Real Estate Recovery
Home Loan Program

This loan program is designed for borrowers to SHORT SALE a home and immediately be eligible to purchase a new home!


Guidelines to Recovery Loan:

Primary residence purchase only

Provide Short Sale Agreement

Minimum middle credit score is 640

Acceptable credit history

No late mortgage payments during short sale process

No late mortgage payment in last 12 months

3.5% Down Payment

New home must be in different geographic region

 

 

Who benefits from this loan?

• Anyone severely upside down and payment affordability hardship
• Couples going through divorce
• Individuals who need to move closer to work
• Anyone considering foreclosure
• Family, friends, and co-workers

 

Call me to find out how this loan can lead us all to real estate recovery.

Thanks,

Troy Schuricht

 
CFS Mortgage Corporation
7720 N 16^th st   Suite 325
Phoenix, AZ 85020
602-354-0537- office
602-241-9912 - fax
www.BankerAdvantage.com
 
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Real Estate Recovery Home Loan Program

 

This loan program is designed for borrower to SHORT SALE a home and immediately be eligible to purchase a new home!


Guidelines to Recovery Loan:

• Primary residence purchase only
• Provide Short Sale Agreement
• Minimum middle credit score is 640 
• Acceptable credit history
• No more than one 30 late mortgage payment in last 12 months 
• 3.5% Down Payment
• Must have sufficient documented income to qualify for the new home

 

Call me to find out how this loan can lead us all to real estate recovery.

Troy Schuricht
602-354-0537
troys@cfs-mortgage.com
www.BankerAdvantage.com
BK 0905178

Short Refinance

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.

Short Refinance negotiates reduction in principal.  For More Information: Click Here

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

troys@cfs-mortgage.com
www.BankerAdvantage.com

 

Short Refinance

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.

Short Refinance negotiates reduction in principal.  For More Information: Click Here

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

troys@cfs-mortgage.com
www.BankerAdvantage.com

FHA Financing to 580 Credit Score

 

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.

Troy Schuricht - troys@cfs-mortgage.com - 602-354-0537

Brad Brown - bradb@cfs-mortgage.com - 602-354-0521

Community First Financial is powered by CFS Mortgage Corporation a mortgage banker, license number BK#0905178.

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.

  Troy Schuricht - troys@cfs-mortgage.com - 602-354-0537

 Community First Financial is powered by CFS Mortgage Corporation a mortgage banker, license number BK#0905178

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

RSVP: Events section at www.teacheraplus.com or email troys@ cfsmortgage.com

Hope to see you there,

Troy Schuricht

Teacher A+ Home Buying Program Workshop for Realtors

Hosted by:
Fidelity National Title
CFS Mortgage Corporation
Teacher A+

This workshop is for Realtors. It is designed to give them the tools, ideas and support to become part of their teacher community.

We will outline strategies to find and help teachers with their home buying needs.

Time: March 26, 2009 from 10:30am to 12pm
Location: Fidelity National Title
Street: 60 E. Rio Solado Pkwy, 11th Floor
City/Town: Tempe, AZ 85281

RSVP: Events section at www.teacheraplus.com or email troys@ cfsmortgage.com

Hope to see you there,

Troy Schuricht

NEW!! 98% HOME LOAN PROGRAM

 Conventional Financing (not FHA)

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% 1^st Mortgage

·         8% 2^nd 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

·         1^st time homebuyer education required

·         Family may gift down payment

 

 

Why the 98% program is better than FHA:

 

 ·        No Up-front Mortgage Insurance Funding Fee 

·         Lower Payment than FHA 99%

·         No FHA property inspections

·         No 90 days seasoning on seller ownership

·         Higher income limits

·         No seller funded down payment

 

 

Please contact me with your scenario.    

 
Thanks,

Troy Schuricht

 

Community First Financial, LLC

MB # 0909115

7575 E Redfield Rd   Suite 235

Scottsdale, AZ  85260

480-305-8905 - office
602-790-0210 - cell

480-393-8801 - fax
tschuricht@communityfirstfinancial.com

www.communityfirstfinancial.com

www.TeacherAPlus.com

 

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