fha: Buyer With A Prior Short Sale - Here are the waiting times
- 12/13/13 03:33 AM
A very high percentage of Florida homeowners short sold a home in the past 5 years. A common question I often get is ....how far removed from a short sale does someone have to be in order to quaify for home financing??? Here are some guidelines that can hopfully help buyer's agents qualify their buyers. Conventional - 2 Years if you are putting 20% down - 4 Years between 80% and 90% Loan to Value, and 7 Years above 90% loan to value - or less than 10% dowm FHA - 3 Years removed USDA - 3 years removed VA - 2 Years … (1 comments)
fha: Say Goodbye to the 3% Down Fannie Mae Products - HomePath Included
- 11/13/13 02:00 AM
When Fannie Mae updates its Seller's Guide Friday it is reducing its maximum loan to value on all of its products including the popular HomePath loan. If you have clients looking at any of the Fannie Mae 3% down options they must apply, register, and lock their loans prior to Friday. Fannie is reducing the maximum loan to value to 95% - and any Mortgage Insurance Premiums are included in that 95%. There are no changes to FHA (3.5% Down), USDA and VA (Zero Down).
Tony Marra is a Senior Mortgage Banker with Bay to Bay Lending and can … (0 comments)
fha: Going FHA 203(K) - Make Sure Your Lender Can Do the Job
- 11/02/13 05:00 AM
If you are like some of my prefered agents, you have a stack of pre-qualification letters for clients that you simply cannot find a home for. If your market is like the Central Florida Market, move in ready homes in the sweet spot middle class price range often wind up in bidding wars, on the market for only hours, not days, and not much else other than homes in need of work. Hopefully this blog helps you understand the FHA 203(K) Streamline Rehab Loan. The first thing you need to ask yourself as a realtor - prior to going out and showing … (3 comments)
fha: 3% Down Homepath Loans NO PMI - No Appraisal - Florida
- 11/02/13 04:35 AM
If you're shopping for a new home, a real estate owned (REO) or foreclosed property Homepath financing could provide opportunities for homeownership while helping to support communities impacted by recent foreclosures. As an approved lender for Fannie Mae's HomePath Mortgage Program Bay to Bay Lending has financing for REO Properties available through the HomePath program all across Florida. Features * No appraisal is required. * Up to 97% financing for eligible property types. * No mortgage insurance required. * Allowed for primary residence, second or vacation home, or investment property. * Fixed or Adjustable Rate Mortgages are available. Benefits * May be available even if your credit history is less--than-perfect. * Down payment options … (3 comments)
fha: So Your Clients Have Debt Ratio Issues - New Conventional Program Can Help - Florida
- 11/02/13 04:13 AM
Do you have a client that has been turned down due to debt ratio's? This can often be the case with self employed borrowers who have tons of deductions. Some of these buyers have substantial liquid assets in the form if IRA's, Stocks, CD's, and Bonds. Our New Portfolio product allows the use of these assets to increase income. Here is how it works:
Income is calculated as follows: 60% of liquid assets / half of new loan term = monthly income to qualify. Borrower has $250,000 in combined liquid assets and wants a 15 year mortgage Calculation: 60% X $250,000/90 = … (2 comments)
fha: USDA is Funded, and Up & Running - No Money Down - Low MI
- 11/02/13 03:56 AM
Owning a home is simple with the USDA Loan Program. If you think it is out-of-reach for you and your family, you might be thinking wrong! Tony Marra, an Mortgage Banker for Bay to Bay Lending in Tampa, Florida explains the USDA program in this article. The guarantee provided by the USDA helps low and moderate income families with little money for a down payment achieves home ownership. To be eligible, applicants must: 1. Have dependable income that is adequate for the repayment of the loan. This income should be verifiable and continuing for at least 24 months. 2. Be a U.S. citizen, currently reside in … (0 comments)
fha: Does Your Client Really Need an FHA Loan???
- 11/02/13 03:50 AM
The demands on FHA spanning the past 5 years put into question the agency's sustainability of its loan program that insures mortgages. To better its financial position the FHA increased its monthly mortgage insurance premium and then, as of this month, new FHA mortgagees will carry the monthly mortgage insurance premium for life. Prior to this month FHA mortgagees could cancel their monthly MI once they had paid down below 78% of the original balance. And it is costly to say the least. On a $250,000 FHA loan, a borrower will pay $281.50 monthly, $3378 per year, or roughly $17,000 over 5 years. Needless to say, FHA … (0 comments)
fha: Jumbo 90% - NO Mortgage Insurance - Florida
- 10/30/13 02:31 AM
If you are seeking a home purchase in Florida above the $417,000 conforming guideline and do not have the required 20% down payment feel free to contact me regarding the best new loan product in Florida for homebuyers up to the $825,000 price range. This product is one loan, up to 90% LTV with No PMI
Loan Requirements for the Jumbo Loan to 90% Loan to value with No PMI are: 1. 720 or Higher Fico Score 2. No Foreclosure, Short Sale or Bankruptcy in the Last 7 Years 3. Debt to Income Ratios of 41% or Less 4. No … (0 comments)
fha: USDA IS BACK AND RUNNING - NO MONEY DOWN AND FINANCE CLOSING COSTS
- 10/29/13 02:49 AM
Owning a home is simple with the USDA Loan Program. If you think it is out-of-reach for you and your family, you might be thinking wrong! Tony Marra, an Mortgage Banker for Bay to Bay Lending in Tampa, Florida explains the USDA program in this article. The guarantee provided by the USDA helps low and moderate income families with little money for a down payment achieves home ownership. To be eligible, applicants must: 1. Have dependable income that is adequate for the repayment of the loan. This income should be verifiable and continuing for at least 24 months. 2. Be a U.S. citizen, currently reside … (0 comments)
fha: FANNIE MAE HOMEPATH TO 97% ZERO PMI FLORIDA
- 10/29/13 02:45 AM
If you're shopping for a new home, a real estate owned (REO) or foreclosed property Homepath financing could provide opportunities for homeownership while helping to support communities impacted by recent foreclosures. As an approved lender for Fannie Mae's HomePath Mortgage Program Bay to Bay Lending has financing for REO Properties available through the HomePath program all across Florida. Features * No appraisal is required. * Up to 97% financing for eligible property types. * No mortgage insurance required. * Allowed for primary residence, second or vacation home, or investment property. * Fixed or Adjustable Rate Mortgages are available. Benefits * May be available even if your credit history is less--than-perfect. * Down payment options … (0 comments)
fha: Debt Ratio Issues?? We Allow Borrowers to Use Liquid Assets as Income - Florida
- 10/29/13 02:33 AM
Do you have a client that has been turned down due to debt ratio's? This can often be the case with self employed borrowers who have tons of deductions. Some of these buyers have substantial liquid assets in the form if IRA's, Stocks, CD's, and Bonds. Our New Portfolio product allows the use of these assets to increase income. Here is how it works:
Income is calculated as follows: 60% of liquid assets / half of new loan term = monthly income to qualify. Borrower has $250,000 in combined liquid assets and wants a 15 year mortgage Calculation: 60% X $250,000/90 … (0 comments)
fha: What if My Buyer Has A Short Sale???
- 10/28/13 02:06 AM
A very high percentage of Florida homeowners short sold a home in the past 5 years. A common question I often get is ....how far removed from a short sale does someone have to be in order to quaify for home financing??? Here are some guidelines that can hopfully help buyer's agents qualify their buyers. Conventional - 2 Years if you are putting 20% down - 4 Years between 80% and 90% Loan to Value, and 7 Years above 90% loan to value - or less than 10% dowm FHA - 3 Years removed USDA - 3 years removed VA - 2 Years … (0 comments)
fha: Rates at 6 Month Lows - Get 'Em While You Can
- 10/23/13 01:40 AM
From the lending side things have been tumultuous to say the least. We have seen rates catapult at rocket speed in the past 4 months upward - all the result speculation as to when the Federal Reserve would pull back on it's bond and mortgage backed securities purchasing program termed Quantitative Easing. Then, Uncle Sam went on an ugly hiatus - slowing certain processing aspects of lending, and freezing to a grinding halt the well loved 100% no money down USDA program. Then, yesterday, the Department of Labor revealed their monthley employment report, showing some headwinds in the number one indicator of the economy - … (1 comments)
fha: FHA 203(K) Streamline - Don't be Afraid
- 10/17/13 02:08 AM
If you are like some of my prefered agents, you have a stack of pre-qualification letters for clients that you simply cannot find a home for. If your market is like the Central Florida Market, move in ready homes in the sweet spot middle class price range often wind up in bidding wars, on the market for only hours, not days, and not much else other than homes in need of work. Hopefully this blog helps you understand the FHA 203(K) Streamline Rehab Loan. The first thing you need to ask yourself as a realtor - prior to going … (0 comments)
fha: VA LOAN SPECIALIST NO MONEY DOWN FLORIDA
- 10/09/13 10:07 AM
100% VA LOANS FLORIDA (edit/delete) VA loans are often made without any downpayment at all. Aside from the veteran's certificate of eligibility and the fact that the appraiser is assigned by VA, the application process is not much different than any other type of mortgage Bay to Bay Lending is approved for automatic processing and a buyer's loan can be processed and closed by the lender without waiting for VA's mortgage approval of the credit application or for VA to review the appraisal. Bay to Bay Lending is able to use VA recognized automated underwriting systems, such as Loan Prospector and Desktop Underwriter, to facilitate the … (0 comments)
fha: FHA 580 Credit Score
- 10/08/13 07:53 AM
Below are some highlights of FHA Financing - both Purchase and Refinancing- available through Bay to Bay Lending *580 to 639 Mid Score Capped at 31/43% debt to income ratios *640+ Mid Score on FHA with 41/57% debt to income ratios *Seller can pay up to 6% of the purchase price in Closing Costs *Close in less than 3 weeks *Refinance with Cash Out Refinance Up to 85% *Rate & Term Refinances up to 97.75% LTV on FHA *FHA Streamline Refinace up to 97.75% LTV with No Appraisal Required Please visit my personal web site website for more information at www.TampaMortgageHome.com contact me @ 813-842-7999 for more information or to assist you in getting started on … (0 comments)
fha: Debt Ceiling Fears and Rates - Make Sure Your Client's Know
- 10/08/13 01:28 AM
In early May, several of my preferred agents had deals fall out of their pipelines because their clients were not locked - and rates rocketed. The sudden spike in rates took many borrower's by surprise and tore right through lender debt ratio cielings. As I wrote yesterday, as we inch closer to this debt ceiling deadline, rates are going to rise. As you can see by the chart below, rates flattened since the goverment shutdown. As Washington toes towards the October 17th deadline to raise the debt ceiling, bond traders will get nervouse and in return sell off and bond yields … (2 comments)
fha: It Could Get Ugly - Encourage your clients to lock now and not gamble
- 10/07/13 03:48 AM
What can you say other than simply shake your head. Here we are, not only dealing with a government impasse that has the lights shut off, but now Washington wants to flirt with how we pay for it all. Just to ensure everyone is clear - the budget crisis and the debt ceiling are not related. The budget crisis is over what we will spend, the debt cieling is how it gets paid for. The debt ceiling issue carries far more ramificaitons to it not only to our economy, but our credit rating, and foreign relations - China owed $1.28 Billion … (1 comments)
VA LOAN BENEFITS Lower Payments - Competitive rates and no private mortgage insurance requirement mean low monthly payments Zero Down - VA home loans don't require any money down at closing - a benefit that almost no other loan can offer. Easier to Qualify - VA home loans are designed to have easier approval for the unique situations military families face Great for 1st Time Homebuyers - VA home loans are a great option for first-time homebuyers Millions Qualify for VA Loans - In general, a service member is eligible … (0 comments)
fha: Government Shutdown and Mortgage Processing
- 10/03/13 12:35 AM
Below is some information on how the government shutdown is impacting what we do. Most importantly is the fact that on all conventional, VA, FHA, and USDA – guidelines require lenders to pull IRS tax transcripts to ensure what an applicant is reporting for income matches that of what they report to the IRS. The IRS is currently not processing these requests. If you have deals in process either as the listing or buyers agent, check with your lenders to ensure these were done prior to the shutdown. If they were not please be aware they will not be processed until … (2 comments)
A very high percentage of Florida homeowners short sold a home in the past 5 years.
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