low rate: 5% Down Fannie Home Path No PMI or Appraisal - 11/20/13 11:14 PM
5% Down Homepath Loans NO PMI - No Appraisal - Florida 
=There is little secret there are inventory issues in many markets across the country.  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 95% financing for eligible property types.
* No mortgage insurance required.
* Allowed for … (0 comments)

low rate: 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)

low rate: Buyer Has a Short Sale - How Long Until They Qualify?? - 11/04/13 01:31 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)

low rate: 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)

low rate: 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)

low rate: 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)

low rate: 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)

low rate: Look at Conventional PMI Vs. FHA, It Could Save Your Clients Thousands - 10/29/13 02:40 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)

low rate: 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)

low rate: 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)

low rate: 100% NO DOWN PAYMENT VA HOME LOANS - 10/28/13 01:58 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 … (0 comments)

low rate: 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)

low rate: 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)

low rate: 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)

 
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