The Industry Report was created as a resource to keep you a step ahead of the mortgage market. Written and guided by a lender with a conscience, it's an excellent resource for Realtors and Consumers alike.
Here are some recent articles of interest:
The Home Possible Financing Program - a Freddie Mac sponsored loan program allowing 100% Financing (conforming loan limits do apply). Great for low- to moderate-income households, first time home buyers, teachers, fire fighters, law enforcement, etc. Let's not forget that this program allows up to 6% seller concessions.
The My Community Program - very similar to the Home Possible Program, My Community also offers 100% Financing. What's more, the product offers interest-only payments and payment abatement: this means a borrower can have no payments on a purchase for up to 6 months. Like the Home Possible Program, My Community permits up to 6% Seller Concessions.
Financing for Rehab Properties - this Rehab Loan Program is great for dilapidated properties sitting out on the open market. Note that the term "Rehab" does not apply solely to properties in poor shape. You qualify to "Rehab" your property for more cosmetic reasons/updates as well.
On Purchases you can finance up to 95% of the Acquisition Cost.
On Refinances, the LTV (95%) is computed using the AS COMPLETED VALUE.
Mortgage Insurance & Tax Deductibility - here are some answers to some frequently asked questions on the nature of mortgage insurance and it's tax deductibility.
Change In the Bankruptcy Law? - consumer advocates are pushing for a slight change in the Chapter 13 Bankruptcy Law that would effectively allow the courts to change (in this case lower) the principle balance on a primary residence in an attempt to bring the home owner's balance current with the fair market value of the property. The benefit here to the home owner is obvious. But to the end-investor driving the capital markets, the change could very well have a de-stabilizing effect on the mortgage market.
Check back for more industry news | insights, interest rate trends, and much more! For more information on any of our loan products, you can reach me directly at 323.810.2175.
Residential | Commercial | Construction Investment Advisor
Cell: 323.810.2175 | Office: 626.765.0444 ext. 111
Rbueno@wilshire-financial.com | www.ricardobueno.com
Ricardo Bueno is a Mortgage Advisor & Team Leader with Wilshire Financial, Inc. A diversified mortgage brokerage located in Pasadena, CA.
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