Unconventional Mortgages and Loans

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Full loan program guidelines

A WEALTH OF INFORMATION AND RESOURCE

As we all know, it is more difficult now more than ever to obtain a mortgage loan. The good news is that we have pretty much every mortgage loan program under the sun. Often, a portfolio or non agency lender is often the way to go.

Below, you will see 29 legit reasons to have your mortgage broker utilize such a lender.

1. Jumbo fixed terms and ARMs
-$900,000 to 80% LTV–interest only 3 and 5 year ARMS available

2. Larger Jumbo loans
-$1.2M to 60% of financing-LTV/CLTV (max $1,500,000 combined lien exposure)
-$1.5M to 50% of financing-LTV/CLTV (max $1,500,000 combined lien exposure)

3. No price adjustment or add to rate for loan amounts up to $1 million
4. No mortgage insurance
5. Refinances: 1 loan up to 80% LTV – up to $900,000 maximum loan amount
6. Purchases: 1 loan up to 80% LTV or 80% CLTV with 2^nd mortgage
7. 1st position HELOCs (home equity line of credit) to $350,000: great for “free and clear” properties
8. Stand-alone 2^nd mortgages: HELOCs (home equity line of credit) and fixed 15 and 20 year term loan programs
9. Fixed rate lock option available on 1st & 2nd mortgage position HELOCs (home equity line of credit)
10. 620 Mid score program-1st position up to 75% Max CLTV (combined loan to value/% of financing) up to $500,000
11. Cash out available-up to $200,000 cash-in-hand available up to 75% LTV
12. 3-4 unit owner occupied program
13. Foreclosures and short sales allowed
14. Rural properties allowed
15. No minimum reserve (liquid assets) requirements up to $900,000 (excluding I/O ARMs)
16. Quick appraisal – appraisal portal available for appraisal ordering
17. Short payoff refinances available (different than short sales)
18. Qualify with primary wage earner’s credit score
19. “To be determined” purchases are accepted (automatic 45 day lock)
20. Gift funds are allowed for down payment on purchase loans
21. Condos up to eight stories: minimum ten units
22. Manufactured financing up to a maximum loan size of $200,000-75% LTV (financing) max
23. Refinancing of construction loans to permanent financing is available
24. Acreage allowed (full value to ten acres – no value exceeding ten acres)
25. 50% maximum DTI (debt to income ratio) on 1st position fixed rate refinances-all other products 45%
maximum DTI
26. Automatic 45 day rate lock
27. Quick underwriting
28. 47 states
29. Individual account executive specifically assigned to your loan officer

Well, it seems that there are even more mortgage loan hoops to jump through.  Here is the latest Fannie Mae guideline.

All parties to the transaction as defined as the borrower; the seller; the loan retail loan officer; the broker company; the brokers loan officer; the listing agent; the selling agent; and the appraiser will need to be verified.

All parties to the  transaction must be verified in both the LDP and the GSA website. Although both are government lists, they are in fact; maintained by different governmental divisions and contain unique information. Remember, reviewing information in one of the sites does not guarantee the same result in the other.

As the borrower, to qualify for a Fannie Mae loan, you will be run through the LDP and GSA reports before your loan will reach the underwriter.

Further information for the LDP and GSA reports.

The parties involved are as follows:

• Buyers-including AKA’s on the credit report
• Sellers
• Loan Officer
• Buyers Agent
• Sellers Agent
• Escrow Officer
• Title Officer
• Appraiser
• Processor
• Account Manager • Underwriter
• Any other parties that handle the loan file

Findings will be included in the loan file. If you show up on the list, you will need to be removed from the loan transaction.

What is LDP?
• Limited Denial of Participation
HUD’s list of participants that have performed in an unsatisfactory manner and have been excluded from doing business with the agency for a certain period of time.
What is GSA?
• General Services Administration
The GSA list is a government-wide list of parties excluded from Federal Procurement or Nonprocurement programs.

Another reason you need a competent, legitimate and resourceful loan officer.

BrokerMortgages.com Staff

Often times, borrowers and brokers ask us to send them information on our hard money and private money loan programs and products. With a Private Money Lender with flexible options to structure a transaction, it can be a little difficult  to tell them exactly what the qualifications are for financing their project in that every scenario is case by case, naturally. Each private investor creates their own qualification criteria. There are often complex;  compensating and favorable variables. Unlike conventional financing, there is no secondary market to deal with or answer to. There are no quasi government organizations like Fannie Mae or Freddie Mac that establish uniform or conventional guidelines to dictate what we can or cannot do.

Private lenders can be small, but some are huge and have more cash-on-hand than many federally chartered banks. In most cases private money lenders are wealthy individuals or a pool of investors who are looking for higher returns on their funds than banks and government bonds can offer them.

Regardless…no matter what happens with the financial reform bill, the information we are looking for on any given scenario is the same. In order to successfully help an individual obtain the Right hard or private money loan, you need a proper Executive Summary form application..this is where it starts.

1 in every 82 homes have received a default notice or have been bank repossessed, almost 22 million in the last 6 months according to the Mid-Year 2010 U.S Foreclosure Market Report issued by RealtyTrac. Believe or not, these figures are actually 5% lower than the 2nd half of 2009 and 8% higher than the 1^st 6 months of the same year.

In June of this year there were almost 314,000 homes that started foreclosure proceedings which was the 16^th straight month with over 300,000 homes that have gone into default.

When will it end??

We are offering all SRP employees and their friends and their families a $500 credit towards closing costs on purchases and            refinances!!

INTEREST RATES ARE STILL GREAT AND THERE IS AN ENDLESS SELECTION OF QUALITY HOMES AT INCREDIBLY LOW PRICES.

THERE HAS NEVER BEEN A BETTER TIME THEN NOW TO BUY A HOME!

Even if you aren’t thinking about getting a home loan now, you might know someone who is.

All of our customers, past and present, know that BrokerMortgages.com will provide the highest quality of service and they also know our commitment to helping clients like you because we have a vast variety of mortgage loan programs to fit the needs of all home loan borrowers.

Worried about the value on your existing mortgage?  We will be happy to assist you in determining an approximate value of your home – at no charge of course.  There are still great loan programs available even if you are “upside down”.

Please tell your friends and family – MAKE SURE THEY MENTION “SRP” AND THEY WILL ALSO GET THE $500 CLOSING COST CREDIT!!

This Jumbo Loan Program comes from 1 of Americas strongest banks. They are well capitalzed, eager to lend and focused on helping businesses and consumers come through these extraordinary times with flying colors.

Advantages to this loan program include

Debt-to-Income ratio allowed up to 50% on refinances and 45% on purchases. This is huge compared to the standard 28-36% often required from the conventional lender.

This will cut years off customers’ current mortgage term, saving thousands of dollars in interest.

Jumbo loans available up to $900,000 with no price to rate adjustments for Jumbos up to %1,500,000.

This program is available one day off MLS  for purchase and refinances. So there is no title seasoning requirement for homes that have been recently taken off the market.

All the Latest News on Dealing with Foreclosure
By: Valerie Middleton

Don’t let the immense negative equity of the current residential housing market ruin you by knowing your options in the face of foreclosure. The following two alternative routes can help you to avoid foreclosure.

Retain your home.
Opting to take this route means that you will keep your home and will involve one of the following actions:

Make a repayment plan
Work with your lender to create a repayment plan in which you will pay a delinquency fee in addition to your regular monthly payment for a specified period of time. Find out if repayment plan is the correct choice for you.

Create a special forbearance plan.
Arrange to cease current payments for a specific amount of time, all of which will be paid back later at a higher rate.

Modify your mortgage
Refinance your debt or extend the terms of your existing mortgage contract. Get a loan modification resolution form.

File for a HUD partial claim
If your loan is FHA insured you may qualify for a FHA-Insurance Fund issued by HUD.

Opt to refinance.
Use the amount of equity already established in your home to cover the delinquent amount due. Get your numbers straight with these refinancing options.

Dispose of your home – You may arrange to dispose of your home without foreclosing through the following methods:

Sell your home.
Depending on the amount of equity in your home, you may be able to sell your home for an amount larger than the amount you owe. Know your rights in a market of declining home prices.

Undergo assumption.
Signing your home over to another person will transfer ownership of your home and any payments due to another party.

Hold a pre-foreclosure sale.
Use the amount gained from the sale of your home to balance the mortgage debt despite the fact that the amount collected from the sale of your home is less than the amount you owe. Not sure if a pre-foreclosure sale is for you? Hold a Pre Foreclosure sale, learn more.

Receive a deed in lieu of foreclosure.
Avoid damaging your credit by voluntarily returning all ownership back to the lender and calling it even. Learn more about the correlation between your credit and loans.

For the first time ever, President Obama has said that it makes financial sense to refinance right now. He knows that there are billions of dollars that home owners could potentially save if they refinance at this time.
It’s financial Literacy Month. Are you avoiding a refinance because you might have to pay a point or a few thousand in closing costs? Even so, do you know what this could mean for your bottom line monthly and annually?
Example: Lets say you have a mortgage loan balance of $300,000 and you think you have a really good rate. If you were to refinance at a .5 lower interest rate, this could save you in the area of a couple hundred a month. Over the life of the loan, that could save you around $60,000 – big savings! This could help you save not only today, but toward your retirement, too.
Are you making financially smart decisions? Are you financially literate? Who are you getting your information from? Think about it and make the inquiry and at least see if it makes sense for you!
Please feel free to take a look at our current lender niches for more information.

Week after week as of late,  economic signs are pointing to recovery in our real estate market.

Overall, the ecomony as a whole isn’t looking quite as good in that hundreds of thousands of jobs are still being lost every month across the United States – federal reserve board Chairman, Ben Bernanke, says the unemployment rate is likely to rise a little bit more before the economy diggs its way outl ater this year.

But for housing, most of the key indicators continue to  point up..here’s the rundown:

• Pending home sales took a 3.2% jump last month, 2nd straight month of positive growth, these are signed home sale contracts that are scheduled to close in the next 30-90 days.
• Dr. Lawrence Yun, Chief Economist for the National Association of Realtors NAR says “we’re at the leading edge of the first time buyers responding to the very favorable affordability conditions, and the $8,000 tax credit.”
• Additionally, mortgage applications for future home purchases have also urged once again up 5% nationwide last month according to the Mortgage Bankers Association.
• Mortgage rates are firming up in response to the rising demand of mortgage money. They rose last week on average to 4.8% on a 30 year and 4.6 on the 15 year variety. Still, they are close to all time lows but with more people jumping into this home buying market, they could easily jump up over the 5% level in the coming weeks.
• According to the National Assocaiation of Home Builders NAHB, the affordibilty index also continues to hover near its all time best. According to NAHB, the median income american family earning $61,000 can now afford to buy a $290,000 home with a 20% down payment assuming only 25% on the gross income is devoted to the mortgage principle and interest, thanks to low financing rates.
• The median single family residence SFR now sells for about $175,000 and consumer psychology is turning upon housing, good for sellers!

The Gallup Polling Organizations asked a national sample of americans last month whether it is a good time to buy a house:

• Last month, 71% of americans polled said now is a good time to buy a house.
• 18% more than last year, and the highest level in four years

Moral of this post; only the doom sayers still believe housing isn’t turning around and heading for recovery!!