renovation: FNMA HomeStyle Renovation Loans: increasing segment-purchase market - 07/10/14 06:55 AM
For years, if you did a renovation mortgage to buy or fix up your home - it was probably an FHA 203K with limited $.
Today, Realtors dealing with lack of homes are talking with the Clients about a Renovation Purchase mortgage - so that when their Client sees a home that they "love" except: it is missing a pool, needs a renovated kitchen, 5th bedroom, den, finished basement, etc. - they have an alternative.
Every 5th call I get is for renovation (FNMA HomeStyle) Purchase financing.
1. Purchase prices are exceeding the FHA limits;
2. the borrowers have excellent credit
3. Buyers want the lower Mortgage Insurance cost that a conventional … (3 comments)

renovation: 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)

renovation: Renovation Financing - a key to saving purchases in tight markets? - 04/13/14 07:39 AM
With many areas in the Houston(TX) area at LESS than 2 months' inventory - there is a little known  secrect for keeping the Buyer interested: suggest that they consider a Renovation 1st purchase mortgage.
For example: Buyer LOVES the home - Except: wife says the Kitchen is outdated, or husband wishes it had a swimming pool (do you really want to tell them to do 2nd mortgage later?).
Option: do a 1st mortgage that INCLUDES the renovation cost. Up to 95% LTV.
LTV: 95%
Sales Price:                                 $ 190,000
Labor/Material:                            $   39,500
Soft Costs:                                   $    2,200
Contingency:                                $    4,170
Monthly PITI:                                        0
TOTAL:                                                        $ 235,870
"As Completed" Value:                                   $ 250,000
Maximum Loan Amount:  … (1 comments)

Al Rodenburg, CMIT Solutions: trusted network security solutions (CMIT Solutions)

Al Rodenburg

CMIT Solutions: trusted network security solutions

Spring, TX

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Address: Spring, TX, 77386

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Thoughts on the continuing evolution of the mortgage industry.




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