purchase: FNMA HomeStyle renovation loans made simple
- 05/14/14 11:45 AM
I get so many calls on these loans...Here are some of the basics: Max Loan Amount: $417,000 (regardless of area of the country) Renovation costs up to MAX. of 50% of "as-is" value on Purchase or Refinance 95% LTV max. on Single Family, Primary residence (lower LTV for 2nd hm/Investments) No "sweat equity"; NO "DIY" (Do-It-Yourself) Construction to be completed within 6 months of closing date Eligible property types: 1 or 2 unit, site built homes, PUDs, Warrantable condos Loan Amount on PURCHASE is based on LTV derived from the LESSER of: - the "as-is" purchase price, renovations costs, contingency costs(if financed), eligible soft costs, interest … (0 comments)
purchase: Questioning the Rates I quote...really?
- 05/14/14 05:32 AM
So, I'm sitting at the table with my Clients, here in Houston, last week - and the wife says: the Loan Officer from a very large bank says: "there's no way that Al can give you a rate of 3.25% on a VA loan, without charging discount points or origination fees". "Why" would someone at a large, major bank say that? Of course we can. I locked my client on a 45 day Lock at 3.25% ((15 year fixed; NO discount points; no origination charge). We expect to close them in 3 weeks, not 45 days - but I felt it best … (1 comments)
purchase: Buy your new home & include cost of new pool/kitchen renovation
- 01/16/14 04:50 AM
So, last year I worked for a different bank and I lost a loan to a great client, but he wanted to have a pool built right after he bought the home (and include the cost in the 1st mortgage). As you can guess, I was not able to do the loan and he went somewhere else. GOOD News! I can now do those types of loans! In all 50 states! Find a home - and it's a little old, so your Client wants to remodel the kitchen or put in new carpeting or add a pool (or hardwood floors, etc.). … (0 comments)
purchase: Political Commentary...and Mortgage Projections for 2013
- 12/31/12 04:57 AM
Well, as I sit here and read what's going in DC (re: the "fiscal cliff") and all the things that are going on to deal with this issue (and all the things that are NOT being handled; can you say $7/gallon MILK!)... it makes me sad for this country. As an Immigrant (from Holland aka The Netherlands), I really Appreciate all the opportunities we have here, but it is almost unbelieveable how there can be such a stalemate on such critical issues - from our elected "representatives"! I am a fiscal conservative and social moderate; but someone who has learned that … (0 comments)
I get so many calls on these loans...Here are some of the basics:
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