FHA MORTGAGE LOANS - EASY TO QUALIFY - EASY TO AFFORD

FHA Mortgage Loan Expert & Realtor, Lupe Soto serving Burbank, San Fernando Valley, Antelope Valley (818)968-3718. LUPE HABLA ESPANOL - ITIN LOANS NO SOCIAL

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FHA has recently increased its loan limits. Affordable FHA mortgages are now available in high cost areas

FHA LOAN LIMITS

House, Condo, Townhouse, PUD up to $729,750

Duplex or two houses on a lot up to $934,200

3 - Units: $1,129,250

4 - Units: $1,403,400

Easy to Qualify - Facil de calificar

• Interest rate is 6.5% fixed 30 years, as of 06/11/08, subject to change without notice.
• Minimum down payment is 3%, can be a gift
• Fixed rate and Adjustable rate programs are available
• Minimun fico score is 580
• Borrower must provide full documentation paystubs, W-2s
• No reserve requirement, easy does it! 
• No income limits. we love it!
• Seller contribution is ok up to 6%, including closing costs.
• Co-signers are Ok on houses, condos, townhouses. Easy to qualify.
• No need to be first time buyer, you can own another home, as long as the new FHA loan will be occupied by owner.

Easy to afford - Pagos bajos!

Sales Price - Precio de venta - 6.5% Fixed 30 years, APR 6.875% (as of 06/10/08) call/email Lupe

$150,000, PAYMENT/PAGO $  948 +  $156 TAXES + $30 FIRE INS/ASEG FUEGO + $ 62 PMI = $1,166 PITI
$200,000, PAYMENT/PAGO $1,264 + $208 TAXES + $30 FIRE INS/ASEG FUEGO + $ 83 PMI = $1,555 PITI
$250,000, PAYMENT/PAGO $1,580 + $260 TAXES + $30 FIRE INS/ASEG FUEGO + $125 PMI = $2,363 PITI
$300,000, PAYMENT/PAGO $2,212 + $364 TAXES + $30 FIRE INS/ASEG FUEGO + $145 PMI = $2,751 PITI

FHA loans conditions:

• There is low mortgage insurance or PMI at 0.5% point per month plus 1.5% points up front which is deductible from your taxes during the year that you buy
• There are stricter appraisal requirements
• The appraiser must be FHA-approved
• The property must have a useable garage, no garage conversions. 
• The property cannot have code violations, illegal additions or bonus rooms with no permits.
• The property must have hot water, sanitary facilities and a safe method of sewage disposal. Connection to public systems is required if available.
• Heating systems must be operable for healthful and comfortable living conditions.
• Condo projects must be pre-approved; they can be spot-approved but this is much more difficult.
• Condo projects must have sufficient reserve funds.

Eligible Properties - Lo que puede comprar

Houses, Condos, Townhouses, Planned Urban Developments (PUDs), Approved Condos, Double-wide manufactured homes are all considered to be eligible. Special eligibility requirements for certain properties are listed below.

Duplex, Triplex & Fourplex Unit Properties: The 3-4 Unit Property must be self-sufficient. The net rental income must be equal to or greater than the monthly mortgage payment. The net rental income is the appraiser's estimate for vacancies or the vacancy factor used by the jurisdictional HOC, whichever is greater.

Borrowers must still qualify for the mortgage based on income, credit, cash to close, and projected rents received from the remaining units.

Borrowers must have reserves equivalent to three months of PITI mortgage payments for 3-4 Units. These reserves can not be gifted and must be the borrowers own funds.

Ineligible Properties - Propiedades no elegibles

If the re-sale date is 90 days or less following acquisition by the seller, the property is not eligible for an FHA mortgage.

Co-ops are ineligible - Propiedades Co-Ops o cooperativas son elegibles

Commercial properties, boarding houses, hotels and motels, tourist homes, private clubs, sanitariums, and fraternity or sorority houses are also NOT eligible.

FHA Credit Guidelines - Requisitos de credito

Credit scores must meet certain guidelines for all FHA mortgages except for streamline refinances that do not require any credit check. Generally credit scores must be in the following range:

580 minimum

Certain circumstances will allow FHA to be forgiving and may allow credit scores that are lower if certain compensating factors are meet such as large retirement savings, higher then expected income, or more of a down payment.

If your credit score falls within or below the 580 range you owe it to yourself to start rebuilding good credit, get access to your FREE ANNUAL CREDIT REPORT OR visit www.myfico.com and buy a standard report & fico score for $15.95, learn how to raise your fico score, dispute any derogatories in your credit report, feel free to email Lupe with ANY QUESTIONS.  I can help!, here is my email:  LUPAGENT@CHARTER.NET.

Credit History - Historia de Credito

Non-Traditional Credit:

Non-Traditional Credit is acceptable if the borrower does not have any prior credit history or if that length of credit history is too short to qualify. We would need at least three letters from any repeated monthly obligation such as rent, utilities, store accounts, cell phone accounts, and/or any other acceptable sources. Make sure to let Lupe Soto, FHA Expert & Realtor know about your current credit situation to avoid any mishaps in the processing of your mortgage.

Judgments:

Court ordered judgments must be paid completely, unless the borrower has been making regular and timely payments and the creditor is willing to subordinate that judgment to the new insured mortgage. The borrower must provide a satisfactory written explanation.

Collections:

Handled on a case by case basis. If collection is more than $500, it will usually need to be paid at close of escrow.  Call/email Lupe for more details.

Bankruptcy OK - Bancarrota OK

Chapter 7 requires a minimum two-year lapse period since discharge date; minimum one-year lapse period may be acceptable if bankruptcy was caused by extenuating circumstances that are not likely to recur the reason can not be debt caused by uneducated choices. Only extenuating circumstances will be considered and only after one year has passed. In all cases the borrower must have re-established credit and must demonstrate the ability to manage financial affairs.

Chapter 13 is permitted if a one-year payout period has elapsed and performance has been satisfactory. The borrower must receive court approval to enter into the mortgage transaction.

Foreclosures - Reposeciones de Casas

Require a minimum of 3-5 years since the completion of the action and the borrower must have re-established good credit.

Delinquency or Default on Federal Debt:

If the borrower is presently delinquent on any federal debt or is obligated on any type of federal lien, he or she is not eligible for an FHA loan until the delinquent account is brought current, paid, or otherwise satisfied, or a satisfactory repayment plan is made between the borrower and the federal agency owed and is verified in writing.

Do you need help with down payment or closing costs?

As you may know FHA guidelines state you must have a 3% down payment ($200,000 house/property requires $6,000 downpayment/enganche). Much lower then the required 5% down payment with a conventional mortgage but that 3% can still be hard to pay considering you still have closing costs. The good thing is that the downpyament may be a GIFT from a relative or non-profit organization, ask Lupe any questions. I can help! LUPEAGENT@CHARTER.NET

Seller Paid Closing Costs OK - Seller puede pagar los gastos de papeleo

One of the greatest reasons for choosing an FHA loan is because the allowed seller contributions are increased from 3% to a whopping 6%! This is usually more then enough to cover all of your closing costs, and this if course means that you will have more available money to furnish your new home for example.

For example if you are about to place a bid on a house valued at $100,000 as the list price. You might be thinking about making an offer for the property in the amount of $94,000 since it is common practice to bid under the list price. But instead of placing that lower bid you might what to accept the list price as is on condition the seller pay 6% of the value toward your closing costs. So no you have covered all your closing costs and the seller is still getting the same amount of money they thought they would be in the first place.

This method also works if you have good reason to believe the property is valued much higher then the sales price. In the case the seller will not accept any amount below $100,000 and you have very good reason to believe the property is valued at $106,000 or more you may be able to add that 6% to the top of the loan giving you a loan in the amount of $106,000 but keep in mind the sales price must now be increase to $106,000 and now include a seller concession of $6,000 and the end result is the same for the seller and you have saved $6,000! Apply Now to discuss options with Lupe Soto, FHA Expert & Realtor!

 

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Lupe Soto Experta en Prestamos FHA & Realtor, le explicara todos los requisitos.  Si tiene 3% enganche Si Califica! Si tiene trabajo estable, Si Califica, Si tiene un minimo de 580 puntos en su puntaje de credito, si califica.  CONSULTA GRATIS, ENVIE UN EMAIL A LUPE SOTOLUPE@CHARTER.NET o para un servicio mas rapido llame a LUPE (818)968-3718. Personalmente contestare de 8am a 8pm.

FHA EN ESPANOL - COMPARE, VERIFIQUE, NEGOCIE

LUPE SOTO ES MIEMBRO DE LA NAHREP National Association Hispanic Real Estate Professionals - Asociation Nacional de Agentes Profesional Hispanos

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TESTIMONIOS:

 

Lupe nos entrevisto en su oficina y aunque no pudimos calificar de inmediato, Lupe nos guio y nos ayudo a mejorar nuestro puntaje de credito, seguimos sus consejos y recomendaciones y en 3 meses pudimos calificar en la compra de nuestra casa de North Hollywood en el ano 2000. Despues de cerrar escrow, Lupe se mantuvo en contacto con nostros durante varios anos y cuando decimos vender la casa y mudarnos a Lancaster CA para comprar casa nueva, Lupe nos ayudo a vender la casa en North Hollywood CA y cuando cerramos escrow Lupe negocio la compra de una casa nueva en Lancaster CA. Lupe nos aprobo nuestros prestamo hipotecario dos veces, primero para la casa en North Hollywood CA y luego en Lancaster CA en 2007, ambos prestamos hipotecarios fueron a plazo fijo con un interes competitivo. Hemos recomendado el servicio de Lupe varias veces porque Lupe es sencillamente efectiva y con resultados. No vacilen en contratar sus servicios. Oh, nos olvidabamos, pregunten a Lupe sobre Feng Shui, Lupe nos indico nuestras direcciones auspiciosas y como beneficarnos al saber colocar nuestra cama y donde poner una fuente de agua en la casa para atraer prosperidad, ahora estanos gozando de abundancia, salud y amor.  Gracias, Lupe de Gina & Kike Lancaster, CA 2008.

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If you are considering buying, selling, leasing in Burbank, San Fernando Valley, Antelope Valley

Contact Lupe Soto, Burbank Realtor® in California, Lupe is a member CAR California Assoc of Realtors, member NAR National Association of Realtors, Bilingual Realtor & Member of NAHREP (National Assoc Hispanic RE Professionals, Feng Shui Realtor,

Lupe is available to help you sell or lease your property in 60 days or less with results, or to help you with the purchase of a property in foreclosure, bank owned, REO's, Residential Income Property or to help you find a lease with option, Thinking or relocation to Burbank CA, Toluca Lake, San Fernando Valley, Santa Clarita Valley, Antelope Valley in Los Angeles County CA, please CONTACT LUPE or email Lupe to sotolupe@charter.net or for faster service, please call her at (818)968-3718.

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