About to Get Buck-wild
Posted On: July 27th, 2009 by James Posted In: Government Actions • Mortgage Programs • Portland Real Estate
Hey First time buyers…. Where will you be when the music stops? With the combination of new regulations that are making the lending process more cumbersome, and the looming deadline for the first time buyers credit (that’s right, I said Looming!), we are about to see a buying frenzy develop in the below $300k purchase range.
The first time buyers $8000 tax credit will only go to those buyers who close their transactions before the end of November. With the new MDIA regulations coming into play, loans will now likely take an average of 45 days to close. So that means buyers need to be IN CONTRACT no later than October 15th to close on time. And what happens to those buyers who get into contract to purchase, and then discover they need to pull out for some property inspection reason? They will be totally scrambling to find a suitable property and be fairly under the thumb of that seller. Do you think any intelligent seller will make many concessions on a repair addendum, when they know that if this buyer doesn’t close in 3 weeks that they will miss out on $8000.00 of free money?
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MDIA: Mortgage Disclosure Changes
Posted On: July 26th, 2009 by James Posted In: Government Actions
Starting August 1st of this year, the Mortgage industry at large will be operating a little differently… specifically, operating MORE SLOWLY.
August first is when the Mortgage Disclosure Improvement Act becomes enforced. Now like many government regulations, its reason for existence is quite noble and good. The reason they have this is to protect borrowers from having their loan terms changed at the last minute, and forcing them to sign paperwork on a loan they didn’t agree to.
Of course, we’ve all heard horror stories and as a lender, my main objective is to manage the expectations of my borrowers as well as possible, and have things go exactly as I say they will go. Most good lenders are re-disclosing when needed, and NOT changing key terms of the loan at closing.
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Special Foreclosed Property Financing
Posted On: July 12th, 2009 by James Posted In: Mortgage Insurance • Mortgage Programs
My company Mortgage Trust has access to a special Fannie Mae loan program called the HOMEPATH mortgage. It allows buyers to buy homes with 3% down, No mortgage insurance, and No appraisal. Credit scores are flexible, as are payment structures (ARMS are available, as well as interest only payments). Here’s what is really interesting about this program, The Homepath loan is ONLY available for certain properties. The house used as collateral MUST be a Fannie Mae Bank repossessed property. So this amounts to “special financing” for foreclosed homes.
One of the best things about this program is its availability to Investors! You can buy a Fannie Mae Foreclosed property with this program, the minimum downpayment is only 10%. So you can invest in real estate with 10% down… NO mortgage insurance, and NO appraisal!
Please contact me for details.
SEARCH FOR AVAILABLE FNMA FORECLOSURES HERE.
Minimize Appraisal Problems with Mortgage Trust
Posted On: July 2nd, 2009 by James Posted In: Government Actions • Mortgage Programs • Portland Real Estate
Good news and Better news! Mortgage Trust has developed our own ‘in-house’ Appraisal compliance system that has been approved by all of our major lender partners. What this means for you is that when you or your clients use Mortgage Trust for your purchase or refinance, your appraisal will be executed by one of our preferred appraisers, not some random appraiser who works on the cheap.
I have had literally ZERO value issues since this new guideline came into being as a result of our setup.
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Home Affordable Refinance Program
Posted On: July 2nd, 2009 by James Posted In: Mortgage Programs
I have just learned about some enhancements to the HARP loan. The HARP program is the new government sponsored refinance available to those with little or no equity in their property, also known as the “making home affordable” loan.
The “making home affordable” loan program is one that I have access to here at Mortgage Trust. I would be happy to look into the availability of the program for any of my readers.
One of the major flaws in the program up until now is that it was only available to those who did not have mortgage insurance. Well NOW, it seems that we will be able to make this available to those who used “lender paid MI” when they purchased their home. Additionally, the maximum loan to value ratio had been 105% (which meant that the program would allow your mortgage to be 105% of the actual market value of your home). NOW, the new maximum has been INCREASED to 125%. This is really awesome news. I haven’t seen much need for that kind of financing here in the Portland Marketplace, but what this will do is help stem the tide of foreclosures nationwide. Now that is something that will ultimately have a huge positive impact on our global economy.
