Down Payment Assistance Arizona
http://GetPrequalified.com Gift Money may be available in your state. There are 15 states that are now qualified. Be sure to visit GetPrequalified.com to see if there is gift money available in your state. Down Payment Assistance may be available in your state.
Duration : 0:0:46
Affordable Advantage Zero Down Payment Program in MN
Zero Down Payment Home Loans for first time home buyers are back in Minnesota with the new AFFORDABLE ADVANTAGE program. Apply online with Mortgages Unlimited and the Joe Metzler Team.
Duration : 0:2:26
Down Payment + what forms + How much do I need with Vancouver Canada mortgage broker BC Mark Fidgett
http://www.notapennydown.com . Mark Fidgett, a mortgage broker in Vancouver Canada, explains down payment in Vancouver. How much do I need, what form can a down payment take.
Duration : 0:3:18
atlanta ga free home buyer down payment assistance money
atlanta ga free down payment assistance money
Duration : 0:3:13
Is a Pre Approval an Approval? Mortgage Financing
http://MortgagesInVancouver.com
Too many people making offers on homes are getting themselves into trouble thinking that their PreApproval that they got from the bank is an actual Approval. To sweeten offers they are taking off Subject to Financing and then getting locked into a contract with no money to back up the purchase because their financing has fallen through.
Pre Approvals are not Approvals. Period.
Getting a full approval from the bank is actually quite time consuming for underwriters (the people at the banks and lending institutions) and to take this much time on “non live” deals makes it silly from a cost stand point.
So then what is a pre approval and why should you bother getting one?
Well first off, it helps you to get a general ball park figure about what your are potentially worth to a bank. Then you can add that to your down payment and hand it to your Realtor and start looking at houses.
If you go as far as to get a Pre Approval in writing from them it can also lock you into whatever today’s low rates are for 90-120 days depending on the institution. This is obviously a huge benefit as well but again, it does take a day or two (depending on the institution) to get and if you go to banks directly they may not offer that up front unless you ask.
Now what is the difference between walking into your bank and going to a Mortgage Broker (a Good Mortgage Broker)? Obviously the Broker is aware of their own hours too and doesn’t want to waste them but typically a Mortgage Broker will not only ask you the preliminary questions like your bank but they will ask the more probing ones to help you understand UP FONT what paper work will be needed to complete a full mortgage application/file and how to qualify your income and down payment PROPERLY to ensure that your pre approval is as accurate and solid as possible.
When you are asked during a Pre Approval how much money do you make and how much will you have for a down payment and what do you think your credit score is etc, you may not, and should not be expected to know, how to properly answer those questions.
For example, just because you make $60k this year does not necessarily mean that you make $60k a year in the banks eyes. You may in actual fact only make $40k salary and $15k commission and $5k bonuses. That is not $60k to a lender. Anytime you have something variable to your income it is never straight forward.
Properly qualifying you for a Pre Approval is important. There is nothing worse then thinking you are worth $300,000, finding the house of your dreams and making an offer only to find that you did not properly qualify a few items on the list or didn’t have access to the proper paperwork and now your deal has fallen through.
If you would like to take a more in depth look at what your your financial situation is and how a bank will value you, feel welcome to give me a call or email anytime. Alternatively you can also fill out an application online at http://www.mortgagecentrecitywide.com/application_policy.php?agent_id=17.
Be sure to subscribe to my channel and leave comments and questions. I am here to help 7 days a week, even while you are making an offer on a new home.
Leah Coss
604.313.9996
Coss.L@mortgagecentre.com
http://mortgagesinvancouver.com
Duration : 0:4:1
Down Payment Assistance.mov
CityOfCollegeStationhttp://gdata.youtube.com/feeds/api/users/cityofcollegestationEntertainmentDown, Payment, AssistanceDown Payment Assistance.mov
Duration : 0:1:23
First Time Home Buyer Tax Credit, FHA Loans, Low Mortgage Interest Rate Program
Tax Credit for First Time Home Buyer Program, with Low Down Payment and Interest Rates thru Government Loan Assistance and FHA Mortgage. Buy Cheap Bank Foreclosures. Go To http://RealEstateMarketingThisWeek.com
Part 7 (Excerpt)
FHA Guidelines regarding foreclosures and first time home buyers; incredible home buying value
Ok I was just checking because I thought this was a story about all the mortgage backed securities that were going under. It started at the top and it worked its way down. The reality of it is that people were buying homes, not reading what they were signing, not understanding how it worked and shame on the people who were putting it in front of them, knowing that they didnt know and we all need to take a little responsibility here for this past crisis. It is not just the Wall Street firms; its not just the mortgage companies and banks, the brokers have little in fact to do with it, we didnt create the loan products that people were buying, we were merely disseminating it to the public. I am glad to say I was not a part of any of that. I was able to stay away and do traditional, conventional type financing for people. So luckily I didnt have a lot of clients who got stuck into that nightmare.
Speaking of that nightmare, Dan when we talk about the people who have had foreclosures, their lives have been turned around, turned over and they think that there is no where for them to go. One of the nice things about the Federal Housing Administration loan, the FHA loan, thats the first time home buyer type loan, the minimum down payment loan, its only 3 years after you have had a foreclosure that you can qualify to purchase a home again. So it is important if you have had a foreclosure, you need to point your future away from the flame, you need to save your money, do your best, work as tightly as you can on a budget and look forward to that time when you can go back out and buy a home again.
Property values are going to be up from where they are today, but there is still going to be plenty of great value out there and there are not going to be loan products that are going to get you in trouble again. They wont exist. What really caused the great inflation in home values starting in about 2002 was the financing was just getting crazy. I wont get into a whole lot of technical stuff about mortgage backed securities and all that, but the lenders were creating products, selling them off their books, thinking that they would never have to worry about them again. They sold trillions of dollars worth of these loans and those are the ones that are going bad.
Ones that were toxic in the first place: the stated incomes, the option ARMs, all those loans are all gone now. I was saying earlier today that we are back to where we were in financing in 1992-1993, back when the median home price was $75,000. Now I dont think we are going to go anywhere near that again, I think at $130,000 we are getting real close to the bottom of the market and what I was thinking was when I got into the business in 1995 and you were in at about the same time I was, and I remember talking to a guy who comes into our office to sell us loan programs, now this is the very beginning of the really crazy stuff, and he was saying we can do 70% no doc loans.
We go, what do you mean? If somebody puts down 30% they dont have to verify anything, they dont have to verify their employment; they dont have to verify taxes, anything. We were absolutely floored, but by the peak of the market we were doing 100% no doc loans. If you were breathing they gave you a loan and the credit scores didnt have to be that high, I think I saw them as low as 600…
Duration : 0:5:36
Foreclosure BC Part 1 Vancouver mortgage broker Mark Fidgett & lawyer Tony Spagnuolo
Part 1 http://www.notapennydown.com . Mark Fidgett, a mortgage broker in Vancouver Canada and Tony spagnuolo from www.BCrealestatelawyers.com explain the foreclosure process in BC
Duration : 0:8:25
First Time Home Buyer Tax Credit Program, FHA Mortgage, Fixed Interest Rate Loan
$8000 Tax Credit for First Time Home Buyers with Low Down Payment. Lender Finance Program with Low Payment and Fixed Interest Rate on FHA Mortgage and Government Assistance. Go To http://RealEstateMarketingThisWeek.com
Part 8 (Excerpt)
Analyzing tax returns for self employed and small business owners; Use a Mortgage Planning Expert
Credit scores now are a major factor with interest rates. You see the liars up on the internet with interest rates being at 4.625% and all this kind of hocus pocus, its not true. You are never going to qualify for that rate today. They are going to lie to you, once you sign and see the fine print you are going to realize that it is a ridiculous idea to pay that amount of money in fees.
Credit scores have to be significantly higher than they used to, but again I have to tell you, its my opinions that a 70% no doc loan with someone who has a 720 or higher credit score I believe is a good loan. I personally believe that at some point it will be brought back.
I am not arguing with that, with a good FICO score I can agree with a 20% down for a stated income loan. People are encouraged through our tax system to write off all of their expenses and so often we have small business people who really are making money but because they take advantage of our tax system they are not able to get a loan. They cant qualify based upon their income.
In a lot of cases yes, but once again I definitely want to point his out just because someone is self employed and owns a small business and they do write everything off, that does not mean that they will not qualify. They may have been told now that they have to go stated income because of tax returns, but most people, the small business owner, the consumer doesnt know how to analyze his taxes, whether or not he is going to qualify for financing thats not his area.
Most CPAs dont even know how to analyze taxes to extrapolate enough income back out where we can use it as income, so just because a person is self employed does not mean that they cant qualify for financing and honestly nothing could be further from the truth. Plenty of people self employed, small business owners will qualify using their tax returns.
I think that anyone right now who doesnt own a home should be giving you a call getting pre-qualified. If nothing else give you a call and see what you can do. So you say, I wrote off a bunch of stuff last year and I am not going to be able to buy a house well maybe you can. But get in there, have a professional, have someone who knows what to do, whos been in the business for 15 years, have them take a look at it and decide whether or not you can really get that loan.
One of the things with my mortgage education; I am a certified mortgage planner. I am a certified mortgage analyst and a certified mortgage planning specialist. The significant part of that training and those certificates is in analyzing complex tax returns and we analyze complicated tax returns for professional athletes, for professional musicians, all the time. There is income always, it is just a matter of knowing how to get all of it out there. So I think we have kind of hit that.
So yes if you dont own a home today and you have been told NO, you need to find out if the person who told you no is qualified to tell you no, #1, and #2, less than 15% of the lenders in Arizona are qualified to do FHA loans. Those are the loans we are talking about, $100 down to buy a HUD-home, less than 3.5% down to buy a house with the best interest rates that we have seen in my career, its crazy not to look at your options.
If a lender does tell you no, it would be like going to a doctor and he says you have to have your arm amputated because you have a pimple on it. I think you are going to go get a second opinion, maybe even a third. To make sure you dont have to have it cut off. And that is exactly what we have here, if you go to a lender and he says, Well you are going to have to put down 20% you know he is not an FHA lender. So run out of there and call Michael at Velocity Financial and get yourself pre qualified.
Dan Havey, you have a great website, its called http://discountdreamhome.com and why dont you talk real quick about that. Its real simple, if you are looking to buy a foreclosed home, and as we discussed earlier they are many times the best homes to buy right now, they are vacant, they obviously have a highly motivated seller. You dont have to deal with all the troubles you would have to deal with from a regular or as we refer to them, an organic seller, because a lot of these people are upside down.
Duration : 0:7:49
New Mortgage Rules, Vancouver Mortgage Broker Mark Fidgett
http://www.notapennydown.com . Mark Fidgett, a mortgage broker in Vancouver Canada, explains new mortgage rules in Vancouver BC Canada
Duration : 0:2:27
Boost Your Credit Score by 135 Points
Discover how to DELETE 30, 60, 90, 120, and even 150 day late-pays from your credit report virtually overnight!
Click Here for
Your risk free trial!
Here’s How You Can Boost Your Credit Score By 135 Points Or More In Just 37 Days
Discover how to DELETE 30, 60, 90, 120, and even 150 day late-pays from your credit report virtually overnight!
Click Here for
Your risk free trial!
