Lenders & Loan info
Do You Qualify for a Loan Modification?
I’m astounded at how many Orange County homeowners qualify for a loan modification. And I’m even more astounded that they never seize the opportunity, generally because there’s so much misinformation floating around. As a result, hundreds of distressed 
homeowners never get the help they need. Mike Hatcher, seasoned modification advisor with the Ascent Network, is here again to offer a wealth of valuable insights –
The best thing I can do is clear away all the debris of misinformation. So, in no particular order, here’s a list of GREAT loan modification candidates:
- Those yearning to save an average of $1,000 a month — our average improvement.
- Those with W2 income between $40k-$130k. Or the self employed, who usually don’t qualify for a refinance. We are 99% successful securing modifications for this group.
- Those who never “rob Peter to pay Paul” in order to cover the bills.
- Those who have perfect payment records but wonder how long they can afford to make their payments.
- Those in default and are 14 days from a foreclosure sale on their property.
- People worried sleepless because they fear losing their home and fear seeking help. This reluctance typically is the result of mass misinformation.
- Those who want to shoot their spouse (or realtor) for deciding to purchase the house back in the mid-2000s.
- Individuals seeking a long-term mortgage solution with a fixed rate.
- Those who realize that renting ultimately costs more, don’t want to pay for or expend the energy for a move, and don’t want to live in someone else’s rental property.
- Those who fail to qualify with their lender, or are given a token $30-$100 monthly savings modification as a consolation prize.
Quite a list, with more than a few surprises, eh? So, are you ready to learn how a loan modification can put $1,000 extra in your pocket every month? Just call Mike at 877.871.2400 x15. You’ll be amazed at how simple it is to cast your financial worries to the wind.
And, of course, if you’d like to learn more about the variety of opportunities the Orange County real estate market offers, I’ll be delighted to help. Just call, tweet, or email me at 949.338.7408, @AngieWeeks, @WeeksTeam, or angie@askangie.com. I’m ready to assist you in any way I can.
Read Full Post | Make a Comment ( None so far )Why Loan Modifications Are Great For Investors
You all know that Orange County homeowners can reap substantial rewards from loan modifications. But were you aware that loan mods are a great avenue for investors as well? Believe it or not, most investors can qualify for this excellent financial option. Here’s a quick overview by Mike Hatcher, seasoned modification advisor with the Ascent Network –
Here at the Ascent Network, a faith-based, non-profit organization, we offer a number of outstanding options for investors. Thanks to 
our experienced and knowledgeable team, we’ve helped thousands of clients since 2007. And one of the major ways is by securing loan modifications for investors. Why should you pursue a loan mod if you’re an investor? Here are the five top reasons:
1. Income qualification is based on Profit and Loss (P&L), which we help put together for you, not your tax return. A P&L is a great asset. That’s because, depending on your debt to income thresholds, deductions may or may not be applied to ensure the best fit for a client.
2. Our average, the investor modification rate is 4.25-4.5%
3. This is a fixed rate.
4. The term typically is 30 years, with some going as long as 40 years. For the record, 30% of lenders consider a 40-year term.
5. We negotiate successful outcomes with 80% of our clients.
Would you like to learn how modification can help you leverage the value of your investment property to put more cash in your pocket on a monthly basis? Call Mike at 877.871.2400 x15, and boost the cash flow from your investment property.
And, of course, if you’d like to learn more about the variety of opportunities the Orange County real estate market offers, I’ll be delighted to help. Just call, tweet, or email me at 949.338.7408, @AngieWeeks, @WeeksTeam, or angie@askangie.com. I’m ready to assist you in any way I can.
Read Full Post | Make a Comment ( None so far )Orange County VA Loans – 8 Things Realtors (and Vets!) Should Know
Hey Orange County Veterans! I read this great article about VA loans in OCAR mag this month, and was able to get permission for reprint here on our blog. If you’re interested in a VA loan or getting a home with your veteran benefits please contact Paul or The Weeks Team!
VA Loans on the Rise
With deployment looming and more veterans entering the workforce soon, Realtors might want to brush up on the basics of VA financing. A VA (Veterans Administration) guaranteed home loan is the preferred loan program for Active (and non-active), Reserve, National Guard, and retired military of the armed forces because there is no down payment needed, the interest rates are low, and no private monthly mortgage insurance is required.
An interesting fact — more than 27 million veterans and service personnel are eligible for VA financing. This is a growing buyer segment for the real estate community.
Veteran Loans – Do I Qualify?
To be eligible for a VA loan, Wartime/Conflict Veterans must serve for at least 90 days and must receive an honorable discharge. Here are the dates of active duty:
- World War II – September 16, 1940 to July 25, 1947
- Korean Conflict – June 27, 1950 to January 31, 1955
- Vietnam Era – August 5, 1964 to May 7, 1975
- Persian Gulf War – Check with VA regional office for specific eligibility.
- Afghanistan and Iraq – Check the VA’s Web site for eligibility guidelines for current service in Afghanistan and Iraq.
Reserves and National Guard – Members who have completed six years of service and have been honorably discharged (or are still serving) may be eligible for a VA loan.
For peacetime service, an applicant must have at least 181 days of continuous active duty with no dishonorable discharge. If discharged earlier due to a service-connected disability, the applicant must contact the regional VA office to verify eligibility.
8 Things Realtor’s & Vets Should Know about VA Loans:
- 100% financing – No down, Zero Down. Unlike an FHA loan (3.5% down) or a conventional loan (3-5% down), a VA loan requires no down payment.
- No monthly private mortgage insurance is required. Unlike a low down FHA or a no down Conventional loan (which require PMI), a VA loan has no PMI.
- 4% seller credit is okay — There is a limitation on buyers closing costs. FHA and Conventional loans allow for a 6% seller credit, but VA loans cap this credit at 4%.
- VA is not a lender — VA does not actually lend the money to you directly. Instead, the VA offers a guaranty to lenders, like me, that if the loan goes into default, they will pay the lender a percentage of the loan balance. The word GUARANTY does not actually guaranty the veteran will qualify for a VA home loan. Instead, it’s a “guaranty” that the lender will not incur losses in case the VA borrower hits hard times and a foreclosure ever develops.
- Interest rates are low – The interest rates are similar to FHA rates.
- You don’t need perfect credit – Most lenders require at least a 620 FICO score, but some lenders will go as low as 580, if certain conditions are met.
- The VA defines allowable fees and charges that the veteran borrower can pay or closing costs that may be charged to the borrower. These costs are determined as reasonable and customary by each local VA office. All other costs in the transaction are considered non-allowable and generally paid by the seller when purchasing a new home or by the lender when refinancing your current VA mortgage. Allowable fees are appraisal, inspections, recording fees, credit report, prepaid items, hazard insurance, flood check, survey, title insurance, and VA funding fee.
- The VA also specifies what is NOT allowable. Additional fees may be charged to the veteran only if specifically authorized by VA. The lender may request VA to approve such a fee if it is, (a) normally paid by the borrower in a particular jurisdiction, and, (b) considered reasonable and customary in the jurisdiction. The following list provides examples of items that CANNOT be charged to the veteran as “itemized fees and charges.” Instead, the lender must cover any cost of these items out of its flat 1% fee. Non-allowable fees include: Loan closing or settlement fees, underwriting, processing, escrow fees, notary, document preparation fees, preparing loan papers or conveyance fees, attorneys services other than for title work, photographs, interest rate lock-in fees, escrow fees, broker fees by third party mortgage brokers and tax service fees.
PAUL E. SCHEPER, MBA, CSA, SRES is a devoted member of OCAR. He is a graduate from Harvard University and USC. He is a licensed mortgage banker and OC VA loan specialist since 1984. Paul can be reached at 949.242.4422, www.PaulScheper.com, or tweet him @paulscheper!
Read Full Post | Make a Comment ( None so far )How Short Sales and Foreclosures Can Affect You
It’s the law of the universe. Every action triggers a reaction. And this law certainly comes into play in the world of foreclosures and short sales. If you’re an Orange County homeowner who’s gonna go through with one or the other, it’s best to know what’s in store for you when the dust settles.
Derek Beisner, a certified mortgage specialist with New American Funding, cites the following as among the most important potential affects of a short sale or foreclosure action. Derek points out that guidelines in this area are always subject to change. But as of this posting, these are some possibilities consumers definitely should be aware of.
- With a short sale, the lending institution has the legal right to 1099 the seller for the difference between what the house sold for and what was owed on the property. Bear in mind that this has been changed to a non-taxable 1099 for the years 2010 to 2012.
- In a foreclosure situation, a buyer must wait 3 years from the foreclosure date to get an FHA loan. Securing ownership of a property also will require a minimum credit score of 620 and a letter of explanation documenting the reason for foreclosure.
As with any other important undertaking, it’s best to get the input of an expert before plunging into a short-sale. Derek advises speaking to a CPA or Real Estate attorney well in advance of taking action. 
After all the foreclosure or short sale dust settles, your credit definitely will need some major repair work. The good news is that credit repair is very do-able. Derek recommends three fundamental steps:
- Establish new credit.
- Know your credit score.
- Consult a credit repair specialist to get things back on track.
If you would like to learn more about Orange County short sales and foreclosures, Derek will be delighted to help. You can reach him 949-637-9939 or derek@derekbeisner.com.
Read Full Post | Make a Comment ( None so far )Orange County CA Economic Update – Gary Watts says…..
Hi everyone,
Just got back from OCAR’s annual meeting held at the beautiful Aliso Viejo golf course. I thought I would record a video update for you 
I know you have comments, let ‘em fly!!
Read Full Post | Make a Comment ( None so far )Understanding B of A’s Short Sale Process
B of A Short Sales – What every party needs to know!
Today I’m taking a few hours out of the busy day to listen to Allen Seelenbinder, a VP with Bank of America, tell Realtors how to work better with B of A to get our short sales closed quicker. Definitely good use of time, because short sales take waaaaay too long!!! For Realtors looking for Equator tips, check this post.
Allen said the goal of the bank is to help preserve homeownership, they WILL attempt to modify your loan & help you stay in your house if you want to. It’s part of being on the HAFA program, and you can even try multiple times if you get denied on your first loan mod request! Good news if you’re late on the mortgage & want to keep your home, but you have to keep communicating & trying.
BUT…Did you know 60 percent of all loan modifications fail in the first 9 months? Yikes, make sure you are working with a professional modification specialist so you are not a statistic! Most times if you default on your modification, you’re not going to get another one, and its time to short sale.
For those who can’t afford the mortgage, & don’t see light at the end of the tunnel soon, you have options…
1. Deed in lieu – leaving your home and giving the deed back to the bank willingly
2. Foreclosure – defaulting on payments until the bank is forced to take your property back
3. Short sale – selling your property for less than it is worth
Short selling your property will allow you to buy again sooner than if you get a foreclosure, so its a good option. BUT, its complicated, so you need a good Realtor who knows what they are doing to help.
If you’re drained on the process, please keep trying. If you allow foreclosure, your credit will have a huge hit, and you know how important your credit is! Allen warned many times employers are looking at your credit as a gage on your responsibility, fight to keep it in tact as best you can!!
Short sales are the new normal! Buyers, sellers, investors, Realtors, & banks need to work together There are over 6 million homeowners late on their mortgage right now, and many more projected in the upcoming months. Short sale will continue to be a household term for the next few years, unfortunately.
Why is the short sale process so long? Well…theres a lot of hoops to jump through:
- the process doesn’t begin until an offer is received, you could have a sign in the yard for months.
- an appraisal & bpo must be done
- the offer must reasonably meet current market value
- the buyer must qualify
- the seller must demonstrate hardship & provide documentation
- arms-length has to be proved (that means sellers aren’t in cahoots w buyers)
- the mortgage investor must approve the offer
- 3rd party approvals (mortgage insurance, helocs, second liens.)
Unfortunately, there is a lot of red tape to untangle. Buyers need to be prepared for at least 60-120 days for close, and agents from both sides need to constantly keep communication lines clear and all parties in the transaction updated.
What is financial hardship? Its better to say what it is not. Financial hardship is NOT that you are under water on the property, that is simply a bad investement. Its also not hardship if you can’t get a renter. If you are widowed, but have assets, death is not financial hardship, its emotional hardship 
there are a lot of people now trying to claim hardship when they do not have truely have one. You need to be able to show your hardship on paper.
One of the biggest challenges right now is getting 2nd loans, liens, and MI to reasonably come in line with the short sale loss. Sellers, be prepared for agents to ask questions about ALL loans & liens on the property, and please offer up front and honest answers. There’s going to be some back & forth necessary between the parties you owe $$ to.
Want to know if you are eligible for HAFA? Check bankofamerica.reo.com/hafa to make sure you qualify! B of A is also working on a program similiar to HAFA, but with better guidelines, called the Cooperative Short Sale.
B of A Cooperative short sale
Yes, its still in the works, but its pretty good!! It will:
- proactively outreach to customers
- offer preapproved short sale pricing
- promise offers reviewed/approved within 2 weeks
- be similiar to hafa, but wider scope
- rollout hopefully August 1st
Banks including B of A are all trying to make the best of our current market, and short sales are a huge percentage of it. Look for more posts (and videos!) soon to help you through the short sale process. If you or someone you know is late on their mortgage, The Weeks Team keeps everything confidential and we will be happy to discuss options! 877-230-3211 or info@successinweeks.com
Read Full Post | Make a Comment ( None so far )Tips for Realtors to use Bank of America’s Equator
I went to a seminar today on using Equator, here are some tips for all!
Equator has 5 stages:
1. Initiation – seller calls & signs up to initiate
2. Document collection – seller uploads hardship docs & Realtors upload offers
3. Valuations – BPO & appraisal is done
4. Negotiations – counter offers & 3rd party investor approvals
5. Closing – handling escrow & title transfer
To better step (um, jump) through through them, check out bankofamerica.reo.com/shortsaletraining
Realtors, make your short sale process shorter:
- have the seller contact the loan servicer asap to advise s/he is trying to sell
- ensure your customer financials are in pdf format
- confirm all requested documents & tasks are accurate & completed asap
- double check purchase offer is legitimate & @ fully executed
- make sure the purchase offer is the best possible at fair market value
- include listing information & comparables to support price w/your purchase offer
Success Secrets
In Equator you can add attachments when you email negotiators.. Listing agents, email your COMPS; they WILL be reviewed. Help the bank help you. Show them you’ve done everything possible to get the best value. Tell the bank how many offers you had, your open houses, your marketing, so they know you’ve minimized their loss. Remember, the bank is losing $$ here so offers need to be reasonable.
NEVER, ever, for the love of God, use the reject button in Equator. It closes your file!!!! There is a button to submit with changes, use THAT instead
Itemize your escrow items, too. Don’t forget to include buyer credits, this happens too much & causes deals to blow up!!
When you submit your counter offer in equator, push the close date out 60 days. If you pass approval date, then a new BPO & approval usually need to be done, and that can set you back 3 whole weeks! This can make any deal crumble, so just get the extra padding upfront. *note* if property is going to auction, that won’t work, so set the closing to be the day before scheduled sale.
Stop clogging up the phones, B of A has a rule ‘if its not in Equator, it didn’t happen’…so use Equator to give you the paper trail you need. You can escalate right there through the system, copy a manager if necessary. ***ANGIE TIP*** if a conversation is necessary, and you’ve tried 3 emails through the system, tweet @bofa_help . I always get a call back within 48 hrs
Say ‘actionable item’ in the subject, not urgent. Everyone says urgent. What many consider urgent is truly not urgent, but actionable items=urgent to B of A, ok?
Today a VP at Bank of America, Allen Seelenbinder, advised us cash offers mean nothing. B of A doesn’t care about your quick close, they care about minimizing their loss. Present your highest & best offers as opposed to lowball quick close cash.
Also, write your repairs into the contract, the bank doesn’t play well with new terms after appraisals! How will you know? Bring your trusty B of A local lender to the property, they can help advise you on standard repairs B of A is willing to do.
Realtors Pelt Bank of America with questions
What if the buyer walks? Why do you automatically close my file? Unfortunately, we have to completely start over including submitting the sellers info again into equator. Its for privacy purposes, so its not gonna change. There is a 5 percent chance you can pull a switcheroo: upload a NEW, better offer FIRST. Then the next day, email the negotiator the cancellation of the first offer and request the switch out for the better offer. In some cases this is allowed.
Will B of A pay a negotiation fee? NO, agents or buyers need to absorb.
Will B of A allow closing cost credits? YES, but submit everything correctly in equator.
How can we escalate a file in equator? CC the manager or team leader on an actionable item!! (for our technically clueless that means CTRL+click all titles you want to copy) OR, worst case, you can call your local B of A loan offer and they can talk to the OC approval head. There is such a person, however, Allen would not release his/her name to the ‘dogs’
Will B of A reduce Realtor commissions? Tax us for dual agency? Contrary to popular belief they try not to…commission can be 6 percent for properties up to 250k, 5 percent for 500k, higher than that your commissions can be reduced more. Allen jokes…You can always ask the seller to pay the rest…the bank is taking a loss too. Now Angie must joke…sure, how about we charge per phone call, email, and walked buyer then, cool? Seriously, this process is a B for all of us.
Allen, way to let yourself get on the hot seat. I’ve done customer service for Realtors before… they can be a mean, loud, unhappy bunch. You handled yourself with class, and taught us how to work with B of A better.
Hopefully this post will help some struggling agents – tweet @angieweeks or @weeksteam your Equator tips, or comment them below!!
Read Full Post | Make a Comment ( 1 so far )New Loan Program Boon to Home Buyers and Sellers
Innovate Program Wraps Home Improvement Costs Into a Single Loan
Good news for Orange County home buyers, sellers, and agents. There’s a great new Home Improvement Loan program that will make a large number of homes far more affordable. Basically, this nifty financial solution combines the sale price of a home and the cost of home improvements into one convenient loan.
What a powerful incentive for a buyer who’s reluctant to commit to a home simply because it’s screaming for repairs. With this program, everything is covered in one simple package. No instant out-of-pocket expenses to discourage would-be buyers.
Another great thing about the program is that the house being financed gets appraised on FUTURE value. In other words, after the improvements have been completed. So there’s never deal-stalling appraisal issues nagging at the parties involved.
Here are the basics:
- Basic Explanation: the Home Sales Price plus all clients’ home improvements get wrapped into one, low fixed rate loan!
- Loan Limits = same as FHA County Limit (1 Units: $729K in Orange & LA County, $500K in Riverside. 2-4 Units higher)
- Low Down Payment – only 3.5% required! (plus normal closing costs carried by seller or buyer)
- Possible Renovations to home include: (Remodeled rooms such as kitchens, bathrooms, etc. Additions, alterations, or structural changes to home. Repair or replace plumbing, heating, air, roof, foundations, etc!)
- Also available for Refinances
- [Gov’t Insured Loan, 1-4 Unit SFR (no condos), 620 Min FICO]
But wait, there’s more! With this home improvement loan, you’re assured of a quick close. And there will be no more worries about buying a bank-owned property.
Alright, so your dream home needs a few repairs. No problem. You’ve got the ideal solution. Learn more about how this new loan program can make your Orange County dream home happen. Or get a quick pre-approval. Just contact Cory Hillis at 888-299-4484 or cory@bestratefinancial.com
Read Full Post | Make a Comment ( None so far )Short Sale Approval: Welcome to Big Top Banking
Want a Short Sale Approval? Join the Circus.
After much frustrated hair pulling and gnashing of teeth, I’ve finally concluded that getting a short sale approved is basically a trip to the circus. Only in this case, the big top is the bank. It’s as if Barnum and Bailey merged with B of A. And guess who’s jumping through all the flaming hoops. That’s right — the agents. Worse part is, there’s no applause at the end. If the Realtors are lucky, they emerge with their wits intact. 
So how does an agent get a short sale approved in the contemporary big top banking environment? The consensus among agents I talked with is that you’ve gotta do some major attention grabbing. OK, so how do you do that without painting your hair all the colors of the rainbow and cartwheeling through the bank lobby? Here’s what one agent did to secure an approval. Bear in mind, this is totally 100% serious, unadulterated fact.
- Called the bank prez.
- Saturated bank inbox with emails, sending one ever minute for 60 days.
- Made sure to call the negotiator first thing in the morning. The rationale here is that if you’re the first call of the day, you’ve got a far better chance of getting through.
- Tweeted messages to customer service.
- Asked for the supervisor. And the supervisor’s supervisor. And the supervisor’s supervisor’s supervisor.
Whew!
Just to put things in perspective, according to B of A, it takes a grand total of 88 days from entry into their equator system until close.
Luckily, some banks are offering ‘fast track’ programs. Case in point is Wachovia. Here, a short sale can attain approval status in as few as 10 days. Nice. Let’s all hope that EVERY noble lending institution will offer similar programs very soon. But until that that day dawns, we agents will just have to continue being fountains of creativity to get those short sales approved. Just think how much better it would be if we focused all this attention on our clients instead of the banks.
Have a short sale approval solution? Luv to hear what flaming hoops you (if you’re an agent) or your agent had to jump through to gain an approval. Just connect with me @AngieWeeks or @WeeksTeam. This is your chance to impress the world with your or your agent’s creative genius!
And if you have any questions, feel free to call 949.338.7408 or email: angie@askangie.com
Read Full Post | Make a Comment ( None so far )Fannie Mae Extends Assistance For Homebuyers
Orange County Homebuyers Have Added Incentive
First the bad news. It’s official. The government’s popular 8k tax incentive is now history. But the good news is, you can dry those tears of regret, good people. Fannie Mae is offering up the perfect incentive to fill the gap. 
What’s This All About?
So glad you asked. Right now Fannie Mae is extending its very generous 3.5% Closing Cost Assistance and Appliance Incentive. This means, the marvelous offer is now good through June 30, 2010. To qualify, you’ve gotta purchase and close on a Fannie Mae home by that date. If you’re buying one of the many properties listed on HomePath.com, you get a healthy incentive of up to 3.5% of the final sales price. You can apply it to any one of the following:
- Closing costs
- The purchase of new Whirlpool appliances
- Any combination of closing costs and appliances as your heart desires, all the way up to the maximum of 3.5%.
Who’s Eligible?
- Anyone who purchases a Fannie Mae property whose sale closes on or before June 30, 2010.
- Buyers who are owner-occupants. Purchasing a second home? No problem, as long as you’re taking up residence there. This means, if you’re buying the house simply as an investment and not a place to live, you’re plumb outta luck. Gotta live in the place to be eligible. So if you want to take advantage of the incentive, plan on planting yourself in the residence — at least for a while.
This enticing offer is further proof of Fannie Mae’s dedication to buyers and communities. Want to know more about this incentive? Visit HomePath.com or contact a Fannie Mae listing broker. And naturally, I’m always on hand to help. You can reach me at 949.338.7408 or angie@askangie.com. And be sure to follow me @AngieWeeks or @WeeksTeam. Looking forward to hearing from you soon!
Read Full Post | Make a Comment ( None so far )Foreclosures vs. Short Sales
What’s the Difference Between a Short Sale and a Foreclosure?
Plenty. For those who’ve been involved in either, it’s a good idea to know what those differences are and how either one will impact your future. Here’s how it breaks down. 
- If you’ve been foreclosed upon, you need to disclose this fact on mortgage applications for the next seven years. Short sellers have nothing to disclose since they’ve avoided foreclosure.
- A foreclosure lowers credit scores considerably. Short sales don’t hit your score nearly as hard.
- Foreclosures remain on your record for seven years. Short sales appear on your record as ‘paid’.
- Security clearances can be canceled or denied because of a foreclosure. A short sale doesn’t affect the vast majority of security clearances.
- People in sensitive jobs could be terminated because of the poor credit caused by a foreclosure. Short sales don’t impact current employment.
- Same holds true for future employment. Applicants with poor credit can be denied. Short sales don’t affect job applicants.
- In certain cases, a lender might be able to get a deficiency judgment against someone they’ve foreclosed upon. Short sellers can negotiate with a lender to discharge the loan when the property is sold.
- Lenders are required to file a form 1099a, which a foreclosed upon party might need to report as taxable income. With short sales, lenders must file a form 1099c. Short sellers may need to report this as taxable income.
Those are the differences in a nutshell. Obviously, foreclosure comes with a much heftier price than a short sale. If you’d like to learn more about the ramifications of both short sales and foreclosures, I’m ready to help. Just contact me at 949.338.7408 or angie@askangie.com. Or follow me @AngieWeeks or @WeeksTeam.
Read Full Post | Make a Comment ( None so far )Southern California Home Buyer’s Fair 2010
Everything You Ever Wanted to Know About Buying a Home
It promises to be the home buying event to end all home buying events. Of course, I’m talking about the Southern California Home Buyer’s Fair, which unfolds on the weekend of March 13-1 at the L.A. Convention Center. Jointly sponsored by C.A.R. and the L.A. Times, this grand event is expected to draw thousands of very motivated potential home buyers. 
Why You Want to Be There
Because you’ll learn everything you’ve ever wanted to know about buying a home, and then some. Highlighting the event are 50 seminars that will help home buyers cruise through the contemporary marketplace with new confidence. The seminars will be offered in both English and Spanish. Among the timely topics are understanding home prices, monitoring and fixing credit to facilitate mortgage application, and home inspections.
Don’t worry about admission costs. The event is absolutely free to the public. And if you’re one of the first 200 people to attend, you’ll get a free movie ticket.
Sounds like a super good deal to me. If you want more information about the Southern California Home Buyer’s Fair, I’m happy to help. Just contact Angie at 877-230-3211 or angie@askangie.com to get any of your questions answered.
Read Full Post | Make a Comment ( None so far )Two More Reasons to Buy a Fannie Mae-Owned Home
Buyers Get New Closing Cost Assistance and Appliance Incentives From Fannie Mae
Good news for home buyers. Fannie Mae is giving you a 3.5% incentive if you buy and close on a Fannie Mae-owned home. This amazing offer will be on the table between January 28 and April 30, 2010. If you purchase a property listed on HomePath.com and the deal closes within this time frame, you may get up to 3.5% of the final sales price for: 
-
Closing costs
-
The purchase of a new Whirlpool® appliances by Fannie Mae
- Or if buyer prefers, a combination of closing cost and appliance discounts up to the maximum 3.5%.
Eligibility Requirements:
-
Offers must be accepted on or following January 28, 2010;
-
Property sales must close prior to May 1, 2010, and;
- Buyers are required to be owner-occupants. Investors can’t get in on this.
Sounds like a good deal to me. If you're interested in taking advantage of these amazing incentives, I'd leap right into action and talk to a qualified lender today. And if you'd like help finding the home of your dreams, I'm here to help. Contact me at 949.338.7408 or angie@askangie.com. Or follow me @AngieWeeks or @WeeksTeam.
Read Full Post | Make a Comment ( 3 so far )
What Lenders and Banks Look for in Home Loan Applications
Hey wanna be buyers…got this great information from one of our fave Lenders, Derek Beisner. Wanted to share!
Thinking of submitting a Home Loan Application now that the First Time Buyer credit was extended?
Once your loan application is filled out and sent to the lender for review, the first thing they will look for is your ability to payback the loan you are requesting. My team and I have a streamlined loan process to help you get your ducks in a row prior to this review. A grand slam loan package is in perfect order and answers all the important questions up front. We know what the lenders are looking for, based on long-term relationships with them and extensive knowledge of guidelines for a multitude of loan programs that are available today.
What is the lender looking for when they review the loan application?
The lender wants to know about your personal financial picture, including savings and credit history and your employment stability. The co-borrower’s history is also taken into consideration. The lender also considers the loan amount and appraised value of the home you are looking to purchase. Not every applicant is approved the first time through the process. If the underwriter has any questions or concerns, he or she will require certain conditions be met before they approve the loan. Pre-approval prior to house hunting lets you know exactly how much you are qualified to borrow in advance.
What can I do on my end to make it easier?
Before taking out a home loan it helps to establish a consistent record of paying your bills on time. If you have utility bills that are overdue, bring these up to date. Make sure you are paying credit card installments in a consistent and timely manner.
We can help you evaluate your debt-to-income ratio to determine what mortgage payment will be comfortable and affordable for you on a monthly basis. Aim for having enough savings to cover your down payment, closing costs if necessary, and two month’s expenses in case of emergency. We’ll help you find the loan program that works for you.
If I just started a new job six months ago, can I still apply for a loan?
A stable employment history is important, but the lender does take human factors into consideration. If you’ve recently completed college or vocational training, or were released from the military, you have good cause to have a lack of consistent work history. If your profession is seasonal, and gaps in employment are normal in your field, there are loan programs that can work with your situation. If you are a freelancer or do contract work, the lender will look for consistency in income over the last two years.
Consistency is the key word in the lender’s mind. But know that lenders have developed many different loan structures to meet the needs of the general public. When your grandparents bought their first home, they probably put 50% down and made a lump sum payment when the note was due. Times have changed, and so have loan programs. My team and I stay on top of current mortgage trends. We monitor rates daily and have a support network of RealtorsR, CPAs, Financial Planners and Credit Repair Consultants to lend you additional assistance.
Call me directly for a free consultation.
Derek Beisner
Certified Mortgage Planner
Premier Lending Group
Phone: 949-637-9939
Fax: 949-380-1819
derekb@plgp.com
www.DerekBeisner.com
Orange County down payment – CA down payment program
Hi all,
We know. You want to buy a home in Orange County because prices and rates are down. Plus, there’s so many tax incentives right now. Buuuut the down payment hasn’t magically appeared in your bank account. Well, we may have a solution for your down payment blues.
This week I had breakfast with another one of our preferred lenders, Bruce Campbell. I wanted to let you know about a loan option Bruce offers which I haven’t seen from other lenders:
FHA based loan that only requires a HALF PERCENT down!
What? Half a percent? Like, if I were buying a $200,000 condo……….. $1000 dollars? How could that be?????
I know, I asked the same thing. The program basically involves TWO loans – your first is an FHA loan, and your second is an ‘access’ loan. When you buy a property with a normal FHA loan, you are required to put 3.5% down. The second ‘access’ loan in this scenario pays your other 3%, so this is how you get away with only putting down a half percent. *please note, there are other fees buyers need to pay such as inspection, escrow, and any other fees you agree to on page 2 of the purchase agreement. These fees are all minimal compared to a down payment, though!*
I immediately asked about the rate of the 2nd access loan, thinking it was probably high. Bruce said its usually less than 8.25%. That’s way better than a lot of seconds, and if I recall correctly it wasn’t a variable rate loan. Ok, that base was covered.
What about other stipulations? Who qualifies? I was suprised there weren’t more – the main 3 were:
- In Orange County, combined max household income needs to be LESS than 103K.
- You need a 580 credit or above (this is for all FHA loans, though)
- Your Debt to Income Ratio can’t be higher than 43%. If you want to buy a home in Orange County, but don’t have 3.5% saved, this program could be a great option for you as long as you match the above criteria. You don’t even have to be a first time buyer!
Bruce said he’d be happy to talk details with you, no obligations. Here’s his contact info so you can find out for sure if you qualify:
Phone: 949.330.6637
Cell: 714.356.7790
Fax: 949.606.9003
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