fha: 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)

fha: 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)

fha: Tips in improving your credit score fast - 03/17/11 06:01 AM
Credit scores are like report cards for grown-ups. It's a three digit score you get on a scale that ranges from 300 to 850. It indicates your creditworthiness to potential lenders, banks, landlords and insurance companies. Thus, the higher cost you have the better.  You can get your credit report for free once a year from each of the three major reporting agencies namely Equifax, Experian, and TransUnion through annualcreditreport.com.  
You can increase your credit score in as little as a month or two by following these tips:
•1.        Always pay your bills on time. Always remember that delinquencies have the … (2 comments)

fha: How to Improve your Credit Score Fast - 03/17/11 05:56 AM
A credit score is a measure of credit risk calculated from a credit report using a standardized formula.  The standardized formula is called the FICO which stands for Fair Isaac and Company, the actual company who pioneered the mathematical calculation during the late 1950's.  The Fico score is based on several factors. These includes late payments, missing payments, number of open accounts, length of one's overall credit history, actual amount of available credit used and negative occurrences such as charge-offs and bankruptcy. 
In many cases, it can take years to recover from financial crisis and a bad credit score. This unfortunate … (0 comments)

fha: 203k Rehabilitation Mortgage Insurance - 03/09/11 09:26 AM
The Section 203(k) program is a home rehabilitation and repair program, designed to revitalize neighborhoods and spur homeownership.  It is a program that permits homebuyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this program, the homebuyers do not have to find separate financing for construction, plus construction begins immediately after loan closing.  It offers a solution that helps both borrowers and lenders, insuring a single, long term, fixed or adjustable rate loan that covers both the acquisition and rehabilitation of a property.  It helps save borrower's time and money … (3 comments)

fha: 203 K Rehabilitation Mortgage Loan and its Application Process - 03/09/11 09:21 AM
Section 203(k) program managed by the FHA provides funds to prospective and current homeowners to make repairs and/or do renovations work.  In Section 203(k), the borrower can get just one mortgage loan, at a long-term fixed or adjustable rate, to finance both the acquisition and the rehabilitation of the property. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work.
Section 203(k) can be used by people who are looking to purchase a new home, or by existing homeowners wanting to … (0 comments)

fha: 203 (k) Rehabilitation Time Period - 03/09/11 09:15 AM
Homeowners that are planning to have cosmetic repairs on their home but have no funds to fix them up, should not worry anymore because FHA has a program dedicated to addressed this problem.  This program is called the Streamlined 203k. There are certain limits but all in all, this is a great program for owner occupied property.
This program can be used to accomplish rehabilitation and improvement of an existing one-to-four dwelling units that have been constructed for at least one year.  Basically, this is a home improvement loan.  Moreover, the units most comply with local zoning regulations. 
Luxury … (0 comments)

fha: 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)

fha: 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)

fha: 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)

fha: 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)

fha: 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)

fha: Virginia - 02/11/11 08:16 AM
Virginia mortgage rules are strictly followed. On obtaining a mortgage, the borrower has to submit a form to the lender. The lender verifies the form and demands mortgage details of the property from the borrower. The borrower then has to submit a separate written document about property, credits and his income. After complete verification and inspection of documents, the lender is enabled to lend the money on fulfillment of terms and conditions by both parties.
After the full payment of the loan, there is a separate procedure to follow to complete the mortgage procedure. Every mortgage loans in the US demands … (0 comments)

fha: What is Tax Deductible - 02/11/11 07:49 AM
Owning a house is every American's dream. Hence the Government has given certain benefits to the people to own houses. One such thing is the deduction of tax from interest paid on mortgage loan taken for buying or building homes. This benefit can also be available for a second home or investment property. Substantial improvement of a house or building is also eligible for a tax deduction. Substantial improvement means increasing the value of the home/building, adding facilities for the new owner and prolonging the life of the house. It does not include the repairs that are needed due to wear … (0 comments)

fha: Qualification for ARMs - 02/11/11 07:34 AM
For conventional ARM products, you need to know how a borrower will be qualified. If the ARM product is for a 3 or 5 yr ARM, they will be qualified at; the Note plus 2% or the fully indexed rate plus the margin, whichever one is higher. If the ARM product is for a 7ry ARM, the borrower will be qualified at the Note rate. 
On a 5 yr ARM, if the Note rate is 3.5%, for 200k loan, the actual payment will be; $898.09. The borrower will be qualified at, $1135.58, an almost $240 increase for underwriting purposes. ARMs can … (0 comments)

fha: Govt update on the Mortgage Market - 02/11/11 06:57 AM
The Obama administration has given congress 3 options to choose from, to decrease government involvement in the mortgage market. The 3 options are; * No Government role, except for already existing agencies, ex. FHA. * A government guarantee of private mortgages triggered only when the markets are in trouble. * Government insurance for a targeted range of mortgage investments that already are guaranteed by private insurers. The govt guarantee would go into affect, only if those private companies could not pay. Any of these 3 options would lead to higher rates. The proposal is for the government to withdraw it support … (0 comments)

Alex Echeandia (Primex Mortgage)

Alex Echeandia

Rockville, MD

More about me…

Primex Mortgage

Address: 5834 Hubbard Dr, Rockville, MD, 20852

Office: (301) 468-5600

Mobile: (301) 802-6426

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