Happy Valentine’s Day

With the release of HARP 2.0 February is an exciting month.   Homeowners can refinance to lower their interest rates regardless of the lack of equity.  The loan must be owned by Fannie Mae or Freddie Mack to take advantage of this opportunity.  Call any one of our Loan Originators and we will look up your loan.  Platinum Mortgage Company is approved by over 30 Lenders to bring you yet another debt relief and money saving option.  INVESTORS and NON OWNER OCCUPIED properties are also included.

Homeowners can determine if they have a Fannie Mae or Freddie Mac loan by going to:

http://www.FannieMae.com/loanlookup/ or calling 800-7FANNIE (8 am to 8 pm ET)
https://ww3.FreddieMac.com/corporate/ or 800-FREDDIE (8 am to 8 pm ET)

Pick ya good Mortgage Company to work with. A good Loan Officer VS a bad one could cost your home.  

Make sure your Loan originator can offer you what you need not what they want you to have. Make sure they know how credit works, if they tell you to pay off collections and debt stop and get a second opinion.  Make sure they quote your mortgage with your budget in mind.  For those of you who have trouble saving there are programs that can help with your down payment.  In plain English make sure your loan originator gives you options and that they can explain the pros and cons of each option.

You can access our website at www.pmcmortgageloans.com or visit our facebook page. 

Education is the key to a successful transaction.  Get educated before you sign.

Written By:
Karmel Roe NMLS 350250 l DRE 01276427

Broker / MLO With Platinum Mortgage Company | Website www.pmcmortgageloans.com
E-mail: Karmel @pmcmortgageloans.com.

FOR PRE-APPROVAL :

http://pmcmortgageloans.com/mortgage_application.php

First, Complete out a loan application on our website -Go tohttp://www.pmcmortgageloans.com
-Click on Apply Now at the top
-Scroll to the middle of the page and Click on 3. Full Application

Freddie to the rescue! THE NEW HARP 2.0 SOLUTION IS HERE!

IS YOUR HOUSE UNDERWATER? CURRENT ON YOUR PAYMENT, BUT CANNOT REFINANCE DUE TO LACK OF EQUITY ON YOUR PROPERTY?

You may have heard I was declined because my home is upside down. Hello, isn’t everyone? I owe more than what my house is worth. What can I do? You can pray. You can give the keys back to the bank or simply just walk away. But wait Freddie is here!

Per Fannie Mae, the estimated number of borrowers eligible to refinance under the new HARP 2.0 guidelines is an astounding 9 million homeowners.

Freddie Mac Harp 2.0 mirrors many of the features and benefits Fannie Mae owned homes, known as DU refinance plus. Last October 2011 there was talk that Freddie Mac had to do something to help homeowners and they did. But it takes time for the banking industry to gear up their systems and get ready for the wave of new borrowers.

The primary changes to Harp are the reduction of pricing adjustments on all Harp loans which allows borrowers to save more money than they could before, LTV up to 125% primary homes, removing the 125% CLTV restriction for subordinate financing, and the ability to not require appraisals.

HIGHLIGHTS:

• Unlimited LTV, CLTV, and HCLTV
• No minimum credit score
• All occupancy is acceptable (OO, 2nd HM, NOO, 1-4 Units)
• MI to MI Loans are now eligible up to 125% LTV (MGIC, RMIC, PMI and Genworth)
• MI Companies will now accept PIW when DU Findings support

This week is the first time Freddie Mac 2.0 provides much needed relief to underwater borrowers who have been making their payments but have been unable to refinance due to a lack of equity in their homes. How do you know if my house is Freddie Mac owned or Fannie Mae owned?  

Homeowners can determine if they have a Fannie Mae or Freddie Mac loan by going to:
http://www.FannieMae.com/loanlookup/ or calling 800-7FANNIE (8 am to 8 pm ET)
https://ww3.FreddieMac.com/corporate/ or 800-FREDDIE (8 am to 8 pm ET) www.freddiemac.com/mymortgage/
www.fanniemae.com/loanlookup/

Written By:

William Ponce - NMLS 247890 l DRE 01295483
MLO With Platinum Mortgage Company

Website www.pmcmortgageloans.com
E-mail:  William @pmcmortgageloans.com

FOR PRE-APPROVAL :

http://pmcmortgageloans.com/mortgage_application.php

First, Complete out a loan application on our website -Go tohttp://www.pmcmortgageloans.com
-Click on Apply Now at the top
-Scroll to the middle of the page and Click on 3. Full Application

FHA vs. Conventional Financing

FHA vs. Conventional Financing

There are several options that one has when purchasing a home...how many rooms, one story or two, this neighborhood or that one..remember, Location, Location, Location! Besides these obvious choices, the buyer also has a choice when it comes to financing; local bank or private mortgage broker, brick-and-mortar lender or online lending institution, FHA or Conventional? The possibilities do not end with just the physical aspects of the home itself, but rather continue through to the end of the entire transaction until the buyer is handed the keys to their new home.

The obvious pros and cons of choosing particular aspects of a home are obvious, but might not

seem so crystal clear when it comes to deciding whether to go with the increasingly-popular FHA loan or going with a conventional one instead. Knowing the basics about each one is paramount to getting the buyer into a loan that he or she will be happy with when all is said and done. Though both loans essentially serve the same purpose, each one has specific characteristics that make each one individual.
The Pros of an FHA Loan

• Low down-payment requirement (3.5% to be exact)
• No pre-payment penalty
• Ability to use gift funds towards down-payment and closing costs
• FHA loans are sometimes assumable
• Offer funding for home improvement

The Cons of an FHA Loan

• Loan amounts are limited according to area
• Expensive UpFront Mortgage Premiums
• Must have established credit to qualify
• Rigid Mortgage Insurance structure
• Limited loan options

Conventional Loan Pro

• Lenders are sometimes more willing to keep loan in their portfolio, meaning more lenient underwriting guidelinesLenders might be willing to negotiate certain loan fees
• More creative financing options

Conventional Loan Con

• Larger down-payment required
• Interest rates can exceed those of FHA loans
• Lender can impose prepayment penalties and other fees
• Loans with an LTV higher than 80% can require Private Mortgage Insurance

Depending on the borrower's particular situation, one loan might work out better for them. The

key to closing the deal is making sure that you align yourself with a lender that can offer you a yriad

of lender programs so that you minimize the chance of alienating your client and maximize your

opportunity to gain another referral.

If you have additional questions, or have a file you would like to discuss, do not hesitate to give

us a call. Remember, keeping yourself informed of all of the latest programs can put you a step ahead

of the competition!

Written By:

Melba Baquero
Broker Associate / Mortgage Loan Originator With Platinum Mortgage CompanyE-mail: Melba@ pmcmortgageloans.com.
Website: www.pmcmortgageloans.com

DRE 01354095/NMLS 255430

FOR PRE-APPROVAL :

http://pmcmortgageloans.com/mortgage_application.php

First, Complete out a loan application on our website -Go tohttp://www.pmcmortgageloans.com
-Click on Apply Now at the top
-Scroll to the middle of the page and Click on 3. Full Application

THE TOP 10 CREDIT DOs AND DON’Ts DURING THE LOAN PROCESS

THE TOP 10 CREDIT DOs AND DON’Ts DURING THE LOAN PROCESS

Following are some helpful tips to avoid the credit mistakes many borrowers make during the loan process:

1.     DON’T APPLY FOR NEW CREDIT OF ANY KIND, including those “You have been pre-approved” credit card invitations that you receive in the mail. Every time that you have your credit pulled by a potential creditor or lender, you lose points from your credit score immediately. Depending on the elements in your current credit report, you could lose anywhere from 2-50 points for one hard inquiry.

2.     DON’T PAY OFF COLLECTIONS OR CHARGE-OFFS during the loan process. Paying collections will decrease the credit score immediately due to the date of last activity becoming recent. If you want to pay off old accounts, do it through closing and make sure that 1) you validate that the debt is yours, and 2) that the creditor agrees to give you a letter of deletion.
3.     DON’T CLOSE CREDIT CARD ACCOUNTS. If you close a credit card account it will appear to the FICO that your debt ratio has gone up. Also, closing a card will affect other factors in the score such as length of credit history. If you have to close a credit card account, do it after closing, and make sure it is a more recent account.
4.     DON’T MAX OUT OR OVER-CHARGE YOUR CREDIT CARD ACCOUNTS. This is the fastest way to bring your score down 50-100 points immediately. Try to keep your credit card balances below 30% of their available limit at all times during the loan process. If you decide to pay down balances, do it across the board - make an extra payment on all of your cards at the same time.
5.     DON’T CONSOLIDATE YOUR DEBT ONTO 1 OR 2 CREDIT CARDS. It seems like it would be the smart thing to do, however, when you consolidate all of your debt onto one card, it appears that you are maxed out on that card, and the system will penalize you as mentioned above in 4. If you want to save money on credit card interest rates, wait until after closing.
6.     DON’T DO ANYTHING TO CAUSE A RED FLAG TO BE RAISED BY THE SCORING SYSTEM. This would include adding new accounts, co-signing on a loan, changing your name or address with the bureaus. The less activity on your reports during the loan process, the better.
7.     DO JOIN A CREDIT WATCH PROGRAM. If you join a credit watch program, you can check your reports weekly, or even daily depending on the program you select. (When you pull your own reports, you don’t get dinged for a hard inquiry.) This way, if something does show up on your reports that has caused your score to go down, you’ll know it immediately, and you may be able to take care of the problem before closing.
8.     DO STAY CURRENT ON EXISTING ACCOUNTS. Like your mortgage and car payments. One 30-day late can cost you anywhere from 30-75.
9.     DO CONTINUE TO USE YOUR CREDIT AS NORMAL. Red flags are raised easily with the scoring system. If it appears that you are changing your pattern, it will raise a red flag, and your score could go down.
10.   DO CALL YOUR LOAN ORIGINATOR if you receive something in the mail from a creditor or collection agency that you believe may affect your score during the loan process. Your broker may be able to supply you with the resources you need to stop any derogatory reporting to the bureaus.

Keep in mind that the lender will pull their own credit report at closing, and if your scores have dropped, you may no longer qualify for the rate that was underwritten and the final approval may come back with a higher rate. All lenders use your credit score to determine which loan criteria you fit and every loan has different criteria attached (the loan-to-value and debt-to-income ratios, etc.) Many borrowers do not understand this, and mistakenly think the loan officer is “baiting and switching.” If an issue comes up and the lender decides you do not qualify for a certain loan, the only thing a loan officer can do is search for other lenders who might be willing to give the rate and program they thought you qualified for. If you have good credit and know your score, the loan officer can give you an idea of what he or she can offer based on what you state. But do not expect them to stand by their quote if your scores are lower when they pull your credit.

Written By:

Karmel Roe NMLS 350250 l DRE 01276427
Broker / MLO With Platinum Mortgage Company

Website www.pmcmortgageloans.com
E-mail: Karmel @pmcmortgageloans.com.

FOR PRE-APPROVAL :

http://pmcmortgageloans.com/mortgage_application.php

First, Complete out a loan application on our website -Go tohttp://www.pmcmortgageloans.com
-Click on Apply Now at the top
-Scroll to the middle of the page and Click on 3. Full Application

VA Loan - guaranteed by the US department of veterans

What is a VA Loan?

· A loan guaranteed by the US department of Veterans Affairs
· Designed to provide housing assistance for veterans and their families
· There are over 29 million American veterans and service personnel who are eligible for VA loans
· Eligible if she or he has served on activity duty and was discharged under conditions other then dishonorable
· 2 year service requirement
            o Continuous months
            o Or 90 days during war time
· Unmarried surviving spouse of veteran who died during duty
· Must provide a certificate of eligibility from department of veteran affairs which can be ordered online
· Can only have one VA loan at a time but you can have one VA and one FHA at a time, so 2 government loans (only one of each is allowed)
·Max guaranty amount loans over $144,000 is 25% of VA County limit

www.homeloans.va.gov/loan limita.htm

· All applicants need:

o   To complete a full mortgage loan application on the form 1003 (Uniform Residential Loan Application)

o Residence address for past 2 years

o Names and address for employers for past 2 years with gross monthly salary

o Names address and account numbers to checking and savings

o Names addresses and account numbers to monthly payments on all open loans

o Address and loan information for other owned real estate

o  DD214 - Certificate of eligibility - https://vip.vba.gov

o W2s for past 2 years and current check stubs

o Tax returns for past 2 years

FOR PRE-APPROVAL :

http://pmcmortgageloans.com/mortgage_application.php

OR CALL 1 800-385-3657

First, Complete out a loan application on our website -Go tohttp://www.pmcmortgageloans.com
-Click on Apply Now at the top
-Scroll to the middle of the page and Click on 3. Full Application

STATED INCOME MORTGAGE LOAN PROGRAM

PROGRAM # 1 - Stated Income, Verified Asset:
700 Minimum Mid FICO
200k Minimum Loan Amount
Self Employed and Wage Earner
Purchase / Refinance - 70% TO $417K
Purchase / Refinance - 60% TO $1MM
50% LTV Refinance Cash Out Allowed to $100k
Owner Occupied Only
1-4 Units / Condo
30 Year Fixed - 5.25%
15 Year Fixed - 4.45%
6 Mos. of PITI Reserves on all REO is required
UP TO $100K CASH-OUT - ADD 0.75%
Gift Allowed - Borrower must have 10% of their own funds
For Properties in California only.

PROGRAM # 2 - Stated Income, Verified Asset:

Self Employed Only and Wage Earners
740 Minimum Mid FICO
Owner Occupied / Second Home / Investment Properties
SFR - PUD - Condo - Multifamily -2 UNITS ONLY
$200,000 - $1,500,000
Max LTV 60%
5/1 Arm 5.375
7/1 Arm 5.625%
15Yr Fixed 4.25%
4 Max Financed Properties
3 Months PITI Reserves on all REO Owned
For Properties in California only! - Excluding Kern, Riverside, and San Bernardino Counties.

General Guidelines

No Fixed Income Allowed

$650k up to $1M apply 0.125 hit to rate
>$1M apply 0.250 to rate
Investment property add 0.500 to rate
Cash-out add 0.250 to rate
3-4 Units add 0.250 to rate

35 - 45 Days Closing

FOR PRE-APPROVAL :

http://pmcmortgageloans.com/mortgage_application.php

First, Complete out a loan application on our website -Go to http://www.pmcmortgageloans.com
-Click on Apply Now at the top
-Scroll to the middle of the page and Click on 3. Full Application

0.5% down to purchase a home ...Fact or Fiction?

.5% down to purchase a home....Fact or Fiction?

2012 is already under way, and for those of us lucky enough to find ourselves in the field of real estate, this represents yet another opportunity to reach our career goals. Unbeknownst to many, it is possible to purchase a home for .5% down. As with any other loan program, especially a program as incredible as this one, there are some restrictions, meaning not everyone will qualify. Having the necessary information at your fingertips can make the difference between a “dead” file and one with newfound potential.

First things first, let us start off by addressing this loan by its actual name, which is the CHF Access 2nd, provided to the public by one of our strongest banking partners, First Mortgage Corporation (FMC). FMC has pulled out all of the stops with this particular program, essentially making it possible for just about anyone to realize their dream of home ownership. Although FMC has several notable loan programs worth garnering a second look, one of its best offerings is the CHF Access 2nd.

The CHF Access 2nd works hand-in-hand with its FHA loan program, which was originally designed to help low-to-moderate income families in the State of California realize home ownership. The program has simple mechanics; the borrower first gets qualified for an FHA loan, which traditionally covers 96.5% of the purchase price, and the CHF Access 2nd covers up to 3% of the remaining purchase price. This leaves a balance of .5%, which the borrower needs to come in with at the close of escrow, and those funds can be gifted, if needed.

The particulars of the CHF Access 2nd are as follows: the loan is amortized over 15 years, at a fixed rate of 8.25%. There is no prepayment penalty, so it can be paid off at any time, and, per FHA guidelines, up to 6% in seller contributions are allowed. Another interesting point to consider about the CHF Access 2nd is that aside from down payment assistance, these funds can also be used to help pay for closing costs, upfront MI or price adjustments. The guidelines for the income and additional qualifying requirements are available for review on the FMC website, or interested parties can email me directly for more information or to help answer other questions or concerns. Take advantage of this spectacular program today, and increase your working pipeline.

 

There has never been a better time to go back and review some of your stalled files to see if this program can't breathe some new life into them and turn that deal into your next paycheck.

Written By:

Melba Baquero
Broker Associate / Mortgage Loan Originator With Platinum Mortgage CompanyE-mail: Melba@ pmcmortgageloans.com.
Website: www.pmcmortgageloans.com

DRE 01354095/NMLS 255430