Typically, lenders will not close on a loan until the home is in move in condition. A closing cannot take place until those repairs are completed. The 203-k plan allows for a closing to occur before the repairs or an addition is finished and the home is habitable.

This is the reason why many homes do not sell; all other financing programs will not allow the collateral to remain in poor condition while lending tens of thousands of dollars over the present value. At closing, the seller is paid the contracted amount. The realtor’s commission is also paid at that time and monies pre-determined for repairs is placed into an escrow account and paid out as the work is completed.

The ability to close “as is” opens the door for more homes to be sold and neighborhoods revitalized.

This program will help home buyers get into a home that needs work without having to pay for the cost of repairs with their own money.

You can see the 203-k guidelines here and here is a pre qualification form that does not require a social security number.

The first choice would be a grant of 3% for down payment; 3 % of the total loan amount. For example, if the sales price on the home you want to buy is $200,000, the mortgage amount would be $194,930 including mortgage insurance and the grant amount being almost $5,900. So all you have to do is come to the closing table with a pen and a smile!

The advantages with this program is the grant money is free money and you don’t have to pay it back, ever.. Also, you can do a regular single family residence or a 2 unit. If you go with a 2 unit, you can rent it out and collect rent $. You do need a 620 credit score. If you need help with your credit score, consider credit repair. This program does allow for a pretty high debt-to-income ratio, too, 50% and does not require liquid reserves (money in the bank).

The next program requires a half percent down, this can come from a family member or friend. However, you don’t need a credit score! Although, If you’re thinking about a 2-unit, it does require a 640 credit score. No reserves required.

Their interest rate lock policy is very advantageous to you borrowers in that your interest rate can be locked right away after your approval for up to 55 days with underwriting turn times at 5 days and we are ready to go starting right now! We are super excited about this and are looking forward to this lender getting their fair share of our business. Bottom line is more benefits to our borrowers. Get pre qualified now home shoppers. Questions?, contact a loan officer with any questions. We have 100% access to their underwriting team and will not have to wait 3-4 days for them to get back to us! Options are good, friends. Happy home shopping and make it a great day.

Often, because of the market, people feel that they’re entitled to a principle reduction and fortunately, on occasion, we are able to accommodate. But way more times than not, especially when their servicer is Bank of America, Wells Fargo, Indy Mac, GMAC or Chase, it doesn’t happen. Some people are only interested if we can negotiate a reduction on their principle balance and if they don’t get it, they bail from their home. In some cases, these are the same people who back in the housing glory days, cash-out refinanced their equity to consolidate their consumer and credit card debt or whatever else like there wouldn’t be any consequences. To these folks I ask, back when your house was appreciating 15-30% every year, did your bank call you and ask to increase your balance because of the market?

There are a lot of reasons to do a Cash Out Refinance. The most common reason is to consolidate debt, in particular, credit card debt. For most Americans, holiday shopping and mounting credit card debt are synonymous.
Not only are mortgage interest rates much lower, but almost as significant is the difference in the nature of the interest. Mortgage interest is simple interest where as credit card interest is revolving compounding interest, huge difference. With credit card interest, the interest is calculated every month on the new balance that includes the new interest from the previous month. So basically, you’re paying interest on interest.
Of course this isn’t an invitation to charge up all your cards for things you don’t really need and then sink it into your home, but if you happen to have a lot of consumer debt from all the holiday shopping you had to do, we can help.

Spend wisely and have a happy and credit card debt free new year!

We all know that the mortgage debacle has hurt all the self employed borrowers of this great county. It has stunted the housing economy and we believe that there should be good loans for good borrowers. Our underwriter will use this program to help with the debt to income by 5% for the 30 year amortization jumbo product

This is a Great Product for the Retired or Self Employed Borrower seeking to capitalize on their assets for income to qualify. Borrowers with a salaried income can use the asset depletion in addition to your wages to help qualify you for more borrowing power!

• Portfolio Jumbo  Arms to $4,000,000  by exception
• 30 YR Portfolio  to $2 Million
• HomePath~Great product, get it while it lasts!
• FHA Conforming and HB
• 95% MI Condos to 4417,000 680 fico / credit score
• 90% Mi Condos to $729,750 700 fico / credit score
• Second mortgage Piggybacks to $500,000
• Jumbo-Busters – 1^st and 2^nd with the first at high-balance rates

Reduce a jumbo loan to high-balance, then add a Home Equity Line Of Credit or Fixed rate second and drastically reduce your interest rate.

Ex: 1^st mortgage $729,750 ( per county)

2^nd Piggyback to $250, 000

80% Combined Loan To Value to $979,750 total loan amount NO Mortgage Insurance

95% allow Condos.

90%- MI factor is up to 50% lower than industry standards

*House Flips allowed subject to underwriting guidelines 

97% LTV/CLTV

• Fixed and ARM product available – 5/1, 7/1, 10/1)

• 720 Min FICO / credit score

• 41% Max Debt To Income

• $417,000 Max Loan Amount

• Purchase and Rate/Term refinance available

CALHFA FHA Program.

If you’re getting frustrated with your current circumstances. Give us a ring to see what we can put together your you. We are here to answer your questions and concerns.

For  you Floridians, this program is now available for you, too, as well as all of the 100′s of other programs that we have that are available in Flordia.

You do need at least a 620 credit score. However, if you think we can help you with your credit, we do have resources and tools that might help you get into that home you’re looking at. We have reduces fees and interest rates for this program, too.

Take a look at our short Pre Qualification form. No social security number required.

If you’re a first time buyer in California, this program might come in handy if you don’t have a lot of down payment. And we also have the California’s down payment assistance program, as well. (CHDA)

Take a look at all the guidelines for this loan program.

Broker Mortgages Team