florida home loans: Changing Face of FHA Streamline Refinance - What is Needed to Qualify?
- 03/26/09 09:20 AM
Once upon a time in a land where gas was 75 cents a gallon and bread was 33 cents a loaf interest rates were in the high teens. Of course I'm writing of the 1980's when our economic situation was not too unlike the one we have today although there were vast differences. Yet during this time and shortly thereafter the FHA streamline refinance was born with one purpose in mind: Get FHA borrower into a lower rate and lower their monthly cost of home ownership. It was much simpler back then to see the savings. Many families came in to … (6 comments)
florida home loans: Low Loan Amounts Difficult To Fund
- 12/08/08 02:19 AM
We receive calls every day from people wanting to borrow $20k, $18k, or $27k to purchase an investment property. We simply cannot finance a property that low in price for multiple reasons and one of them is that we must make a certain amount of profit to stay in business. The other is that finding an investor to actually lend that low of an amount is a major task. So what can we do? We could look at tying up another property with a line of credit -which I never recommend unless you have a very strong exit strategy- like your … (3 comments)
florida home loans: News Flash: 100% Mortgage Money Is Available
- 10/27/08 02:00 AM
I know what you heard on the news ... I heard it, too. Once again, the media uses one source and misrepresents the truth by omission. It may be true that if you go to some of the largest banks in the nation you have to have 20% down to purchase a home. However, many lenders still have plenty of resources available to qualified buyers up to 100% financing. Yes, I did, I wrote 100% - which means no down payment. But Ken, those loans are dangerous! Sorry folks, the loan is not dangerous. The borrower may be but the loan … (6 comments)
florida home loans: Creative Finance for 2009
- 09/24/08 06:41 AM
When some people say "creative finance" they mean "mortgage fraud". You do it and I catch you and you pay. When I say "creative finance" I mean getting financing by thinking outside of the box but within the law. To help you get focused let's first give some examples of mortgage fraud that some people would class, wrongly, as creative finance: 1. Making a false statement on your mortgage application. This would include saying you occupy or intend to occupy the property as your primary. It would also include overstating your income, assets or employment. A very common piece of mortgage … (5 comments)
florida home loans: How Do "Approved" Loans Get Denied?
- 09/23/08 02:45 PM
It happens. And if you don't have a very firm grasp of the onion like layers of the loan process it is very difficult to understand why. Therefore to begin let's look at the steps in the process of a loan: 1. Loan Officer accepts an application from the borrower. In the case of a local broker the LO is the person who will be your liaison for the duration of your file. For the national behemoths the LO is more like an operator who just accepts your order. 2. Your credit history is examined and a preliminary credit decision is … (7 comments)
florida home loans: Why Did My Loan Officer Stop Answering My Calls and Emails?
- 09/19/08 08:46 PM
It happens. All too often if you ask me. A borrower believes they are doing the right thing by shopping around. They call one of the big guys who advertise on TV. They call a local bank. They call a local lender. There are generally 5 reasons why a loan officer stops answering calls and emails: 1. They are dead. This is an acceptable excuse.2. They quit or were fired. In this case someone else should have contacted you.3. You are impossible to work with. In this case their "me" should have called you. That's my lovely job.4. They lied to … (16 comments)
florida home loans: Congressional Word of the Day: "Illiquidity" (Or: Here Citizens, Your Bill For Wall Street's Bail)
- 09/19/08 07:39 AM
If you are a sick individual, as I must be, you have all 3 C-SPAN cable channels going all day, Bloomberg on Satellite and your web browser pointed toward the WSJ. Just typing that makes me want to go wash my hands. Today's action word is illiquidity. It is not, by any means a new word, just that the market has increased the use of the word over the last several months until today. Today it is in the mouths of even congressmen who have poor control of the English language. One "gentleman" from Massachusetts is bringing me a slight chuckle … (5 comments)
Once upon a time in a land where gas was 75 cents a gallon and bread was 33 cents a loaf interest rates were in the high teens. Of course I'm writing of the 1980's when our economic situation was not too unlike the one we have today although there were vast differences. Yet during this time and shortly thereafter the FHA streamline refinance was born with one purpose in mind: Get FHA borrower into a lower rate and lower their monthly cost of home ownership.
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