mortgages naples: Picking between a 30 & 15 year Fixed. - 09/09/09 02:48 AM
A majority of home buyers select a 30 Year Mortgage payment without considering the 15 year option. I always convey to my clients think about their short and long term goals.
With the 15 year option, you will receive a lower interest rate compared to the 30 year fixed. The 15 year option is becoming increasingly more popular now than recent years according to clients I speak with on a daily basis.
With the 15 year option, you will pay less in interest over the life of the loan and will build equity much faster. You will build equity but … (0 comments)

mortgages naples: AS ECONOMIC FEARS CONTINUE - Banks Lend Less Money to Home Buyers, Business Borrowers! - 07/27/09 03:06 AM
Those who thought the massive Fed Bailout of Banks by both the current and previous Presidential Administrations would cure all our lending ills - are likely disappointed!
Despite big cash infusions from Washington totaling hundreds of billions of dollars, the total amount of loans held by the 15 largest banks in the U.S. has not grown.  In fact, the portfolio of these bank loans actually fell, by 2.8% in the Second Quarter, 2009.  Further, according to an analysis by The Wall Street Journal, in a story by David Enrich and Dan Fitzpartick, most of the new loans during the Second … (0 comments)

mortgages naples: HVCC APPRAISAL ISSUES - 07/24/09 05:26 AM
As of May 1, all home loans bought by Fannie Mae and Freddie Ma must follow the Home Valuation Code of Conduct.
 Ten Reasons Why HVCC ( Home Value Code of Conduct) is hurting our markets.
Appraisals are coming in well below market value or purchase price Appraisers usually are not from the local market area AMC or Appraisal  management company’s get a portion of the fee and thus appraisers do an average job Appraisals are often time’s transferrable to other lenders but the process is weak at best Banks/ Lenders cannot contact the … (6 comments)

mortgages naples: WHAT IS RED FLAG? - 07/23/09 05:14 AM
What is Red flag?
As of November 1, 2007 the Federal and State governments have mandated that businesses dealing in the extension of credit be required to establish certain protocol and procedures for the remediation of Identity Theft matters associated with their clients. 
The requirements include the maintenance of written manuals, training materials, and action reports on Red Flag instances.  The date for the enforcement of these rules has been moved several times to allow businesses to prepare.  
August 1, 2009 is expected to be the final date for enforcement. 
Beyond that date a … (0 comments)

mortgages 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)

mortgages 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)

mortgages naples: HVCC appraisal transfer - 07/15/09 01:34 AM
I finally have some good news to report on HVCC appraisal transfer   As a result of the Freddie Mac / Fannie Mae Home Valuation Code of Conduct Policy (HVCC) must ensure certain procedures are followed when transferring appraisals from lender to lender.    Appraisal being transferred from lender to Lender When transferring an appraisal from another Lender, HVCC will not allow the borrower to transfer directly. it has to be the mortgage professional A signed letter from the applicant requesting the appraisal to be re-assigned is required. Appraisal Transfer letter from the lender on their letterhead is also being … (1 comments)

mortgages 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:

mortgages naples: Condo Financing !!!!! - 07/10/09 05:46 AM
CONDO FINANCING !!!!We can Finance Non-Warrantable Condo's in the state of Florida20% downpayment4.5% interest rateLet us show you how to "cash in" right now on the awesome condo deals !

mortgages naples: Income Restrictions on the $8,000 tax credit - 06/04/09 03:02 AM
The maximum tax credit is $8,000 for either a single taxpayer or a married couple filing jointly. It is 10% of the purchase price. So in order to get the maximum credit, the purchase price must be $80,000 or more.
  This tax credit for first time home buyers is not paid back like the first one of $7,500.
  There are income restrictions which can range from $150,000 to $170,000 for a joint return or from $75,000 to $95,000 for a single return. There are other factors involved when determining the actual income restrictions.
   This $8,000.00 tax credit can't … (0 comments)

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Core Mortgage Financial

Naples, FL

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Core Mortgage Financial

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