Mortgages Fast After BK Foreclosure and Short Sale

Purchase Mortgages without Fannie Freddie FHA waiting periods!!

Buy a house after credit problems - Loan program after Foreclosure BK Short Sale Modification with  one year and two year waits

Close on your purchase then wait for the conventional 4 years or 7 years to refinance

You will need funds for down payment and reserves

Borrowers provide two years federal taxes, past sixty days bank statements, paycheck stubs past 30 days, two forms of ID and anything particular to your credit profile

Notable Program highlights include;

·         1 year seasoning for major derogatory credit events (short sales, foreclosures, and bankruptcies)

·         85% LTV to $500,000, 660 credit score, 24 months satisfactory housing

·         80% LTV to $750,000, 620 credit score, 12 months satisfactory housing

·         75% LTV to $1,250,000, 640 credit score, 24 months satisfactory housing

·         First Time Home Buyer allowed with restrictions

Hi I’m C G with Eagle Home Mortgage, A Lennar Homes Company

I want to share with you the advantages of a new conventional product we have for Borrowers with prior credit “challenges,” such as bankruptcy, short sale, or foreclosure.

In the past, if a Borrower had a foreclosure, you would need to wait three years to get a FHA loan with a list of ins and outs. FHA product is also limited by the county ceiling. For single family that might mean a loan maximum of $272,050 in Tulare County and $625,500 in Orange County.

This new program allows

85% loan to value up to $500000 loan amount

80% to $750000

And 75% to $1,250,000

There are requirements which would be best if you call me to discuss your specific situation such as:

Reserve requirements, minimum FICO score and excellent credit 12 months after the event. Terms and conditions apply, this is not a commitment to lend.

This is great news because the loan is not priced like hard money, it is a tool Borrowers can use to

Purchase a home and own during the usual waiting periods to refinance conventional when either the seven year or four year (as applies to your situation) ends. No prepayment penalties, no giant upfront costs

Call me at 949 784 9699 any day from 7AM to 7 PM Pacific time

Other credit restrictions apply and the guidelines should be reviewed carefully.  There are minimum credit standards and title to the home may not be impacted by credit items still pending.

Call me for the rules and terms

C G

(949) 784- 9699
NMLS 324982

Military Income for VA Loans

What Military income counts to close VA Loans

What are the Rules 

How does Underwriting average income

How much Time since separation from Military Service

Service Rules ins and outs for a home loan

Base Allowance

Special Pay

Income for home mortgage loans reference guides 

Veterans Loans made easy

We close VA loans

We are proud of our service brothers and sisters

Caroline Gerardo

NMLS 324982

(949) 784-9699
Toxic Assets Novel

Jumbo Mortgage After Short sale

Mortgage For Bruce Wayne?

Bruce Wayne's house

What Americans think they look like on paper

     

        

Only Bruce Wayne can get a home loan? 

Only superheroes get a home loan?

Wells Fargo released their survey today of a little over two thousand Americans about home ownership and mortgage. 

The results are interesting. The popular opinion is only the rich and uber-wealthy with perfect credit and loads of cash can qualify for a loan today.  

Perhaps that is not far off from Freddie Mac Fannie Mae guidelines plus add bank overlay rules, it is difficult for some to get a conventional rate mortgage after the crash.

However, every day I see more niche products cropping up to dispel this myth. Americans and foreign nationals can find home loans that suit their needs.

For specifics of the respondents of the Wells Fargo survey:

Seventy four percent of respondents answered: “know and understand” the process involved in buying a home.

I think this number reflects a self-conscious answer rather than fact. Every day I remind Borrowers of the five circles that make up a mortgage loan approval. Not one day passes when a potential Borrower argues about supplying necessary paperwork or only provides a small percentage of what is necessary to get approval.

Thirty percent of respondents stated that only individuals with high incomes can obtain a mortgage.

Not true at all in fact smaller loans seem to be easier to close

§  Sixty four percent of respondents believe they must have an excellent credit score to buy a home.

Not true a FICO I closed a loan recently with a FICO score of 510

§  Sixty four percent of respondents said that they are knowledgeable about how much of a down payment is needed to buy a home, nearly half (44 percent) also believe that a 20 percent down payment is required.

Not true there are some 0 down programs and 3.5% for FHA

o    When respondents aged eighteen to thirty four were asked to list the biggest barriers to owning a home, lacking the funds for a down payment was among the most difficult issue.

o    Save save and gifts

§  Nearly half (forty four percent) of those who answered the survey said that they know nothing or very little about the closing costs required for buying a home.

This varies state to state and who the escrow or attorney is

Generally in an escrow state costs are about 3% in table funding state 5% or less

     About half of the respondents feel they do not have access to homes that fit their needs       financially.

      Perhaps cost of homes in areas are high

   The ten things that really go into mortgage loan approval:

1.  Identification driver’s license and social security cards

2.  Paycheck stubs past month or profit and or loss year to date for self employed

3.  W-2 forms and Federal income taxes signed past two years

4.  Bank statements, asset statements, 401 k past two months

5.  401 k terms of withdrawal.

6.  Decent Credit history- this we can work on credit can be patched

7.  Landlord information or mortgage statement, fire hazard bill and Homeowner Association statement.

8.  Collateral property information and money for appraisal

9.  Property appraises for value and is in habitable condition, Condominiums have other guidelines.

10.           Patience, and an email address you open daily to send pdf. documents because more paperwork may be needed.

    You do not have to be a superhero to get a home loan.

     But if you want us to include the income from your side line job as

    crime fighter and upholder of Gotham City, 

     Bruce Wayne you must be declaring your income from your Bat Man gig.

    Caroline Gerardo

    NMLS 324982

   cell phone number:  (949) 784-9699

 Lennar Homes company

International Borrowers Mortgage Loans in United States

Closing a mortgage from another country as a non citizen of the United States on a castle, a house or a condo

When buying a home in the United States, foreign buyers often pay cash because it's an easier, quicker process. Foreign nationals can negotiate a lower price and faster closing with cash. We offer a cash out refinance within weeks after closing. The cost for a cash out refinance is slightly higher than a purchase money loan.

Mortgage rates are low in the United States. An international borrower will not get the same rate as a U. S. citizen with excellent credit buying an owner occupied home. There are risk pricing “adds” or pricing increases for non-owner or rental property, type of property, credit, and for foreign nationals. International buyers can opt to finance their purchase. Patience and understanding of the U. S. process is required. Buyers must supply all paperwork requested. Compile your asset and income information before you make offers into labeled pdf documents.

We can meet the increase in demand for a foreign national loans. Borrowers come from a wide range of countries, but most applicants are from China, Canada, Brazil and the United Kingdom.

We offer home loans to foreign buyers. This type of loan is available for your purchase or refinance. All loans are full recourse loans. The loan is taken in your personal name. Only on commercial property, 5-25 or more units are loans in the name of a LLC or Corporation.

When buying a condo in an existing development, buyers who are from Canada, China and South America are finding deals in California. We are willing to offer mortgages for international buyers. Condominium projects have their own requirements: 51 percent owner occupied, no lawsuits and solid financials. A good listing agent should know if a conventional loan or FHA loan was closed in the complex in the past sixty days. We can still loan on unwarranted condos but the rate is almost double.

Requirements to get a mortgage

A foreign buyer should expect to pay least 25 to 30 percent of the value of the home as a down payment, depending on property type and credit of the borrower. The borrower will be asked to provide documentation to show sufficient income in the past two years, bank statements for the past sixty days, paychecks for the past 30 days and two forms of identification, existing mortgage statements, HOA bills and existing fire insurance policies are required.

The foreign applicant should be aware that it is extremely important for the lending institution to know their borrower. This knowledge comes predominantly from paperwork. Information in other languages will require translation services.

The lender is required to conduct detailed reviews of a borrower's income and asset documentation. Bank statements will be verified with the home bank, and deposits over five hundred dollars that are not payroll must be provided with a history of where the deposits came from. Business accounts are not used the same as personal accounts. If all the funds are in business accounts an accountant will need to write a letter stating the withdrawal of the funds in no way harms the ongoing business. Some of the requirements of American lenders may seem strange and difficult. Having a loan officer such as Caroline Gerardo who is closing these types of loans for twenty five years will enable smart and quick answers to your questions.

Underwriting Review is looking for transparency from borrowers, getting an understanding of how income and wealth is generated why financial assets may transfer around. It is best to be detailed and frank about your situation before you apply.

Online mortgage application starts here: http://eaglehomemortgage.com/carolinegerardo/
I am here to answer your questions.

NMLS 324982

phone (949) 637-8190

Efax: 885- 833- 4303

 Edward Hopper

Thomas Seawell Front Door

Fix Your Credit

Marah Macrocarpus Laguna Canyon,

Fix your Credit
Everything spiny and thorny can be repaired

This post is one of several where I offer consumers methods to improve their FICO score to get a mortgage loan. FICO scores determine a part of the interest rate you can get on a home loan. If you are shopping for a house in Newport Beach, Laguna Niguel,  or anywhere it is time to do a tune up on your FICO BEFORE you get into contract or apply for a mortgage.

·         Opt out don’t let them pull your credit and leave your information in a dumpster, don’t give people your full social security number and full driver’s license number.

 http://www.consumer.ftc.gov/articles/0148-prescreened-credit-and-insurance-offers/

 

·         Apply for a secured credit card: If your situation is that you will not qualify for an unsecured credit card, than a secured credit card may be a great option. Secured credit cards require a deposit into an account to serve as security for the card ($500 or terms according each individual bank). Make all payments on time, as months pass the history boosts your score.

·        
 Become an authorized user on a family members’ credit card: Being added as an authorized user on a family members’ credit card can help add positive credit. When added as an authorized user, you will be issued a credit card (which I would encourage you DO NOT use) and that trade line will begin being reported on your credit bureau. As time goes forward, you can benefit from the family member’s positive credit. Make sure the family member is using that credit card responsibly so that you are benefiting from a positive score.

·         Credit Unions: Establishing positive credit requires a mix of credit types (revolving and installment).  Often times, credit unions are a more gracious in dealing with consumers with less than stellar credit. Apply for a small ($500 or less), short term (12 months or less) installment loan which, when properly repaid, can add valuable points to the credit score.

Here are some other suggestions on how you can begin making some changes.

· Pay your bills on time. This sounds simple, but this is the biggest thing you can do to keep your score high. Delinquent payments and collections have a major negative impact on your score.
· Keep your balances low on unsecured revolving debt like credit cards. High balances still owed can affect a score.
· The amount of unused credit is an important factor in calculating your score. You should only apply for credit you need.
· Make sure the information on your credit report is correct. If it is not, dispute it with the Bureau Company or lender directly.
· Removing negative accounts on your credit report has the biggest impact on your score.

 

How Credit Is Counted:

· 35% Payment history
· 30% Amounts owed
· 15% Length of credit history
· 10% New credit
· 10% Type of credit

Stay away from small department store cards; they have a low limit and tend to bring down your overall score.
You must use credit in order for it to report to the bureaus

Stay away from Finance Cards- HSBC, furniture, mattress stores and such. Larry is not a good credit reference, it looks as if you were desperate to get no payments for six months.

 If you do not use a card it may be cancelled by the bank – this WILL hurt your score, closed accounts are not positive.

Never use more than 60% of your available credit line

Do not trust car dealers such as CARMAX here in Orange County that tell you they will only soft pull your credit. They will pull ten to fourteen inquiries to purposely make your score go down so you cannot get a car loan anywhere else.

You have a legal rights to dispute anything on your credit profile.

The Fair Credit Reporting Act gives you the legal right to dispute items on your credit reports that may be inaccurate, out of date, incomplete or unverifiable. This process must be completed in writing.

Exercise your legal rights pursuant to the Fair Credit Reporting Act, the Fair Credit Billing Act, Truth in Lending Act, and Fair Debt Collection Practices Act, as well as other applicable Federal Statues. Borrowers with higher FICO scores get lower interest rates.

this is one of 4 posts about credit repair also see  http://cgbarbeau.blogspot.com/2010/05/fix-your-fico-free.html

HARP 2.0

FNMA and FHLMC have announced that loan limits for HARP 2.0  remain unchanged for 2013.

 

Unlimited LTV (loan to value) for owner, non-owner and investment properties.

Credit score limit has been reduced to 620.

Second mortgages may be subordinated up to any combined loan to value.

 

HARP loans are limited in California to be under $ 625500 for High Balance Loans sold and delivered before May 31, 2009. This means your loan should have closed in the beginning of April 2009 or before to have been delivered to Fannie Mae or Freddie Mac.

Eligible homeowners who are current on their mortgages but have been unable to take advantage of today's lower interest rates because their homes have decreased in value, may now have the opportunity to refinance. Through a refinance under HARP, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they own or that they guaranteed in mortgage backed securities. This is great for all California residential property owners who are underwater as mortgage rates are at all time lows and your payment can reduce.

 

Other requirements to lower your payment under HARP 2.0 are:

 

The mortgage MUST be "owned" or guaranteed by Fannie Mae or Freddie Mac

The mortgage CANNOT have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.

The borrower MUST be current on the mortgage at the time of the refinance, with no late payment in the past six months and no more than one late payment in the past 12 months.

Homeowners who are currently delinquent or have been more than 30 days overdue during the past 12 months generally will not qualify. Contact your servicer to see if a modification under the Home Affordable Modification Program is an option for you.

Loans with LTVs (loan to value) greater than 125% - the mortgage payment history must be 0x30 for last 24 months.

Hardest Hit Fund for Arizona home loans eligibility changes can be viewed at:  http://www.azhousing.gov/

Nevada has run out of funds to continue HARP 2.0 program.

HARP Refinance Program maximum Debt To Income Ratios allowed:

Primary residence: 55%

Second home: 50%

Investment property using subject rental income to qualify: 45%

Investment property not using subject rental income to qualify: 50%

 

Ten "Must Do's" Before Listing Your Home for Sale

The ten most important things to do before listing your home for sale:

1.      Repaint the front of the house. Repaint any rooms with scuffs or dirty walls in a palette that highlights the style of your home. Painting can be the least expensive pick me up to the appearance of a home. There are a number of online painting programs that are helpful in choosing colors that will work with your architectural style, the existing stone or brick and landscaping. Check with your homeowner association’s rules, in Orange County California where I live many associations are enforcing color palettes that are very restrictive. Paint websites:

Pratt & Lambert my favorite paint for the colors:

http://www.prattandlambert.com/color-and-inspiration/inspiration-gallery/

http://www.sherwin-williams.com/homeowners/hgtv-home-by-sherwin-williams/color-palettes/

www.glidden.com/color/color-visualizer.do

2.      Unclutter every room. Reduce the number of items on countertops to three or four. Have a garage sale and get rid of clothing crowded in closets and things you are saving in the garage. Think the opposite of the television show "Hoarders."  List the sale on Craig’s list and have a male attend the one day morning sale with you. Post cardboard signs around the neighborhood early in the morning before 6:30 AM. The rummage sale is only from 7:00 AM- 11:30 AM and have Salvation Army or your favorite donation truck prearranged for pick-up the items that did not sell, and save the receipt for income tax deduction. Take a photograph of the items donated so you will remember what you might itemize.

3.      Take everything out from under the sinks, under the washing machine and behind everything and clean and scrub to the floor and walls of the house. Every surface is going to get scrubbed. Use up all the cleaners you have stored under every sink and hidden in the garage. Think cheap and make your own from supplies you already have at home. Simple cleaning solutions are probably already in your home:

Spray Cleaner for windows and glass: cups water, 2 Tbsp. rubbing alcohol, ¼ cup distilled white vinegar, 5 drops lavender essential oil (optional, for scent) ½ Tbsp. liquid castile soap

Cleaner for tubs and showers: 2 tsp. borax, ½ tsp. liquid castile soap, ½ cup distilled white vinegar, 3 cups hot water.

No mildew stains on anything. Wash the shower curtains in your washing machine on gentle or purchase new ones. Organize kitchen cupboards and start using everything down to reduce the amounts of dry foods, canned foods and clean the refrigerator top and bottom. Empty fireplace ashes and clean out the whole fire surround. If you have firewood outside stack it neatly away from the home.  

 

4.      Plant annual color around front entrance to add to curb appeal, choose smaller pony packs of six rather than the four inch pots and get these in the ground now for a head start. Take a look at my Pinterest Curbside Appeal http://pinterest.com/carolinegerardo/curbside-appeal/ listing of homes in different styles that seem to welcome a buyer to enter. Having landscaping that frames the home and leads the eye in can be a simple matter of trimming your existing scrubs and arranging some pots.

 

This Laguna Beach home has sweet peas, iris and annuals to greet you at the curb. Doesn't this little cottage look welcoming?

 

5.      Check your bedrooms for smoke detectors. In California, and other states, it is required to also have a carbon monoxide detector. Save yourself the trouble of paying for “reinspection” costs. An appraiser or home inspector might add a couple hundred dollars and a few days to your timeline. Avoid such delays of proving you have these necessary items at closing. Having a professional inspection before you list might also give you a target punch list of items you can cheaply repair and be aware of ones a buyer or bank lender might ask you to complete. Be aware that accepting an offer with an FHA loan is going to have more sticky repair requirements than an all cash deal.

6.      Clean up pet areas and create a plan to kennel or have dogs “babysat” at a friend’s location when you have an open house. Although you adore your dogs and cats and critters they have odors that you might not be aware of and these might offend a potential buyer. Buy two spray bottles of Fabreeze for shoes, closets and fabrics in your home. The light spraying of these an hour or less before someone enters the home makes your residence neutral to a new buyer. You are not selling your personal lifestyle, you want to appeal to a variety of types of people. Realtors have long known that even baking toll house premade cookies can make a home smell appealing. A simple warm aroma can be accomplished by boiling an orange peel with cinnamon for five minutes. This is easier and safer than candles.

7.      Shop for a Realtor. There is a difference between a listing or buyer’s agent. Many focus on one side of the business. Who is running advertisements for home like yours? Not necessarily the Real Estate agent who sold your neighbor or sister’s home. Research your neighborhood online and see who pops up in the first page, who can still afford to run newsprint and magazine advertisements and the visibility of the firm or agency they work with. Find someone who you believe you can trust and who communicates in a style that makes you feel well taken care of and will price the home correctly.

8.      Box up personal photographs, any offensive images or strange artwork. Your objective is not to show off your private life, but have a buyer see themselves in your home. Remove any medications in the medicine cabinets and lock them up. Remove jewelry and put in a safe deposit box.

9.      Oil and lubricate anything that squeaks and make sure doors close easily.

10.  Advise your family that they must do the dishes right after eating, make their beds neatly every day and keep the front lawn looking perfect. Getting in the habit of being tidy in morning is a healthy and life changing simple pleasure. A new welcome matt with a coir or rough surface is a good suggestion to wipe the feet of all your new visitors.

 

Next article is how to get your self ready to move- fine tuning your FICO score and taxes to be able to qualify for a home loan. Thanks for reading- C. G. Barbeau, the loan lady. Mortgage home loans to suit your needs

http://mywjb.com/caroline-gerardo/