Freedom mortgage

[Lomax]

FOR REFI'S OR PURCHASES IM YOUR GO TO GUY !! IF YOUR A REALTOR, EMAIL A LINK OF YOUR MLS's AND I"LL SHOW YOU HOW WE CAN ASSIST EACH OTHER

rates are crazy low...today waas the day for sure. just locked 2 FHA streamline refi's at 5.675%

[MarylandMark]

whats happenin mark

Times are tough...

We are doing about 40 appraisals a month; I get 5-8 and my Boss gets the rest. I'm glad I didn't leave the phone company do appraise full time! I only have about $1K invested in this 2nd career and more than made that back (phone company paid for my schooling) so don't regret it but not going to get me Top Gun money any time soon either.

My Boss was in the car biz before going in to the appraisal biz so not like he can fall back on that these days either.

Great rates you got there- hope they spur the industry. My market is 40%+ down from the 05 highs. 3/2 townhouse for $115K @ 6% and can rent in the $1200 range- more than covers the nut and seeing some smaller investors jumping back in with the Dow free falling.

The plus for me is they raised the standards for appraisers and the market sucks so nobody is going in to the business- when it gets back to normal I'm going to get rich!! LOL- or at least that is what I keep telling myself.

Another plus is more lenders are going to where they can only send 25% to any one appraiser. I'm going to start my own company and my current boss will work for me, I'll work for him so we can be on the approved appraisers list twice.

Hope all is well and gets better soon Bern!

[Lomax]

good stuff bro...i think the spring is gonna be awesoem, just a matter of hangin on til then. were still seeing a steady stream of apps from buyers, and now also getting some refi stuff...FHA streamlines are startin to hit as well

[Lomax]

URGENT MARKET ANNOUNCEMENT!



The government has finally announced plans to directly buy mortgage paper in the open market. The Fed wants interest rates to be significantly lower than they are.

What does this mean??? Well, rates have been pretty low already, right? Yes, historically thinking, rates @ 6% are great.

So how does a 5.5% 30 yr fixed rate sound?


TODAY, I will do 5.5% FHA 30 yr fixed, NO POINTS…folks this is a RIGHT NOW #. (subject to market swings)

FICO for this must be over 600…( there are extra points for those under 600)

I implore you, contact me today & let’s work together to save you some serious money. I will be here until the early evening, at least.


Do you know anyone who may want to refinance? (yes, people still do that) If you can prove income, & you have any equity at all, I can refinance to consolidate debt, payoff loans faster, lower rates & payments. For someone with a 6.5% rate who owes $275,000 & refinances to a 5.5% fixed, they can save @$180 a month. Add in savings from debt consolidation, & the savings can be dramatically higher. Now is the time, while the opportunity exists, before values drop, before anyone loses a job, etc. The hardest hit by the “credit crunch” are people affected by the following:

· Homeowners with “frozen” home equity lines of credit- caused by a drop in value of the home- many of these lines are un-accessible. Refi & combine a 1st & 2nd.

· Homeowners unable to prove all of their income- these people were usually able to get mortgages in the past with stated or no doc loans that no longer exist, often we can do a full doc loan with high debt ratios for those self employed or lower income borrowers with our extended program offerings.

· Homeowners who have lost equity in their homes due to market conditions- we can refinance up to 97.75% of current value with a fixed FHA loan.

· Homeowners whose FICO scores have dropped due to late credit card payments, etc. – FHA is not FICO score driven. Many of these borrowers can still refinance, we lend as low as 500 FICO on FHA. I have recently approved a loan for a 514 fico at maximum LTV. Our underwriters will consider the overall quality of the loan.

So, who do you know that I can help? Maybe even a friend, family member, or neighbor? Let’s improve someone’s financial picture today!

·

·

· DETAILS:

· The Fed announced not one, but two programs--either one of which would have a tremendous effect on MBS,( Mortgage backed securities) but taken in conjunction could cause rates to drop dramatically

Program 1: Purchasing GSE and FHLB MBS

Fed announced this morning that it will buy both MBS and other direct obligations from GSE's and FHLB's. We've been seeing ever since Frannie Bailout that the government could not possibly be happy with MBS spreads. Certainly, after Paulson and Lockhart specifically referenced spreads and MBS weeks ago, we knew they understood how crucial low rates were to our recovery, and that they finally "got it." Certainly they would now ensure that rates would go lower. Or so we thought.

As far as small potatoes, they will buy up to $100 bln in direct obligations (not MBS, but it helps unburden capital). Now for the steak: They will select asset managers before year end to begin purchasing up to $500bln of MBS. Yes, just MBS. This may not be Agency TBA MBS, but it doesn't matter. For every dollar of old conforming SISA stuff they buy, Frannie have another dollar to participate in the current TBA market.

Program 2: What A Talf!

The FRB is creating a Term Asset Backed Securities Loan Facility. The premise is simple. ABS issuance (think student, auto, credit card, and SBA loans) is down and spreads have been up. This has exacerbated the credit crisis and is the reason you hear about people having a hard time getting consumer loans.

Under this program, the FRB of NY will lend up to $200bln secured by existing ABS. The treasury will absorb the first $20 bln of any losses which will further decrease risk on the secondary ABS market and certainly decrease spreads.

This is huge!

[Hauling Trash]

What up Bernie

[Lomax]

what up bernie

not mortgage rates thats for sure !!! 5.5% 30 year fha fixed and will waive the $495.00 application fee for serious offshore members !!

[Lomax]

ttt

[Lomax]

Need a mortgage ??? First time home buyers $8000.00 tax credit !! Zero down va loans, 3.5% down payment fha loans, refinancing, conventional freedom mortgage does them all "direct lender, not a broker" means no junk fees !! bneuhaus@fmbranch.com

[wildthing]

What is the going rate for a 30 yr fixxed.

[Lomax]

Buying a home? Want to refinance your exsisting mortgage ?Need a fast & Easy Pre-approval, mortgage advice & an introduction to some of the best real estate professionals in the area? ( Realtors, attorney's, home inspectors, insurance agents, & more) Contact me! (732) 539-5882 or email bneuhaus@fmbranch.com

[Lomax]

What is the going rate for a 30 yr fixxed.

rate for what ? purchase ? refi ? primary residence ? credit score ? loan to value ? there's noway to precisely quote a rate without all the variables. BUT if your purchasing a primary residence and lock today 5.5% NO POINTS n NO APP FEE !

[Lomax]

Home Buyer Tax Credit at a Glance

The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. It also authorized a tax credit of up to $6,500 for qualified repeat home buyers.

$8,000 First-time Home Buyer Tax Credit at a Glance

•The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.

•The tax credit does not have to be repaid.

•The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.

•The tax credit applies only to homes priced at $800,000 or less.

•The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

•For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.

•For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance

•To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.

•The tax credit does not have to be repaid.

•The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $6,500.

•The tax credit applies only to homes priced at $800,000 or less.

•The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.

•Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

For more information, including a F.A.Q. list, visit www.federalhousingtaxcredit.com

[Lomax]

"Points" Who pays points & why:

Paying ‘Points'- Good or Bad?

•Discount points- Used to reduce a borrowers interest rate. One point = 1% of the amount borrowed. Rule of thumb is 1 point reduces interest rate by approx .25% on a 30 year loan.

•*Can be deducted on income taxes- ( up front mortgage interest )

•Should a borrower pay points? This depends on the individual borrower's scenario. The mortgage crisis of the last couple years has created a shift in how mortgage rates are offered. With the average loan being paid off or refinanced in a much shorter period of time, lenders are looking for ways to earn a better return over a shorter period of time. Often, the best ‘value' in terms of rate/fee combination is offered to buyers willing to pay around one discount point on their loan.

•Consider the following example:

Sales price $350,000 & 20% ($70,000 )down payment. Loan amount $280,000 and a 30 year fixed rate loan. ‘Zero' point loan at 5.25% ( par rate ) P&I = $1546.17 0.875% Discount point, reduces rate to 5%, new P&I = $1503.10 Monthly savings of $43.07 Initial cost of discount = $2450 After tax ‘net cost' = $1837.50 ( Assumes 25% tax bracket ) Break-even calculation $1837.50 / $43.07= 42.66 payments If the borrower keeps the loan for 43 payments, they break even on this discount. For every month after 43 months, they are saving money. Potential savings over life of the loan=$15,505.20, a ‘sure thing'.

[Lomax]

APPLYING FOR A MORTGAGE? HERE'S WHAT NOT TO DO

APPLYING FOR A MORTGAGE? HERE'S WHAT NOT TO DO


So, you've decided to buy a home, congratulations! Whether you are putting a lot down or a little, or whether you are going to use an FHA or VA loan, or seek conventional financing, there are a few items you may want to take note of & try to avoid doing anything that may harm your chances before making any moves. I will attempt to list as many as I can, & perhaps the Active Rain Community can chime in with anything I may have missed.

First, a little background. Loan decisions are based on numerous factors, some of which are FICO score, employment history, income documentation, payment history, debt ratio, & more. You may already have everything you need in place, but perhaps feel that you should make some changes, to 'pretty up' your individual situation prior to applying. Sometimes, this is the case, but quite often, things you change can actually hurt you, no matter how much sense they seem to make.

For example:

Let's say you make some pretty good money at your current job, but feel with stronger income, you may be easier to approve or even afford more home. So you trade in your $50k base salary for a job with a $30,000 base, but with monthly commissions, or overtime giving you the potential to earn up to $70k annually. Sounds good, right? I mean, more income means more $$$ to pay that loan with. Unfortunately for you, you have now reduced your income in the eyes of an underwriter! That's right, since you don't have a 2 year history of getting paid overtime, or commissions, this 'extra' income cannot be counted in terms of qualifying. the majority of loan programs require you to prove a successful 2 year history of this type of income, & you have now reduced the available income to be used for qualifying. LOAN DENIED.



Another common mistake is to try to 'clean up' your credit report prior to applying for a loan. Maybe you've gone to one of the online websites that provides you with your credit report, & you see a few old collection accounts that are for small amounts of money. Or perhaps, you feel you have 'too many' credit cards & think you should close out any you are not using. Unfortunately, these moves can have a devastating effect on your credit report, by actually LOWERING YOUR CREDIT SCORE. That's right, what you have done by paying off old collection accounts is to update the 'last action' date on those accounts bringing them back to life & into the crosshairs of the FICO scoring machine. Your mortgage lender probably does not care about collections under $1,000 & more than a year old, so ask your loan officer if they should be touched before you do anything with them. As for the accounts you are not using? By closing them, you are actually denying yourself available credit! Part of the FICO scoring model is based on the amount or percentage of utilization of your available credit. The higher percentage you have available, the better. Another factor is age of tradelines. If you close an account with a ten year history, you are robing your credit profile of an important asset! Again don't make these moves unless you have been instructed to do so by someone involved with your loan application. Otherwise, you may have your LOAN DENIED.



Need a new car? Please resist the urge until after your loan has been closed to upgrade from your $200 a month payment to that sweet deal for $550 a month, especially if you've got a high debt ratio to begin with! Family member needs a new ride? Please don't co-sign for them just yet, as their new debt becomes your new debt! Even if you are not making the payments, you are responsible for them, & this payment will be counted against your available income in terms of qualifying. You want to live in a new home, not your new car, so don't get your LOAN DENIED.




Other words of general advice:

Don't put off buying a home so you can wait to save just a little more money. If interest rates go up just a little bit, the extra money you will have saved may not offset the difference in payments.

Please get pre-approved before starting to go out & shop for a home in earnest. This will save you & your agent a potentially significant amount of time, & will help you understand the relationship of price to payment, as well as finding out that you can actually get the loan!

There are other 'don'ts' so be sure to find yourself someone to discuss your individual situation with. I have listed some of the most common items we encounter that are easily avoidable. Best of luck in your search for the perfect home, & let's hope you also get approved for a great loan!

[Lomax]

LOWEST RATES IN 25 YEARS !! In the market to purchase a new home ? Contact me for your Pre-Approval !! Is your current mortgage rate higher then 5.125% ? It's TIME to REFI- Come get your rates in the 4's. If you need help, or know someone who does, give me a call. Straight talk & no surprises. Nothing but smiles & savings (732) 938-2252 x 306 or email me at bneuhaus@fmbranch.com DIRECT LENDER NOT A BROKER !!

SUPER FAST STREAMLINES AVAILABLE FOR THOSE WHO ARE CURRENTLY IN AN FHA MORTGAGE !!