Special offer

The "FANTASTIC FOUR" reasons to Refinance your WELLS FARGO MORTGAGE! PAY ATTENTION!

By
Mortgage and Lending with Funky Quail Vintage

BEEP BEEP BEEP BEEP BEEP BEEP BEEP BEEP BEEP BEEP BEEP BEEP BEEP BEEP BEEP BEEP BEEP BEEP BEEP BEEP BEEP BEEP BEEP BEEP BEEP BEEP BEEP BEEP BEEP BEEP BEEP BEEP BEEP BEEP BEEP BEEP BEEP BEEP

ALERT!  If you have a WELLS FARGO 1st Mortgage, there is an AWESOME PRODUCT OUT THERE IF YOU WANT TO REFINANCE!

The loan program is a HARP Freddie Mac to Freddie Mac Refi!        

Countrywide/Bank of America, currently does NOT do these!!!!!!!

I will list the features below, but PLEASE I BEG YOU!!!! JUMP ON THIS ONE!!!

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With the new HARPprograms the $2500 cap on closing costs/prepaids/escrows is ONLY on the Freddie to Freddie transactions.  There is no cap on DU Refi Plus.  BUT new and improved,  (they will be using current BALANCE when calculating and then you add in unearned interest and the $2500 cap to that) -  Folks, this is big!

YES on the Freddie to Freddie deals (that are serviced by Wells Fargo) when you call to get the payoff you can have them subtract the current escrow balance to get a net payoff figure. -  This is BIG as well, because you wont have to WAIT for your escrow refund check, and have to bring as much to the closing table to BUILD the new escrow!!!!!!

 

If the property was listed for sale it must be off the market for 6 months in order to do the Freddie to Freddie transaction.  Again this is ONLY for Freddie to Freddie...if it is owned by Fannie and you are doing the DU refi plus there is no timeframe so they can take off the market and refi the next day as long as they sign affidavit verifying it is no longer listed.  As Joey Lawrence once said, "Woa".

UNDERWRITING REVIEW/COMMITTMENT FEE REDUCED to only $450.00!  WOW!  (it was $655.00)

 

BEST OF ALL, the INTEREST RATE is virtually the same as a standard Conventional Loan, without any LTV , CLTV or CREDIT SCORE ADJUSMENTS!   

 

HERE ARE THE FANTASTIC FOUR REASONS TO DO THIS LOAN!

1.  In most cases an appraisal is NOT required!

2.  In most cases Income Verification is NOT required!

3.  Unless you are paying off debt, or DOWN on the 1st mortgage, ASSET VERIFICATION is NOT required!

4.  There is no maximum debt ratio except:

If DTI >50% and principle and interest payment is decreasing or is increasing less than 20%, Wells Fargo Wholesale Lending will review and determine whether additional restrictions apply.

-OR-

45% maximum DTI if the principal and interest payment on the new loan is more than 20% higher than the principal and interest payment made most frequently in the last 12 months.

*There are some situations that will cause you to have to verify income, and/or have the home appraised!  Please email or call me and I will go over them as they pertain to you! *

 

Now, here are some of the BASIC highlights of the program & eligibility rules!

 

Loan Types Eligible include - 30, 20, 15 Year Fixed Rate products & 5/1, 7/1,10/1 ARM products!

Loan Term -The amortization term of the new loan cannot be longer than the term of the existing loan.

The borrower may not receive any cash at closing.

Maximum loan to value is 105%

New or replacement subordinate financing not allowed & existing subordinate financing must be re-subordinated or paid off with borrower's own funds.

Occupany includes - Primary, Second/Vacation Homes & Investment Properties.

Rate/Term Refinance only (Original investor must be Freddie Mac and loan must be serviced by Wells Fargo)

Condo's, Puds, & Cooperatives MAY be eligible but restrictions apply!

Seasoning Requirements apply:

1.  Minimum of 3 months from the Note Date of the existing loan to the Note Date of the new loan.

2. Requirements for loans seasoned less than 12 months or seasoned less than 6 months do not apply.

CREDIT SCORE - No minimum Loan Score is required, except: 

620 minimum Loan Score if the principal and interest payment on the new loan is more than 20% higher than the principal and interest payment made most frequently in the last 12 months.

Derogatory Credit - The existing mortgage being paid off cannot have any 30 day late payments in the past 12 months. Payment histories n other mortgages do not need to be verified.

Also, the borrower cannot currently be in a bankruptcy or foreclosure.

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Call us today here in Wisconsin, or call me anyway and I will help you find a GREAT LENDER in the State you are located in!  To see if your mortgage/home qualify for either of the HARP programs click on the following two links and punch in your information! 

As always, there are many other situations, limitations, restrictions, and guidelines, so call us directly and I will go through them with you! 

Thank you, and please subscribe to my blog by clicking here.

Happy Selling!  -   Darin - 608-592-2227 or email to Darin@osmwi.com with any questions, concerns, issues, or even just to say hi!

Your "Lender for Life"

 

 Proudly Serving the entire State of Wisconsin since 2003!

 

 Please enjoy my other blogs as well, but one I am especially proud of can be found by clicking on Wall-E!

 

 

Roy Kelley
Retired - Gaithersburg, MD

Thanks for your post. Good information for the borrowers that need this assistance.

Follow me on Twitter:  http://twitter.com/roykelley  

May 11, 2009 02:55 AM
Darin Osenberg
Funky Quail Vintage - Nashville, TN

Hey there Roy!

Very glad you left a comment!  I love comments from consistent long time rainers like yourself!  I really respect them alot!

I recently had a REALTOR come in to my office..who had a MORTGAGE with Wells Fargo...and they were not even OFFERED this by Retail!  So, I did...and it is already in underwriting after only 3 days!  It is a way to speed things up, give them the same rate as a full documentation loan, as well as making the process MUCH easier!  I LOVE this program!  No matter WHAT state you, your family, or friends are located in...please help get the word out!  If there is EVER anything I can do...I always want to help!

Thanks so much!

Darin

May 11, 2009 02:59 AM
Roy Paeth
Barrett Financial Group - Murfreesboro, TN
Just a regular guy helping real people!

Great stuff Darren. I have a couple of these Freddie to Freddie deals in the works. It is a shame more lenders are not offering this maybe more borrowers would be helped as was intended.

May 13, 2009 06:13 AM
Darin Osenberg
Funky Quail Vintage - Nashville, TN

Hey there ROY!

YOU ARE RIGHT!  This program ROCKS!  It is cheaper, fast, less intrusive, and NO ADJUSTMENTS!  It doesnt get any better!!!  Thanks for commenting!  Always appreciated!  Hopefully people like yourself and myself, will get the word out!

D

May 13, 2009 06:15 AM
Roy Paeth
Barrett Financial Group - Murfreesboro, TN
Just a regular guy helping real people!

Sorry i spelled your name wrong.

May 13, 2009 06:16 AM
Darin Osenberg
Funky Quail Vintage - Nashville, TN

No worries Roy!

Check out the WALL E Blog!>>>i think you will like it!

Glad to speak with you too!

Darin

May 21, 2009 12:51 PM
Eric Reid
Renaissance Realty Group of Keller Williams Atlanta Partners - Lawrenceville, GA

Guess I have to sit around and wait on US BANK to catch up

May 21, 2009 01:18 PM
Darin Osenberg
Funky Quail Vintage - Nashville, TN

Eric, If you are with US BANK, you can still do the FANNIE MAE DU REFI PLUS!

It just doenst have reduced costs is all..but IS A GOOD PROGRAM!   I know someone in Georgia that could do it for you, if you are seriously interested!    More than likely, you wouldnt need an appraisal or income verification.  Difference is that there are credit score adjustments etc...that the FREDDIE TO FREDDIE WELLS DEAL doesnt have!

Thanks for stopping by!

Darin

May 21, 2009 01:27 PM
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

How does one determine if it is cost effective for them to do this refi?  I am a bit confused here.

May 21, 2009 02:04 PM
Darin Osenberg
Funky Quail Vintage - Nashville, TN

HI there Joan!  GREAT QUESTION!

This loan is perfect for the following 3 situations.

Where income changed...or was reduced...LIKE REATLORS!  :), or say they became self employed within the last year, and dont have 2 years full documentation of income.  This way there is no incomeverication, other than a Vebal verification.

The FUNDERS closing fee is reduced to a SET AMOUNT of $450.00.!  This is $205.00 cheaper than a standard refinance.

VALUE does not come into play!   Say for example, you have a 1st mortgage, and TWO grants on the property.  Say the two grants add up to OVER the actual value of the home, due to decreasing property values!  As long as the two mortgages SUBORDINATE to the new 1st mortgage, you are good to go!  Because there is NORMALLY no appraisal....value becomes fairly un important.

In addition, because there is NO appraisal, there is a reduced cost there too!

All in all, you would treat this like ANY OTHER refinance, as Cost effectiveness goes...In other words, if you were looking to refi, this is a cheaper alternative, quicker, and WAY more FEE COST EFFECTIVE! 

As a Manager of a mortgage company, that has been in the business for over 20 years, I would still say the 1% rule applies...If you can either drop your rate 1%, or drop the rate AND DECREASE your term...DO IT!!!  However, as YOU know...each individuals goals, and situation have to be taken into account!

These are REALLY GREAT LOANS!  If you were my sister, I would tell you..ROCK N ROLL!@  :)

Hope this helps!

Thanks!

Darin

May 22, 2009 02:35 AM
Tim and Pam Cash
Crye-Leike (Sango) - Clarksville, TN
Real Estate Professionals - Clarksville TN

Great info for those who can take advantage.  I hope that it will reach the masses.  Thanks much.

May 23, 2009 12:05 PM
Darin Osenberg
Funky Quail Vintage - Nashville, TN

Tim & Pam-  I agree!  THIS PROGRAM is awesome!  I actually re-posted this blog for that very reason!  I LOVE TN btw...Just came from there!  Had the nicest trip, and the people were Awesomely friendly!  Went to the SMOKIES game in Kodak, and also the AAA Sounds in Nashville! Liked it!  Please feel free to reblog me, or post this one anywhere!  This is WAYYY to good of a deal to pass up!  I would think other people would be jumping on this!

Thanks..>Darin

May 23, 2009 12:09 PM