teacher A+ Home Buying Program Workshop for Realtors
Hosted by: Fidelity National Title CFS Mortgage Corporation Teacher A+
This workshop is for Realtors. We will outline strategies to find and help teachers with their home buying needs. It is designed to give them the tools, ideas and support to become part of their teacher community.
Time: April 23, 2009 from 10:30am to 12pm Location: Fidelity National Title Street: 60 E. Rio Solado Pkwy, 11th Floor City/Town: Tempe, AZ 85281
Custom loans specific to your realtor's most difficult needs
Community First Financial, LLC is excited to announce our new 98% home loan program. The 98% loan program is one of the best low down payment solutions in Arizona. This program requires a 2% down payment that can be gifted by a family member.
Overview of guidelines:
98% Home Loan Program
· 90% 1st Mortgage
· 8% 2nd Mortgage
· Primary Residence
· 620 Credit Score
· Fixed Interest rates
· Full Documentation of Income
· Interest Only Option
· Up to $417,000 loan amount
· 3% seller paid closing costs
· Can be used to buy bank owed, foreclosures and flip properties, no 90 day seasoning
www.TeacherAPlus.com continually has requests for home searches across the country. We welcome your suggestion to regional or national automated home searches for our teachers. The feedback I have received is that teachers now recognizes the opportunity to purchase and now is looking for the homes that are most affordable.
I do have at least two lenders that still allows borrowers to finance more than 4 properties. These particular banks do not have a limit to the number of properties owned, individuals just have to be able to qualify. Here is a brief overview of their guidelines:
- Max loan to value 75% (purchase & refinance)- Max Loan to Value 70% (cash out)
- Interest Rate 6.75-7.25%
- Term 30 year fixed- 1% Prepayment charge if paid off in first three years (.5% fee to have no prepay)
Here's what I do know- Depending on your price point for a new home, Experts are touting 2008 to go down in history as the "BEST YEAR TO BUY". In every price point, there are good deals. Foreclosures and short sales continue to flood the market and keep comps lower than any other time in history. If you couple that with Sellers that have had their home listed on the market for a long time, this puts YOU in the driver's seat. An added bonus in your favor right now is Interest rates are LOW!! Befo... Continue
Posted by Jeannine on September 24th, 2008 at 2:48pm - No Comments (Add)
Home prices in the West Valley are the lowest in several years. There are also a lot of lender owned homes on the market that may need some work, but are an excellent value for someone who can do a little work. There is also a special program for teachers who buy a HUD owned home (one that has been foreclosed on) that can result in a substantial discount. If you know someone who is looking to buy, please have them contact me for details of the program. Joan Toner Century 21 All Star 623 512 5045... Continue
Posted by Joan Toner on September 24th, 2008 at 1:42pm - No Comments (Add)
Here is my success story of the current market place. My wife and I have best friends that have owned a home for the last 6 years. Our friends have employment in the non-real estate work place. They are individuals I would consider a very average home buyer. They initially started looking at potential foreclosures to flip. They have heard the wonderful stories about foreclosures and the price they can be bought for. With a little work and the right real estate advisors they stumble across a home... Continue
Posted by me on September 24th, 2008 at 1:36pm - No Comments (Add)
The Surprise, AZ and Maricopa County real estate market is under going a change just as other markets in the US. Currently in the US about one third of all US sales are Foreclosures or Short Sales. In our area that number is higher. If you are looking for your new or real sale homes the market is in your favor. The prices are relativly low for example I just reviewed A home with over 2100 sq ft for $139,900. Buyers are able to negotiate with banks and lenders which enables them to own a home whi... Continue
Posted by Jack Stevens on September 24th, 2008 at 11:58am - No Comments (Add)
There was an article with this title in the Sun. Sep. 21 edition of the East Valley Tribune. I was quoted in this article. It really is a great time to buy! There are some great deals out there! Chris Bastian Cirrus Realty Group
Posted by Chris Bastian on September 24th, 2008 at 9:58am - No Comments (Add)
Community First Financial, LLC is pleased to offer you our free Property Marketing Services.
Do you have any listings that you want a boost in marketing? Then check out our FREE, no strings attached marketing program!
Here is what we can offer you:
A highly effective marketing system for each of your listings; as many as you want!
A complete property website dedicated to informing and selling that one property. These property websites include:
Unlimited pictures per listing with a pictorial slide show.
Unlimited documents per listing like inspection reports, appraisals, disclosures.
You can upload video clips, floor plans, pdf's... just about anything you need.
Property map with Ariel Views.
Financing page with calculator.
Community, demographics and schools links.
You can print flyers from the website.
Contact forms where agents or buyers can request a showing or request more information. The contacts are emailed directly to you!
We can even create custom graphics so your property websites have a one-of-a-kind look.
Our system will automatically feed the property to numerous popular real estate and classified ads websites to generate traffic and increase interest in that property. Sites like Google (base), Craigslist, Backpage, Trulia, Oodle, PropSmart...
A complete feedback system to request, record, and chart the feedback from agents that have shown the property. (just this alone will save you hours of time) Even the homeowner can be involved and input showings...
We can quickly and easily generate flyers and postcards, with multiple layouts to choose from. No more countless hours on the computer, or waiting weeks for someone else to do them.
We have two flyer blast systems, one that can announce the home to thousands of agents, and one to contact all the agents that have previously shown that property.
We offer sign riders with that properties website address to promote that property, and to generate more listing calls from the neighborhood. Show that you go above and beyond!
We can set it up for "texting for property info" with call capture. Attract the younger generation! A quick, easy way for buyers to get more information on the property - and you get a lead!
You have the ability to list your properties on our TeacherAPlus.ning.com website. Here you will find thousands of potential buyers and other agents.
Here is an example of how we take your buyers full page from your listing, and create its own website:
Give me a call to get started! We can get you active and running immediately. The website that is created is also linked into our Teacher A+ website, our company website and personal blogs - the more exposure the better!
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.
Troy Schuricht - 
Teacher A+ Home Buying Program Workshop for Realtors
Troy Schuricht
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