Luis Garcia's (stpeteclearatermortgageman) Blog

Mortgage and Lending - Colonial Bank
Buyer's Market- Presenting a  perfect opportunity to buy a home under market value while financing is still easy. Without having impeccable credit and requiring little or no money down the timing to buy a home couldn't be better.  Please read below. We have all seen the media alerting the public ...
As we all know, lenders have tightened their guidelines making lending much more difficult. !00% financing is a thing of the past as far as fannie and freddie are concerned because of all the declining markets and unstable real estate. However, who else better to step in and offer great mortgages...
 I am pleased to announce that Down Payment assistance was victorious against HUD!"To be clear, the U.S. Department of Housing and Urban Development's (HUD) rule to ban private downpayment assistance as proposed in the "Standards for Mortgagor's Investment in Mortgaged Property" regulation publis...
Has anyone heard of a double wide condo property?? I sure didn't until a realtor came to me with the scenario. I was able to get it done through our portfolio at my bank, talk about gray areas. This was a second home with just 20% down and good rates! Pretty unique property too with condo ameniti...
WOW, I am still surprised to get this done. I have to celebrate after a pretty good month. My biggest accomplishment this past month is a 103% LTV at a low 5.75% 30 year fixed. The borrower didn't go to closing with a penny and actually received his $1k deposit check back. Was it easy? Actually n...
I can't remember the last time I had an appraisal issue on a purchase. Yes, I have had a few refinances take a hit on the value but not once on a purchase. So they say there is a first time for everything and it just happened to me.My client was willing to do just about anything to get the perfec...
Can real estate still be rewarding even in this market? There is a new niche for investors looking for a nice return and able to keep their real estate and enjoy it. So what is it already you may be asking...Have you heard of condotels?? This is becoming very popular for foreign investors looking...
Many people are told that if you have a property on MLS you will not be able to refinance for 3-6 months because lenders are requiring it. Not True! I have a lender that will refinance your current loan within 24 hours of your home being off the market. My other investor will do it after 30 days....
Our northern friends are back for the nice warm weather here in Florida. Normally, they rent condos or stay at expensive hotels but this year many are coming into my office wanting to buy. And why not, their currency is worth more today than in the past and there is so much supply that they can p...
I had a client call me out of the blue the other day asking me about doing a cash out refinance for a lot loan. Immediatley I thought yea right I am wasting my time. So, I looked through the different investors I have on board and nope, nada , no way! I could do a rate /term refinance but not a c...

Luis Garcia

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