loans naples: SBA Financing is just plain tough ! - 10/06/09 05:49 AM
I am having a tough time getting SBA loans approved.  The Small Business Administration has delivered 36% fewer loans than in 2008. The SBA offers banks guarantees on the money they lend to qualifying small businesses.
If the borrower defaults, the government pays the bank back a portion of the loan.
Borrowers still have to convince a bank of their credit worthiness. This has been very tough to convince any bank to fund a loan unless you are a PERFECT borrower.
In February of 2009 as part of the stimulus package, Congress allocated $730 Million for SBA to increase lending to … (0 comments)

loans naples: RATE MARKET UPDATE FOR NAPLES, FLORIDA - 07/22/09 06:54 AM
 Rates and oil prices rose as the stock market rallied. We continue to warn that the markets will be volatile. At least for now, these markets will continue to move in tandem. We think the gradual recovery may temper any strong recovery in oil prices or rates. However, they will not be immune from spikes. For now, the markets seem to agree with the Fed that recovery is on the horizon. It is slow to get here and may be crawling, but we all look forward to positive growth. Speaking of growth, the first snapshot … (0 comments)

loans naples: Home Ownership and Equity Protection Act - 07/21/09 02:53 AM
The Home Ownership and Equity Protection Act (HOEPA) and the Housing and Economic Recovery Act (HERA) that were passed by Congress in 2008. The Federal Reserve Board published the regulations under the Truth in Lending Act. These regulations were written to provide more transparent, level and fair regulation of the real estate industry; to add additional steps to help prevent deceptive lending practices; and to protect consumers by making them more informed - and therefore more confident- in their home financing choices.
Housing and Economic Recovery Act - (HERA) amends and impacts several aspects of obtaining a mortgage, the disclosures required … (0 comments)

loans naples: Update on Consumer Financial Protection Act 2009 in Naples Florida - 07/15/09 03:53 AM
This article is from the Mortgage Bank Assocation
Sorohan, MikeMortgage Bankers Association President and CEO John Courson will testify this morning at a House Financial Services Committee hearing on the Obama Administration's proposed reforms for the real estate finance industry.
The hearing focuses on H.R. 3126, the Consumer Financial Protection Act of 2009. Introduced by Committee Chairman Barney Frank, D-Mass., and Rep. Maxine Waters, D-Calif., the bill formalizes a proposal by the Obama Administration to create an independent financial agency with a range of rulemaking, information-gathering, supervisory and enforcement tools affecting banks and non-bank financial institutions.
Courson is expected to iterate … (0 comments)

loans naples: REHAB LOANS - 07/14/09 07:45 AM
STOP losing sales over the condition of the property. 
 FHA 203K Rehab Loans are 96.5% LTV
Based on both the purchase price PLUS the cost of rehab added together.
Example:      $300,000 after rehab value.
$200,000      purchase price
$75,000       cost of rehab (roof, appliances, windows, etc.)
$15,000       20% contingency reserves
$10,000       1st six months mortgage payment reserves.
$300,000      total purchase plus rehab
x 96.5%       LTV
$289,500      Loan Amount
Perfect for:

loans naples: Navigating through the Lock Process - 06/04/09 02:21 AM
Locking rates can be a tricky but exciting time for the borrowers and brokers. It takes real expertise to understanding the bond market when locking rates. Fixed mortgage rates are tied into the yield of the Ten year note. If the yield goes up-and the price of the note goes down-so too do interest rates. It's that simple. Reading the bond market and lock advisory sites gives the broker a true understanding of rate locks. Rates are still low, if someone is getting the first time home buyer credit of $8,000 locking in the low 5% range is still a good deal. For clients … (0 comments)

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