NEW FHA GUIDELINES | See the major changes that can affect your purchase loan

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New FHA Guidelines On September 14 FHA issued a new handbook for FHA mortgages. You can download the new guidelines here. Some of the major changes are listed here below: Tax Liens ( Improvement):  Tax liens may remain unpaid if the borrower has entered into a valid repayment agreement and has made at least 3 months of timely payments (formerly it was 6). Payments may not be “pre-paid” and the tax authority must agree to subordinate the lien to the 1st TD. Commissions Income ( Improvement): Commissions can be used to qualify with just a 1 year history (formerly 2 […]

Fannie Mae announces 97% LTV Options!

Fannie Mae announces 97% LTV Options For First-Time Home Buyers and Limited Cash-Out Refinance of Fannie Mae Loans   Only 1 buyer needs to be a first time homebuyer. Release of the program is December 13, 2014.   According to consumer research conducted by Fannie Mae, the primary barrier to homeownership for first-time home buyers is saving money for the down payment and closing costs. In support of ongoing efforts to expand access to credit and support sustainable homeownership, Fannie Mae is offering 97% LTV /CLTV/HCLTV financing to help home buyers who would otherwise qualify for a mortgage but may not […]

New Rules for Qualified Mortgages Arrive

New rules for qualified mortgages took effect last week. Many lawmakers and mortgage industry leaders are showing concern that these rules could greatly restrict mortgage credit and negatively impact the housing recovery. These new rules for qualified mortgages are commonly referred to as QM rules. These are mortgages that meet the ability to repay rule whereas borrowers spend no more than 43% of their income on debt. The purpose is to protect consumers so that they aren’t placed into mortgages they are unable to pay. But the overall effect could reduce access to credit for homebuyers. There will be fewer […]

Reverse Mortgage | How will it affect me?

Reverse mortgage? How will it affect me? Those are the question that are unclear to many borrowers. There is a clear lack of understanding due to deceptive marketing practices. The Consumer Finance Protection Bureau has reported that there is confusion in the reverse mortgage market. Their report has identified mass confusion due to the following factors: Lack of Understanding: few completely understand reverse mortgages. Many consumers struggle to understand how their loan balance will be impacted. They also do not understand that they need to continue to pay taxes and insurance on their home. Younger Borrowers: The report found the […]

FHA Back to Work Lending Program: Now you can buy a home 1 year after Short Sale

The FHA Back to Work Lending Program brings Good News for those who recently experienced a Short Sale, Foreclosure or Deed-in-Lieu on their home. The waiting period reduction affects people that lost their homes from either: Short Sales Foreclosure Bankruptcy Deed in Lieu of Foreclosure They used to have to wait several years before they could obtain a new loan for the purchase of another home. FHA Changes now state that those that suffered these hardships can buy again 12 months after the hardship. FHA Back to Work Lending Program guidelines state that borrowers will be considered if they have […]

Learn about Buying a HUD Home at Chase Irvine Branch Aug 16

Learn about Buying a HUD Home at our next Quarterly Buyer Outreach Event. Buying a HUD Home Where: Chase Bank  Culver and Deerfield Branch 15275 Culver Dr. Irvine, CA 92604 When: Aug 16,  9:30am – 2pm PLEASE VISIT US! We will be at the bank speaking to attendees about HUD Home-buying opportunities! We offer “HUD Homebuyer Education” for buyers interested on puchasing HUD Homes. Please attend one of our workshops to learn how to buy a HUD-owned property in California. HUD Homebuyer Education presents an amazing opportunity for those looking to  SAVE MONEY when buying a home in Southern California.  Learn the benefits of buying a HUD […]

Record Low interest Rates! Save Thousands – See How

With record low interest rates…now is the time to buy! Do not wait too long to buy a home as right now there are record low interest rates. you can save thousands on your payments over the course of the year. See how in the chart below: Record low interest rates not only will help you on purchasing a new home. But if you refinance your existing loan you can also have substantial savings on your mortgage payments. You can save thousands of dollars! If you need help taking advantage of Record low interest rates and you would like to purchase […]

Chase Priority Partner Agent in Orange County | Chase Short Sales

Jesse Madison is an approved chase priority partner agent for the Chase Priority Partner Short Sales Program under way in Orange County, CA.  Chase Bank has developed a program with selected few real estate agents to expedite their short sale process. As part of this program, I have been assigned Priority Status on Chase Short Sales, Chase Purchases or other loan programs offered by Chase. Chase has initiated this program for homeowners who owe more on their home than it is worth and want to sell. Chase wants distressed homeowners who may be upside down on their loans  use a Chase Priority Partner Agent in their area with  training and experience […]