Mortgage Handbook for Real Estate Professionals
The increased complexity of real estate and mortgage financing requires a more advanced relationship between realtor and loan officer. Realtors want information, when they need it - and may not be able to respond right away. To make this better I wrote the "Mortgage Handbook For Real Estate Professionals", a web-based reference tool that puts mortgage options and rules at your fingertips. It will be perfected over time, and kept current. Knowledge is power! You may want to study the whole thing! Let me know how I can make it better please! Go there. - Paul
FHA loans to 640
It appears that the common FHA minimum Fico is moving to 640. (I still have options down to 580). This was to be expected, but a surprise nevertheless. Add to that this week's increase of the annual FHA mortgage insurance premiums from 0.55%to 0.90% (and decrease of the upfront premium from 2.25% to 1.00%), and conventional loans are starting to look attractive again!
Portfolio loans
Portfolio loans represent powerful financing options. Because they are held in house by the lender many common limitations do not apply. They are provided through various Prospect wholesale partners. Check out some of the unique opportunities.
Legal non-conforming property alert
"The use of land for purposes contrary to the applicable municipal zoning specifications, which often occurs when zoning changes while a property is in use".
If the property is destroyed, it can often not be rebuilt and revert to it's traditional use. Difficult to finance, unless written confirmation can be obtained that it will be allowed. I recommend a "rebuild letter" be obtained from the applicable jurisdiction when the property goes on the market. The argument that the new zoning actually makes the property more valuable works for a commercial loan, but not for a residential loan. This is an old issue, but the rules are now enforced.
Available
- Direct lender: FHA, Fannie/Freddie, VA, USDA, Homepath, other.
- Formal same day approvals (subject to verifications)
- No MI financing to 90% LTV, $900,000
- Helocs (1st and 2nds) to 85% LTV
- Jumbo loans to $10MM
- Portfolio loans
- Condo (Fannie/FHA) certifications
- Sub 620 Fico loans
- Stated income loans (50%-70%. 500-700 Fico needed)
- Hard money loans
- 95% LTV Fannie Mae condo loans (exception basis)
- Loans for non-residents
- Rehab/renovation loans, including 203K
- Construction loans
- Non-warrantable property loans
- Commercial loans
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"The future depends on what we do in the present"
- Mohandas Karamchand Gandhi (1869-1948)
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