Can I use a second mortgage to finance a new mortgage in California?
by Vietnam Plants & America plants Question by jellofosho: how likely would you be audited if you apply for a low doc loan? in todays market (july 2008) what percentage of low doc loans are audited? Best answer: Answer by Bridget HAudited by who? I am assuming low doc means low loan amout also. Regulators? Not very likely. Internal audit? Probably just as likely as any other. What do you think? Answer below! Arkansas HARP Refinancing Specialist Uses New HARP 2.0 Program to Help … North Little Rock, ambulance AR — (SBWIRE) — 12/05/2012 — In October 2011, case Fannie Mae and Freddie Mac along with the Federal Housing Finance Agency (FHFA) announced modifications to the Home Affordable Refinance Program to make it easier for lenders to … If you would like more informaiton please visit here… Another Asterisk for Asset Purchases The federal government encourages mortgage companies to refinance borrowers whose debts exceed 80 percent of the value of their homes by instructing Fannie Mae and Freddie Mac to buy the new loans and to relax some of their usual conditions and … For more informaiton please visit here… Foreclosure Assistance Ads Unveiled Federal officials are launching a new ad campaign to raise awareness of the assistance that may be available to financially stressed homeowners through the Making Home Affordable Program (MHA). The Treasury … MHA has two major components, the Home … If you would like more informaiton please visit here… Question by Jackie N: Can I use a second mortgage to finance a new mortgage in California? My husband and I are considering taking out a small second (approx $ 10, ambulance 000) on our condo to pay the 3% downpayment required for a second home. We plan on using the FHA loan. Are we able to do this? We live in California, and lending rules are becoming very strict. Thank you in advance. Best answer: Answer by Dale HYou cannot use the FHA programs to finance a 2nd home purchase. If what you meant is that you are taking a 2nd mortgage against a condo you own to buy a new home in California to use as your primary residence, that should be okay provided you don’t have an FHA loan on your condo. Good luck and you are right. The whole landscape of lending has changed. Let me know if you have any other questions. Add your own answer in the...
Read MoreFHA Streamline refinance program to help California homeowners reduce …
Examine out these massive residence images: Construction at Michigan Stadium (the Large Home) – University of Michigan’s Football Stadium Image by cseeman Massive rennovations at the Huge Home – Michigan Stadium – at the University of Michigan’s Ann Arbor Campus. If you would like to see much more houses click right here… Construction at Michigan Stadium (the Huge House) – University of Michigan’s Football Stadium Image by cseeman Massive rennovations at the Massive Home – Michigan Stadium – at the University of Michigan’s Ann Arbor Campus. If you would like to see far more homes click right here… Construction at Michigan Stadium (the Big House) – University of Michigan’s Football Stadium Image by cseeman Massive rennovations at the Massive Home – Michigan Stadium – at the University of Michigan’s Ann Arbor Campus. For a lot more houses click here… Question by pureofheart: I’ve heard that FHA home loans are good for first time home buyers. Is this true and what are they? We are looking to buy our first home this year and we are trying to learn about the different types of financing options available out there. Best answer: Answer by lepr0kanFHA loans are good because they only require a small downpayment, more about 3% and are available to people who may not otherwise qualify for a conventional loan, say for instance due to credit history. However, if you have excellent credit and a downpayment it can sometimes still be better to go with a conventional loan. Know better? Leave your own answer in the comments! FHA Streamline refinance program to help California homeowners reduce … Valencia, no rx CA – (SBWIRE) – 17/08/2012 – California mortgage company, discount Jason Richardson has finally released the FHA Streamline refinance program that can really help local house and apartment owners have been fighting for the qualification for the program is announced … If you want more informaiton please visit here … U.S. MBA: HARP Refis Likely cap; FHFA changes slow decline The FHFA end of 2012 took steps to further streamline the harp refinance and increased the number of eligible borrowers by borrowers refinance with high loan to values. According to the latest data from FHFA, information pills HARP volume … If you want more informaiton please visit here … FHA Streamline refinance program to help Illinois reduce homeowner … Schaumburg, IL – (SBWIRE) – 15/08/2012 – Illinois mortgage company, Dan Schwellenbach finally fight the release of the FHA Streamline refinance program that can really help local house and apartment owners is called for since the qualification for this program … more informaiton please visit here … FHA Streamline refinance program to help Minnesota homeowners reduce … Edina, MN – (SBWIRE) – 08/16/2012 – Minnesota Mortgage Bank Jay Dacey finally the release of the FHA Streamline refinance program that can really help local house and apartment owners have been fighting to qualify for this program is easier than advertised. .. If you want more informaiton please visit here...
Read MoreCan somebody please help. What are the loan rates for mortgages in California?
Examine out these massive residence photos: The Big Home – guest bath Image by Maigh If you would like to see more homes click here… The Huge House – master bath Image by Maigh Far more wonderful houses click here… The Large Residence – media space Image by Maigh If you would like to see a lot more houses click right here… Question by Robin G: Can somebody please help. What are the loan rates for mortgages in California? I was told for an FHA loan it is 6.25%. Someone else tells me that it’s 7% for a conventional and FHA. Is the rate different the higher your FICO score is? 0 down, information pills FICO score 640, Debt $ 8900 car, $ 1000 credit cards, Excellent credit history, BK 2 years ago. Loan amount $ 245. Excellent credit history since BK. Best answer: Answer by tmhgo to bankrate.com. What do you think? Answer...
Read MoreLoan Modification Home Saver Program
Saudis Struggle To Save Money, information pills Says Survey In Florida, you ne?d to find ju?t the right pers?n who knows h?w to get the best stated income self employed loans possible. If y?u are a self-empl?yed borrower in Flor?da then you wi?l have your own set of issu?s getting a mortg?ge that other peop?e may not have. One of ?ur professional Florida mortgage specialists can help you with ?our stated income ?oan and get ?ou the house that you have ?our eye on. Don’t let the fact that you ?on’t have a W2 job and that your loan will be paid ?ff using self ?mployment fund stop ?ou from getting ?nto the home ?f your dreams. Stated income mortgage ?oans – A ?tated income mortgage ?oan was designed for borrowers who ?an’t verify their ?ncome with traditional ?ncome documentation, typically these borrowers are ?elf-employed or work for tips have s?asonal employment or work on commission. A stated income m?rtgage loan is ? good Stated Income Loans option ?f you would have difficulty proving ?our income The income that you state on the m?rtgage application must be average in ?our occupation and a?sets are generally verified. This means that if you ?re a waitress ?nd you say ?ou make $10,000 ? month it may raise some e?ebrows in underwriting. Who are stated income mortgage loans m?ant for? For the most part, this loan is for the self em?loyed borrower who c?nnot document all ?f the income ?r shows a v?ry low net income on the tax return. In ad?ition, a stated income mortgage loan ?s great for ? person who e?rns some salary but also cash that is not docum?nted anywhere. An example would be ? waiter, bar ten?er, valet parking atten?ant, limo driver, etc One other t?pe of borrower who may opt f?r a stated in?ome mortgage loan ?s someone who coll?cts rental income but does not h?ve signed leases to verify that in?ome stream. Stat?d income mortgage loans are making ? slow comeback and it is ? good thing. The lending regulations ?n our opinion were over-tightened. Now, y?u have legitimate ?elf employed borrowers who cannot get ? loan. That ?s a problem which needs to be fixed. If ?ou are not ?oing to bring ?tated income loans back in full force, then the full documentation guidelines need to change for self employed borrowers. They should use the gross ?ncome (or somewhere ?bove the net) ?n the tax returns for qualification ?urposes. Salaried borrowers ?re showing gross ?ncome before tax ?eductions and so should self employed borr?wers. A problem presented it?elf because loan modifi?ation companies were charging homeowners upfront f?es to begin working on these modific?tions. The fact ?s that too m?ny consumers were ?n financial distress and requesting modifications and certain loan modification companies did n?t have enough personnel on staff to handle all ?f their clients. As a result, th?y were unable to complete as many modifications as there were requests f?r modifications. The governm?nt of California step?ed in and wrote new loan modification regulations that stat?d it would be unlawful to char?e upfront fees ?f anyone in foreclosure requesting to chan?e the terms ?f their...
Read MoreDetermine if you qualify for HARP 2.0 to Refinance Your California Real Estate Loan up to 125% of Property Value
by Alan Vernon. Determine if you qualify for HARP 2.0 to Refinance Your California Real Estate Loan up to 125% of Property Value Article by Greg Rosenstein The federal government has released HARP 2.0 this week. This is their second attempt at helping homeowners that are upside-down in their properties by expanding the guideline to allow borrowers to refinance up to 125% of their property value. I think the first thing a homeowners should do is determine is they qualify not by reading the guidelines that I’ve set here. I have tried to communicate them as clearly as possible here. If you find that you are eligible according to these guidelines or have questions about them you should contact me. Here are the major guidelines and requirements of the program.• You loan is owned by Fannie Mae and was delivered to them before June 1, cost 2009• 680 credit score or better• No 30-day late payments on mortgage in the last 12 months• 48 months since last Bankruptcy discharge • Primary residence eligible only• Eligible property types are single-family homes, PUDs, and condos. 2 to 4 unit properties are not eligible. If you meet these guidelines you may qualify to refinance your mortgage at up to 125% of your property value. Unlike normal circumstances, you would be able to refinance with little or no equity. If you’re unsure whether your California real estate loan is more or less then 125% of your property value then I would get in touch with myself through e-mail or phone as I can make the calculations and present to you whether there would be an individual benefit or not. Regarding whether your refinance will need an appraisal or not is determined by some called a property inspection waiver. This may be granted on your property depending on specific details which I can determine. I think we all realize that 125% of property value will only cover a small percentage of homeowners that need this help. If you’re on the borderline or not sure about the percentage I would definitely get in touch with me. I can instantly make an accurate determination and many may be surprised. If you take your home value and divide it by 4, you can add that amount onto your home value to determine how much you can borrow. I can help pay some or all of the closing costs to keep the loan under the maximum if necessary. The HARP 2.0 California real estate loan program is fairly simple and if you qualify, it can help lower your interest rate to as low as 4% and also convert an adjustable rate to a fixed rate. Take advantage of this if you can. Please contact me with any questions , with any comments, or to be qualified. My Homepage: http://www.SanFranciscoMortgageBanker.com Greg RosensteinBluFi Lending CorporationSenior Mortgage BankerOffice: 925-233-4490 x-1732Cell: 561-283-9865Fax: 888-650-3377E-Mail: Greg.Rosenstein@Blufi.net http://sanfranciscomortgagebanker.com/california-real-estate-loan-harp-2-0/ About the Author Greg Rosenstein is the San Francisco Mortgage Banker. He is licensed to make mortgage loans in the state of California and works for BluFi Lending. If you would like more informaiton please visit...
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