Thursday, January 3, 2013
FEATURED PRODUCT: USDA/RD LOANS
The US Dept. of Agriculture offers a great loan option for borrowers looking to finance up to 100% of the purchase price of the home. This loan is called the Rural Development Loan, and the payment is less than the CHFA!
Another benefit to borrowers is that the mortgage insurance (premium charged on mortgages over 80% financing) is lower than other loans at 0.04% of the original loan amount per year. The FHA is currently charging 1.25% per year.
This product is available for most of the areas in the state of CT & the maps will be changing soon, so now's the time to take advantage of this great loan product. There are generous income requirements and the loans are eligible for:
Single family homes in eligible towns with no in-ground pool, no in-law apartment with a separate entrance, no large outbuildings (barns), and no sub dividable lot.
Also low credit requirements, as low as 620 credit scores! This is really an ideal loan product for most borrowers and a better option a lot of times than the FHA loan. I'm inviting @CT Real Estate and @Real Estate to contact me with questions!
If you're interested, give me a call today, it's free to prequalify! and during the month of January, I'm offering free appraisals!
Wednesday, December 12, 2012
New Year...New You!
In preparation for the new year, most people have the desire to make changes for the better. A lot begin with resolutions that don't quite make it through to the year's end. However, some make financial commitments or vows to make financial life changes (especially if there was a particularly high amount of holiday spending regret). During this financial analysis, there will be those who decide that they need a better quality of life and want to make the move from renting to owning. I've prepared a list of things that a person should do to prepare for home purchase:
1. If you haven't already...START SAVING! The more $ you have saved, the better options you have for purchasing power. In order to avoid the added cost of mortgage insurance, the ideal amount down is 20% of the purchase price. However, you may obtain financing with as little as 3.5% down. Keep in mind you may use IRA funds for home purchase and gifts are allowed as well.
2. What can you afford? Generally, the amount you look to spend when buying a home should be between 2 or 3 times your annual salary.
3. What do you like? Find out what items are must-haves for your new home. Are there certain appliances and features that you cannot live without.
4. Clean Your Credit! Obtain a copy of your credit report and clear up any negative reporting items. Payoff any judgements and/or collection accounts. Pay down any credit cards to a balance within 30% of the credit card limit (ie. $1,000 limit, $300 balance or less).
5. Get Pre-approved! Contact your local mortgage professional...preferably me :)... to assist with the pre-approval process. Regardless of who you choose to assist you in this part of the process, be sure that the loan officer is knowledgable and reputable. A good loan officer can be the difference to make you purchase experience great or nightmarish.
6. Consider all the costs. When deciding how much you can afford monthly, please consider that a regular mortgage payment has several components to be paid:
PRINCIPAL--the amount borrowed
INTEREST--the amount you are charged to borrow the funds for the purchase
TAXES--property taxes
HOME INSURANCE--dwelling coverage in the event of damage or loss
MORTGAGE INSURANCE--if financing more than 80%, or putting down less than 20%
Association dues--(CONDO FEES)
Not to mention, you will be required to maintain any regular monthly bills and debts that you have.
7. Finally, contact a local realtor. If you do not have one that you're familiar with, your loan officer may have someone to refer to you. This is the fun part! Your realtor should be experienced and good at listening to your needs. He or she should also be accessible to you.
Be aware that home purchase is one of the most important transitions of an adult human's life and being prepared can mean the difference between happiness and disaster. I hope these tips help; however, these are only general guidelines. If you have more specific needs or are truly considering home ownership, than you should contact a mortgage professional to discuss your unique needs in detail. HAPPY HUNTING and God's best!!!
1. If you haven't already...START SAVING! The more $ you have saved, the better options you have for purchasing power. In order to avoid the added cost of mortgage insurance, the ideal amount down is 20% of the purchase price. However, you may obtain financing with as little as 3.5% down. Keep in mind you may use IRA funds for home purchase and gifts are allowed as well.
2. What can you afford? Generally, the amount you look to spend when buying a home should be between 2 or 3 times your annual salary.
3. What do you like? Find out what items are must-haves for your new home. Are there certain appliances and features that you cannot live without.
4. Clean Your Credit! Obtain a copy of your credit report and clear up any negative reporting items. Payoff any judgements and/or collection accounts. Pay down any credit cards to a balance within 30% of the credit card limit (ie. $1,000 limit, $300 balance or less).
5. Get Pre-approved! Contact your local mortgage professional...preferably me :)... to assist with the pre-approval process. Regardless of who you choose to assist you in this part of the process, be sure that the loan officer is knowledgable and reputable. A good loan officer can be the difference to make you purchase experience great or nightmarish.
6. Consider all the costs. When deciding how much you can afford monthly, please consider that a regular mortgage payment has several components to be paid:
PRINCIPAL--the amount borrowed
INTEREST--the amount you are charged to borrow the funds for the purchase
TAXES--property taxes
HOME INSURANCE--dwelling coverage in the event of damage or loss
MORTGAGE INSURANCE--if financing more than 80%, or putting down less than 20%
Association dues--(CONDO FEES)
Not to mention, you will be required to maintain any regular monthly bills and debts that you have.
7. Finally, contact a local realtor. If you do not have one that you're familiar with, your loan officer may have someone to refer to you. This is the fun part! Your realtor should be experienced and good at listening to your needs. He or she should also be accessible to you.
Be aware that home purchase is one of the most important transitions of an adult human's life and being prepared can mean the difference between happiness and disaster. I hope these tips help; however, these are only general guidelines. If you have more specific needs or are truly considering home ownership, than you should contact a mortgage professional to discuss your unique needs in detail. HAPPY HUNTING and God's best!!!
Tuesday, November 27, 2012
Free Homeowners Mortgage Assistance Seminar
Gov. Dannel Malloy, Atty. Gen. George Jepsen, & the CT Department of Banking are sponsoring a free seminar that will allow homeowners to learn about:
Participating lenders include:
- How to prevent foreclosure
- Loan modifications
- Debt management
- Emergency Mortgage Assistance Program
- Federal assistance programs
- Other sources
Participating lenders include:
- Bank of America
- Citibank, NA
- First Niagara Bank
- Freedom Mortgage
- GMAC Mortgage, LLC
- HSBC National Bank USA
- HFC (Household Finance)
- Beneficial
- Indymac Mortgage Services
- OneWest Bank, FSB
- JPMorgan Chase & Co.
- McCue Mortgage
- Ocwen Loan Servicing, LLC
- People's United Bank
- PNC Mortgage
- Webster Bank, NA
- Wells Fargo Bank, NA
- Wachovia
- America's Servicing Company
The event will be held at the Coco Key Conference Center in Waterbury, CT from 10am-7pm tomorrow, 11/28/12. Here's a link for more information: http://www.ct.gov/dob/cwp/view.asp?a=2235&q=486992
This is a great opportunity for homeowners that have fallen behind in mortgage payments and are having difficulty with repayment. Unfortunately, once you find yourself delinquent on a mortgage, it is difficult to refinance with most lenders.
Keep in mind that once a mortgage reaches 90 days delinquency, it is considered a foreclosure by lenders even if the foreclosure process has not begun. That is why this seminar is a great opportunity for those homeowners that cannot qualify for a refinance. How often can one meet face-to-face to with their lender to discuss a modification?!
If interested, make sure to follow the link for a list of items you'll need to bring. Good luck to all & God bless!
Monday, November 12, 2012
WELCOME!!!
Hello! and thank you for visiting my blog site! Have you ever wondered why the mortgage process is so difficult or if you could begin the process seamlessly without having to pay $ upfront? Let me tell you, a lot of things have changed with the mortgage process today, but that doesn't mean that you should sacrifice the four S's: SOLUTIONS, SINCERITY, SECURITY, & SERVICE. Because the process for becoming a mortgage loan officer has become more exclusive, a lot of mlo's are foregoing the standards of professionalism, creativity & service that anyone would expect.
For you home buyers, there are options galore that require little to no money (3.5%-0% down)! These programs are known as government sponsored programs because they are backed by the federal government so that lenders like me can lend with a lower down payment from the buyer, and know that are funds are secured if the borrower defaults. These programs include: FHA loans, VA loans, USDA loans, and CHFA loans and are great options for those who may not have a lot of funds to put down on a new home purchase or those who need a different option for a refinance.
Seeing as how today is Veteran's day, let's feature VA loans:
Most lenders are not experts in the loans referenced above; however, my team and I are. Give me a call if you have any questions and make it a fantastic day!
For you home buyers, there are options galore that require little to no money (3.5%-0% down)! These programs are known as government sponsored programs because they are backed by the federal government so that lenders like me can lend with a lower down payment from the buyer, and know that are funds are secured if the borrower defaults. These programs include: FHA loans, VA loans, USDA loans, and CHFA loans and are great options for those who may not have a lot of funds to put down on a new home purchase or those who need a different option for a refinance.
Seeing as how today is Veteran's day, let's feature VA loans:
•
100% Financing for eligible Veterans with
available entitlement
•
No Monthly Mortgage Insurance
•
Maximum Total Allowable DTI is flexible with
compensating factors
•
2.15% Funding Fee for 100% loans (Guarantee fee
is less for 5% or
•
10% down (Exempt if at least 10% Disabled)
•
Available for 1-4 family houses
•
2-4 Family Houses Require 6 Months Reserves
•
Property must pass a VA appraisal
•
620 Minimum Credit Score
•
3 Months Reserves Required for any additional
rental properties owned.
•
Maximum 4% Seller Concessions Only Applies to
Non-Closing
•
Costs! Unlimited Concessions for Closing Costs.
•
No Maximum Loan Amount! (Must put down 25% of
over 417,000)
•
You can use your entitlement more than once as
long as the old VA loan has been paid in full first
Most lenders are not experts in the loans referenced above; however, my team and I are. Give me a call if you have any questions and make it a fantastic day!
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