Special offer

Consumer Alert!!! IF YOU ARE A CURRENT WELLS FARGO CUSTOMER!

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!

Terry Haugen STAGE it RIGHT! 321-956-2495
Stage it Right! - Melbourne, FL

Darin, I don't think I understood any of that )-:  I have a WF first mortgage at 5.75% interest, payments are under $600 a month.  It's almost 5 years old.  I keep wondering if I should re-fi, but the up front costs seem high, compared to a somewhat lower monthly mortgage payment.  Would take me several years to recoup.  Non?

May 25, 2009 03:56 AM
Darin Osenberg
Funky Quail Vintage - Nashville, TN

Hi Terry,

I realize the blog is a little technical and a tad confusing!  Im sorry about that....You should consider ALL THE NORMAL issues when you refi...however, IF YOU ARE a current WF customer and you DECIDE to refi...this program is the best out there..Let me highlight it for you, okay??

1.  Reduced FUNDER free from 655- to only 450...THIS IS A DEAL!
2.  Same rate as a FULL DOCUMENATION LOAN!

3.  No income verification

4. No credit score adjusment

5. No appraisal!

FASTER TOO!


In addition, in order for you to have your smaller size loan, make sense, you should seriously consider shortening your term!  You are in Florida I assume.  The rate on this type of loan today in Florida on a 30 day lock, would be 4.875% paying .375% orig fee on a 30 yrs...HOWEVER, it would be only 4.5% on a 15 year fixed!  Hence, you might be able to reduce your term AND drop your rate considerably...That way, you arent JUST saving on the interest, but also A TERM savings!    Closing costs today at most places are running 1500 or so.  However, it really varies sadly, WHAT PEOPLE CONSIDER closing costs!

ALSO, and this is VERY IMPORTANT!!!!!   WF can NET your escrow against your payoff.  That way, when you created the new escrow...you dont have to WAIT for your check in the mail, and take money out of your pocket JUST TO CLOSE!  

Hope this helps!  feel free to email me direct questions!  We are not licensed in FLorida, but one of the best guys in the business is, and he has an AR memeber as well!  Gerry Suarez!

Thanks! 

Darin

May 25, 2009 06:24 AM
Terry Haugen STAGE it RIGHT! 321-956-2495
Stage it Right! - Melbourne, FL

Darin???????? :-)

I think I'd better just stay where I am.  I have a good interest rate, and low monthly payments, although the term is 30 years, I'd be surprised if I lived another 30 years :-)  Thanks for the info though!

May 25, 2009 08:13 AM
Darin Osenberg
Funky Quail Vintage - Nashville, TN

No worries!  I wasnt actually soliciting anyone's business, just think it is as awesome program!

I wish you the best!  >>>Thanks for commenting!!!  I appreciate the job you do!

D

May 25, 2009 10:47 AM