purchase: The Waiting Game Simplified - 08/12/08 11:02 PM

We all hear the lines "Now is the time to buy" "Lock in rates now" "Hurry up, Take Advantage now"
These liners all have the same point in which to bring in a sense of urgency but we do we know the whole picture why its a bad idea to wait?
I am going to break it down very simplified and to the point to show you what your options really are.
 
Waiting for the rates to drop:
Sure rates can drop but rates can also rise.  Its best to lock in your rate now to secure your payment. … (13 comments)

purchase: FHA 203k Streamline vs 203k Full Renovation - 06/13/08 10:57 PM
Renovation Lending
The main concept behind these loans a.k.a Rehab, Renovation, 203k and Home Improvement loans is quite simple, clients who wants to finance the costs of home improvements through the mortgage for a purchase or refinance.
Financing the costs of the home improvements through the mortgage can be cheaper than high interest credit cards, emergency savings and high interest unsecured loans.
 

Don't worry about the appraised value if the house is in bad shape, the loan is based on the after improved value of your improvements.
Typically these loans can close in 30-45 days, with contract work started … (15 comments)

purchase: FHA Non-Occupying Co-borrowers Great For Your Children In/After College - 06/04/08 11:13 PM

 
FHA Mortgage Allows Non-Occupying Co-Borrowers
A Co-Borrower on many Conventional Loans must state that the Co-Borrower occupy the property therefore eliminating parents trying to co-sign on a deal because they want to reside in their current residence.
FHA Mortgages allows a Non-Occupying Co-Borrower to help in homeownership from a family member to help strengthen the loan. (Non-OCC's can be on Refinances but limited to 75-85% LTV rate/term & cashout)
 
The Co-Borrower must be a close family member or demonstrate a long-standing family relationship with the primary Borrower. If no such relationship can be verified, the LTV cannot exceed … (9 comments)

purchase: FHA Tip on Seasoning Issues - Don't Delay Closings - 05/28/08 08:16 PM

 
With the increase in FHA production in the last few months, there has been a lot of confusion on seasoning issues. 
With the market being a great investment for investors wishing to buy and sell houses, theres a major factor that gets overlooked many times.
Please arm yourself with knowledge so you won't delay a closing or lose out on a lot of money.
Financing through a FHA deal the seller must own the property (be the owner of record) for at least 90 days before he can sell the property. (He can go to contract on day 91 … (35 comments)

purchase: Balance and Zen in Homeownership - 05/05/08 12:14 AM
Zen in Homeownership 
Becoming a homeowner is the the biggest American Dream there is. Homeownership has great benefits. Homeownership also comes with certain responsibilities.We are in a time that people became too hasty and rushed in the home buyers market without thinking ahead of the percussions.
Yes it was great that there were more new homeowners in the past couple years than ever before but now that the dust has settled the numbers doubled to people losing their homes ever than before.Just because rates are hot, the loan programs made it so that anybody with a decent Fico can qualify or even … (11 comments)

purchase: Buyers Don't Fold your Cards, Use Your Ace Up Your Sleeve - 05/03/08 12:12 AM
The Pre-Flop
I work with a couple Real Estate Investors in the Virginia Beach Area and they mainly invest in Short Sales and Foreclosures to sell back to potential buyers.
I had a client pre-qualified up for a $200,000 FHA Mortgage and the client was interested in buying a short sale, I called up my Investor to ask for a few listings in that price range and showed my client the listings.
 
 
The Flop
My client was excited to see a house he wanted and worked with his Realtor to put in an offer.  He offered my investor $180,000 for the listed price at $185,000. … (10 comments)

purchase: Self Employed Program Still Alive and Kicking! - 04/02/08 09:53 PM
As many lenders out there are eliminating loan programs for the self-employed customers/derive their income from mostly from commissions, theres still hope.
I still feel like if you maintained good credit these borrowers should still have a chance to get a simple, fast, competitively-priced home financing done.
You’ve built a good credit rating. Now you can reap the rewards with convenient, streamlined refinancing from the Wells Fargo Mortgage Express  reduced-paperwork option.
Wells Fargo Mortgage Express offers: Convenience. There’s no need to hunt for tax returns, bank statements or pay stubs. Simply state your income and assets on your application. Speed. Your … (8 comments)

purchase: FHA is still a Super Star! - 04/01/08 08:52 PM
Many lenders out there are tightening their grip on strict guidelines and restrictions, its hard to find the right "Niche" for borrowers nowadays.
As many have perceived with FHA as a strict loan and strict appraisal standards, FHA has made a lot of improvements over the last few years.
FHA is still going strong as my "Super Star Loan Program" and should not be forgotten.
I have had much success with the following just as a clarification on my FHA guideline.

Low Down payment (only 3% cash investment) Closing costs can be paid by seller or lender through premium pricing Seller Concessions up … (9 comments)

purchase: FHA Secure Loan Program Clarification - 03/28/08 12:43 PM
Many people are asking about this type of program since alot of lenders they talked to don't offer it or have no clue on the program.
What is the program? 
The new FHA Secure loan program is a new refinance option that is being offered through the FHA to home owners that have fallen behind on their mortgage payments due to increasing interest rates and payments on their adjustable rate mortgages. The FHA Secure loan program is the Bush administrations initiative to slow the record foreclosure rate in America.
The FHA Secure loan program is designed to help home owners who took out subprime … (11 comments)

purchase: Golden Opportunity to buy - 03/19/08 05:35 PM
There's too much negativity in the news about the market and finance, I rarely turn on my TV anymore because of that.  My solution is to use RSS feeders to get the news and weed out the negativity and focus on what to bring to the table.
The point is just because they say we are in a slump let's start thinking outside the box, when one door shuts another door opens, am I right?
Optimism isn't always a frame of mind. It also has a lot to with your finances.
The golden opportunity here if you will in this real estate slump … (8 comments)

purchase: Virginia Beach Direct Lender - Prosperity Mortgage proud to be part of Wells Fargo Family - 03/15/08 06:41 PM

 
  I am so proud to be part of this family and I I couldn't ask for a better lender to work for as a Loan Officer.
Recently I got news that...
Congratulations -- We’re #1 Again!! A Message From The Retail Leadership Team For the 16th year running, WFHM is the #1 Retail lender. Congratulations!! This tremendous record is attributable to great teamwork and the dedication of the entire Retail team. In addition to extending a huge THANK YOU for your efforts, we also want to let you know how important it is to keep the streak alive. … (0 comments)

purchase: Is it time to Refinance Virginia Beach? - 03/14/08 08:22 PM

It's funny I get asked this question almost every day!
There are many stories and articles out there posted by bloggers, news media, analysts, agents etc that try to give a 10 page essay on the market and if its time to buy a house or refinance.  I don't know about everyone else but I like to keep things super simple (K.I.S.S - Keep It Super Simple) We have so many different generation gaps now a days and everyone being the expert we miss the bottom line here.
Can you use a lower payment?
Do you have equity in your house?
Do you want to … (5 comments)