loan programs: Its not FHA - Its VHDA: The FHA Alternative in Virginia. - 08/14/08 03:50 PM

What is VHDA?
VHDA stands for Virginia Housing Development Authority.  Its Virginia's Mortgage Finance Agency. Most every state has their own Finance Agency.
VHDA was created in 1972 by the General Assembly of Virginia to help overcome barriers to affordable housing.
VHDA is not for everyone.  The eligibility requirements does have a few restrictions not limited to the following:
Household income of 65k and below for Virginia Beach County (Does vary for each county contact your mortgage expert) Underserved Minorities Disabilty and Ederly  
The main difference is VHDA is more local driven … (7 comments)

loan programs: The Waiting Game Simplified - 08/12/08 04:02 PM

We all hear the lines "Now is the time to buy" "Lock in rates now" "Hurry up, Take Advantage now"
These liners all have the same point in which to bring in a sense of urgency but we do we know the whole picture why its a bad idea to wait?
I am going to break it down very simplified and to the point to show you what your options really are.
Waiting for the rates to drop:
Sure rates can drop but rates can also rise.  Its best to lock in your rate now to secure your payment. … (13 comments)

loan programs: FHA Quick Savings Tip Regarding Increased MIP Change - 07/31/08 04:19 PM

Risk Based Mortgage Insurance Premiums
July 14 2008 FHA implemented a new system for the Mortgage Insurance Premiums.
FHA Premiums has been normally 1.5% and have now increased up to 2.25% based on credit worthiness.
Money Saving Tip
There is a way to avoid paying the max tier of 2.25%.
Participating in a Pre-Purchase Counseling by a HUD approved counseling agency can cap your max tier at 2.0% for First Time Home Buyers.
You can find a list of approved counselors on HUD's main website Hud Approved Counseling
Key-Points to Counseling
Counseling must be completed before … (2 comments)

loan programs: Positive Spin on Down Payment Assistance Programs Gloom - 07/29/08 12:56 PM

Hud has been playing the Grim Reaper on the Down Payment Assistance Programs lately.
As most are aware the Down Payment Assistance Programs has helped many homeowners in the past acquiring down payment assistance for government loans that required a minimum of 3% down.
Recently HUD has made it clear that the Ban will take place on October 1st 2008 eliminating DAP's.
Another change taking place is the increase from the minimum 3% down payment required to ---> 3.5% now. The increase also will start on October 1st 2008.
The Ticking Time Bomb
Now nothing is … (16 comments)

loan programs: Tax Incentive For First Time Home Buyers - 07/28/08 03:17 PM

Great News  - Great News - Great News
A new incentive passed by the Housing and Economic Recovery Act of 2008 allows First Time Home Buyers to receive a $7,500 Tax Credit from the purchase of their new home.
From June 1st 2008 - June 1st 2009 will be in effect. ( Can be retroactive back to April 2008 ) Income restrictions is $75k income for Singles and $150k income for married couples. This is a Tax Credit and not a Tax deduction which means mostly will add to your refund money instead of just another write off.  For … (6 comments)

loan programs: FHA 203k Streamline vs 203k Full Renovation - 06/13/08 03:57 PM
Renovation Lending
The main concept behind these loans a.k.a Rehab, Renovation, 203k and Home Improvement loans is quite simple, clients who wants to finance the costs of home improvements through the mortgage for a purchase or refinance.
Financing the costs of the home improvements through the mortgage can be cheaper than high interest credit cards, emergency savings and high interest unsecured loans.

Don't worry about the appraised value if the house is in bad shape, the loan is based on the after improved value of your improvements.
Typically these loans can close in 30-45 days, with contract work started … (15 comments)

loan programs: Support our Troops with a VA Mortgage. - 04/14/08 06:14 PM
Is there a strong military presence in your area?
I grew up as a Navy brat in Virginia.  My father is a retired Command Master Chief in the Navy, the highest rank you can get being enlisted.  So I respect the Military, The area I live in has a strong military presence.
I am located in the Hampton Roads area in Virginia, Hampton Roads is the world's largest naval base. The Navy owns 36,000 acres and more than 6,750 buildings in the area. There are some 108,000 Navy and Marine Corps personnel stationed in the area, and the Navy employs more … (14 comments)

loan programs: FHA is still a Super Star! - 04/01/08 01:52 PM
Many lenders out there are tightening their grip on strict guidelines and restrictions, its hard to find the right "Niche" for borrowers nowadays.
As many have perceived with FHA as a strict loan and strict appraisal standards, FHA has made a lot of improvements over the last few years.
FHA is still going strong as my "Super Star Loan Program" and should not be forgotten.
I have had much success with the following just as a clarification on my FHA guideline.

Low Down payment (only 3% cash investment) Closing costs can be paid by seller or lender through premium pricing Seller Concessions up … (9 comments)

loan programs: FHA Secure Loan Program Clarification - 03/28/08 05:43 AM
Many people are asking about this type of program since alot of lenders they talked to don't offer it or have no clue on the program.
What is the program? 
The new FHA Secure loan program is a new refinance option that is being offered through the FHA to home owners that have fallen behind on their mortgage payments due to increasing interest rates and payments on their adjustable rate mortgages. The FHA Secure loan program is the Bush administrations initiative to slow the record foreclosure rate in America.
The FHA Secure loan program is designed to help home owners who took out subprime … (11 comments)

loan programs: Spend Less Time Playing Tour Guide - 03/24/08 02:25 PM
My office has been getting a lot of success from using our preferredprogram.  Sellers, Buyers and Real Estate agents love it. We all seen seller concession limits and borrowers getting frustrated because of lack of down payment, this is why I love this program because this exceeds the normal 3-6% seller concession and is wired within the hour directly to the settlement office.  Did I mention they give us Lenders and Realtors FREE marketing materials like yard signs, brochures, and custom mailers.
What this program is all about:
The Genesis Foundation, Inc. a non-profit organization is providing assistance under … (8 comments)

loan programs: Loan Minimum too low for most lenders/brokers - 03/16/08 09:15 AM

I hear this story time and time again about borrowers being refused a loan because they are trying to finance a loan less than $50,000.  There are 2 reasons why this happens
Lenders have guidelines where financing a loan must meet minimum loan requirement due to risk and cost.Mortgage Brokers work strictly on commission and most won't work on a loan that doesn't pay out well.This is indeed very frustrating for consumers especially the borrowers who really need to refinance to stream line debt or get cash out to help out their current situation.  I do understand their needs and I believe … (7 comments)

loan programs: FannieMae Homesaver Advance Progam to help out delinquent borrowers - 03/09/08 07:21 AM

Another great loan program just announced in March 2008 by Fannie Mae to help our borrowers who are delinquent on their current mortgage.
Outline of the product
The Homesaver Advance program provides funds to pay past due balances of principal, interest, taxes, insurance (PITI), and up to six months to 12 months of home owner association (HOA) fees. The 12 months is by case by case scenario.
The advance requires the borrower to sign a promissory note for the funds, payable over 15 years at a fixed interest rate of 5 percent. No payments are required for the … (2 comments)

loan programs: Conforming or Non-Conforming loans?? - 03/08/08 03:00 PM

The Myth: 
So theres a myth going around that borrowers who qualify for prime loans only end up with subprime loans if lenders deceptively steer them into such loans.
The Truth:
Many borrowers who might qualify for prime loans knowingly select subprime loans for reasons that include:
A loan to put little or no money down. I always still recommend the government loans which require little money down anyways but for the Jumbo limits and consumers who want to pay zilch, there are the alternative loan options.Documentation Purposes to speed up or not disclose to the lender.  Again its the consumer choice they … (1 comments)