These are listings from a bulk REO buyer who is selling one property at a time. Every property here is being offered at 68% of CURRENT FMV which is reflected in the $0.68 figure. To buy any of these please contact me directly at 310-709-8283. Sky
2315 Highbury Ave. (Condo#3) Los Angeles 90032 $138,675 $0.68 $94,299
2860 S. Corning Street Los Angeles 90034 $486,975 $0.68 $331,143
488 S. Bonnie Beach Place Los Angeles 90063 $391,300 $0.68 $266,084
1017 Stockton Street Compton 90221 $154,800 $0.68 $105,264
18 Pepper Court Inglewood 90302 $334,325 $0.68 $227,341
12918 Gollar Avenue Norwalk 90650 $260,150 $0.68 $176,902
1818 E. Hardwick Street Long Beach 90807 $362,275 $0.68 $246,347
21917 S. McHelen Avenue Long Beach 90810 $367,650 $0.68 $250,002
1230 Pacific Court Duarte 91010 $383,775 $0.68 $260,967
121 n. Adam Street #2 Glendale 91208 $321,425 $0.68 $218,569
12169 Claretta Street Sylmar 91342 $242,950 $0.68 $165,206
24081 Stone Creek Drive Santa Clarita 91354 $724,550 $0.68 $492,694
18620 Hatteras Street #278 Tarzana 91356 $163,400 $0.68 $111,112
28936 Gladiolus Drive Canyon Ctry. 91387 $290,250 $0.68 $197,370
13820 Olive Street Baldwin Park 91706 $230,050 $0.68 $156,434
12224 Portsmouth Place Chino 91710 $201,025 $0.68 $136,697
304 E. Stephanie Drive Covina 91722 $267,675 $0.68 $182,019
10239 Railroad Drive El Monte 91731 $252,625 $0.68 $171,785
1624 3rd Street La Verne 91750 $330,025 $0.68 $224,417
1468 E. Merion Court Ontario 91761 $283,800 $0.68 $192,984
2549 S. Prairie Dunes Ontario 91761 $284,875 $0.68 $193,715
1039 W. Francis Street #49 Ontario 91762 $73,100 $0.68 $49,708
540 D Street Upland 91786 $204,250 $0.68 $138,890
403 W. 8th Avenue Escondido 92025 $206,615 $0.68 $140,498
6961 Renkrib Avenue San Diego 92119 $326,800 $0.68 $222,224
21046 Neola Road Apple Valley 92308 $106,425 $0.68 $72,369
1400 Nancy Street Barstow 92311 $66,650 $0.68 $45,322
1111 Desert avenue Barstow 92311 $72,025 $0.68 $48,977
8881 Pepper Avenue Fontana 92335 $96,750 $0.68 $65,790
14605 Woodland Drive #23 Fontana 92337 $84,925 $0.68 $57,749
10628 Portland Avenue Hesperia 92345 $204,250 $0.68 $138,890
7519 Spring Meadow Court Highland 92346 $263,375 $0.68 $179,095
12345 Ava Loma Street Victorville 92392 $161,250 $0.68 $109,650
13637 Hamlet Street Victorville 92392 $155,875 $0.68 $105,995
13060 Evanston Street Victorville 92392 $123,525 $0.68 $84,065
15042 Highlander Victorville 92394 $146,200 $0.68 $99,416
15064 Dakota Street Victorville 92394 $84,925 $0.68 $57,749
1474 Yardley Street San Bernardino 92407 $178,450 $0.68 $121,346
2868 Rosarita Street San Bernardino 92407 $144,050 $0.68 $97,954
1758 Karley Way Riverside 92501 $215,075 $0.68 $146,931
17932 Timberview Drive Riverside 92504 $414,950 $0.68 $282,166
11144 Doverwood Drive Riverside 92505 $140,825 $0.68 $95,761
419 Lombard Court Hemet 92544 $150,500 $0.68 $102,340
1489 Bluejay Way Hemet 92545 $167,700 $0.68 $114,036
22483 Country Crest Drive Moreno Valley 92557 $216,075 $0.68 $146,931
31995 Corte Albano Temecula 92592 $179,525 $0.68 $122,077
42242 Harwick Temecula 92592 $299,925 $0.68 $203,949
45349 Escalon Street Temecula 92592 $211,775 $0.68 $144,007
29471 Dry Dock Cove Laguna Niguel 92677 $311,750 $0.68 $211,990
314 E. Santa Clara Ave. Santa Ana 92706 $345,075 $0.68 $234,651
320 S. Ash Street Anaheim 92805 $304,225 $0.68 $206,873
26795 Eagle Run Street Corona 92883 $213,925 $0.68 $145,469
4163 Adobe Drive Palmdale 93552 $112,925 $0.68 $76,755
5112 Pacifica Avenue Palmdale 93552 $124,700 $0.68 $84,796
3308 Esplanade Circle Folsom 95630 $211,775 $0.68 $144,007
1620 Conifer Circle Corona 92879 $235,425 $0.68 $160,089
7199 Kaiser Avenue Fontana 92336 $160,175 $0.68 $108,919
17615 Boulay Street La Puente 91744 $193,500 $0.68 $131,580
3422 Hope Street Huntington Pk. 90255 $271,975 $0.68 $184,943
6062 Jay Mills Avenue Long Beach 90805 $231,125 $0.68 $157,165
656 Millbury Avenue La Puente 91748 $205,325 $0.68 $139,621
1165 W. Hampshire Avenue Anaheim 92802 $325,725 $0.68 $221,493
2856 E. Cinnamon Place Anaheim 92806 $407,425 $0.68 $277,049
Friday, December 4, 2009
Thursday, October 29, 2009
HVCC cranking it up a notch.
Implementation of the “Home Valuation Code of Conduct" (HVCC) has gotten off to an uneven if not shaky start since May 1st with NEW and FUTURE issues likely to focus more attention on alternative solutions. And, with FHA requiring HVCC appraisals starting January 1, 2010, nearly 97% of all loans in 2010 will have to comply with HVCC appraisal requirements. If you’re not already on board, read on and get caught up on what HVCC is, and how it is impacting the industry.
A Quick Review of HVCC:
Both FNMA and FHLMC currently require collateral valuation representations and warranties that appraisals have been ordered and delivered under HVCC compliance. Here is a summary of the HVCC’s seven core requirements:
1. Appraisals must be independently ordered and delivered without ANY influence or direct contact with the appraiser. This virtually necessitates use of a third party as an intermediary in the ordering and delivery process.
2. Third parties (such as Appraisal Management Companies or AMC’s) must also be in full compliance with HVCC. The most critical requirement is that appraiser selection must be made by a random draw from a pool of locally knowledgeable, appropriately licensed appraisers.
3. Appraisals are to be made portable (re-usable) from lender to lender with written assurances as to HVCC compliance in procurement.
4. Borrower MUST receive a copy of the appraisal not later than 3 days prior to close.
5. Legacy or “in-house appraiser panels" that meet HVCC operating guidelines are allowed, but the provisions of HVCC must be fully applied, including verifying the level of independence from the origination.
6. The appraisal’s requestor (initiator, processor, closer) may not have any financial conflict of interest either through direct compensation or indirectly through related reporting relationships.
7. Lenders must adopt significantly increased QC requirements to verify compliance with HVCC to include all of the following: annual audits to the code, written policies and procedures, vendor management audits, and QC testing of 10% of the appraisals.
For a more comprehensive summary and description of HVCC offered by FHLMC click here:
http://www.freddiemac.com/singlefamily/pdf/hvcc_746.pdf
So, as of November 1, we’ll be six months in. How is HVCC doing?
Most would offer that this has been a rough transition on arguably the single most critical element to underwriting a loan – collateral valuation. Further, existing and future issues loom large on the horizon and threaten to complicate the landscape:
1. Appraisal quality today: Appraisal Management Companies (the current defacto source for independence) responded to HVCC by forcing lower fees to appraisers to account for their increased portion of the management pie, but the result has backfired:
Overall qualifications of appraiser panels and the quality of the appraisals have diminished. Forced lower fees have proven hazardous to the end quality of the appraisal, and originators are just now fighting back by rethinking their AMC’s.
2. Effective October 1, FHA is now requiring all appraisals be completed not just by licensed appraisers but by HUD CERTIFIED appraisers. This has reduced the pool of qualified appraisers dramatically with some AMC panels caught short of HUD certified appraisers.
3. Some lenders have chosen to independently build HVCC compliance (management) departments to achieve “separate, arms length, HVCC conforming” appraisals. Here too, the jury is out as this choice puts increased warranty risk on the lender in the event of any poor implementation -- regardless of the level of true independence achieved. Increasingly, those lenders who had started down this path are rethinking it, and are beginning to migrate out to protect themselves from the persistent warranty risk.
4. What about appraisal “portability”? Under HVCC, the consumer is insulated from multiple appraisal charges by requiring re-use of a previously completed appraisal if created in accordance with HVCC. To date, lenders have lagged behind in the adoption of this provision of HVCC, yet standards are emerging that allow written “certifications of HVCC compliance,” which will increase portability.
5. Effective January 1, all FHA appraisals will also have to comply with the HVCC. FHA has additional requirements regarding the appraiser’s level of local market knowledge and experience.
6. FNMA has near term plans to require submission of an original first generation digital copy of the appraisal for up-front Quality Control and assessment into a central database. FNMA will use it to score appraised values by creating an independent QC repository and benchmarking.
Clearly the entire market, lenders, the GSE’s and brokers, is still in the process of responding and adjusting to HVCC as evidenced by the slow adoption of the code.
For more insights and answers on HVCC, refer to FNMA’s FAQ’s at https://www.efanniemae.com/sf/guides/ssg/relatedsellinginfo/appcode/pdf/hvccfaqs.pdf
In coming months, as greater clarification allows and standards are presented, Informative Research will continue with ongoing HVCC education and access to best practice coverage of the appraisal management process.
Look too, for our own recently announced appraisal service solution: The Appraisal Concierge specifically addresses current HVCC problems with a different business model that retains high quality appraisers.
For more information on HVCC and Informative Research’s new Appraisal Concierge Service go to www.informativeresearch.com/appraisals
A Quick Review of HVCC:
Both FNMA and FHLMC currently require collateral valuation representations and warranties that appraisals have been ordered and delivered under HVCC compliance. Here is a summary of the HVCC’s seven core requirements:
1. Appraisals must be independently ordered and delivered without ANY influence or direct contact with the appraiser. This virtually necessitates use of a third party as an intermediary in the ordering and delivery process.
2. Third parties (such as Appraisal Management Companies or AMC’s) must also be in full compliance with HVCC. The most critical requirement is that appraiser selection must be made by a random draw from a pool of locally knowledgeable, appropriately licensed appraisers.
3. Appraisals are to be made portable (re-usable) from lender to lender with written assurances as to HVCC compliance in procurement.
4. Borrower MUST receive a copy of the appraisal not later than 3 days prior to close.
5. Legacy or “in-house appraiser panels" that meet HVCC operating guidelines are allowed, but the provisions of HVCC must be fully applied, including verifying the level of independence from the origination.
6. The appraisal’s requestor (initiator, processor, closer) may not have any financial conflict of interest either through direct compensation or indirectly through related reporting relationships.
7. Lenders must adopt significantly increased QC requirements to verify compliance with HVCC to include all of the following: annual audits to the code, written policies and procedures, vendor management audits, and QC testing of 10% of the appraisals.
For a more comprehensive summary and description of HVCC offered by FHLMC click here:
http://www.freddiemac.com/singlefamily/pdf/hvcc_746.pdf
So, as of November 1, we’ll be six months in. How is HVCC doing?
Most would offer that this has been a rough transition on arguably the single most critical element to underwriting a loan – collateral valuation. Further, existing and future issues loom large on the horizon and threaten to complicate the landscape:
1. Appraisal quality today: Appraisal Management Companies (the current defacto source for independence) responded to HVCC by forcing lower fees to appraisers to account for their increased portion of the management pie, but the result has backfired:
Overall qualifications of appraiser panels and the quality of the appraisals have diminished. Forced lower fees have proven hazardous to the end quality of the appraisal, and originators are just now fighting back by rethinking their AMC’s.
2. Effective October 1, FHA is now requiring all appraisals be completed not just by licensed appraisers but by HUD CERTIFIED appraisers. This has reduced the pool of qualified appraisers dramatically with some AMC panels caught short of HUD certified appraisers.
3. Some lenders have chosen to independently build HVCC compliance (management) departments to achieve “separate, arms length, HVCC conforming” appraisals. Here too, the jury is out as this choice puts increased warranty risk on the lender in the event of any poor implementation -- regardless of the level of true independence achieved. Increasingly, those lenders who had started down this path are rethinking it, and are beginning to migrate out to protect themselves from the persistent warranty risk.
4. What about appraisal “portability”? Under HVCC, the consumer is insulated from multiple appraisal charges by requiring re-use of a previously completed appraisal if created in accordance with HVCC. To date, lenders have lagged behind in the adoption of this provision of HVCC, yet standards are emerging that allow written “certifications of HVCC compliance,” which will increase portability.
5. Effective January 1, all FHA appraisals will also have to comply with the HVCC. FHA has additional requirements regarding the appraiser’s level of local market knowledge and experience.
6. FNMA has near term plans to require submission of an original first generation digital copy of the appraisal for up-front Quality Control and assessment into a central database. FNMA will use it to score appraised values by creating an independent QC repository and benchmarking.
Clearly the entire market, lenders, the GSE’s and brokers, is still in the process of responding and adjusting to HVCC as evidenced by the slow adoption of the code.
For more insights and answers on HVCC, refer to FNMA’s FAQ’s at https://www.efanniemae.com/sf/guides/ssg/relatedsellinginfo/appcode/pdf/hvccfaqs.pdf
In coming months, as greater clarification allows and standards are presented, Informative Research will continue with ongoing HVCC education and access to best practice coverage of the appraisal management process.
Look too, for our own recently announced appraisal service solution: The Appraisal Concierge specifically addresses current HVCC problems with a different business model that retains high quality appraisers.
For more information on HVCC and Informative Research’s new Appraisal Concierge Service go to www.informativeresearch.com/appraisals
Thursday, April 30, 2009
How about those rates!
Holy geez, are they low. And staying there. I'm refinancing my parents house, which is a tremendously gratifying feeling to be able to contribute something to the house besides carpet stains from well-timed high school keggers. EVERYONE should refinance their mortgage now even if you have no equity.
All of the mortgage lenders are backlogged with files. I've seen in a mortgage company, it's hectic. Everyone that is still in business has pared back every conceivable expense to survive the last two years and now their skeleton crews are trying to catch a swimming pool of applications with a dixie cup. It's taking about 22 business days just to get your darn loan approved. Funding is taking 4-5 weeks.
Give me a call or email and get your tax returns together, a 4.5% rate is in your future. My rule of thumb for easy mortgage qualification is that every $25,000 of salary will qualify for $100,000 for a loan. Talk to you soon.
All of the mortgage lenders are backlogged with files. I've seen in a mortgage company, it's hectic. Everyone that is still in business has pared back every conceivable expense to survive the last two years and now their skeleton crews are trying to catch a swimming pool of applications with a dixie cup. It's taking about 22 business days just to get your darn loan approved. Funding is taking 4-5 weeks.
Give me a call or email and get your tax returns together, a 4.5% rate is in your future. My rule of thumb for easy mortgage qualification is that every $25,000 of salary will qualify for $100,000 for a loan. Talk to you soon.
Friday, February 13, 2009
Why mortgage brokers are a important aspect of the economic landscape.
This CNN article was brought to my attention by esteemed L.A. mortgage broker Justin Bayle. It summarizes the role of a mortgage broker, why we are important to the home-buying public at large and why the big banks are trying to squeeze us out of business.
Lenders drop mortgage brokers
Some big banks are cutting out mortgage brokers and having lending generated by their own people. That could be bad for consumers.
NEW YORK (CNNMoney.com) -- Some big banks have cut back on doing business with mortgage brokers - and if the trend continues, many mortgage brokers could close down.
That may be bad news for consumers because fewer brokers could lead to a less competitive marketplace and more expensive home loans resulting from consumers not being able to easily comparison-shop rates.
"The banks want to get rid of mortgage professionals to reduce competition," said Alan Rosenbaum, founder of GuardHill Financial, a New York City-based brokerage firm. "It's not good for consumers."
A few years ago, according to Rosenbaum, mortgage brokers were responsible for 80% of the mortgage-lending business in America. He said that's probably under 70% now and dropping.
The actions of two big banks have helped push that percentage down.
JP Morgan Chase (JPM, Fortune 500) announced in January that it would end its so-called wholesale operations. It will no longer fund loans arranged through brokers, instead it will make loans mostly through its own offices. And Citigroup (C, Fortune 500) said it will cut back the number of mortgage brokers it works with to 1,000 from 10,000.
"Our customers are best served when a mortgage officer works directly with them, explains our products clearly and then helps them carefully evaluate the choices in light of their personal financial situation," according to an internal Chase memo.
However, brokers say they perform a needed consumer service by monitoring offers from an array of lenders, picking and choosing the best deals. That helps keep rates low because lenders have to make their terms attractive to keep their volume flowing.
Borrowers going into a Chase branch for a mortgage loan would, on the other hand, only receive the terms available through Chase. If brokers disappeared, borrowers would have to shop all the individual banks to compare deals.
Marc Savitt, president of the National Association of Mortgage Brokers, suspects that banks like Chase may think they can increase profits by cutting out the middlemen, but the added costs of bricks-and-mortar operations will ultimately make the business less efficient. Loan officers may find themselves sitting around waiting for customers to come in rather than fielding applications from mortgage brokers.
Chase opened a slew of new branches lately, including 2,200 as part of the Washington Mutual acquisition it made this past fall.
"Five years ago, we had 600 branches, now we have 5,000," said Thomas Kelly, a Chase spokesman.
Despite Chase and Citigroup's actions, John Courson, president of the Mortgage Bankers Association, does not think all mortgage brokers will be driven from the business.
"Every lender has its own business model," he said. "Chase made a decision to only lend through its personnel, [but other large lenders] will still need loan production. Mortgage brokers will continue to be an important part of the mortgage channel."
Chasing higher profits
Chase took the step of discontinuing its wholesale lending for two main reasons, according to Kelly. For one, "The best people to originate the loans, we believe, are those working in our bank branches," he said. Secondly, Chase determined that loans originated by brokers defaulted at higher rates than did bank-originated loans.
The brokers scoff at that. "Mortgage brokers don't develop their own products, their own guidelines and parameters," said Savitt. "They take applications; Chase makes all the decisions."
"Mortgage brokers have been blamed for everything from tooth decay to global warming, and it's baloney," added Allen Hardester, a Maryland-based broker.
He pointed out that no mortgage broker ever underwrites a loan, creates a loan program or approves an application. Lenders always have the final say.
And, if the loans from brokers did perform poorly, it's because lenders encouraged, nay prodded, brokers into bringing them more and more poor-quality customers during the boom years. Subprime mortgages were very profitable, before they started to default at higher and higher rates.
"The lenders dangled large carrots in front of brokers," said Rosenbaum. "They told me, 'Unless you give us more subprime business, I can't improve your pricing for your good customers.'"
Now, he hardly deals with big banks at all. "We haven't done much business with them for more than a year. Banks are throwing the baby out with the bath water. They don't know the good mortgage brokers from the bad."
So far, the other big banks, Wells Fargo (WFC, Fortune 500) and Bank of America (BAC, Fortune 500), have not followed Chase and Citi's leads. "[These] lenders may be looking at this as an opportunity," Savitt said. "They said they were committed to the broker channel and would expand it," he said.
If that's true, it shouldn't affect the market too much even if two big-hitters drop out.
"It will remain a competitive environment," said Courson.
Plus, he said, the there will be a flight to quality. "I think even for banks that continue to take mortgage broker-originated loans, there will be much higher standards."
That includes requiring brokers to show greater stability by demonstrating higher net worth and posting higher surety bonds (a kind of performance guarantee).
Lenders drop mortgage brokers
Some big banks are cutting out mortgage brokers and having lending generated by their own people. That could be bad for consumers.
NEW YORK (CNNMoney.com) -- Some big banks have cut back on doing business with mortgage brokers - and if the trend continues, many mortgage brokers could close down.
That may be bad news for consumers because fewer brokers could lead to a less competitive marketplace and more expensive home loans resulting from consumers not being able to easily comparison-shop rates.
"The banks want to get rid of mortgage professionals to reduce competition," said Alan Rosenbaum, founder of GuardHill Financial, a New York City-based brokerage firm. "It's not good for consumers."
A few years ago, according to Rosenbaum, mortgage brokers were responsible for 80% of the mortgage-lending business in America. He said that's probably under 70% now and dropping.
The actions of two big banks have helped push that percentage down.
JP Morgan Chase (JPM, Fortune 500) announced in January that it would end its so-called wholesale operations. It will no longer fund loans arranged through brokers, instead it will make loans mostly through its own offices. And Citigroup (C, Fortune 500) said it will cut back the number of mortgage brokers it works with to 1,000 from 10,000.
"Our customers are best served when a mortgage officer works directly with them, explains our products clearly and then helps them carefully evaluate the choices in light of their personal financial situation," according to an internal Chase memo.
However, brokers say they perform a needed consumer service by monitoring offers from an array of lenders, picking and choosing the best deals. That helps keep rates low because lenders have to make their terms attractive to keep their volume flowing.
Borrowers going into a Chase branch for a mortgage loan would, on the other hand, only receive the terms available through Chase. If brokers disappeared, borrowers would have to shop all the individual banks to compare deals.
Marc Savitt, president of the National Association of Mortgage Brokers, suspects that banks like Chase may think they can increase profits by cutting out the middlemen, but the added costs of bricks-and-mortar operations will ultimately make the business less efficient. Loan officers may find themselves sitting around waiting for customers to come in rather than fielding applications from mortgage brokers.
Chase opened a slew of new branches lately, including 2,200 as part of the Washington Mutual acquisition it made this past fall.
"Five years ago, we had 600 branches, now we have 5,000," said Thomas Kelly, a Chase spokesman.
Despite Chase and Citigroup's actions, John Courson, president of the Mortgage Bankers Association, does not think all mortgage brokers will be driven from the business.
"Every lender has its own business model," he said. "Chase made a decision to only lend through its personnel, [but other large lenders] will still need loan production. Mortgage brokers will continue to be an important part of the mortgage channel."
Chasing higher profits
Chase took the step of discontinuing its wholesale lending for two main reasons, according to Kelly. For one, "The best people to originate the loans, we believe, are those working in our bank branches," he said. Secondly, Chase determined that loans originated by brokers defaulted at higher rates than did bank-originated loans.
The brokers scoff at that. "Mortgage brokers don't develop their own products, their own guidelines and parameters," said Savitt. "They take applications; Chase makes all the decisions."
"Mortgage brokers have been blamed for everything from tooth decay to global warming, and it's baloney," added Allen Hardester, a Maryland-based broker.
He pointed out that no mortgage broker ever underwrites a loan, creates a loan program or approves an application. Lenders always have the final say.
And, if the loans from brokers did perform poorly, it's because lenders encouraged, nay prodded, brokers into bringing them more and more poor-quality customers during the boom years. Subprime mortgages were very profitable, before they started to default at higher and higher rates.
"The lenders dangled large carrots in front of brokers," said Rosenbaum. "They told me, 'Unless you give us more subprime business, I can't improve your pricing for your good customers.'"
Now, he hardly deals with big banks at all. "We haven't done much business with them for more than a year. Banks are throwing the baby out with the bath water. They don't know the good mortgage brokers from the bad."
So far, the other big banks, Wells Fargo (WFC, Fortune 500) and Bank of America (BAC, Fortune 500), have not followed Chase and Citi's leads. "[These] lenders may be looking at this as an opportunity," Savitt said. "They said they were committed to the broker channel and would expand it," he said.
If that's true, it shouldn't affect the market too much even if two big-hitters drop out.
"It will remain a competitive environment," said Courson.
Plus, he said, the there will be a flight to quality. "I think even for banks that continue to take mortgage broker-originated loans, there will be much higher standards."
That includes requiring brokers to show greater stability by demonstrating higher net worth and posting higher surety bonds (a kind of performance guarantee).
Tuesday, February 10, 2009
Sky's quick and painless Mortgage qualifier.
Here's the quick and painless mortgage qualifier from Sky Minor, mortgage broker.
1. Have a credit score of at least 580.
2. Take your household's gross annual salary or taxed income and divide it by 12 to get your monthly income.
3. Take 1/3 of that monthly income number.
4. Divide this number by 666.
5. Multiply the answer by 100000. That is how much you will qualify for a 30 year fixed rate mortgage loan at 7% interest.
For an example, let's use a household earning an income of $100,000 per year.
$100000/12=$8333 monthly
8333/3=2777
2777/666=4.17
4.17x100000=$417000. This household will safely qualify for at least $417000 mortgage.
This is only an estimation but it's a good tool to know if you are ready to buy a property.
I am a fully licensed and certified mortgage broker in all 50 states for residential and commercial properties. Together with Rachel, my partner we have over 180 loans under our belt including all of our own purchase and refinance loans to build our own portfolio of properties. To leverage our experience and apply for your mortgage with us please click here.
Lenders have generally become more stringent with underwriting practices but they are still funding loans to borrowers who can show they have the ability to repay the loan. I have access to a program that does not require income verification for first time home buyers with a credit score over 720 and a 20% down payment. If you meet that criteria you can go here to qualify.
Buying income property one is allowed to use 75% of the properties' existing rental income to qualify for the mortgage. The buyer will need to have 20% down payment. It's an especially good time to be buying small income properties under 5 units in this real estate downturn. The pros are scooping up income producing properties at fire-sale prices.
It is said that "If you want something done right, you've got to do it yourself" and I believe that is very true in the process of financing real estate.
Always save your money.
Friday, January 30, 2009
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