HomeBridge Financial Services will now go down as low as a 580 Credit score!!! There are some important points/restrictions to keep in mind: This isn't for the person living with Mom that has bad credit- It is for the good person that something bad happened t. We need a 12 month housing payment history Requires a 10% down payment, and it cannot be a gift. No Multi Family properties Strict (but reasonable) ratios 31/43 For FHA and VA Here is the pretty flyer:
Have a great week! Rob Robert Rauf Mortgage Loan Originator NMLS ID# 248937 http://www.homebridge.com/RobertRauf … (19 comments)
mortgage options: Fannie Mae: Lending to Buyers/Borrowers with multiple Properties
- 03/31/09 07:22 AM
Welcome to mortgage fun: Even the changes are changing! In February we heard from Fannie with some good news in: FNMA Announcement 2009-02: Multiple mortgages to the same borrower; new reserve requirements & Assignment of Rent Form (1-4 family) Prior to this announcement Fannie, and Freddie both said: 4 financed properties MAX. They would allow you to finance your primary residence if you had more than 4 financed properties, but you could not buy another investment property or second home, Nor could you refinance. With the 2009-02 letter we had a brief reprieve that allowed 5-10 properties according to Fannie Guidelines … (13 comments)
mortgage options: Mortgage Insurance Change (PMI) makes FHA even MORE attractive
- 07/18/08 03:07 AM
Mortgage Insurance Changes We have seen Private Mortgage Insurance rates climb. We just received an announcement that the factors for Monthly PMI (the most common form of PMI) have gone up. Why? Much like any insurance company, they do not want to pay out... since they have been paying out more in the past year they have raised rates... You see similar issues in states that have had high pay outs on home owners insurance for storm damage, Fl, LA etc.... Even in NJ Home owners insurance is higher near tidal water because of hurricane pay outs in other states. What … (5 comments)
mortgage options: PMI Changes, FHA is looking even Brighter
- 07/18/08 02:59 AM
PMI Changes With the declining market and increase in foreclosures we have seen Private Mortgage Insurance rates climb. We just received an announcement that the factors for Monthly PMI (the most common form of PMI) have gone up. Why? Much like any insurance company, they do not want to pay out... since they have been paying out more in the past year with increased foreclosures they have raised rates... (ever try to get home owners insurance near tidal waters? this is a common theme too) What does this mean to your buyer? Increased payments of course. here are a few examples for … (2 comments)
mortgage options: Don't Get Caught up in Assumptions and Misguided Reports
- 02/27/08 12:10 AM
Below is an excerpt from an article that Countrywide published a few monthsago, I thought it was some great information to share with you as we startthe new year, especially since interest rates are at a 3 year low:"Countrywide Home Loans has helped millions of home buyers navigate thehome financing process and identify the best options for them based ontheir individual qualifications and financial situation," said Dan Hanson,managing director of Countrywide Home Loans. "There are still a number ofsmart options available to most buyers out there - including those who donot have perfect credit scores or enough saved to make a … (0 comments)
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