daily rates: Homeownership Opportunity Program and its Qualification and Benefits. - 03/23/11 10:37 AM
The Homeownership Opportunity Program (HOP) provides short term financing for the acquisition and rehabilitation of vacant properties that are not in mortgageable condition, or properties that are in imminent danger of foreclosure and/or in a Foreclosure Impacted Area.
The Homeownership Opportunities Program is open to households with annual incomes of 80 percent or less of their area's median income. The income level is adjusted for the size of your household and the borrowers must be a first time home buyer.  The funds provided to a homebuyer are subject to repayment in the event that the assisted homebuyer does not continue to … (0 comments)

daily rates: The Homeownership Opportunity Program Loan and the Process - 03/23/11 10:34 AM
The Homeownership Opportunity Program (HOP) loan is the perfect blend of Federal Government money granted to those in the State Government who know how it needs to be used and driven by the private marketplace so the money goes where it is needed. The money is intended to assist borrowers to buy their own home.
The Homeownership Opportunity Program Loan is priced weekly above first mortgage rates and it must be taken out in 120 days to avoid penalty.  A ½ percent fee will be charged to extend the loan from 120 to 180 days but there will be no extension beyond … (0 comments)

daily rates: The Homeownership Opportunities Program and the recipient’s requirements - 03/23/11 10:28 AM
The Homeownership Opportunities Program (HOP) provides down payment or closing cost assistance for home purchases (existing or new construction) to low- or moderate-income first-time homebuyers, defined as 80% of the HUD AMI. HOP matches other funds to increase a homebuyer's total source of funds to purchase a home.
In order to maximize funding throughout the year, there are two categories of HOP namely HOPExpress and HOPReserve.  Under the HOPExpress component, funds are available on a first-come, first-served basis.  While under the HOPReserve component, member financial institutions of the FHLBI must submit an application for a specified amount of funding. If awarded, … (0 comments)

daily rates: Fannie Mae HomePath Financing - 03/23/11 10:24 AM
There are many homes lost to foreclosure since the mortgage and real estate crisis in 2008.  Many of these foreclosed homes or mortgages were bought by Fannie Mae.  As a result, there are a lot of Fannie Mae foreclosed homes that are up for sale creating really great home buying opportunities for those who are qualified.  To help sell the foreclosed homes, Fannie Mae has set up a special mortgage financing program called HomePath Financing by Fannie Mae.  This program is designed for borrowers who are looking to buy a home to live in or to purchase as an investment property.
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daily rates: Fannie Mae HomePath Mortgage Loan - 03/23/11 10:21 AM
Fannie Mae is a government-sponsored enterprise (GSE) chartered by Congress with a duty to provide liquidity, stability and affordability to the U.S. housing markets now a day.  It runs in the U.S. as a secondary mortgage market and not making home loans directly to consumers.  It works with mortgage bankers, brokers and other primary mortgage market partners to help ensure that all of them have funds to lend to home buyers at affordable rates.
Fannie Mae has the home path program for borrowers.  The HomePath program was intended for the sale of foreclosed homes owned by Fannie Mae. A HomePath mortgage … (0 comments)

daily rates: Benefit of USDA Loans and The home that qualifies for the Program - 03/23/11 08:21 AM
The home loan that is being provided by USDA has significant level of benefits when compared to other banks. One of the most important benefits is the absence of maximum limit. The low interest rates option being offered by this loan will surely enable borrowers to save large amount of money in the process of building home. The flexible loan repayment option will make it possible to repay loan amount with great ease and convenience. The fixed interest rates being offered by lenders will enable borrowers to have strong control over repayment and avoid fluctuations in this process.  Any bank or … (0 comments)

daily rates: Rural Housing Loans Requirements - 03/23/11 08:17 AM
The USDA Rural Development administered the Guaranteed Rural Housing Loans, which serves the public through more than 800 field offices nationwide.  Rural families and individuals may be eligible to become homeowners with the help of a USDA guaranteed home loan. Through USDA's Guaranteed Rural Housing Loan Program, low- and moderate-income people can qualify for mortgages even without a down payment.
To be eligible, applicants must:
•1.    Have an adequate and dependable income;
•2.    Be a U.S. citizen, qualified alien, or be legally admitted to the United States for permanent residence;
•3.    Have an adjusted annual household income that does not exceed … (0 comments)

daily rates: USDA Home Loan - 03/23/11 08:10 AM
A USDA Guaranteed Loan is Government insured 100% purchase loan. These Loans are only offered in rural areas and serviced by direct lenders that meet federal guidelines.
Under the Guaranteed Loan program (Section 502), the Housing and Community Facilities Programs guarantees loans made by private sector lenders. The individual works with the private lender and makes his or her payments to that lender.  Section 502 loans are primarily used to help low-income individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities. Under the terms … (0 comments)

daily rates: The Emphasis of the Final Rules on Loan Originators Compensation and Steering - 03/23/11 08:06 AM
The final rules, which apply to closed-end loans secured by a consumer's dwelling, will prohibit payments to the loan originator that are based on the loan's interest rate or other terms.  But compensation that is based on a fixed percentage of the loan amount is permitted.  The final rules prohibit a mortgage broker or loan officer from receiving payments directly from a consumer while also receiving compensation from the creditor or another person.   It also prohibit a mortgage broker or loan officer from "steering" a consumer to a lender offering less favorable terms in order to increase the broker's or loan … (0 comments)

daily rates: Fannie Mae HomePath Program - 03/23/11 07:57 AM
The Federal National Mortgage Association, commonly known as Fannie Mae was established in 1938 by the US Congress as a Government Sponsored Enterprise or GSE. It is responsible for maintaining a secondary market in home mortgages. By ensuring that mortgages meeting specific criteria can be readily traded among lending institutions and investment bank. It also increases the ability of lenders to provide long term mortgages. Fannie Mae has plenty of programs available for those who wish to have their own home. One of them is called the Fannie Mae's Home Path program. This program is available to purchase qualified foreclosed homes … (0 comments)

daily rates: The new compensation plan for loan officers - 03/18/11 07:59 AM
The Federal Reserve Board announced the final rules to protect mortgage borrowers from unfair, abusive, or deceptive lending practices that can arise from loan originator compensation practices. This new rules apply to mortgage brokers and the companies that employ them, as well as mortgage loan officers employed by depository institutions and other lenders.  The new and final rules will take effect on April 1, 2011.
It is a common practice now a day that lenders pay loan originators more compensation if the borrower accepts an interest rate higher than the rate required by the lender which is commonly referred to as yield … (5 comments)

daily rates: Upcoming FHA changes - 02/23/11 09:22 AM
Upcoming FHA changes
There are new FHA MI changes coming in mid April. They will apply to any new case number requested after April 18, 2011. The changes will be increasing the monthly MI on FHA loans. A case number is something requested from FHA, when you have an application and a subject property. You cannot request a generic case number, and apply it to a specific property later on. Your broker or lender handles requesting the case number.
The changes will increase the monthly mortgage insurance by 25 basis points. The reason behind this is because FHA would like to … (2 comments)

daily rates: Refi - 02/11/11 09:03 AM
Refis are the process of reinstating the subsisting debt obligation into other obligations. This is carried out under different terms and conditions. Refis are usually done on mortgages, when the borrower wants to manage the loans or finds it difficult to pay the money. Refis helps the borrower either to shift the obligations or to extend the time of the payment. There are different types of refis methods, No closing cost Cash-out Rate and Term         There are five different reasons for refis
· A refi can be done if the borrower needs to get better interest rates. This may either lead to reduced payments or … (0 comments)

daily rates: FHA Reverse Mortgage - 02/11/11 09:00 AM
FHA Reverse Mortgages for Consumers: Home Equity Conversion MortgageThe Home Equity Conversion Mortgage (HECM) is FHA's reverse mortgage program which enables the borrowers to withdraw some of the equity in their home.  The borrower can choose how they want to withdraw their funds, whether in a fixed monthly amount or a line of credit or a combination of both.The borrower can also use a HECM to purchase a primary residence if they are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property they are purchasing.
The … (1 comments)

daily rates: VA Financing - 02/11/11 08:51 AM
Financing is a way of obtaining money for the purpose of acquiring assets.  There are different types of financing available in business.  There are short term loans, personal loans, mortgage loans, secured loans and unsecured loans.  However, one of the most   popular financing programs for housing loans is the VA program. This loan is designed for veterans and military personnel and offers up to 100% financing of the value of the house. 
VA financing is given to all veterans and their surviving spouses.  It is a mortgage loan program established by the Department of Veterans Affairs of United States to help … (0 comments)

daily rates: District of Columbia - 02/11/11 08:42 AM
District of Columbia has framed separate rules on mortgage loans. For obtaining a mortgage, the credit certificates and income levels are verified by the lenders and the loans are paid according to the requirements of the borrower. After the money is lent, the lender and the borrower follow the strict rules of the deed of trust.
The mortgage loans, after the full pay off should be in accordance with the assignment, fully satisfactory, and acknowledged.  A mortgage loan is thereby lent by the mortgage lender on the deed of trust to the borrower. The borrower should assign, i.e. it should be … (0 comments)

daily rates: Self-Employed - 02/11/11 08:38 AM
Mortgage loans are available for people from different aspects of life. VA loans, FHA loans are some of the popular loans. Added to this category are the loans that are available for the self-employed people. Self-employed mortgage home loans have helped this group make their dream come true of owning a house. Earlier, there were No Doc or stated loans for this self-employed group. As of 2008, new rules have been implemented that has terminated the old rule of not needing supporting documents for income and assets.
For accessing this loan, one has to submit a series of documents and fill … (0 comments)

daily rates: Fixed vs. ARM Mortgages - 02/11/11 08:33 AM
Having your own home makes life a lot easier. But not many people can have so much of cash to pay for a house. So they may have to borrow money from banks or lenders. A large portion of the value of a house or property is financed by these lenders, which is called mortgage loan, the amount of which has to be repaid with interest over a predetermined period of time.
There are different types of mortgages, most common of which is the fixed rate mortgage, adjusted rate mortgage and the balloon mortgage. There are benefits and disadvantages in any … (0 comments)

daily rates: VA Financing - 02/11/11 08:25 AM
VA home loan program was created to help veterans finance their purchase of homes.  Veterans include certain members of the Selected Reserve, active duty service personnel and certain categories of spouses.  It is a mortgage loan program established by the Department of Veterans Affairs of United States.  It ensures all veterans are given an equal opportunity to buy homes without regard to their race, color, sex, family status or national origin.  With no down payment, unless required by the lender, a great fixed interest rate, competitive with conventional mortgage interest rates, and limited closing costs, VA financing is a great option. … (0 comments)

daily rates: VA Financing - 02/11/11 08:20 AM
VA financing is the home loan guaranteed program to US veteran. This enables the veterans or the spouse of the veteran to access the loans and make their dream of buying a house come true. This allows the veterans to access long term financing without a down payment. FHA and other private loans are offered with down payments. But VA loans facilitate the veterans have a 100% financing option.
These VA loans are available throughout the country, but the loan limits vary per county.  These loans are also lent only by the approved VA lenders. Military personnel both retired or on … (0 comments)

 
Alex Echeandia (Primex Mortgage)

Alex Echeandia

Rockville, MD

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Primex Mortgage

Address: 5834 Hubbard Dr, Rockville, MD, 20852

Office: (301) 468-5600

Mobile: (301) 802-6426

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