123....Blog!

There are still programs available with very low rates, that allow 100% financing on your home. There are some qualifying guidelines that are based on your credit scores and the location of the home.

You must now have a minimum FICO middle score of 620 for a mortgage loan. There are maximum income and loan amounts, but they are generous.

The best way to determine if the home you are looking to buy qualifies, is to complete our online loan application--- and email us the property(s) you are looking at-- we we can let you know if the property is eligible.

If you have questions call us at 800-811-1929 or email me at loanwi@aol.com

Hello everyone,

I need to "vent".

Why would anyone make up a business rule, where you are going to do business with someone, but you can't talk to them? You can't confront them directly, if you disagree with their work? You can't ask them how much experience they have in their field, or experience in the area you what them to work in?

WHO WOULD BE SO DUMB!!! That's right the US government and the AG of New York!!! We need people with BRAINS to save this country, not these people.

PS---it also cost 50% more now to get an appraisal and a week longer to get it. CLASS ACT ---WAY TO GO WITH THE HVCC RULES.

Can't wait for the rest of your Great ways to turn the housing market around and save consumers money, and streamline the process.

As your local realtors how many deals are dead because of HVCC. The numbers are growing quickly.

The Feds are starting to buy up bad debt. This has had the affect of improving the mortgage rates. The question is how much lower can they go, and how long will they stay there.

I believe that rates will not stay down that long. The opportunity to get a very low rate will disappear in short order. With the tightening of credit guidelines, many will not be able to qualify for these low rates. Cash out refinance will not be the norm with this refinance period. Cash out will be restricted to 85%ltv or less. PMI insurance is the road block...it is not being offered. Even FHA has just reduced the LTV to 85%. So, most of the refinance will be seeking a lower rate (without cash out).

The next issue the borrowers will encounter is the new appraisal inspection requirement. The new guidelines will not allow your broker to assist you in obtaining the appraiser. You will be required to pay for an appraisal in advance and without know as to where that appraisal value will come in at. That will most likely cause problems. No one wants to pay for an appraisal, only to get a low value and can't complete the loan requested. Blame the government and bankers for this unwise new requirement. This will cause a lot of wasted money and unhappy customers. We think the guideline will be regretted, as a unfriendly, wasteful expensive policy. We the taxpayers get screwed again, but let's continue to bailout the bankers and wall street.

In these difficult times, many people are losing their jobs or their hours are cut back. The lost income adds to the stress of mounting bills. The last bill you want to fall behind on is your mortgage. But it happens to many people. If you are in this position, Please don't wait until the foreclosure papers are served upon you to react.

Call us when you start to fall behind,  or try to at least call us before you get three months payments in arrearage. The three month period normally is the Lender's signal to start the process for foreclosure action.

It is so much easier to negotiate a loan modification before the legal foreclosure actions begin.

If you are served foreclosure papers, please make sure you file an answer to the complaint before the due date. If you don't the Lender will get a default judgment for foreclosure. Your legal fight is then over. Maybe we can still help negotiate a work out to stop the sheriff sale. But the sooner you contact us the better you will be. Our experienced professional services can help take the stress off of you. You will be instructing your lender to talk to us during the negotiation process, a cushion from the stress. Call today if you are in need of these services. 800-811-1929 or visit www.HomeSave123.com 

     In the Past 60 days, we have seen substantial contraction in the availability of mortgage funds for individuals with credit scores below 680-700 or with higher debt ratios ot high LTV's. Private mortgage companies have also tightened their requirements for PMI insurance for borrowers that need loans over 80%LTV. Many can't get PMI anymore. And Lenders are starting to make up their own rules outside of Fannie Mae or FHA approvals.

This means that refinances are becoming more difficult. What does this mean to you. If you have credit scores below 620 and higher rates, you may be left out of the benefit to refinance your home with our low current rates.

But don't give up we also offer a loan modification service, which can cut your rate and save you tens of thousands of dollars. See one of recent customer's results who had to go the Loan Mod. route at www.HomeSave123.com . We negotiated a 30 yr fixed rate of 5.217% versus his existing 8.1% ARM and rolled $18,000 of arrearages into the backend of the loan.  We saved him over $100,000, over the remaining term of his loan.

    So if we can't Save you money with a lower rate refinance, let us try to save you money with our HomeSave123 Loan Modification program. Our experience professional may save you thousands. Your first step is to contact us.....we will help determine your best course of action. Please contact us today.

Well, this week was certainly an interesting one for mortgages!

Interest rates continued their recent trend upward, but only moved up slightly over the week to average 30 yr fixed rates at about 5.375%. What could be of more importance this week were the amount of lender raising their minimum credit score requirements on FHA loans to 600 or 620. This prompts the question.....

Is there any way to obtain financing if your credit score is under 600 anymore?

Well, the answer is YES WE CAN!

We have a few options left for borrowers with credit scores below 600. We still have a couple FHA lenders that will go down to a 500 score. We also have an FHA Streamline program that will not factor in credit score or appraisal value. There are obviously some requirements for these programs, but I won't get into those here.

My main point for today is to make sure you are aware that even if you've been turned down due to a score in the 500's you still may be able to obtain a home loan, and one with favorable terms at that!

As always, if this applies to you or anyone you know don't hesitate to have them give me a call or send me an email and we can go over the requirements for the programs that are still out there for borrowers with lower scores.

Happy Friday!

Have you been on the fence about buying your first home or selling your current home to upgrade into a new one?

For starters, the real estate market is definately a buyer's market, but while potential buyers are now getting very low mortgage rates, they are also facing tighter credit standards and demands for larger down payments in many cases. In this market it is important to have as much information as possible before you make these big decisions. Here are some tips for homebuyers and sellers to help them survive, and even thrive, in the transition year of 2009.

Tips for Homebuyers

Cash is the new king. If you can spare the cash, it has a heck of a lot more buying clout now. Just a couple of years ago 100% loan programs were easy to find and fairly easy to obtain. That has changed. For the lowest interest rates and best loan programs it is best to put some money down, preferably at least 5%, but there are some great loan programs still available with low or no money down buyers too....they now even come with interest rates equal to or just slightly above conventional loans!

Negotiate extras ... and more extras. This is a no-brainer in the current market. But while sellers continue to offer throw-ins such as built-in appliances, flat-screen TVs and even cars, the best throw-ins are always the ones that take monetary form. Think paid closing costs, a year's worth of property taxes, repair credits and paid homeowners association dues, to name only a few. A knowledgable realtor or mortgage professional can help guide you on how you can include these items right in your offer to purchase.

Determine your own home-buying budget. This is a very important step that you and your mortgage professional can work through together to come up with a comfortable monthly payment that you know you can afford. This will help you determine the price range that you will be looking in. 

Tips for Home Sellers

Price correctly from the get-go. Unless you're living in a handful of relatively stable U.S. markets, don't start out too high-priced just to "test the waters." Your backup plan of adjusting on the fly may prove futile. Keep that window of opportunity open from the first time the "for sale" sign appears on your lawn. The first 30 days a home is on the market are when it gets the most attention from potential buyers and their agents.

Looks do matter. Don't underestimate the importance of curb appeal. Not only is there an acute price war going on out there, there's also a beauty contest being staged. You may be strategically located in a quiet cul-de-sac, near great schools, great health-care facilities and fabulous shopping, and you may have easy highway access for that morning commute, but unless your exterior is well coifed and in sparkling condition, other offerings will outshine it.

Don't overdo it. By contrast, if you go too far in improving your place, you likely will not be able to recoup your remodeling investment.

Don't be an ambiguous seller. Either you are going to sell or you aren't. Why waste everyone's time, including yours? If you manage to fetch a decent offer with a test listing in this market, commit to sell. You may be able to buy a better replacement house at a disproportionately lower price with so many steals still out there.

I've received some of these same questions from my customers lately!

Here's a good news clip that you may enjoy......and learn from.....

http://video.msn.com/?mkt=en-us&tab=s338&playlist=videoByUuids:uuids:cf87882c-0eb6-4ac2-899c-01807b28087c&showPlaylist=true&from=IV2_en-us_Money_xxx_xxx&fg=gtlv2

Some of the callers may have the same questions you're wondering about right now! Take a few minutes and see what they suggest. It's good advice and matches exactly what any mortgage professional should be telling their clients!

If you have any specific questions about your personal situation or if there's something that you want to know about that wasn't covered feel free to send me an email (jason@123ezhomeloan.com) or give me a call (800-811-1929)!

More to come later tonight so make sure you sign up for updates!

I'm sure you've read all the headlines and seen plenty of news coverage about the U.S. Government's takeover/bailout of Fannie Mae and Freddie Mac, the two largest residential mortgage lenders in the country. You're also probably asking yourself this question:

What does all of this mean for me!?!

Well, it can mean a lot of different things for a lot of people.

If you're in the market for a new home, now could be the time to get pre-approved and start looking. There are still a lot of properties out there at bargain prices....prices that are predicted to begin going up towards the end of this year or early next year. Combine that wide selection with the low fixed rates that have occured since the takeover and we could see a lot of people that have been sitting on the fence jump in and begin purchasing new homes!

If you're happy in your home, but you have an adjustable rate mortgage or a fixed mortgage over 6.25% it may make sense for you to take advantage of the bailout and refinance with one of these lower rates. By simply lowering your rate from 6.25% down to 5.75% you could save yourself thousands of dollars in the next few years! But I'm sure you're asking yourself, does it make sense for me to refinance? Well, here's a helpful little article that I came across today that can help you decide.

http://www.walletpop.com/blog/2008/09/14/is-now-the-time-to-refinance-a-residential-mortgage/

If you think that it very well could make sense for you to refinance or purchase a new home with these suddenly lower rates I would highly advise you to sit down with a mortgage professional and see if you can secure a rate that would make sense for you. You may even qualify for a no closing cost loan to make it even more worth your while!!!

I just read another article regarding tightening guidelines and the current troubles with Fannie Mae and Freddie Mac.

It's a good article that I would recommend taking a look at. Here it is:

http://money.aol.com/news/articles/_a/bbdp/consumers-hurt-by-fannie-freddie-woes/140801

Enjoy!

As always, if you have any questions please don't hesitate to contact us!