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

500 FICO FHA Loans

FICOS AS LOW AS 500

Platinum Mortgage works hand in hand with Lenders to bring you options.  Our 20 plus years in the industry gives us flexibility and accountability.  Platinum Mortgage is able to offer Loans to borrowers with a FICO Score as Low as 500.  You will need to have a down payment of 10% and a good employment history, two plus years on the job, if this sound like you or anyone you know don’t hesitate to call, your dreams are closer than you think.  

Platinum Mortgage also offers 99.5% financing to borrowers with a FICO Score of 580 or above.  Yes you heard it right; 99.5% financing.    That is ½ a percent down.  Sellers are also permitted to contribute up to 6% and your Debt to Income ratios can be as high as 47%.   Gift funds, Grants and 401 K loans are permitted.  This is FHA financing with no prepayment penalties, fixed rates no first time buyer requirements and manufactured housing is eligible.   

500  — 579 FICO -  90% LTV

580 — 620 FICO  - 96.5% LTV

620 — 640 FICO  -  99.5% CLTV

How the magic works.  Two year employment history needed or compensating factors such as education based training.  Rental History or signed budget letter.   Collections in within $4,995 may need to be paid off with the exception of medical bills which have no effect on the loan approval. The ½ a percent down may be a gift from a family member.   

So what does all this mean?

It means homeownership is easier than you think.  If this sounds like you please don’t hesitate to call remember we can and will help even if your score is 500.   We are here to educate and inform you, and no question will be left unanswered.

Platinum mortgage has offerings of over 50 loan products stay tuned for more information on our offerings.  

Your dreams are closer than you think let us help you grab them. 

Written By:

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

Website  www.pmcmortgageloans.com

E-mail:  Karmel @pmcmortgageloans.com.

 

Downpayment Assistance for First Time Homebuyers - You Have Options

One complaint that I get from real  estate agents out there is how their eager and motivated client needs money for downpayment assistance but the one program that they looked into doesn’t work for their buyer.   The fact of the matter is however, there are multitudes of down payment assistance programs out there and it’s all about having access.  Here is a list of some of these programs that I’m able to offer to my borrowers and real estate partners:

CHDAP program offered by CalHFA:
-3% towards downpayment and/or closing costs/1% minimum investment from the buyer

-640 Minimum FICO

-Co-Signers Allowed/No Additional Restriction on Debt to Income Ratios

-Lenders offering this program: Guild Mortgage Company, Sunwest, First Mortgage Corporation

CHF Access

-3% towards downpayment and closing costs/0.5% minimum downpayment from the buyer

-580 Minimum Credit Score

-No Restrictions on location

-Lender(s) Offering this Program: First Mortgage Corporation

 

FHA W.I.S.H Program

-Up to $15,000 Grant/Matches up to 3 times borrower investment

-640 Minimum FICO

-No Restrictions on Location/No Additional Restriction on Debt to Income Ratios

-Lender(s) Offering this Program: Pacific Mercantile Bank

-Allows Co-Signers, 1-4 Unit Properties allowed

County and City DownPayment Assistance Programs

-Up to $60,000 in assistance

-Geographical Restrictions

By its very nature, downpayment assistance program operate within their own box and restrictions but when you have access to a group of them, you see that there is flexibility with income, credit and reserves along with other factors that could make the difference in your buyers qualifying and being able to realize their goal of homeownership.    If you’re reading this, by now, I’m sure you’re excited about the prospects of helping out your clients and you have many questions specific to their situations.

Written By:

Onur Coskun: CA DEPT OF REAL ESTATE - 01893073 / 322100
Mortgage Loan Officer / Real Estate Agent With Platinum Mortgage Company

Website : www.pmcmortgageloans.com

E-mail: onur @ pmcmortgageloans.com.