fha: WE CLOSED A LOAN IN 4 DAYS!!!! HERE IS HOW!!!! - 10/23/08 10:47 AM
YES!  I took an application on a Tuesday and closed it at 5 PM Friday night!  As long as a complete application is taken and any verifications (i.e. employment or rental) are conducted quickly and the file is internally underwritten via the FNMA or Freddie or FHA engines, and the appraisal is complete, lenders can close and fund within 72 hours.
 
Now many of you are probably saying what lenders in your area can do this.  What do we have at Seacoast Mortgage that other places may or may not have.  Here is the list:
 
•1)      Licensed lender AND … (5 comments)

fha: UPSIDE DOWN ON A MORTGAGE: IS IT FHA? YOU CAN REFINANCE!!!!! - 10/18/08 08:09 AM
Did you know you can STREAMLINE an FHA loan?  
 
Streamlining is simply refinancing the existing mortgage REGARDLESS of the value of the home!  So, if you have an FHA loan and you are "upside down"; FHA DOES NOT CARE!  Simply contact an FHA lender (like me!) and streamline down to a lower rate.
 
AND! You can do this at NO cost!!!  If you pay closing costs, the rate would be lower.
 
This is the BIGGEST advantage of an FHA loan!  Take advantage: TODAY!
 
 
Ann Sabbagh
Vice-President
Seacoast Mortgage
508-243-1190 (cell)
www.annsabbagh.com
"When you choose me … (1 comments)

fha: WE NEED THIS SOLUTION ADDED TO THE "BAIL-OUT" PLAN!!!! PLEASE READ! - 10/01/08 02:55 PM
There should be five goals to target when arriving at a solution to the housing crisis:
•1)      Keep the homeowner in their home
•2)      Minimize the taxpayer's cost
•3)      Minimize the debt burden to the country
•4)      Minimize the losses incurred by the lenders
•5)      Stabilize the housing market!
 
Please read the following:
 
The government is bailing out AIG, Fannie Mae and Freddie Mac, lenders, the list grows.....  It is time the government bails out THE HOME OWNER AND MINIMIZES THE TAXPAYER'S LOSSES!!!!!
Funds need to be set aside (governed by FHA new guidelines) which will allow individuals who … (6 comments)

fha: LENDERS SAY "NO THANKS" TO THE HOUSING BILL BEING PUT INTO ACTION ON OCTOBER 1 - 09/17/08 02:44 PM
Lenders say "Thanks, but NO thanks" to the housing rescue bill, which is being initiated on October 1.  Why are they saying "no thanks"?  Because the bill calls for the lenders to "forgive" any loan balance greater than 90% of the home's value.  FHA is insuring the new loan of 90% and FHA receives 5% of the new loan balance from the lender.

Now, you must ask yourself, "Why would a lender be willing to do this?"  Yes, to avoid significant losses as a result of foreclosure, BUT they rather maintain the entire loan balance and drop the rate for … (1 comments)

fha: HELP UNCLE SAM! BAIL OUT THE HOMEOWNER: NOT JUST THE BIG GUYS! HOW ABOUT US??? - 09/16/08 03:49 PM
The government is bailing out AIG, Fannie Mae and Freddie Mac.  It is time the government bails out THE HOME OWNER through FHA!!!
I am not saying it should be a total bail out.  I am proposing a modification to what the President recently passed.  FHA funds need to be set aside which allows individuals who are facing foreclosure to save their homes by allowing a 90-95% LTV loan and attaching a lien on the property for anything over what they owe.  The government pays off the lender who currently has the loan.  The 2nd lien will then be owed to … (3 comments)

fha: FHA FINANCING MAY MAKE SHORT SALES...LONNNNNNGGGGGGG SALES ! - 09/13/08 02:35 PM
FHA financing and short sales can be "tricky", thus possibly causing delays.  The bank holding the title will probably NOT wish to do any repairs as required by FHA. The appraiser will note what the home is lacking in order for FHA to approve lending on the property.  These items can include:
•1)       Peeling paint
•2)       Roof repair
•3)       Asbestos on pipes and/or boilers
•4)       Outbuildings that may require repair
 
The borrower will need to use their own funds to establish an escrow at the closing table to accommodate any of these items.  Typically, one and half times a contractor's … (3 comments)

fha: SOS!!!! HELP THE DOWN PAYMENT ASSISTANCE PROGRAM: YOU CAN HELP! - 09/13/08 08:04 AM
Please click on the link below to write to our lawmakers:
 
http://capwiz.com/ahaa/utr/2/?a=11521436&i=89498865&c=
 
 
The link will enable you to send an email immediately to the "powers to be".  Please let them know what you know the advantages are with the down payment programs.  I wrote about the importance of maintaining savings for a first time homebuyer in case of an unforeseen expense after purchasing the home.  By using the down payment assistance programs, the home buyer can keep their money safely in the bank.
In this market, we need to ensure we do not decrease the number of buyers … (3 comments)

fha: FHASECURE is supposed to help those that are upside down, BUT !!!!!!! - 05/06/08 12:19 PM
Ok...check out this scenario:
690 credit score; 20 year job history in the police department; also a part-time job for 1 year and will continue indefinitely; DTI ratio of 53%; $70,000 in reserves; will SAVE $1000/month if FHA will allow a refinance. NO mortgage lates; no credit card lates; NO LATES!
DENIED! Due to a high ratio.   OK, the FHA standard ratios are 29: 41.  SO, we are higher, BUT it is COMMON SENSE underwriting.  They will save $1000 a month !!!!! This client WILL make the payments!  If this loan is not refinanced, the home will eventually be foreclosed on, since the … (6 comments)

fha: Is your listing acceptable by FHA? Check this out! Increase your selling POWER! - 05/04/08 01:50 PM
Realtors: Until you know , and I mean KNOW FHA guidelines, have an appraiser or "lender of choice" visit your property for a "quick pass-through" to determine if your listing can be financed by an FHA program.
Here are the main guidelines in quick summary form:
1) Look online to see if your listing is within the loan limits (based on state and county and number of units (1-4)):  https://entp.hud.gov/idapp/html/hicostlook.cfm
2) Is there any apparent peeling paint?  If so, the seller needs to repair OR (in the northern states during the winter months) an escrow of 1.5 times an estimate must be arranged for at the closing table.  Once the painting … (9 comments)

fha: UPSIDE DOWN on your mortgage???? Have an FHA loan? Check this out! - 04/23/08 12:48 PM
We are in a mortgage crisis and many homeowners owe more than their home is worth: OUCH!  Well, if they have an FHA loan, they should look into a STREAMLINE refinance. A streamline will lower their rate and save them money! 
Streamlining does not require an appraisal; there are no closing costs; no employment verification, no credit scoring, no debt to income requirement.  You just need a good mortage history with no late payments; unless the late payment was AFTER a rate adjustment.
Yes, this is true!!!!  FHA is a GREAT loan product, especially in a market like today's market. 
 
(9 comments)

fha: Mortgage Crisis: Please post your ideas to SAVE homeowners! - 04/18/08 02:44 PM
We all have ideas on what the government should do to save homeowners. Please comment on this blog and let's hear your ideas!
Here is an idea: 
How many times do you have a client who had an adjustment to their mortgage and they are now paying a large increased amount.  They are trying to refinance into a lower fixed rate, but they do not qualify due to DTI (debt to income) ratios, credit issues and they do not have anyone to co-sign for them, but yet they would save mega $$$'s per month if they could refinance.  FHA should have a % of savings … (7 comments)

 
Ann Sabbagh, President, Sr. Loan Officer (Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107)  & CT)

Ann Sabbagh

President, Sr. Loan Officer

Pawtucket, RI

More about me…

Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT

Address: 267 NEWPORT AVENUE, PAWTUCKET, RI, 02861

Office: 401-475-1600 x306

Mobile: 508-243-1190

Seacoast Mortgage: Your place for:RI loans, MA loans, CT loans, FL loans, commercial loans, residential loans, FHA, VA, USDA, 100% financing, FSBO (for sale by owner) assistance. Find a loan in RI, find a loan in MA, find a loan in CT,RI mortgages,CT mortgages,FL mortgages,MA mortgages. Do you qualify for a loan? At Seacoast Mortgage, we qualify you within your means. What you can afford is different than what you qualify for. Call us today!


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