md loan officer: 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)

md loan officer: 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)

md loan officer: 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)

md loan officer: 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)

md loan officer: VA Loans and its Advantages - 03/09/11 09:07 AM
The Department of Veterans Affairs has no specific amount imposed as a maximum loan for VA mortgages.  But, the VA guaranty amount varies with the size of the loan and the location of the property.  The borrowers do not need to make a down payment because lenders are able to obtain guaranty from VA.  The Veterans Association will guarantee 25 percent of the principal loan amount, up to the maximum guaranty and the maximum guaranty varies depending on the location of the property. 
VA loans offer advantages over non-VA loans.  It can help you save your money and you have the … (0 comments)

md loan officer: VA loans and the breakdown of different funding fees - 03/09/11 09:00 AM
A VA home loan is the most powerful and flexible lending option on the market today.  It is  issued to help eligible service members, reservists , veterans,  and unmarried surviving spouses obtain homes, residential cooperative housing units, condominiums and manufactured homes, as well as to refinance loans.   It helps protect authorized lenders of FHA from loss if the borrower fails to repay the loan.
It can be used to buy or build a home, buy a residential condominium unit, or buy a residential cooperative housing unit.  It also can be used to repair, alter, or improve a residence owned by the … (0 comments)

md loan officer: 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)

md loan officer: 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)

md loan officer: 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)

md loan officer: 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)

md loan officer: 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)

md loan officer: 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)

md loan officer: 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)

md loan officer: 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)

md loan officer: 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)

md loan officer: 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)

md loan officer: 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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