florida: 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)

florida: 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)

florida: VA NO MONEY DOWN HOME LOAN - NO PMI FLORIDA - 11/02/13 04:02 AM
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 underwriting process.
FIVE EASY STEPS … (1 comments)

florida: 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)

florida: 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)

florida: 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)

florida: 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)

florida: 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)

florida: 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)

florida: Inventory Issues - Open Up Your Options - 10/28/13 02:03 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 … (0 comments)

florida: 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)

florida: 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)

florida: VA HOME LOANS 100% NO MONEY DOWN - 10/04/13 01:17 AM
VA Home Loans 

Down to a 580 credit score.
 
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)

florida: 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)

florida: FHA Lower Credit Scores Down to 580 - 10/03/13 12:21 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 … (0 comments)

florida: FHA Vs. Conventional PMI - There is a difference your client's need to know - 10/01/13 04:57 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 … (0 comments)

 
Tony Marra, Tony Marra (Bay to Bay Lending, LLC)

Tony Marra

Tony Marra

Tampa, FL

More about me…

Bay to Bay Lending, LLC

Address: 501 S Dakota Ave, Suite 2, Tampa, FL, 33606

Office: (813) 549-8737

Mobile: (813) 842-7999

Email Me



Links

Archives

RSS 2.0 Feed for this blog